Archive – Banking & Fintech

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Nestlé makes record SFr8-billion profit

This content was published on Feb 23, 2006 This increase was in line with expectations, as currency swings boosted the world’s largest food group’s sales by a total of 7.5 per cent. The Vevey-based giant announced on Thursday that group sales rose to SFr91.075 billion, up an underlying 6.2 per cent from 2004. Underlying sales is Nestlé’s benchmark that strips out currency movements…

Construction firm collapse threatens 750 jobs

This content was published on Feb 22, 2006 The company, which is best known for projects such as the Swiss Re tower in London and the Twin Towers in Paris, has ceased production and gone into receivership. In a statement, the firm – part of the Schmidlin holding company – said that it was heavily indebted, with no financial resources at its disposal.…

Property market eases but renovation required

This content was published on Feb 21, 2006 The report, released by banking giant Credit Suisse on Tuesday, also said that the property market is expected to ease this year even though demand for living space remains high. Experts warn that the quality of Switzerland’s housing stock is declining unnecessarily because of neglect. Many homes that are falling into disrepair may have to…

Givaudan keeps its nose in front

This content was published on Feb 21, 2006 Gilles Andrier was speaking after announcing a 21-per-cent increase in net profit to SFr406 million ($310.6 million). Sales at the company, which is based in Vernier near Geneva, totalled SFr2.778 billion – up 3.6 per cent compared with 2004. Andrier, who stepped in as chief executive after the 2005 shareholders’ meeting, says innovation is vital…

Swiss banks groan under weight of assets

This content was published on Feb 21, 2006 Statistics from the central bank revealed that Switzerland’s financial centre is in robust health, and attracting record levels of foreign money. The value of assets belonging to foreigners grew by 29.8 per cent to SFr2.6 trillion by the end of 2005, said the Swiss National Bank (SNB). Assets owned by domestic investors rose 20.3 per…

Fragrances sweeten Givaudan figures

This content was published on Feb 21, 2006 The result beat market expectations, which had predicted a figure closer to last year’s SFr337-million profit, and will leave shareholders with a healthy dividend. Earnings per share increased by 27 per cent to SFr56.57 and the proposed dividend of SFr17.50 represents an eight-per-cent increase on last year’s payout. Group sales reached SFr2.78 billion, a growth…

Government urged to act over alpine traffic

This content was published on Feb 20, 2006 The transport ministry recently suggested that it might delay until 2017 plans to put more heavy-goods traffic onto rail. The non-governmental Alpine Initiative group said on Monday that it was still possible to meet the target date of 2009 for reducing the number of heavy-goods vehicles from 1.25 million to 650,000 per year. “It is…

Ciba sells textile unit to US firm

This content was published on Feb 20, 2006 Under the terms of the deal, made up of cash and assumed debt of SFr75 million, Huntsman will take over about 4,200 Ciba employees. Ciba’s textile effects business, which produces dyes and other chemicals for the textile industry, has increasingly been struggling in the face of competition from cheaper Asian producers. Rumours about the future…

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Archive – Banking & Fintech

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Nestlé makes record SFr8-billion profit

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Construction firm collapse threatens 750 jobs

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Property market eases but renovation required

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Givaudan keeps its nose in front

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Fragrances sweeten Givaudan figures

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Government urged to act over alpine traffic

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Ciba sells textile unit to US firm

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