Archive – Banking & Fintech

Geneva to host new anti-smoking organisation

This content was published on Feb 18, 2006 The decision was taken at the first meeting of the parties of the Framework Convention on Tobacco Control, convened by the World Health Organization (WHO) on Friday. The anti-smoking treaty was finalized in May 2003 and came into force last year. “The urgency of the problem of tobacco use is shared by all of us,…

Free-range poultry hit hardest by ban

This content was published on Feb 17, 2006 swissinfo took stock of the situation and visited a farm near the Swiss capital Bern where 2,000 free-range laying hens are about to be placed under indefinite house arrest. Poultry farmer Peter Reinhard has increased his flocks tenfold since he gave up raising pigs to focus on free-range egg production in 1990. The growth of…

Deiss urges reforms to boost economic growth

This content was published on Feb 17, 2006 At the opening of the Muba annual trade fair in Basel on Friday, Deiss said Switzerland had to speed up reforms although the economy was in good shape. He said although growth was broadly based, competition had become much tougher as a result of globalisation and Switzerland could not afford to lose its position among…

Charity calls for action over biopiracy

This content was published on Feb 17, 2006 The call forms the cornerstone of Swissaid’s “No patents on our future” campaign, which was launched at a news conference in the capital, Bern, on Thursday. Swissaid chief executive Caroline Morel said that problems arose when multinationals from the industrialised world took out patents on natural resources in developing countries. “These property rights and the…

ABB boss promises no let-up

This content was published on Feb 16, 2006 Kindle, 46, explains how he plans to combine his role at ABB with a directorship at Zurich Financial Services (ZFS). ZFS shareholders will vote on his appointment in April. ABB has swung into the black for the first time in five years, following a tough period when the Swiss-Swedish concern nearly went bust. The company…

Coop joins European distributor alliance

This content was published on Feb 16, 2006 Besides putting together assortments of private label and budget products, the alliance will negotiate with suppliers, which should drive down prices. Coop joined Belgium’s Colruyt, France’s Leclerc, Italy’s Conad and German distributor Rewe in the new Coopernic group on Thursday. Together, their annual sales are worth around SFr150 billion ($114 billion) or ten per cent…

Zurich Financial weathers the storms well

This content was published on Feb 16, 2006 Switzerland’s largest insurer said on Thursday that all its businesses had contributed to what it termed an “outstanding result”. The rise was above market expectations. The company said in a statement that the total impact of the costliest-ever United States hurricane season and other natural catastrophes was $1.3 billion, in line with its earlier forecasts.…

Fred lights a path to success

This content was published on Feb 16, 2006 The 34-year-old, who set up “100 per cent pure” Fred cigarettes just over a year ago, says he is now set on expansion despite the recent clampdown on smoking in Switzerland. Home for Fred is a couple of rooms in a warehouse in Lausanne’s buzzing Flon district. Next door is a young fabric designer and…

ABB moves back into the black in 2005

This content was published on Feb 16, 2006 The figure compared with a net loss of $35 million in 2004 and with analysts’ average expectations of close on $700 million. A company statement from its Zurich headquarters on Thursday said that continuing market strength and further operational improvements in the fourth quarter contributed to the strong result. “We have successfully moved into a…

CS disappoints while UBS breaks records

This content was published on Feb 15, 2006 Credit Suisse shares slumped by as much as seven per cent as its Q4 earnings of SFr1.103 billion ($840 million) were hit by surging costs and problems in investment banking. The result followed bad news on Monday when Credit Suisse announced a surprise cut of SFr421 million in the quarter’s net profit because of share-based…

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