Archive – Banking & Fintech

Retailers move into the mobile-phone market

This content was published on Sep 13, 2005 Migros and Coop began offering competing pre-paid mobile-phone packages on Tuesday in a bid to lure more business to their stores. The Swiss mobile phone market has until now been dominated by three operators: Swisscom, majority-owned by the Swiss government; Orange, a subsidiary of France Telecom; and Sunrise, whose main shareholder is Tele Denmark. Migros…

German bourse aims for another Swiss as CEO

This content was published on Sep 12, 2005 Francioni was recommended by Deutsche Börse to replace Werner Seifert, who resigned as chief executive in May after a failed attempt to take over the London Stock Exchange (LSE). The Frankfurt stock exchange operator said on Monday the personnel committee of its supervisory board had recommended the move. Francioni has accepted the nomination. Reuters news…

Swiss Re doubles Katrina claim estimates

This content was published on Sep 12, 2005 The world’s second-largest reinsurance company said total insured losses from last month’s hurricane in the United States could reach $40 billion. Swiss Re had previously agreed with the world’s largest reinsurer, Munich Re, that the total losses would be $20 billion. “Due to the unique nature of the event, the complexity and the magnitude of…

New Orleans presents picture of devastation

This content was published on Sep 12, 2005 Here he describes his first impressions of the city and the sheer scale of the task that lies ahead. Travelling southbound along Interstate 10, a steady stream of ambulances, police cars, food-delivery trucks and army vehicles pours towards New Orleans. Sandwiched among them are residents of the Crescent City, many of them returning for the…

Economy shows modest growth

This content was published on Sep 9, 2005 The State Secretariat for Economic Affairs (Seco) said on Friday that it sees light at the end of the tunnel, with the economic cycle having recovered from its lowest point. The result followed a 0.2 per cent rise from the first quarter, which was revised upward from 0.0 per cent. The year-on-year increase was 1.1…

Nuclear waste debate heats up

This content was published on Sep 8, 2005 In doing so, he wants to reinforce the democratic process and unblock the sticking points in this debate. Leuenberger said on Thursday that he wanted to have a broad debate about whether to build an underground site for highly radioactive waste near the German border. Other alternatives must be considered before coming to a decision,…

Consumers will win with supermarket takeover

This content was published on Sep 8, 2005 The buyout, which is subject to regulatory approval, will put Denner in a stronger position to reduce prices when German discounters Aldi and Lidl arrive in Switzerland. The top Swiss discount chain will be the third biggest player in the market behind Coop and Migros, with 700 stores throughout the country when it takes over…

More insurers count the cost of flooding

This content was published on Sep 8, 2005 It expects total damage payments to reach a pre-tax figure of about $100 million (SFr124.1 million). It said on Thursday it would book these charges in the third quarter. Another insurer, Allianz Suisse, said it estimated claims from the severe flooding at home at SFr120 million. The company added that by the end of August,…

Unemployment on the rise

This content was published on Sep 8, 2005 The State Secretariat for Economic Affairs (Seco) put the increase down largely to seasonal factors, and for that reason predicted the situation would worsen in the coming months. More than 142,000 Swiss were registered as unemployed in August. However, Jean-Luc Nordmann, head of Seco’s labour division, said the rise was lower than it was in…

Venture capital targets Swiss biotech

This content was published on Sep 7, 2005 The move will help SpinX and Xigen, both spin-offs of research institutes in Switzerland, to finance their R&D, bringing them close to the commercialisation of their first products. SpinX Technologies, a developer of lab-on-a-chip systems for biological experiments, has raised a €10 million (SFr15.4 million) Series B, or second round funding, co-led by Finland’s Bio…

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