Archive – Banking & Fintech

Shareholder activists turn on “model pupil”

This content was published on Apr 28, 2005 The latest development is not without irony – a recent report by Ethos on corporate governance put Credit Suisse (and rival UBS) among Switzerland’s three “star pupils”. Four Credit Suisse board members were standing for re-election for further three-year terms at the bank’s annual shareholders’ meeting on Friday, including Nestlé CEO (and now also chairman)…

Workers’ salaries suffer from economic malaise

This content was published on Apr 28, 2005 The Federal Office for Statistics said pay increased on average by 0.9 per cent, but most of the gain was wiped out by a 0.8 per cent rate of inflation. Employees in the industrial sector fared poorly with a rise in salaries of only 0.6 per cent. While chemical company workers brought up the average…

Miners break through Lötschberg tunnel

This content was published on Apr 28, 2005 Engineers needed to dynamite the final section twice, delaying a planned link up between construction workers. More than a thousand guests, including the Swiss transport minister, Moritz Leuenberger, attended a special ceremony marking the end of tunnelling. “With the breakthrough we have carved out the mountain for all to see,” said Leuenberger. “We are moving…

The Enron scandal – could it happen here?

This content was published on Apr 28, 2005 Sherron Watkins – the former Enron executive whose “whistle-blowing” internal memo helped precipitate the collapse – told swissinfo how her colleagues got away so long with criminal business practices. Watkins, a keynote speaker at a business ethics conference organised by the Lucerne-based International Human Rights Forum, says many of the real lessons of the Enron…

Emmi milks its worth

This content was published on Apr 27, 2005 The profit was at the lower end of expectations, although the company said it was making progress in markets outside Switzerland. The group, which has been listed on the stock exchange since last year, said that in a “difficult overall environment both in Switzerland and in the key German market”, it had still managed to…

Victorinox takes a cut of rival Wenger

This content was published on Apr 26, 2005 The acquisition means that knife production of the genuine article will remain safely in Swiss hands, and jobs that were under threat at Wenger in Delémont are saved. “Keeping the Swiss cross in Swiss hands is the best way to move forward,” commented Victorinox director Carl Elsener, adding that the purchase would allow the firms…

Shareholders at Unaxis clash over ownership

This content was published on Apr 26, 2005 It has demanded that all decisions at Tuesday’s annual meeting of Unaxis shareholders be annulled and has called for a fresh meeting. An extraordinary shareholders’ meeting will be the next step in an acrimonious ownership war between Victory and the company’s founding family, which has a stake of about 20 per cent. Victory, which is…

Swiss bourse says “no plans for Alpine bunker”

This content was published on Apr 26, 2005 SWX Group chairman Reto Francioni said there was no plan to “retreat into an Alpine bunker”, but he saw little immediate prospect for stock exchange “consolidation”. “For ten years now, everyone has been talking about stock exchange consolidation, but it has not happened,” Francioni told swissinfo at the SWX’s annual media conference on Tuesday. Referring…

Will mega malls kill inner-city shops?

This content was published on Apr 26, 2005 How will these mega malls change consumer habits and what consequences will they have for town centres? There is a large and colourful crowd in front of the Loeb department store. This is Bern’s main meeting place where people gather at all times of the day and night to decide where to shop, stroll, eat…

More IPOs in the works for Zurich bourse

This content was published on Apr 26, 2005 If these two firms float successfully, it will bring the number of IPOs at the SWX to three so far for the year. Last Wednesday, biotechnology start-up company Arpida released the details of its floatation. The announcement came two days after Geneva-based Advanced Digital Broadcast (ADB), a developer of digital TV set-top boxes and software,…

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