Banking & Fintech

No grounds for GM coffee, Swiss retailers agree

This content was published on May 4, 2002 Swissaid and the Bern Declaration, presenting the results of a seven-month campaign, said some of Switzerland’s biggest coffee importers – Coop, Migros, Mövenpick, Merkur and Starbucks – shared their concerns about the GM coffee and would not stock it. But this is no storm in a coffee cup. The two Swiss NGOs say the livelihoods…

SGS shares surge on aggressive growth targets

This content was published on May 3, 2002 The share price in late afternoon trading at the bourse was SFr493 ($307.74), up from the previous day’s close of SFr448, as investors moved in on what they consider to be a money spinner. The Geneva-based SGS on Thursday was upbeat about its future prospects under the leadership of the new CEO, Sergio Marchionne. The…

Franc retains strength despite rate cut

This content was published on May 3, 2002 Economists were predicting that the central bank may soon have to cut rates again, after Thursday’s half percentage-point reduction in the key short-term interest rate failed to deter investors from buying francs. The bank cut its key Libor rate to 0.75 per cent – 1.75 per cent in the fourth rate cut since the September…

Success of privately-owned firms and Internet use related, says study

This content was published on May 2, 2002 More than 70 per cent of the companies that reported an increase in revenues last year reported that they are also Internet users, says the study. Forty per cent of the companies that reported a reduction in their revenues did not use the Internet. Therefore, there is a correlation between the use of the Internet…

Ballenberg’s butcher, baker and…

This content was published on May 2, 2002 The heritage farmhouses of Ballenberg, which has opened for another season, are dotted across the sprawling countryside above Lake Brienz in the Bernese Oberland. There are houses from every part of Switzerland. Earmarked for demolition, they were brought to Ballenberg and rebuilt. Rare species of farm animals graze in the pens and fields. It is…

Migros profit tumbles by a third

This content was published on May 2, 2002 The group on Thursday reported net income of SFr285 million, compared with SFr419 million in 2000. Migros said the fall in profit was due to a decline in revenue from financial operations and to making provisions of SFr100 million. Operating profit for 2001 shot up by 20 per cent, or SFr81 million, to SFr488 million.…

Ciba profits down eight per cent

This content was published on May 2, 2002 The result, on sales of SFr1.8 billion, is largely in line with market expectations, and is being portrayed by the Basel-based firm as the evidence of a general improvement in global trading conditions. Ciba said free cash flow was “substantially” higher than a year ago, allowing it to further reduce its debt. “The global markets…

Franc continues climb against dollar

This content was published on May 1, 2002 Analysts say speculators are buying francs following Tuesday’s inflation data which showed that prices shot up in April by 1.1 per cent – the largest annual rise in several months. They say the sharp increase has put paid to a cut in interest rates. “People were surprised by the Swiss inflation data… which seems to…

SWX says cheese!

This content was published on May 1, 2002 In what looks like the first SWX IPO announcement in months that will actually take place, the billion franc a year, cheese, cream, and yoghurt-making Emmi Group will float its shares this fall. The announcement is the epitome of private equity trend that sees investors participating in only the most traditional of Swiss industries. This…

Unaxis stumbles in first quarter

This content was published on May 1, 2002 Compared with the first quarter of last year, sales by the Swiss-based group are down by almost half (46 per cent), roughly in line with market expectations. But Unaxis, which builds manufacturing systems, semiconductors and other high-grade technology, said on Tuesday it saw the first positive signal of an upturn. A company statement said orders…

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