Banking & Fintech

Swiss web gurus launch €50 million early stage VC fund

This content was published on Apr 18, 2002 Michael Bornhäusser and Rolf Brugger, founders of T-Capital Management, are taking the bold step to raise a €50 million fund to invest in early stage digital publishing firms. The new fund is called Time Capital Fund. T-Capital expects to announce a first closing in July of this year. Bornhäusser gave Swiss Venture Update an exclusive…

Novartis sees 20 per cent profit rise

This content was published on Apr 18, 2002 According to a company statement, revenue also increased by 10 per cent, to SFr7.8 billon, compared to SFr7.22 for the same period last year. swissinfo with agencies

Raiffeisen becomes third largest Swiss banking group

This content was published on Apr 18, 2002 Raiffeisen, which employs a staff of just over 5400, said on Wednesday it had made progress in expanding into urban areas. “We have made significant inroads in certain sectors of the market,” said Pierin Vincenz, president of the Raiffeisen banking group. The banking group currently has a national network of 512 branches, but still lags…

Swiss firms hit by new transparency rules

This content was published on Apr 17, 2002 The SWX’s Admission Board voted on Wednesday to adopt a code of conduct that will apply to all companies listed on the exchange. The measures come into force later this year. The rules are designed to establish minimum standards of transparency. Companies will be required to publish information about their structure, their shareholders and the…

Ernst & Young merges with Andersen Switzerland

This content was published on Apr 17, 2002 The new company, which will operate under the name, Ernst & Young, will employ 2,500 people with an annual turnover of SFr520 million ($314 million). It will provide services including audit, risk advice, and legal and fiscal assistance. The merger should enable the new Ernst & Young to challenge PriceWaterhouseCoopers, the current Swiss market leader.…

Nuance travel retail group finds Italian buyer

This content was published on Apr 17, 2002 The PAM retail group is to buy Nuance – the world’s biggest airport retailer – for an undisclosed amount. Under the terms of the deal, Nuance will become a 100 per cent subsidiary of PAM. The group will continue to operate as an independent business unit under its current management team led by CEO Peter…

Valora reports “most successful” year

This content was published on Apr 17, 2002 Valora, which is based in Bern, said net profit was up by 17.7 per cent over the previous year, totalling SFr118.6 million ($71.36 million).Sales increased by 7.6 per cent to SFr2.63 billion. The news pushed up the share price by about five per cent to SFr310 in early trading on Wednesday at the Swiss Stock…

Adecco income drops 38 per cent

This content was published on Apr 17, 2002 Adecco, which is the world’s largest employment services group, also declared first-quarter sales of SFr6 billion, down 11 per cent. The company said on Wednesday that it saw signs of a recovery in the second half of 2002. Analysts expect Adecco’s net income to fall in 2002 to around SFr76 million. swissinfo with agencies

Two major Swiss retailers team up

This content was published on Apr 16, 2002 A joint statement, published on Tuesday, said Coop would acquire 40 per cent of EPA’s share capital, with an option to take over a majority by 2009. Under the deal, Coop and EPA would jointly operate more than 70 department stores and restaurants across Switzerland. However, the stores would retain their Coop and EPA names.…

Italian strikers hamper Swiss traffic

This content was published on Apr 16, 2002 Heavy goods traffic from Switzerland to Italy came to a standstill on Tuesday after Italian customs officials joined the strike. Police in the Swiss canton of Ticino said they had ordered all southbound lorries to wait in lay-bys along the main transalpine motorway through Switzerland. A spokesman said many truck drivers were aware of the…

Banking & Fintech

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Banking & Fintech

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Swiss web gurus launch €50 million early stage VC fund

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Novartis sees 20 per cent profit rise

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Raiffeisen becomes third largest Swiss banking group

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Swiss firms hit by new transparency rules

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Ernst & Young merges with Andersen Switzerland

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Nuance travel retail group finds Italian buyer

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Valora reports “most successful” year

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Adecco income drops 38 per cent

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Two major Swiss retailers team up

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Italian strikers hamper Swiss traffic

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