Banking & Fintech

SGS posts losses of SFr75 million

This content was published on Mar 22, 2002 The Geneva-based company said in a statement on Friday that the losses were due to an exceptional charge of SFr177 million taken at its Global Trade Solutions unit. Analysts had forecast a profit of SFr90 million. Company profits for 2001 were SFr129 million. The company said it expected to improve operating performance in 2002 and…

Internet banking bubble implodes

This content was published on Mar 22, 2002 Zurich’s Internet bank is one of several to go to the wall. Private banking group, Vontobel, killed its off last year, as did Swissquote and Swiss Post has warned that it is preparing to abandon its site. Vontobel’s cyber bank, called Y-O-U, was closed after making losses of SFr206 million (€140.7 million). Three bank executives…

ABB draws on credit facility

This content was published on Mar 22, 2002 The move is to cover commercial paper maturing in 2002, leaving about $1 billion (SFr1.66 billion) to add to cash reserves. It comes only a week after the company publicly acknowledged that it was facing funding difficulties in the commercial paper market. Its borrowings in that market jumped from $1.9 billion to $3.3 billion last…

Wandering the chestnut trail

This content was published on Mar 21, 2002 The local forester, Carlo Scheggia, runs his hands over a weathered chestnut tree, as he surveys the trail. “If only this tree could talk, it would have stories to tell,” he says. “It has survived floods, forest fires, the struggles of families who used to fight over every bit of the tree, including the leaves…

Zurich Financial seeks CEO, confirms losses

This content was published on Mar 21, 2002 At a news conference in Zurich on Thursday, Hüppi – who is also chairman – said a nominating committee looking to find his replacement as CEO was not also seeking to replace him as chairman. “The nominating committee is now very busy looking for a new CEO. It has no time for other things,” he…

Swatch profits slip

This content was published on Mar 21, 2002 Swatch – which produces mass-market name-brand watches alongside several luxury brands – blamed the profit fall on tough global trading conditions. Turnover also fell by 1.9 percent to SFr4.1 billion from SFr4.2 billion, while earnings before taxes and interest slipped by 5.7 percent to SFr644 million. Swatch said its upper luxury and prestige brands had…

No new boss in sight for Zurich

This content was published on Mar 21, 2002 Hüppi is to step down later this year as head of the troubled group, which earlier this month announced a loss of $387million (SFr651) – largely due to insurance claims from the September 11 terror attacks. But equity markets have also taken a dim view of the company’s now-abandoned expansion plans, more than halving the…

Cotton weaves rich, colourful Swiss history

This content was published on Mar 21, 2002 From a Givenchy dress to ancient Mayan cloths and American patchwork quilts, cotton, it seems, has left an important artistic and social thread running through the ages. The exhibition, “Cotton: the Exoticism and Luxury of an Everyday Fibre”, contains 150 pieces tracing the history of this versatile fabric. Cotton’s short fibres make it harder to…

Kuoni plunges into the red

This content was published on Mar 20, 2002 Kuoni, based in Zurich, reported a loss of SFr281.71 million ($169.6 million) for 2001, from a SFr115.1 million profit in 2000. Sales remained stable at SFr4.065 billion, compared with 4.113 billion in 2000. Kuoni said goodwill write-offs, made because of the terrorist attacks on September 11 in the United States, had reduced the balance sheet…

New Swiss funds for private firms

This content was published on Mar 20, 2002 NanoDimension, based in Zurich and Capital Stage, a Hamburg-based financial services and securities trading company whose shares are traded on the SDAX, have both informed Swiss Venture Update that they are raising new early stage venture capital funds to invest in young companies developing nanotechnology products and services. In addition, Capvent, based in Zurich, announced…

Banking & Fintech

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Banking & Fintech

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SGS posts losses of SFr75 million

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Internet banking bubble implodes

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ABB draws on credit facility

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Wandering the chestnut trail

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Zurich Financial seeks CEO, confirms losses

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Swatch profits slip

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No new boss in sight for Zurich

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Cotton weaves rich, colourful Swiss history

More

Kuoni plunges into the red

More

New Swiss funds for private firms

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