Banking & Fintech

Tornos shares take a battering at the bourse

This content was published on Oct 19, 2001 Shortly after trading opened on Friday, the share price fell by SFr7.10 ($4.32) or 18.39 per cent to SFr31.50. By the close of trade, the price had slipped still further to end the day on SFr30.90. Trading in Tornos shares had been suspended on Thursday. The lathe maker and supplier has said it expects sales…

Nestlé on track for another successful year

This content was published on Oct 19, 2001 The sales totalled SFr62.4 billion ($38.1 billion) for the period. Nestlé also reported that it was considering a possible initial public offering of a minority stake in Alcon, its wholly-owned eye care business. The group said real internal growth between January and September was 4.2 per cent, ahead of the four per cent trend target.…

China reportedly lifts blacklist on CSFB

This content was published on Oct 19, 2001 The Financial Times quoted China’s vice-minister of finance, Jin Liqun, as saying that CFSB was no longer barred from future deals on the mainland. Last August, Beijing pulled the plug on CSFB’s underwriting roles in an expected $1.8 billion share issue by China Unicom, the country’s second largest mobile phone operator, and a $1 billion…

Aid to Swissair lands government in legal minefield

This content was published on Oct 19, 2001 Swiss government officials privately admit they are on thin ice legally in their attempts to salvage the national airline, Swissair, which is technically bankrupt. The government has already pumped some SFr450 million ($273.8 million) into the carrier, and is expected to provide more cash when it meets to discuss the issue next Monday. EU rules…

Tornos to cut 200 jobs

This content was published on Oct 18, 2001 Shares in Tornos were suspended for the rest of the day, the Swiss Exchange announced earlier. Prior to its suspension shares in Tornos were down 3.4 per cent at SFr38.60. The Tornos Group employs more than 1,200 people, with about 1,000 working at the group’s headquarters in Moutier, in canton Bern. Tornos develops and manufactures…

Swissair fears grounding as clock ticks

This content was published on Oct 18, 2001 “The winter flight planning should already have been in place,” said a Swissair spokesman. “The longer it takes to get the financing in place, the more unlikely it becomes that we will be able to fly from October 28.” The airline needs to have its crew and equipment in place, book hotels for the crew,…

Warnings about Swissair ignored, says former banker

This content was published on Oct 18, 2001 More than a year before Swissair’s collapse, it was clear that the airline was in deep trouble, says Christoph Chandiramani. Yet his warnings that the airline was heading for financial disaster went unheeded, leading to the biggest corporate collapse in Swiss history. In an exclusive interview with swissinfo, Chandiramani said he first warned of problems…

Orders up at Sulzer

This content was published on Oct 18, 2001 All four businesses that Sulzer relies on during the switch to high technology from heavy manufacturing posted double-digit growth rates. The order numbers were roughly in line with market expectations after it spun off its 74 per cent stake in Sulzer Medica to shareholders in July. Medica figures are no longer consolidated in Sulzer accounts.…

Swiss slowdown forecast

This content was published on Oct 18, 2001 The Lausanne-based Créa Institute said in its latest report that the Swiss economy will enter a recession over the next six months. Recession is defined as two quarters of no growth, or negative economic growth. The Créa Institute predicts Swiss growth will be 0.0 per cent in the fourth quarter of 2001 and minus 0.2…

Government ready to invest in new national airline

This content was published on Oct 17, 2001 The transport minister, Moritz Leuenberger, said on Wednesday that government intervention was conditional on business and those cantons with airports also contributing to the new carrier. He did not say how much the government was willing to spend – the exact amount will be decided on Monday pending the outcome of further talks – but…

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