Banking & Fintech

A tale of two towns

This content was published on Jun 15, 2001 “The policy of the Swiss Heritage Society has changed,” says spokeswoman, Karin Arto. “We look for places with a forward thinking strategy. It’s very important that they have a vision for the present and future.” Located in the middle of unspectacular countryside east of Zurich, and lacking any important historical buildings, tourists would be hard…

Swissair’s future in doubt

This content was published on Jun 15, 2001 Some of the group’s current headaches come from its commitments to troubled airlines in France and Belgium. In particular, French airlines AOM and Air Liberté are struggling to survive, with the chairman, Marc Rochet, warning on Thursday that the group could face bankruptcy proceedings “in a very short time”. Swissair, which has a 49.5 per…

Think Tools investor calls for more transparency

This content was published on Jun 15, 2001 Friedli, who is a member of the Swiss-based group’s board, said any such investigation would stop short of a legal audit. However, he said that a “person of trust” should carry it out. Think Tools, which offers technology-based consulting services for corporate and government clients, has seen its shares fall by nearly 90 per cent…

Zurich Scudder casts about for partners

This content was published on Jun 15, 2001 “We’re in discussions,” said Edmund Villani, president and chief executive of Zurich Scudder, during a panel discussion with other financial industry executives. “We want to get something done as quickly as possible but we haven’t set a deadline.” Villani is keeping tight-lipped about potential alliances or partners, but the company has been reviewing its options…

Unaxis chief issues profit warning

This content was published on Jun 14, 2001 In an interview with the investor magazine, “Stocks”, Kissling said previous profit expectations were “somewhat inflated”. In April, Unaxis announced that operating profits for 2001 would shrink below the SFr314 million recorded in 2000. Kissling’s interview with “Stocks” was conducted before Unaxis announced it had bought NTE for an undisclosed sum. NTE is a leading…

Central bank keeps interest rates unchanged

This content was published on Jun 14, 2001 At a news conference in Bern, the National Bank president, Jean-Pierre Roth, said economic prospects in Switzerland had scarcely changed since March when it lowered the target band for the London Interbank Offered Rate (Libor) at 2.75 per cent to 3.75 per cent. “The National Bank thus sees no reason at present for a further…

Senate throws out moratorium on GM crops in Switzerland

This content was published on Jun 14, 2001 A majority of 23 against 16 votes in the Senate on Thursday threw out a proposal for a moratorium until 2008 for the release of GM crops in agriculture, forestry and horticulture. Supporters of a moratorium had argued that more time was needed to assess the possible risks of genetically modified organisms (GMOs) for the…

Drinking to the health of Absinthe

This content was published on Jun 14, 2001 The centre of the village of Boveresse, in canton Neuchatel, will be taken over on June 16 by fans of “Bleue”(Blue) or “La Fée verte”(The Green Fairy), as it is variously known, for the fourth festival of Absinthe. Stands are being set up displaying everything to do with the drink: historical records, bottle labels, bags…

Phonak earnings leap on acquisitions

This content was published on Jun 14, 2001 Earnings before interest and tax rose to SFr95.3 million ($53.3 million) on sales of SFr460 million. Net profit was up 93 per cent to SFr65.7 million. The company, which launched its Claro digital product line in the past financial year, is recommending a share dividend of SFr15 per share. It is also planning a 100-for-one…

Ascom to cut 1,100 jobs worldwide

This content was published on Jun 14, 2001 The job losses, announced on Wednesday, come as part of an on-going restructuring programme at the company, which employs a total of 10,000 staff worldwide. Ascom said in a statement that after discussions with social partners, it was decided that two-thirds of the workforce reduction should take place in the coming four months and the…

Banking & Fintech

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Banking & Fintech

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A tale of two towns

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Swissair’s future in doubt

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Think Tools investor calls for more transparency

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Zurich Scudder casts about for partners

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Unaxis chief issues profit warning

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Central bank keeps interest rates unchanged

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Senate throws out moratorium on GM crops in Switzerland

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Drinking to the health of Absinthe

More

Phonak earnings leap on acquisitions

More

Ascom to cut 1,100 jobs worldwide

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