Banking & Fintech

Swisscom posts better than expected results for first quarter

This content was published on May 17, 2001 The 5.7 per cent increase in operating income to SFr1.21 billion ($697 million) was attributed to improvements in efficiency and higher traffic volume. However, the company maintained its forecast of lower operating income for the year as a whole. It is expecting higher profits, though, because of a huge sale of assets. Swisscom recently sold…

Schweizer to stay on at Clariant for another year

This content was published on May 16, 2001 Schweizer was due to retire at Wednesday’s annual general meeting because he has reached the age limit of 70. But shareholders backed the board in their request for him to stay on as the company undergoes a radical transformation. The group is selling several major businesses and cutting hundreds of jobs to focus on core…

Swisscom delays Bluewin flotation again

This content was published on May 16, 2001 The company said it had taken the decision because of continuing weakness among telecom and new technology stocks. It also said it could afford the delay because of its healthy cash flow position. Swisscom said the flotation would not take place until next year at the earliest and revealed that it was reconsidering whether Bluewin…

Allianz bids for complete takeover of Berner Insurance

This content was published on May 16, 2001 It is offering SFr750 ($432) per share for the 40 per cent stake it doesn’t already own. This represents a 17.4 per cent premium on Tuesday’s closing price of SFr639 and values the transaction at around SFr269 million. A statement from Allianz said Berner’s supervisory board had recommended acceptance of the offer. The bid comes…

Swiss machine industry on upward path

This content was published on May 16, 2001 The sector’s representative body, Swissmem, says firms reported an increase in turnover of 5.7 per cent for the first quarter, compared to the same period last year. Incoming orders were up 10 per cent. Sales rose by 10.5 per cent in the domestic market and by 3.4 per cent abroad. Exports increased by 9.1 per…

Swiss firm faces probe over illegal Iraqi oil deal

This content was published on May 16, 2001 The Swiss authorities confirmed on Wednesday that they would launch a probe, following an appeal last week by the UN, which says Glencore made an illegal profit of $3 million (SFr5.24 million) from sales of Iraqi oil. Glencore was owned by the controversial financier Marc Rich, who fled to Switzerland in 1984 to escape a…

Swissair becomes official carrier of IOC

This content was published on May 16, 2001 The agreement was announced at a special ceremony at IOC headquarters in Lausanne attended by the organisation’s president, Juan Antonio Samaranch, and Swissair chairman Mario Corti. Corti revealed that an Airbus bearing the IOC’s logo of five rings would start flying in July. “The partnership with the Swissair Group is a natural fit for the…

Roth appointed Expo.02 ambassador

This content was published on May 15, 2001 The Swiss economics minister, Pascal Couchepin, formally announced Roth’s appointment at a special ceremony in Neuchatel, one year to the day before the opening of Expo.02. As ambassador, Roth will be expected to promote the national exhibition in Switzerland. He will be backed up by an “ambassadors’ club” made up of personalities from the worlds…

Dutch firm joins Ciba fold

This content was published on May 15, 2001 The transaction is subject to the usual regulatory approvals and no financial details have been released. Commenting on the move, the Ciba’s chief executive and chairman, Armin Meyer said it was part of Ciba’s ongoing strategy to focus on profitable growth and innovation. “It will further strengthen our position as a leading supplier to the…

Swiss Stock Exchange to extend trading hours

This content was published on May 15, 2001 Equity securities, derivative instruments and exchange-traded funds will now stay open until 1800 local time to bring it into line with London-based virt-x’s hours. Virt-x is being created through the merger of the SWX’s blue-chip sector with the British based electronic stock exchange, Tradepoint. It will begin by trading leading Swiss and British shares and…

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Banking & Fintech

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Swisscom posts better than expected results for first quarter

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Schweizer to stay on at Clariant for another year

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Swisscom delays Bluewin flotation again

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Allianz bids for complete takeover of Berner Insurance

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Swiss machine industry on upward path

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Swiss firm faces probe over illegal Iraqi oil deal

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Swissair becomes official carrier of IOC

More

Roth appointed Expo.02 ambassador

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Dutch firm joins Ciba fold

More

Swiss Stock Exchange to extend trading hours

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