Banking & Fintech

Swiss bank tells staff to tighten their belts

This content was published on Apr 7, 2001 Bosses at CSFB were reported to have sent a memo to colleagues saying: “Given current market conditions, try to keep dinners below $10,000, particularly when no travel is involved.” CSFB refused to comment on the report in Britain’s Financial Times newspaper, which says that the bank has also ordered employees to put a stop to…

Swiss NGO guarantees fair deal for carpet makers

This content was published on Apr 6, 2001 Step says there are now 32 companies in Switzerland which adhere to its code of conduct. Their sales account for 25 per cent of the Swiss market, and they sell a total of 90,000 square meters of oriental carpets a year. Step’s efforts to improve the living and working conditions of carpet makers involve random…

Europe’s longest wooden bridge opens on Lake Zurich

This content was published on Apr 6, 2001 The new footbridge provides walkers with a welcome respite from the noise and fumes of the 23,000 vehicles which cross the lake daily between Rapperswil and Hurden. But the new walkway provides more than a break from pollution – it provides access to the “Heilig Hüsli”, a small chapel on an island near Rapperswil which…

Healthy outlook for Swisscom ahead of results

This content was published on Apr 6, 2001 Although analysts expect net profit to come in at around SFr3 billion ($1.78 billion) the result will be largely due to extraordinary factors such as the sale of its Cablecom division. Analysts will be keener to look at the operating result, which will give a better picture of the company’s underlying strength. That is likely…

Swisscom set to dominate pre-Easter trading

This content was published on Apr 6, 2001 Analysts are expecting Swisscom to reveal a net profit of around SFr3 billion ($1.78 billion) on Tuesday. The increase is due mainly to extraordinary gains such as the sale of its Cablecom division last year. Analysts will also be keen to see how the company plans to focus its business over the coming year as…

The business week in Switzerland

This content was published on Apr 6, 2001 Massive losses had been expected at SAirGroup, but investors still rushed for the exits after the group confirmed on Monday that it had lost SFr2.9 billion ($1.71 billion) last year. Pledges by the new chairman and chief executive, Mario Corti, that he would steer the company back into profit failed to calm investors’ nerves. The…

Migros boss to step down

This content was published on Apr 6, 2001 In a statement released on Friday, Migros said Everts wanted to clear the way for his successor to continue restructuring the group. Everts has been in charge of the retail giant since 1997. Migros said it had the greatest respect for Everts and had accepted his decision with profound regret. It hasn’t yet named a…

Farmers claim millions in damages over BSE losses

This content was published on Apr 6, 2001 More than 2,000 small farmers have lodged civil lawsuits against the government over its handling of the BSE crisis in the 1990s, and a second outbreak of the disease at the end of 2000. The claimants say they sustained economic losses as a result of the federal authorities’ failure to deal adequately with the problem,…

Investment firm raises stakes in battle to acquire Sulzer

This content was published on Apr 6, 2001 The investment firm, owned by financier Réné Braginsky, also increased the share exchange ratio of its bid to Sulzer shareholders. They would now be able to swap one Sulzer share for a full InCentive share instead of the 0.9 previously announced. The bid also now includes a “contingent value right” which will allow shareholders to…

Unemployment rate falls again

This content was published on Apr 6, 2001 The total number of people registered as unemployed is now 65,625. The number of vacancies across the country is 14,559, around 400 more than the previous month. Switzerland’s jobless rate is the lowest in Europe and compares to the Euro-zone rate of 8.8 per cent. Economists welcomed Friday’s figure as a sign that the economy,…

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