Banking & Fintech

Zurich Financial Services to shed 230 jobs

This content was published on Mar 7, 2001 In a statement, the company said it hoped that natural wastage would account for a large number of the job losses. It said it also planned to re-deploy more than 80 employees whose posts are being axed. The job cuts are envisaged as part of a new organisational structure, which was first announced last November…

Another sponsor pulls out of troubled Expo 02

This content was published on Mar 6, 2001 Jakobshorn-Bahnen SA, a ski lift company based in Davos, announced on Tuesday it was withdrawing its donation of SFr6 million, which had been earmarked for the construction of a modular hotel in Biel, one of the venues for Expo 02. The 90-bed hotel was to have been built to accommodate Expo 02 visitors before being…

Shares jump as profits soar at Serono

This content was published on Mar 6, 2001 The Geneva-based group’s fourth quarter performance was particularly strong with net income at $90.7 million versus $54.0 million a year ago. Analysts had forecast net income for the year as a whole of between $268-292 million, up from $184 million in 1999. “This performance results from the very strong growth of our business and our…

Germany learns lessons about BSE from Switzerland

This content was published on Mar 6, 2001 After meeting the Swiss economics minister, Pascal Couchepin, on Tuesday, Künast said she had been particularly interested to find out how the various government departments and agriculture organisations were working together to cope with the BSE crisis. “I wanted to learn more about the clearing-up operation and how the parties concerned cooperate.” She added that…

Ascom sells cash handling business to British firm

This content was published on Mar 6, 2001 Ascom chief executive, Urs Fischer, said in a statement on Tuesday that the sale was a further step in the company’s strategy of refocusing on core activities to boost profitability. De La Rue will take on all the 142 staff employed in the Swiss cash handling business, which will be renamed De La Rue Cash…

Julius Baer sees asset management as key to stronger profits

This content was published on Mar 6, 2001 The company said in a statement that it intends to achieve this goal through expanding its key asset management business. The bank saw net profits rise by 63 per cent to SFr433 million ($262.2 million) last year, despite a slowdown in earnings growth in the second half of the year. Assets under management, a key…

Nestlé takeover facing scrutiny by US trade authorities

This content was published on Mar 6, 2001 The FTC is seeking more information about the deal, which would make Nestlé the world’s biggest pet food company, and is seeking to extend the deadline by which the purchase must be approved. The takeover would enable Nestlé to add such household names as Ralston’s Dog and Cat Chow to its range of Friskies cat…

Health insurers call for action on drug prices

This content was published on Mar 5, 2001 In a statement issued on Monday, the association of Swiss health insurers said that last year the price of medicines covered by obligatory insurance had risen by more than 10 per cent. Around one fifth of revenue from premiums is now spent on medicines. The association said prices could not be allowed to spiral out…

SAirGroup could shelve European Leisure Group plan

This content was published on Mar 5, 2001 SAirGroup spokesman, Hans Klaus, said the company is reassessing the future of its European Leisure Group (ELG), which was meant to be an umbrella organisation for several European airlines in which it owns stakes, including Swiss charter unit Balair, LTU in Germany, Volare/Air Europe in Italy and Sobelair in Belgium. The company said, though, that…

No to Europe vote comes as no surprise for Swiss business

This content was published on Mar 5, 2001 The consensus among business pundits is that the “Yes to Europe” initiative, which was overwhelming rejected on Sunday, came too soon on the heels of a series of bilateral accords, approved by the Swiss last May. “This initiative was stillborn,” said Jean-Francois Mercier at Citibank. “Odds now appear stacked against Switzerland joining the EU –…

Banking & Fintech

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Banking & Fintech

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Zurich Financial Services to shed 230 jobs

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Another sponsor pulls out of troubled Expo 02

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Shares jump as profits soar at Serono

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Germany learns lessons about BSE from Switzerland

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Ascom sells cash handling business to British firm

More

Julius Baer sees asset management as key to stronger profits

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Nestlé takeover facing scrutiny by US trade authorities

More

Health insurers call for action on drug prices

More

SAirGroup could shelve European Leisure Group plan

More

No to Europe vote comes as no surprise for Swiss business

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