Banking & Fintech

Switzerland’s trade balance swings into the red

This content was published on Nov 23, 2000 Imports grew by 19.3 per cent, while exports increased by 8.9 per cent. Figures released on Thursday by the finance ministry showed that the cost of imports rose due to higher energy prices and increases in prices of raw materials and semi-finished goods. In the first 10 months of the year, imports grew by 14…

Credit Suisse adds Britain’s Hambro to expanding asset list

This content was published on Nov 23, 2000 The move comes two months after the Swiss bank won approval to take over the US investment bank, Donaldson, Lufkin and Jenrette. Credit Suisse announced that it intended to buy JO Hambro last month. No purchase price has been disclosed. The deal is subject to normal regulatory approval. Hambro, with client assets of SFr3.8 billion…

Phonak triples first half profit

This content was published on Nov 23, 2000 The company said it expected full-year sales of SFr450 million ($249 million) against SFr314 million in the previous year. The net profit margin is expected to increase by about 14 per cent versus last year’s figure of 10.8 per cent. Phonak’s first half profit to the end of September was SFr34 million compared to SFr11.2…

Swiss business wants closer EU ties

This content was published on Nov 23, 2000 Presenting a new report on Thursday, the Federation’s director, Rudolf Ramsauer, said Switzerland had gained much through a series of bilateral accords agreed with the EU. He said Swiss business would achieve around 80 per cent of its goals through them. But Ramsauer said it would be a mistake to see the accords as the…

Switzerland opens mission in Iraq

This content was published on Nov 22, 2000 The foreign minister, Joseph Deiss, said on Wednesday that the closure of the Swiss embassy in Iraq during the Gulf War had led to a lack of first-hand information about what was going on inside the country. Deiss said two Swiss diplomats would be stationed in Baghdad to collect information and to monitor the humanitarian…

Swiss trade visit to Argentina overshadowed by general strike

This content was published on Nov 22, 2000 Couchepin’s visit comes as workers across Argentina are about to strike in protest at austerity measures imposed as a condition of an IMF bail-out package. The country is labouring under massive debts of $150 billion (SFr270 billion). Workers are expected to down tools on Thursday, bringing to country to a virtual standstill until the strike…

Syngenta axes 130 Swiss jobs

This content was published on Nov 22, 2000 The company’s site in Basel will lose 100 jobs out of a current workforce of 500. As part of its restructuring plans, Syngenta announced on Wednesday that Basel will in the future concentrate on chemical plant protection. Another 30 jobs are to go at the group’s site in Stein in canton Aargau. The plans are…

Machine exports soar on back of strong economic growth

This content was published on Nov 22, 2000 Latest figures released on Wednesday from the industry’s association, Swissmem, show third quarter sales up 17.8 per cent on the same period last year. Over the entire nine-month period sales are up almost 11 per cent on 1999. Orders have grown by 20 per cent. The healthy picture is attributed to the continuing economic boom…

No decision on future of Swissair

This content was published on Nov 22, 2000 After meeting on Wednesday, the board issued a statement saying it was weighing various options and that it wanted to consider them in greater depth. Rumours of an impending sale have been mounting as the group struggles to reverse a disappointing performance caused partly by soaring oil prices as well as over-capacity in the industry.…

Swiss insurer leads western advance into China

This content was published on Nov 21, 2000 Winterthur said on Tuesday that it had bought into China’s fifth largest life insurer, Tai Kang Life. The size of its investment has not been revealed, but the company said it would be joining Tai Kang’s board of directors. Winterthur added that the deal was the first such alliance to be struck by a western…

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Banking & Fintech

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Switzerland’s trade balance swings into the red

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Credit Suisse adds Britain’s Hambro to expanding asset list

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Phonak triples first half profit

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Swiss business wants closer EU ties

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Switzerland opens mission in Iraq

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Swiss trade visit to Argentina overshadowed by general strike

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Syngenta axes 130 Swiss jobs

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Machine exports soar on back of strong economic growth

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No decision on future of Swissair

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Swiss insurer leads western advance into China

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