Banking & Fintech

Swisscom delays Bluewin entry on the stock exchange

This content was published on Oct 20, 2000 In a statement on Friday, Swisscom said the initial public offering (IPO) would have to wait until next year because of recent global stock market falls, particularly in technology shares. Swisscom, which has a 92 per cent stake in Bluewin, said recent developments could jeopardise the success of Bluewin’s IPO, which it planned to complete…

Rising demand boosts Nestlé sales

This content was published on Oct 20, 2000 The world’s largest food company, Nestlé, is upbeat about the prospects for sales and profits this year, following strong nine-month results. Nestlé announced on Tuesday that sales for the nine months reached SFr59.5 billion ($33 billion), up 9.5 per cent over the same period last year. In a statement from its headquarters at Vevey on…

Zurich group unveils new online bank

This content was published on Oct 19, 2000 The group said on Thursday that thanks to a strategic partnership with Swiss software producer, Think Tools, y-o-u would be able to combine traditional private banking with the latest information and communications technology. A statement said that, once licensed, y-o-u will not be just another financial platform of an existing bank, but a fully independent…

Major restructuring at Sabena before SAirgroup takes majority control

This content was published on Oct 19, 2000 Sabena said on Thursday it will cut up to 500 jobs and end service on long haul routes from Brussels to both Johannesburg, South Africa and Newark, New Jersey. The airline said it expects to post an operating loss of $123 million dollars for this year and that the forecasts for 2001 do not look…

Miracle turns sour after promising beginning

This content was published on Oct 19, 2000 In a statement, the company said the business trend in the third quarter was unsatisfactory and it was likely to report a larger-than-expected loss. Miracle recorded a loss of SFr36.1 million ($20 million) in the first half of 2000. When the six-month figures were published in August, the board of directors said it was investigating…

Sulzer posts modest growth amid restructuring

This content was published on Oct 19, 2000 In a statement on Thursday, the Winterthur-based company said growth adjusted for acquisitions and divestitures was 11 per cent, and seven per cent after adjustment for currency effects. Sulzer is undergoing a major reorganisation involving 300 job losses. It said all divisions contributed to the rise, in particular the medical group, Sulzer Medica. There was…

Swisscom seeks to outsource network functions

This content was published on Oct 19, 2000 In a reaction to the news, the communication union has expressed concern, arguing that a Swisscom subsidiary should take over the sector, not a third party. In a statement on Tuesday, Swisscom said it was currently holding talks with interested parties on its plans. The network itself and associated network data would remain the sole…

Gehrig named SNB vice chairman

This content was published on Oct 18, 2000 He succeeds former vice chairman, Jean-Pierre Roth, appointed as the central bank’s new chairman on September 18. Gehrig will remain in Zurich, where he heads the SNB’s monetary operations, processing and informatics divisions. The new third member of the SNB Board, Niklaus Blattner, will be based in Berne, the government said in a statement. Up…

Unaxis sells coatings division

This content was published on Oct 18, 2000 The transaction, which is subject to regulatory approval, is expected to close in the first quarter of 2001. Unaxis, formerly Oerlikon-Bührle, said earlier this year that it intended to spin off the division in line with it strategy to focus on information technology. “We are very excited to integrate LAC’s innovative technologies into the Applied…

Merger creates new aluminium giant

This content was published on Oct 18, 2000 The new aluminium to packaging group, known as Alcan, will be the world’s second biggest aluminium producer after United States-based company, Alcoa, and it will be worth SFr22 billion ($12.4 billion). In the share transaction 17.1 Alcan shares were exchanged for each Algroup share tendered. Alcan said some 6.7 million Algroup shares, or 99.52 per…

Banking & Fintech

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Banking & Fintech

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Swisscom delays Bluewin entry on the stock exchange

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Rising demand boosts Nestlé sales

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Zurich group unveils new online bank

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Major restructuring at Sabena before SAirgroup takes majority control

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Miracle turns sour after promising beginning

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Sulzer posts modest growth amid restructuring

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Swisscom seeks to outsource network functions

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Gehrig named SNB vice chairman

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Unaxis sells coatings division

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Merger creates new aluminium giant

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