Banking & Fintech

Shares in main Swiss banks nosedive

This content was published on Oct 11, 2000 Zurich’s SMI slid 1.88 per cent to close down 147.20 points at 7665.40 on Wednesday, pulled down by the poor performance of banking sector stock. Credit Suisse shares were battered throughout the day’s trading, ending the session on the Zurich stock exchange down nearly nine per cent at SFr298. Shares in UBS closed down 6.46…

Novartis shareholders give green light to create Syngenta

This content was published on Oct 11, 2000 The shareholders, at an extraordinary general meeting in St Jakobs Hall in Basel, voted overwhelmingly in favour of the plan. AstraZeneca shareholders have still to approve the deal. Both parent companies are eager to divest themselves of their agribusinesses, which have suffered of late amid a global downturn in farming. The new company, called Syngenta,…

Ospel set to succeed Krauer as UBS chairman

This content was published on Oct 11, 2000 The board of directors is to propose at the annual shareholders’ meeting next April that the chief executive officer, Marcel Ospel (50), succeed him. Krauer joined UBS as interim chairman after the bank chalked up losses of SFr984 million in the 1998 scandal surrounding the Long-Term Capital Management Hedge Fund in the United States. Its…

Sales slow at Novartis

This content was published on Oct 11, 2000 Excluding businesses divested in 1999 and the discontinuing Agribusiness activities to be spun off in mid-November, the company’s healthcare division posted nine month sales of SFr21.3 billion, an increase of 15 per cent in Swiss francs or seven per cent in local currencies. That marked a minor slowdown from the eight per cent rise in…

Flat growth for Givaudan

This content was published on Oct 11, 2000 In local currencies sales were flat over the period, but results were in line with market expectations. “Barring unforeseen events, Givaudan expects a good net result for the full year,” the company said in a statement. It gave no profit figures for the period. The company said its strongest growth for the flavours and fragrances…

Switzerland lifts most sanctions against Yugoslavia

This content was published on Oct 11, 2000 The Swiss government said it had defined a new policy towards Yugoslavia, following the overthrow of President Slobodan Milosevic last week. Humanitarian aid is to be boosted, while the ban on new investments and export credits for Yugoslavia is beng lifted. Some sanctions will, however, remain in place. The economics minister, Pascal Couchepin, made it…

High Swiss labour costs offset by strong productivity

This content was published on Oct 10, 2000 The survey by UBS financial services group, says Swiss productivity has improved, and its workers are the second most productive in the world, behind Norway, but ahead of the United States, Japan and Denmark. The survey finds they are also very expensive to employ. The cost of an average hour of work in Switzerland is…

Schindler to equip six new cruise ships

This content was published on Oct 10, 2000 Out of a total of 147 elevators ordered, 120 will be installed on five new cruise ships of the Holland American Line of Seattle in the United States. The ships will accommodate 1,800 passengers each. The remaining 27 elevators and eight escalators are foreseen for a new destiny-class vessel of the Carnival Corporation of Miami,…

SIG sell off completes divestment strategy

This content was published on Oct 10, 2000 The move comes less than a week after SIG sold off most of its 140-year-old small arms and rifle business to two German private investors. SIG, based near Schaffhausen, said the divestment represented a “further significant step” in the company’s plans to focus on packaging technology. A statement said that Schneider planned to treat its…

Economy in healthy state after year of growth

This content was published on Oct 10, 2000 The quarterly survey from the UBS financial services group forecasts that GDP growth will be 3.3 per cent in the third quarter and three per cent in the fourth. UBS said in a statement on Tuesday that the survey, of 300 industrial companies, was a reliable indicator of economic developments in the whole of Switzerland.…

Banking & Fintech

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Banking & Fintech

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Shares in main Swiss banks nosedive

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Novartis shareholders give green light to create Syngenta

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Ospel set to succeed Krauer as UBS chairman

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Sales slow at Novartis

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Flat growth for Givaudan

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Switzerland lifts most sanctions against Yugoslavia

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High Swiss labour costs offset by strong productivity

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Schindler to equip six new cruise ships

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SIG sell off completes divestment strategy

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Economy in healthy state after year of growth

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