Banking & Fintech

More caution urged in bank dealings with blacklisted countries

This content was published on Sep 19, 2000 In a letter sent on Tuesday, the commission reminded financial institutions of their duties before accepting deposits. The statement comes two months after the Swiss Money Laundering Control Authority issued its own written warning of the risks involved in dealing with certain countries. The countries concerned are those listed at the end of June by…

Geneva Fair aims to tap into emerging markets

This content was published on Sep 19, 2000 It provides an important place for companies from developing countries to do some important networking. With the world having now largely shrugged off the financial turmoil that swept it two years ago, an increasing number of western companies are eager to invest in the emerging markets of Asia, Latin America, eastern Europe and Africa. “We…

Novartis names outsourcing winners

This content was published on Sep 19, 2000 The announcement on Tuesday means the Swiss-Swedish engineering concern, ABB, lost out to Johnson in the race for the facility management and technical services contract. Vivendi is to run the energy supply and waste disposal division. Novartis did not give any financial details of the seven-year deals that are to be concluded by the end…

Jewish group wants reward for former Swiss security guard

This content was published on Sep 19, 2000 It said Meili should get financial compensation from the $1.25 billion (SFr2 billion) accord between Swiss banks and Jewish groups to settle claims relating to dormant accounts from the Holocaust era. Meili was praised as a hero by some United States officials after taking files from the Swiss Banking Corporation, which later merged with the…

New Credit Suisse service eyes wealthy clients

This content was published on Sep 19, 2000 The Global Investor Portfolio service intends to build up more than SFr50 billion ($28 billion) in funds under management. It will be in operation from next month and target customers in Germany and Britain. Clients will be able to invest and trade shares in 15 stock markets including London, Frankfurt and New York. Deposits will…

Trade unions slam Sulzer job losses

This content was published on Sep 18, 2000 The metal and watch-workers union said Sulzer’s announcement on Monday threatened thousands of jobs. It said the employees would not simply accept the move. The union accused the company of continuing a policy of pandering to shareholder values, which it said had already led to 2,000 job losses last year. Another union, representing engineering workers,…

Roth is surprise head of National Bank

This content was published on Sep 18, 2000 Roth, who is currently vice-president at the bank, will succeed Hans Meyer when he steps down at the end of the year. The government’s decision amounts to a snub of the bank’s supervisory board which last week nominated the SNB director, Bruno Gehrig, for the top job. The choice of 54 year-old Roth will be…

Sulzer announces major changes: 300 jobs to be lost

This content was published on Sep 18, 2000 The company is selling off five, mainly technological divisions, and will concentrate on medical devices, and surface and materials technology. These fields, the company said, offered potential for high growth and profitablility. The restructuring will see the Winterthur-based company merge with the medical group, Sulzer Medica, already 74 per cent owned by Sulzer. The management…

Switzerland and China renew effort to reach WTO accord

This content was published on Sep 18, 2000 Switzerland is one of the last countries to negotiate a deal with China, which focused first on securing agreements with its biggest trading partners, the United States, Japan and the European Union. The Sino-Swiss talks began a year ago, with Beijing hoping to conclude them by the end of September. After high-level talks in China…

Syngenta share buy-back plan announced

This content was published on Sep 18, 2000 Syngenta is being created through the merger of the two companies’ agribusiness divisions. The buy-back programme, announced on Monday, is aimed at smoothing Syngenta’s launch. “During the first 10 days following the listing we are putting ourselves in the position to buy back up to 10 per cent of its shares. This will be financed…

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