Banking & Fintech

Swiss love of travel poses environmental threat

This content was published on Aug 16, 2000 The author of the report, Ruedi Meier, says that for journeys within Switzerland the car is the preferred means of transport, and car journeys account for around two thirds of the 40 billion kilometres run up every year. Most of those trips are to see relatives and friends, with visits to sporting facilities accounting for…

Unions demand higher salaries

This content was published on Aug 16, 2000 Addressing a news conference in Berne on Wednesday, the federation secretary, Serge Gaillard, said the increase was needed to take account of inflation, estimated at two per cent this year. In addition, the federation is demanding a real salary increase of 1.5 per cent. Gaillard said the economic situation was such that all branches could…

Sunny outlook for travel group

This content was published on Aug 16, 2000 The company’s first-half figures were underpinned by a string of acquisitions as well as internal growth and were broadly in line with market expectations. European holiday companies typically see most of their income coming through in the second half of the year, and Kuoni is no exception. The company expects sales for the year as…

Jam-maker sweetens news of falling income

This content was published on Aug 16, 2000 The company, which is majority owned by Germany’s Schwartau International, went through a major restructuring last year. Operating profit was up 25 per cent at SFr30.4 million ($17.5 million), but this was boosted by a SFr11.5 million one-time gain from disposal of Italian real estate. The true figure was a more modest gain of SFr6.7…

More companies enter billion-franc league

This content was published on Aug 16, 2000 The newspaper said more than two thirds of Switzerland’s 1,000 biggest companies saw an overall improvement in sales. Of those, 10 saw profits of more than a billion francs, and 21 recorded a negative result. The report said the most spectacular performance was recorded by the telecommunications sector. Also doing well are businesses specialising in…

Private banks advised to join Holocaust settlement

This content was published on Aug 16, 2000 Jacques Rossier, representative of the private banks at the Swiss Bankers Association, said: “I recommend that private banks accept the demands of the settlement.” At a presentation in Zurich, the Swiss Bankers Association and the two big banks, UBS and Credit Suisse, told cantonal and private banks about the fine print of the settlement. It…

Nestlé embroiled in food safety row in Senegal

This content was published on Aug 15, 2000 The Senegalese watchdog, Ascosen, claims that Nestlé is selling a harmful product, which contains unacceptable levels of bacteria. Ascosen said the milk was found to have 57 times more bacteria than the legal upper limit. Nestlé denies the claim. A spokesman at the company’s headquarters in Switzerland, Marcel Rubin, told swissinfo: “We have conducted extensive…

Ciba beats expectations

This content was published on Aug 15, 2000 Net profit rose to SFr215 million ($125 million). Analysts had anticipated a figure close to SFr200 million. Sales increased by 14 per cent to SFr4 billion. The company says it expects continued but more moderate growth for the rest of the year. “Current trends and forecasts for the development of both the global economy and…

Julius Baer expects higher profits

This content was published on Aug 15, 2000 Switzerland’s largest family-controlled private bank saw first half profits increase by 80 per cent to SFr249.4 million ($145 million). A statement from the bank said the strong performance was mainly attributable to revenue from services, which accounted for three-quarters of operating income. Assets under management were reported at SFr146 billion at the end of the…

Givaudan sees sales improvement

This content was published on Aug 15, 2000 The forecast came after the former Roche division reported an increase in sales of eight per cent for the first half of the year to just over SFr1.2 billion ($690 million). The figures were the first for the company since it became independent from Roche in June. “Thanks to business deals struck recently, we expect…

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