Banking & Fintech

Government ponders what to do with spare gold

This content was published on Jun 28, 2000 A further 500 tonnes have already been earmarked for the Solidarity Foundation, which, subject to acceptance by the people in a referendum, will finance charitable projects at home and abroad. The government is proposing two variants for the 800 tonnes. The first, and it is clearly the cabinet’s favourite, is to finance a programme of…

Unaxis rapped over the knuckles

This content was published on Jun 27, 2000 Instead the Commission wants Unaxis, formerly Oerlikon-Bührle, to proceed with a public offer to the remaining shareholders, even though their shares are not required by Unaxis to hold a majority stake. Following the November 1999 acquisition by Unaxis of roughly 27 per cent of the share capital of Esec, it had intended to exercise the…

Day receives two new key orders

This content was published on Jun 27, 2000 In a communiqué, Day said it would be creating intranet solutions for the Swiss Ministry of Defence, Protection of the Population and Sport (DDPS), and for the Extratel company which is Switzerland’s largest outsourcing call centre. Both projects will use Communiqué 2, the software developed by Day for the management of complex websites. Day said…

Gavazzi boosts sales and earnings

This content was published on Jun 27, 2000 Sales increased 17 per cent to SFr449.2 million, while operational profits doubled to SFr27.1 million. Thanks to this improved performance net profit rose SFr900,000 to SFr10.6 million. As a result, the group is proposing increasing its dividend from SFr30 to SFr40. In addition, shareholders at the electronics group based in canton Zug will be asked…

Banking secrecy non-negotiable, says minister

This content was published on Jun 27, 2000 Couchepin made the statement after attending a meeting of ministers from the Organisation for Economic Cooperation and Development, which groups the world’s industrialised nations. The meeting covered a range of issues, but banking secrecy was by far the most sensitive for the Swiss. The position that banking secrecy is not up for discussion had already…

Nestlé silent as food giants make their move

This content was published on Jun 27, 2000 The acquisition of Nabisco will enable Philip Morris to retain its position as the world’s second largest food company after the Swiss giant, Nestlé. The agreement comes amid a wave of food industry consolidation. Nestlé, when contacted by swissinfo, declined to make any comment on a deal done by its competitors. Experts are paying close…

Planned Expo scores low marks on environmental impact

This content was published on Jun 26, 2000 The exhibition – Expo.02 – is due to take place around the lakes of Biel, Neuchâtel and Murten. In its third independent report on environmental controlling, the Aquarius company of Neuchâtel says there is a need for a rapid solution to the issue of pricing policy. “The fixing of fees which are really attractive and…

OECD names and shames tax havens

This content was published on Jun 26, 2000 Nearly three dozen off-shore centres were named, including Liechtenstein, which has a customs and currency union with Switzerland. The report will serve as a warning and give those identified one year to change their policies. Last week, an international report by the G7’s Financial Action Task Force listed 15 countries for failing to deal sufficiently…

Couchepin to raise social issues at OECD meeting

This content was published on Jun 26, 2000 Among the issues likely to be raised at the two-day meeting, starting today, is tax evasion, and attempts by the European Union to combat money-laundering. To coincide with the meeting, the OECD is expected to publish a list of tax-havens in an increasingly hard-hitting drive to clamp down on big banking centres which thrive off…

Swiss travellers hit by French strike

This content was published on Jun 26, 2000 But the strike will also affect other departures from Zurich, Basel and Geneva as many of them will have to be routed around France to other European countries. The strike is scheduled to end at eight o’clock on Tuesday morning. More than 120 Swissair flights scheduled to operate Monday have been cancelled, this includes 64…

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