Banking & Fintech

Parliament wants to make Switzerland attractive for big money

This content was published on Mar 16, 2000 The House of Representatives wants to make Switzerland a more attractive financial centre. The House backed calls to scrap stamp duty on the trading of shares and bonds. This will lead to a loss of revenue of around SFr500 million. However, the Social Democrats are threatening to call a referendum over the issue. They say…

Villiger furious about Abacha money

This content was published on Mar 16, 2000 The Swiss finance minister, Kaspar Villiger, has told parliament he was furious when he learned that the former Nigerian dictator, Sani Abacha, had SFr1 billion stashed away in Swiss bank accounts. He said such cases damaged Switzerland’s image as a financial centre. Villiger said he was angry because he spent much of his time travelling…

Switzerland tightens monetary policy in line with European rate rise

This content was published on Mar 16, 2000 Switzerland’s National Bank is to tighten monetary policy, following a decision by the European Central Bank to raise interest rates. The Swiss National Bank announced it would aim to keep rates at the upper end of its three-month LIBOR (London Interbank Offered Rate) range. The range itself, however, remains unchanged at 1.75 to 2.75 per…

Tourism operators celebrate third boom year

This content was published on Mar 16, 2000 Things are looking bright for the Swiss tourist industry, with two of the country’s leading operators posting record results. The Migros subsidiary, Hotelplan, has released figures that show a record performance for the third year in succession. Group profit in 1999 rose by 22.9 per cent to SFr34.8 million, while turnover was up 9.4 per…

Swiss aluminium producer sees profits rise for sixth year running

This content was published on Mar 16, 2000 The Swiss aluminium and packaging company, Algroup, has recorded an increase in its net profit for the sixth consecutive year. Net profits grew by 15.8 per cent to SFr 440 million. Turnover increased by a more modest sum, rising 1.2 per cent to SFr 6.55 billion. The company said all divisions had contributed to growth…

Cyber power house opens its doors in Basel

This content was published on Mar 16, 2000 A new “power house” information technology service centre has opened in Basel to provide support for the city’s chemical and pharmaceutical industries. Hailed as the first of its kind in the world, the cyber centre is a joint venture between United States computer company Hewlett Packard and the IMG consulting firm in St Gallen. HP…

Strong performance pushes Swatch dividend higher

This content was published on Mar 16, 2000 Swatch has upped its share dividend to 24 per cent, following strong sales in 1999. The Swiss watchmaker saw net profits rise by nearly 23.5 per cent over the previous year on sales growth of almost 11 per cent. The Swatch board decided to up the dividend by three per cent over 1998, after net…

Swisscom executive buys out subsidiary

This content was published on Mar 15, 2000 A Swisscom executive has staged a partial management buy-out of one of the company’s subsidiaries. The former head of Swisscom Mobile, Walter Heutschi (pictured), is to take control of Comfone, which focuses on international roaming. Comfone’s area of business – international roaming – enables customers to use their mobile phones across country borders. Swisscom will…

Nestlé upbeat about prospects for coming year

This content was published on Mar 15, 2000 The world’s largest food group, Nestlé, has given an upbeat assessment of its prospects for the coming year. It said 1999 sales were hard hit by currency fluctuations in Brazil, but that it was looking forward to continued growth in its bottled water division. In a letter to shareholders, Nestlé said it was “moderately optimistic”…

Parliament debates electricity liberalisation

This content was published on Mar 15, 2000 The government’s proposals for liberalising the electricity market in Switzerland are facing a tough challenge in parliament. The law has taken years to draft, but is expected to be trimmed, if not even drastically altered, by the assembly. The government wants both industrial consumers and private households to have a choice in whom they draw…

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Banking & Fintech

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Parliament wants to make Switzerland attractive for big money

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Villiger furious about Abacha money

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Switzerland tightens monetary policy in line with European rate rise

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Tourism operators celebrate third boom year

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Swiss aluminium producer sees profits rise for sixth year running

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Cyber power house opens its doors in Basel

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Strong performance pushes Swatch dividend higher

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Swisscom executive buys out subsidiary

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Nestlé upbeat about prospects for coming year

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Parliament debates electricity liberalisation

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