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Expo.02 – let’s do it again

This content was published on Oct 23, 2002 A new survey released on Wednesday reveals that a majority of Swiss would like to stage another national exhibition in the future. Of the 2002 people surveyed, 79 per cent said they thought it would be a good idea to hold another Expo 25 to 30 years from now. Expo.02, which ended on Sunday, sold…

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Lek shareholders accept Novartis takeover

This content was published on Oct 23, 2002 The announcement came a few days after Novartis raised its bid price by ten per cent. Last September, Lek shareholders turned down a previous cash offer from the Basel-based company of 95,000 Slovenian tolars ($406) per share, arguing that the asking price was too low. Novartis made a renewed bid worth $860 million, or $446…

Serono improves bottom line as Adecco profits fall

This content was published on Oct 23, 2002 But the Swiss employment services company, Adecco, blamed the economic environment for a fall in profits. Serono’s improved results come off the back of a 46 per cent rise in sales of its multiple sclerosis drug, Rebif, which totalled $139.4 million. Total sales for the company were $349.3 million, up 18 per cent on the…

ABB’s future in doubt amid profit and asbestos fears

This content was published on Oct 23, 2002 Nervous investors – fearful that the Swiss-Swedish engineering giant faces collapse – slashed the group’s share price on Tuesday more than 60 per cent to SFr2.05 ($1.36). The collapse in the company’s share price continued on Wednesday, as ABB’s chief executive, Jürgen Dormann, attempted to calm investors by denying that the embattled group was threatened…

Post Office to slash 2,500 jobs

This content was published on Oct 22, 2002 The proposed restructuring measures – deemed necessary to compete in a liberalised market – could affect 3,500 workers or six per cent of the workforce. Under the new plan the country’s 18 mail sorting centres are to be closed and replaced by just three units. Announcing the cuts on Tuesday, the Post Office said the…

Jury out on whether Switzerland will hold another Expo

This content was published on Oct 22, 2002 Traditionally, national exhibitions have showcased the best of a country – from agriculture to architecture and trade to technology. Times have changed, however, and many cultural observers believe these “old fashioned” events no longer serve a purpose in today’s high-tech, information society. Outdated Correspondent Christoph Büchi, of the German-language Neue Zürcher Zeitung newspaper, believes national…

ABB cuts earnings target

This content was published on Oct 22, 2002 Chairman and CEO Jürgen Dormann refused to give an updated earnings outlook, saying only that he did not expect the markets to recover before the third quarter of 2003. The news sent ABB’s shares plummeting by 50 per cent in early trading to SFr2.80 on Tuesday. “The early signs of economic recovery that we saw…

Massachusetts files charges against CSFB

This content was published on Oct 22, 2002 The state’s securities regulators filed a legal complaint alleging that CSFB issued biased research that was favourable to its clients. The lawsuit accuses CSFB of using its investment-banking arm to control research, saying it knowingly disseminated biased stock research to curry favour with investment banking clients. It said the bank also invested in companies that…

Lek warms to new Novartis offer

This content was published on Oct 21, 2002 The announcement came after Novartis raised its bid price by ten per cent to value the company at $860 million (SFr1.3 billion). Last September, Lek shareholders turned down a previous cash offer from the Basel-based company of 95,000 Slovenian tolars ($406) per share, arguing that the asking price was too low. The success of the…

Swiss Life restates losses after accounting error

This content was published on Oct 21, 2002 On Monday, the company reported a net loss for the first half of 2002 of SFr578 million ($383 million), SFr192 million more than had been announced in September. The company blamed the error on a miscalculation of bond values. “The new reporting error is very regrettable,” said Swiss Life’s Chief Executive Officer, Roland Chlapowski. “It…

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Expo.02 – let’s do it again

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Lek shareholders accept Novartis takeover

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Serono improves bottom line as Adecco profits fall

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ABB’s future in doubt amid profit and asbestos fears

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Post Office to slash 2,500 jobs

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Jury out on whether Switzerland will hold another Expo

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ABB cuts earnings target

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Massachusetts files charges against CSFB

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Lek warms to new Novartis offer

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Swiss Life restates losses after accounting error

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