Cluster: Archive

Swiss icon lands in British hands

This content was published on Oct 8, 2002 Production of the famous malted drink will remain near the Swiss capital, Bern. The Swiss pharmaceutical giant, Novartis, put the beverage on the auction block earlier this year, as part of a drive to sell off its health and functional food activities and focus instead on its core pharmaceuticals business. Along with Ovomaltine, which represents…

CSFB makes further sweeping job cuts

This content was published on Oct 8, 2002 The measure is part of a new cost reduction initiative this month aimed at saving $500 million (SFr744 million) at the loss-making unit. In an internal mail to CSFB’s 25,000 staff, chief executive John Mack said that the “extremely tough” market conditions had continued to deteriorate, leaving him no choice. “Unfortunately, in this environment, to…

More than a just a brand

This content was published on Oct 8, 2002 In Britain, the brand was so popular that a club of Ovaltineys was set up, with an accompanying radio programme. To this day, many British believe that Ovaltine is one of their own national products. The story of Ovomaltine has been described as “one of the most exciting episodes” in the Swiss national economy. Produced…

Swiss airline’s case seen as hopeless

This content was published on Oct 7, 2002 Swiss says the accord, due to come into force at the end of the month, will lead to major disruption in air traffic at its Zurich Airport hub. “We are not concerned,” said a spokesperson for the German transport ministry, “because we don’t give their case any chance of success.” Swiss – in conjunction with…

EU turns up heat on Swiss banking secrecy

This content was published on Oct 7, 2002 He also accused some EU members of trying to scupper the EU’s plan, which demands the scrapping of banking secrecy. Bolkestein’s comments came ahead of a meeting of EU finance ministers in Luxembourg on Tuesday, where the issue of bilateral negotiations with Switzerland was expected to be on the agenda. Writing in Monday’s “Financial Times”,…

Credit Suisse stock finds no buyers

This content was published on Oct 7, 2002 The slide was halted after investment bank, WestLB Panmure, said it had restored its “buy” rating, following last week’s slump. On Friday, shares in Switzerland’s second largest banking group fell almost ten per cent to close at SFr21.80, extending Thursday’s 14 per cent loss. Investors feared that the bank would need to ask investors for…

Afghanistan seeks to secure its future

This content was published on Oct 7, 2002 Swiss aid groups – busy helping Afghans build a future – say many of the international community’s promises to rebuild the country have yet to materialise. This year Switzerland has committed some SFr20.8 million ($14 million) in aid to Afghanistan, mainly for basic humanitarian needs, such as food and shelter. But concerns have now been…

Bookham to acquire Nortel’s Zurich optical biz

This content was published on Oct 7, 2002 The deal involves cash and shares valued at an estimated $50 million. According to expert commentary at Light Reading, an optical industry newsletter, it is better for Nortel to sell at rock bottom prices than to have to shed its staff and then deal with the legal and regulatory consequences. Approximately 1,000 employees will have…

Lessons for a lost generation

This content was published on Oct 5, 2002 More than 1500 young people – many from the country’s most deprived townships – have been taught a trade since the initiative was set up 18 months ago. At a conference in Bern this week, project manager of the Swiss-South African Cooperation Initiative (SSACI), Ken Duncan, said nearly SFr4 million had so far been spent…

Ebner sells shares in Lonza, Blocher’s stake rises

This content was published on Oct 5, 2002 The Ems-Chemie group, owned by Ebner ally Christoph Blocher, has increased its shares in Lonza from eleven per cent to 20 per cent. Ems-Chemie made the announcement after the bourse closed on Friday. It has not yet been announced whether the shares were bought from Ebner. Lonza also said on Friday that Ebner would also…

Cluster: Archive

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