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Swissfirst stock falls on news of possible sale

This content was published on Aug 18, 2006 The management move comes after heavy criticism by a shareholder and the media of last year’s merger with rival bank Bellevue. The bank’s shares fell more than 18 per cent at one point on Friday but ended the day 11.91 per cent down from Thursday’s close at SFr82.80 ($67.11). Swissfirst’s merger with Bellevue is being…

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Turkish dam controversy tests government

This content was published on Aug 18, 2006 Export Credit Agency (ECA) officials will assess environmental and humanitarian objections to a proposed SFr310 million ($250 million) fund to allow Swiss firms to take part in building the Ilisu dam. The State Secretariat for Economic Affairs (Seco) will decide in September if the state-backed insurance agency can guarantee the export risks of Alstom Switzerland,…

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Row over National Bank profits gathers pace

This content was published on Aug 17, 2006 They insist their initiative does not threaten the bank’s independence nor deprive the cantonal authorities of funds. A cross-party committee, including the centre-left Social Democrats, the Trade Union Federation, the Greens as well as the Protestant Party, said approval of their proposal would help ensure the financial future of the ailing pension scheme. They added…

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Farmers continue to feel the squeeze

This content was published on Aug 17, 2006 The Federal Statistics Office says one-third of all Swiss farms have disappeared over the past 15 years. The results confirm the tendency in Switzerland towards larger holdings and organic farming. According to the survey of the farming sector published on Thursday, between 2003 and 2005 more than 2,200 farms ceased to exist – a 3.4…

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Ciba slashes 2,500 jobs

This content was published on Aug 17, 2006 The unveiling of the job losses – the group’s fourth cost-cutting exercise in five years – comes as the Swiss chemicals giant reported a first-half drop in net profit to SFr95 million ($77.32 million). Most of the job cuts are expected to occur through natural attrition, although there will be a number of redundancies, the…

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Mad cow disease no longer a priority

This content was published on Aug 16, 2006 The unit, which was created in 2001 to deal exclusively with mad cow disease, will in future concentrate on animal health and protection, humane production, food safety and hygiene. The bovine spongiform encephalopathy (BSE) unit’s budget will also be reduced by over a third, from SFr3.5 million ($2.8 million) to SFr2 million. So far this…

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UBS beats expectations with solid performance

This content was published on Aug 15, 2006 The result was helped by revenue from trading and managing the assets of the rich. The inflow of net new money at the bank, which is the world’s largest wealth manager, climbed to SFr84.3 billion from SFr66.2 billion a year ago. UBS said net profit in the second quarter had risen by 47 per cent…

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Bank merger fuels suspicion of insider trading

This content was published on Aug 14, 2006 Federal and cantonal authorities are investigating why pension funds sold stock ahead of a merger between the two banks, thereby depriving themselves of substantial gains. Allegations in the media suggest that some fund managers at the two banks bought the stock for their personal accounts. On Monday, one fund – Rieter – declared there was…

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Swiss development aid fails to make big impact

This content was published on Aug 14, 2006 It however has moved up three places – from 13th to 10th – on the Commitment to Development Index (CDI) compiled each year by the Washington-based Center for Global Development. Launched in 2003, the CDI ranks 21 of the richest nations on their performance in several policy areas including trade, investment, migration, security, environment, and…

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Farm hopping

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Swissfirst stock falls on news of possible sale

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Turkish dam controversy tests government

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Row over National Bank profits gathers pace

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Farmers continue to feel the squeeze

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Ciba slashes 2,500 jobs

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Mad cow disease no longer a priority

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UBS beats expectations with solid performance

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Bank merger fuels suspicion of insider trading

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Swiss development aid fails to make big impact

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