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Departing Swisscom boss “lost credibility”

This content was published on Jan 20, 2006 Alder resigned after the Swiss government, Swisscom’s major shareholder, rejected his strategy of expanding business overseas by taking over foreign telecommunications firms. Alder told a news conference that he is leaving to let someone new [incoming CEO Carsten Schloter] develop new government-imposed strategies. Bank Vontobel telecoms analyst Panagiotis Spiliopoulos believes Alder could not face implementing…

Tax chiefs consider cantonal reforms

This content was published on Jan 20, 2006 Obwalden sparked criticism from some cantons after voting in the lowest corporate tax rates in Switzerland on January 1 with 18 rivals also lowering their taxes in the New Year. Canton Zurich accused Obwalden of freeloading on their amenities and experts fear that degressive tax will have a negative impact on the economy if the…

Swisscom CEO hands over control

This content was published on Jan 20, 2006 Alder’s resignation comes as Swisscom battles with the government – its majority shareholder – over the firm’s future strategy. Swisscom was instructed at the end of last year by the Swiss government not to make any significant acquisitions outside the country while plans were made to sell off the state’s stake in the firm. In…

Migros makes waves by selling medication

This content was published on Jan 20, 2006 Migros surprised retailers and pharmacists with the announcement that it had gone into partnership with mail order drugs company Zur Rose to run a pilot project in one of its supermarkets. The new service works in the same way as Migros’ film processing service. Customers leave their prescriptions in an in-store post box and can…

Cabinet trade strategy leaves observers baffled

This content was published on Jan 19, 2006 The announcement came on the same day that Economics Minister Joseph Deiss raised doubts about the prospects for an accord between Switzerland and the United States. Deiss said on Wednesday that differences over agriculture could scupper the chances of reaching a deal with the US even before negotiations had started. A decision on whether to…

Deiss tells India to cut red tape

This content was published on Jan 19, 2006 He told business leaders in Calcutta that the challenge for India was to generate greater interest from foreign investors in tapping the country’s huge potential. At a lunch linked with a major economic forum organised by the Confederation of Indian Industry, Deiss said on Thursday the best solution was to cut red tape. “The best…

Novartis targets expansion in Asia

This content was published on Jan 19, 2006 Executives refused to comment on future acquisition plans, but big money deals were listed as fourth priority behind organic growth, partnerships and small buyouts in their performance report. Novartis splashed SFr14 billion on takeovers last year, taking a sizeable chunk out of operating margins, which sank 0.9 per cent from 2004. Daniel Vasella, the company’s…

Supermarket moves into wealth management

This content was published on Jan 19, 2006 Migros Bank on Thursday launched a premium banking service for clients with assets of SFr250,000 ($195,000). The high-street bank is the latest in Switzerland to make inroads into the more remunerative wealth-management sector. In the public mind there exist three main banking groups in Switzerland: private banks catering to the wealthy; large banks such as…

Record results for Novartis in 2005

This content was published on Jan 19, 2006 The Basel-based company said the strong gain was due to the “dynamic expansion of its pharmaceuticals division and subsidiary, Sandoz”. “We gained market share and concluded strategic acquisitions to strengthen our leadership position in areas with high growth potential and unmet patient needs,” Novartis chairman and CEO, Daniel Vasella, said in a statement. “We are…

US free-trade deal on shaky ground

This content was published on Jan 18, 2006 On Wednesday the Swiss cabinet asked Deiss to look at the feasibility of such an agreement, now that exploratory talks have come to an end without clear progress. Following the discussion with cabinet and the conclusion of the initial talks, Deiss played down hopes of a deal. He told a press conference in the Swiss…

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Departing Swisscom boss “lost credibility”

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Tax chiefs consider cantonal reforms

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Swisscom CEO hands over control

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Migros makes waves by selling medication

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Cabinet trade strategy leaves observers baffled

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Deiss tells India to cut red tape

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Novartis targets expansion in Asia

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Supermarket moves into wealth management

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Record results for Novartis in 2005

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US free-trade deal on shaky ground

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