Internal: Archive

Weak markets batter Zurich Financial

This content was published on Feb 27, 2003 The results were well down on last year’s $387 million loss and reflected the industry-wide slump brought about by crumbling stock markets. The plunging value of Zurich’s equity portfolio led to a 24 per cent reduction in net investment income to $5 billion. The insurer also announced that it was slashing its dividend from SFr8…

Aloha to Solothurn Fasnacht

This content was published on Feb 27, 2003 For four days, Solothurn is known as Honolulu and sinks into colourful mayhem, honouring a tradition that is at least 500 years old. Dirty Thursday, as the first day of carnival is known, begins at the crack of dawn. At five o’clock, the Oberchessler, or leader of the carnival, gives the signal on Friedhofplatz for…

ABB sinks to new low

This content was published on Feb 27, 2003 Announcing a $787 million (SFr1.1 billion) loss for 2002, chairman and CEO Jürgen Dormann said he did not expect any improvements in the short term. Faced with lacklustre global economic conditions and a looming debt crunch of at least $2.6 billion, ABB aims to raise around $2 billion from asset sales. The company also plans…

Cabinet challenges Swisscom’s “last mile” monopoly

This content was published on Feb 26, 2003 The government wants to end Swisscom’s dominance of the market, but it could take years to come into effect. Swisscom, in which the government has a majority stake, still has the monopoly on the fixed line network in Switzerland. Consumers currently have to pay the company a monthly fee for the use of its network,…

Equity losses push Swiss Re into the red

This content was published on Feb 26, 2003 The world’s second-largest reinsurer said it would be cutting its dividend for the first time in nearly a century. Swiss Re said the loss was due to heavy write-downs on its equity portfolio. The value of its stock investments fell by SFr3.4 billion – a figure five times higher than in 2001. It also booked…

Roche posts record loss

This content was published on Feb 26, 2003 A series of heavy one-off charges relating to its vitamins operations, lower financial income and the strong Swiss franc dragged down the company’s results. The loss, the worst in Roche’s 107-year history, compares with a 2001 profit of SFr3.7 billion. But Roche, which is notorious for its complicated results, said performance had been strong, particularly…

Clariant to seek fresh funds

This content was published on Feb 25, 2003 The company also warned it would slash up to 1,700 jobs as part of cost-cutting measures, just two weeks after it posted a net loss of SFr648 million for 2002. Clariant’s chief executive, Reinhard Handte, said on Tuesday that a capital increase would make sense, although no decision has been made. Beat Alpiger, an analyst…

Dark day for Swiss business

This content was published on Feb 25, 2003 Thousands of employees are facing the axe under cost cutting plans announced by Credit Suisse, the national airline, Swiss, and Clariant, the specialty chemicals group. A raft of poor company results hammered the Swiss Market Index of leading shares, which closed just 94 points above the psychologically important 4,000 mark. It is now at its…

Swiss cuts itself down to size

This content was published on Feb 25, 2003 Analysts have long said the airline is too big for its home market, and that cuts are needed if it is to avoid the same fate as the collapsed Swissair. Announcing the cuts in Zurich, chief executive André Dosé said they were in response to weak markets – a problem afflicting the entire aviation industry.…

Clariant cuts jobs and sheds units

This content was published on Feb 25, 2003 The news comes just two weeks after Clariant posted a net loss of SFr648 million ($478 million) for 2002 – the second consecutive annual loss. Clariant spokesman Patrick Kaiser said on Tuesday that the company would “reduce its workforce by between four and six per cent in the next two years”. Clariant currently employs 28,000…

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Weak markets batter Zurich Financial

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Aloha to Solothurn Fasnacht

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ABB sinks to new low

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Cabinet challenges Swisscom’s “last mile” monopoly

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Equity losses push Swiss Re into the red

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Roche posts record loss

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Clariant to seek fresh funds

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Dark day for Swiss business

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Swiss cuts itself down to size

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Clariant cuts jobs and sheds units

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