Shanghai, China and Biel/Bienne, Switzerland (GenevaLunch) - The Jura-based Swatch Group and Chinese hotel group Jin Jiang Thursday held a groundbreaking ceremony for restoration work on a waterfront Bund building that is designed to serve as an international art centre.
No new home for this beauty: Fancy Deep Blue Diamond
Geneva, Switzerland (GenevaLunch) - Sotheby’s November auction of fine jewels, which in 2007 set price records, failed to raise bids to a level where it could sell the three highest priced items Wednesday night in Geneva. David Bennett, chairman of jewelry for Europe and the Middle East at the auction house said “Tonight’s sale was assembled in the wake of our near-all-time record Geneva jewels sale [May 2008] and most of the property was consigned and valued prior to the turmoil in the financial markets.
Neuchatel, Switzerland (GenevaLunch) - Despite the economic news and fears of recession, Swiss retail sales have remained strong: figures for September 2008 show that even adjusted for inflation and the number of selling days in the month, sales were up 2.4% over the same period a year earlier.
Levallois-Peret, France and Vevey, Switzerland (GenevaLunch) - Lars Olofsson, executive vice-president for strategic business units, marketing and sales at Nestlé in Vevey, has been named the new CEO of Carrefour SA, which Bloomberg says is Europe’s biggest retailer. Nestle announced that Oloffson’s role will be filled on a temporary basis by Werner Bauer.
Zurich, Switzerland (GenevaLunch) - UBS shares briefly slipped to an all-time low of CHF13.88 Monday after it announced its new compensation package, with no bonuses for bank officials in 2008 and stricter rules for the future.
Geneva, Switzerland (Tribune de Geneve, Fre) - Geneva’s Cointrin Airport departures area is about to lose its only barber, whose shop for some 40 years has been open seven days a week on the departures level, to clip anyone needing a last-minute trim before catching a flight.
Neuchatel, Switzerland (GenevaLunch) - Swiss producer and import prices fell for the third consecutive month in Switzerland. According to federal figures, the overall decline of 0.5 percent in September was followed by a 0.6 percent decline in October. Domestic products registered a price decline of 0.3 percent while imported products fell 1.2 percent. Year-to-year inflation is lower than in 2007, at 2.9 percent.
Zurich, Switzerland (GenevaLunch) - Raoul Weil, chairman and CEO of UBS Global Wealth Management and Business Banking in the US, has been indicted in Florida by a federal court on charges of tax fraud. The indictment says the banker helped hide assets of about 17,000 US citizens from the Internal Revenue Service.
Lausanne, Switzerland (GenevaLunch) - RouteRank, an EPFL incubator company whose online product shows travel options between two points, searching a wide range of databases, Thursday received KPMG’s “Tomorrow’s market award” and CHF50,000.
Zurich, Switzerland (GenevaLunch) - Zurich has announced a $4.2 billion profit for the third quarter of 2008 and net income of $2.8b, despite what it calls “extreme market conditions.”
Switzerland (GenevaLunch) - Swiss banking secrecy, tax evasion, offshore banking versus tax havens: the old clashes between Switzerland and its neighbours as well as the US, are making headlines again. Last week front page stories covered Barack Obama’s voting record on tax havens, but this week the news is Tages-Anzeiger’s revelation that a small number of entirely Swiss-Swiss bank transactions, in Swiss francs, are accessible to the American CIA.
Zurich, Switzerland (Le Temps, Fre and Financial Times) - Peter Wuffli, who was CEO of Switzerland’s largest bank, UBS, from January 2002 to June 2007, is returning CHF12 million, part of the bonus package he received when he retired from the bank.
Zurich, Switzerland (GenevaLunch) - Barry Callebaut is the world’s largest top-end chocolate manufacturer, a supplier to most of the world’s best chocolate brands, and it has just served up its 2007/2008 financial report with a large smile. Sales volume rose 10% and sales revenue rose 17.1% to CHF4.82 million.
Zurich, Switzerland (GenevaLunch) - The Swiss National Bank (SNB) early Thursday afternoon lowered its key interest rate range to 1.5-2.5%, effective immediately, saying it intends “to hold the rate in the middle of the target range for the time being.”
Zurich, Switzerland (GenevaLunch) - UBS, Switzerland’s largest bank, is operating in the black again, with a third-quarter net profit of CHF296 million, “attributable to shareholders,” in line with its pre-announcement in mid-October.
Zurich, Switzerland (GenevaLunch) - Swiss Re, one of the world’s top 10 insurance companies and a world leader in risk insurance, surprised the financial world Tuesday with its announcement of a third quarter net loss of CHF304 million, but it insisted that its “balance sheet is strong, and the company’s capital adequacy remains at very high levels.”
Bern, Switzerland (GenevaLunch) - The number of animals used for testing medical products in Switzerland rose 1.5% in 2007, to over 724,000. None were used to test cosmetics.
Switzerland (GenevaLunch) - Volatility was a key word Tuesday morning: European markets, including Switzerland’s stock market rose, but erratically, Tuesday morning after Asian markets recovered their Monday losses. The Swiss franc became a refuge currency, at a seven-year high against the euro.
Zurich, Switzerland (GenevaLunch) - Fears of a global recession is sparking European and Asian market losses. The Swiss stock market is also feeling the heat and was down at opening today, 24 October.
Vevey, Switzerland (GenevaLunch) - The world’s largest food and drink company, Switzerland-based Nestlé has announced increased sales and has upped its 2008 outlook for organic growth.
Zurich, Switzerland (GenevaLunch) - Credit Suisse Group is confirming Q3 losses in line with the announcement made on 16 October.
Romanel-sur-Morges, Switzerland and Fremont, California, US (GenevaLunch) - Logitech International SA is announcing below forecast quaterly net profits and slashing its outlook for 2009.
Basel, Switzerland (GenevaLunch) - Basel-based Roche Holdings AG, the number two Swiss pharmaceutical company announced sales growth for Q3, although lower than forecasts, due to a decline in sales of the pandemic Tamiflu vaccine.
Bern, Switzerland (GenevaLunch) - Members of the Swiss cabinet, the Federal Council, appear to be on the attack against high salaries and bonuses in Switzerland, particularly in the banking industry.
Bern and Zurich, Switzerland (GenevaLunch) - Two days after the Swiss federal government announced a plan to help the Swiss banking system, and in particular UBS, it’s becoming clearer that this was not just a precautionary action, but that the bank needed help.
