Two big auction houses realize Monday sales of more than $40 million, more to come
Tiara on sale at Sotheby's in Geneva 15 May
GENEVA, SWITZERLAND – The Swiss franc is a pale safe haven in these days of troubled economies, compared to the bright, shining market in fine jewels, if Geneva auctions are any indication.
Monday was a big day, with Sotheby’s succeeding in the afternoon in a “white glove” (all lots sold) sale of 60 pieces of jewelry by designer Suzanne Belperron for CHF3.4 milliion ($3.2m), triple the pre-sale estimate.
The top item was a 1935 rock crystal and diamond ring that went for half a million dollars.
Christie’s in the evening held Lily Safra’s Jewels for Hope charity sale, which made CHF35m ($37.9m), almost double the pre-sale estimate.
The biggest ticket item was a ruby and diamond ring, the Hope Ruby, a cushion-shaped Burmese ruby ring of 32.08 cts, by Chaumet. Amer Radwan of Dubai’s Radwan Diamond and Jewelry Trading, paid CHF6.2 million for the gem, setting a world record for the per carat price for a ruby.
Christie’s holds its regular spring jewelry sale Wednesday 16 May and Sotheby’s continues its two-day sale Tuesday, with a lineup of historically significant jewels that include the Beau Sancy diamond, (estimate, CHF1.85-3.6m / $2-4m), the Murat Tiara (CHF1.4-2.3m) and a diamond brooch set with a 7.33 carat Fancy deep yellow diamond that was offered to the Corsini family by Charles Edward Stuart (1720-1788), Bonnie Prince Charlie (CHF 280,000-480,000).
GENEVA, SWITZERLAND – The Swatch Group continued in 2011 to have “record numbers at all levels” as it posted its 2012 financial figures Tuesday 7 February. Gross sales were CHF7.14 million, up nearly 22 percent over 2010′s record sales, at constant exchange rates. “The continued weakness in the euro and the dollar during the year had a major negative impact on sales of about CHF 700 million,” the watchmaking-centred group announced in a statement.
Investors will be happy with its operating profit of CHF1.61 million, up 12.4 percent over the previous year, net income up 181 percent to CHF1.28m and proposed dividends 15 percent higher. More than 2 800 new jobs were created in 2011.
The group says the outlook for 2012 is promising despite the “higher benchmark” challenges and it will continue to invest in production in Switzerland “despite the high Swiss franc”.
GENEVA, SWITZERLAND – Swatch Group CEO Nick Hayek remains gloomy in the face of an over-valued Swiss franc, but his company managed yet again to fight off the high franc blues with record sales in 2011, preliminary figures show, with December the strongest month in the history of the company. Swatch warned, however, in its press release about the results, that 2012 will be a more difficult year, even if good growth is still predicted.
Gross sales were a record CHF7.143 billion, an increase of +21.7 percent at constant rates compared to 2010. Almost all Group brands in watches and jewelry saw double-digit growth. The strong results were achieved despite “massive negative currency impact of CHF696 million or -10.8% on sales,” Swatch notes. “Despite this extremely negative currency effect, sales in CHF increased by an impressive +10.9% over the previous record year 2010.”
Greater China remained a source of strong growth but the company notes that it saw growth “also in all other regions and all price segments”, with watches and jewelry showing increased sales of +26.1 percent at constant rates to CHF6.312b.
Production bottlenecks remain a problem even though the company expanded its capacity significantly, it notes, and the company’s electronics systems units saw sales fall by 16.3 percent compared to 2010 thanks to “the effects of the overvalued Swiss franc against the US dollar and the downtrend in certain key markets.”
Rolls Royce in Los Angeles (©2011 Rolls Royce, republished with permission)
GENEVA, SWITZERLAND – Government sovereign credit may have been going down the drain in 2011, but enough wealthy individuals stayed afloat to give luxury car firm Rolls Royce its best sales year ever.
The 107-year-old British automaker sold 3,538 cars worldwide in 2011, a 31 percent increase over 2010 sales of 2,711 cars.
The previous record of 3,347 cars was set in 1978 “during the Silver Shadow II era”, says the company.
China and the US were the “most significant” markets, the company says. Growth in Asia was 47 percent and in North America 17 percent.
LAUSANNE, SWITZERLAND – Monsanto, which has European offices in the Lausanne region, Wednesday 5 October published its fiscal 2011 results, showing good growth despite a fourth quarter slowdown: sales of $11.82 billion with gross profits of $6.08b.
The company says its soybean business, which is about one-quarter the size of its corn business, is picking up. “In soybeans, the company earned a total of 17 million US acres for its Genuity® Roundup Ready 2 Yield® product in 2011, a 10-million-acre step up over the prior year. The company expects Roundup Ready 2 Yield® to reach more than 27 million to 30 million acres in 2012 and serve as the leading product in Monsanto’s brands.”
Related story, “Swiss non-GM soybeans get boost from researchers“, GenevaLunch, 5 October 2011
TRIPOLI, LIBYA – The new governor of Libya’s central bank says the hunt is on for assets hidden around the world by the Qaddafi regime. He is cited by AFP as confirming 8 September rumours that former leader Muammar Qaddafi sold at least $1.7 billion in gold at discounted prices in April and May, saying the money went for salaries and other running costs. The sale equalled about 20 percent of the country’s gold reserves and he believes the gold itself probably made it across the border into Tunisia.
Qassem Azzoz says the interim government has enough cash to function, with most of what is on the books intact, although he concedes that much of the country’s money is hidden in investments and accounts around the world.
Links to other sites: AFP/ABC Australia, Khaleej Times/AP
Nestle in Chinese sweets deal, Lonza goes for American biochem
Update 15:25 GENEVA, SWITZERLAND – Vevey-based Nestlé has entered into an agreement with the founding family of Hsu Fu Chi, one of China’s main snack and sweets manufacturers, with four large plants and 16,000 employees. In the deal worth CHF1.4 billion, the Swiss company will ultimately control 40 percent of the company, which is listed in Singapore.
The deal will need government approval.
Nestlé intends to acquire 60 percent of Hsu Fu Chi while the Hsu family will own the remaining 40 percent, the Vevey multinational said in a press release Monday 11 July. Hsu Fu Chi’s chairman and chief executive officer, Hsu Chen, will continue to lead the company in the new partnership.
The Swiss company says of the deal that Hsu Fu Chi has a large range of “affordable products”, with a portfolio that “includes sugar confectionery, cereal-based snacks, packaged cakes and the traditional Chinese snack sachima. Hsu Fu Chi’s products are tailored to Chinese consumers’ needs and habits, and complement Nestlé’s existing product portfolio in China, which includes culinary products, soluble coffee, bottled water, milk powder and products for the foodservice industry.”
Bloomberg points out that the Chinese company’s growth rate in 2010 was three times that of Nestle’s worldwide, noting that “Nestle’s Bulcke, 56, has set a goal of getting 45 percent of revenue from developing countries by 2020, compared with about a third now.”
Basel company takeover of US firm to create world’s largest microbial control firm
Basel-based Lonza will become the world’s largest microbial control company in terms of sales, which are estimated at CHF1.6 billion, once its agreement to buy Arch Chemicals, a Connecticut-based US company, goes through. The deal to take over Arch’s outstanding shares of common stock at a price of $47.20 per share in cash will give Arch Chemicals an enterprise value of $1.4 billion (approximately CHF 1.25 billion), the two companies said in a statement released Monday 11 July.
Lonza Group Ltd is one of the world’s largest suppliers to the pharmaceutical, healthcare and life science industries. Arch Chemicals, Inc. is a global biocides company that provides “innovative solutions to destroy or to selectively inhibit the growth of harmful microorganisms”.
Microbial control is the process of inhibiting or preventing the growth of microorganisms, generally by using agents that either kill them or inhibit their growth. Agents that kill or called “cidals” and those that inhibit are “static agents”.
“Currency factors will help Lonza in the case of Arch,” reports the Financial Times. “The group will borrow to finance the deal, benefiting both from ultra low US interest rates and the strength of the franc.”
Kurimanzutto at Art 42 Basel
BASEL, SWITZERLAND – Artists, galleries and the public went home happy from Art Basel when the doors closed Sunday evening. The bottom line was sales, which totaled $1.8 billion. Bloomberg says that sales returned to 2008 levels, and it reports that “Mark Rothko, Maurizio Cattelan, Anish Kapoor and Bridget Riley were among artists with pieces each selling for more than $2 million” while several artworks went for higher figures.
There were some disappointments, with Galerie Krugier et Cie. from Geneva reportedly failing to sell three Picasso oil painting it had ticketed for $52m.
Art 42 Basel, the name for the 42nd annual event, was a measurable success in several ways, with a record 65,000 visitors showing up, more than 300 galleries present and selling the works of 2,500 artists and over 50 museum groups visiting, representing almost all the world’s major museums according to the organizers.
Alex Logsdail of the Lisson Gallery in London was one of several sellers who were upbeat at the end of the show. “The fair this year has been a great success in terms of both volume of sales and the diversity of artists that we have sold. By the end of the first day there were only five works left unsold on the stand. People seem to have enormous confidence in the future of both established and emerging artists, which is highly encouraging. Over all, another great year in Basel.”
Art Statements is a part of the fair that presents young gallery owners and artists. Its two Baloise Art Prizes of CHF30,000 per artist were awarded to Alejandro Cesarco and Ben Rivers. The Baloise Group will also acquire works by both artists and once again donate them to the Hamburger Kunsthalle and the MUMOK Museum of Modern Art Ludwig Foundation in Vienna (www.artbasel.com/statements).
Basel Art runs to 19 June (photo: Michael Werner Gallery, New York)
BASEL, SWITZERLAND – Sales at Art Basel are widely expected to be good this year, with the total value of the artwork estimated at $1.75 billion by an expert interviewed by Reuters.
It is the world’s largest contemporary art show, dedicated to the business of selling art, and it will attract 60,000 people in four days, but not everyone is there to buy.
The show is more akin to a modern art museum for many Swiss residents, with the best in contemporary art on display. Some 300 galleries, selected from 1,000 that applied, are showing the work of 2,500 artists, 20th and 21st century works from around the world. American galleries, as usual predominate, with 73 of the places, but German, Swiss and UK galleries are well represented.
Galleria Christian Stein, Milan, at Basel Art 2011
Basel Art opened Wednesday, following a day of celebrity and official guests and parties, and it closes Sunday evening 19 June. There are five basic elements: the galleries, Art Feature, Art Unlimited with 62 large-scale works, Art Statements and Art Edition.
Money matters at Basel Art, so while the casual visitor is admiring the art, hot sales are going on.
Geneva, Switzerland (GenevaLunch) – Sale of CHF320 million and a profit of nearly CHF49m have given Geneva’s international airport a record year for 2010.
The airport published the figures 18 April.
Passenger numbers were up 4.91 percent for the year to 11.88 million, despite winter storms and volcanic ashes in the first part of 2010.
The number of passengers at the airport has grown by about one-third in the past 10 years.
London was the top destination in 2010, with 1.9 million flights, and Paris was the second with some 859,000 flights.
Share of traffic at Geneva Airport, by airline, 2010 (source: Geneva Airport) - click on image to view larger
The airport says it is in good financial health, with 2010 called a “transition year”, with CHF51m invested in completing renovations and starting work on a new east wing.
Robert Deillon, Geneva councillor with responsibility for the airport, said it invested CHF320m between 2006 and 2010 without turning to public funds.
Aviation revenue such as landing fees and passenger fees accounted for 49.5 percent of total income.
Non-aviation revenue, which includes income from shops (23.5 percent) was 50.5 percent of the total.
The city of Vancouver, Canada, is likely to have a “shortfall” of C$40-50 out of the $578m it loaned to the company that built the Olympic Village for the Winter Games held in British Columbia in 2010. The money was loaned to Millennium Developments to buy land from the city and build the village. The company has been in receivership since November 2010 following the sharp fall in the real estate market left the company with unsold apartments.
The amount owed and that the city will be able to collect was an election issue during recent municipal voting, and it now appears that the shortfall for total repayment will be considerably less than the $1 billion Vancouver’s then-new mayor, Gregor Robertson, suggested in 2008, according to the Vancouver Sun, or the $150m sum recently suggested by other politicians.
The condo units’ prices were cut by one-third in March 2011, to encourage sales, but shortly afterwards a group of owners who bought into the village before it was built sued the city to get their money back, citing a list of problems.
Links to other sites: The Province, The Globe & Mail
Nick Hayek, Swatch Group
Biel/Bienne and Geneva, Switzerland (GenevaLunch) – Swatch Tuesday 1 March confirmed its strong forecast for 2011 worldwide watch sales by saying it plans to hire 1,000-1,500 workers in 2011, at its Swiss plants, to keep up with demand. The company added 1,600 new employees, worldwide, in 2010.
Chief executive Nick Hayek told Le Temps newspaper in an interview that the company expects to have sales of CHF7 billion in 2011, up from the CHF6.44b in 2010 sales, and that it is looking to hire 1,000-1,500 people in La Chaux-de-Fonds, Granges, Boncourt, Sion and in Ticino.
The company expects to have delivery logjams, even with the new personnel, for some of its hottest-selling brands such as Longines, Tissot, Swatch and Calvin Klein.
Hayek says that January 2011 was the company’s fourth best-ever month, and it is normally the lowest sales month of the year, and this despite the strong Swiss franc.
Basel, Switzerland (GenevaLunch) – Swiss residents could be forgiven for wondering if Novartis is in relatively good or bad shape Thursday morning, depending on which news sources they follow. The company’s annual report, published Thursday 27 January, shows net sales of $50.6 billion, up from $44.3b a year earlier. Net income was close to $10b, up from $8.5b.
But international business media focus on the gloomier side.
(Federer and chocolate balls video) Zurich, Switzerland (GenevaLunch) – Rising cocoa bean prices and glum consumers in 2008 and 2009 have plagued the chocolate industry in recent months, forcing prices up and profits down. Chocolate-makers Lindt & Spruengli near Zurich, are cheering a return to the black, however, with sales figures released Tuesday 18 January.
Sales were up 7.3 percent in local currencies, to CHF2.58 billion, an increase that the company says is well above industry-wide improvements. The company saw double-digit growth in its key North American market in 2010, with direct exports from Switzerland performing very strongly despite the Swiss franc’s 5 percent appreciation against the dollar in the past 12 months.
Lindt & Spruengli, which owns Lindt, Ghirardelli and Caffarel brands, invested heavily in manufacturing in 2010, notably in the US, where the company says it “is now in the position to execute every individual production step on-site, from processing the cocoa beans right through to the finished product. This enables currency risks to be significantly minimized and transportation costs optimized.”
The company doesn’t mention the impact on sales of its airport check-in videos featuring Roger Federer (Ed. note: if you enjoy this one, also check out the more tennis-oriented “Who is Roger Federer’s sweetest fan?”)
Finished video: The making of Federer and “Airport” (where he mentions that he lives near the factory, often smells the chocolate and likes to drop in to pick up a bit of chocolate)
Average price paid per square metre, for villas and apartments, by buyers of different origins, in 2000, 2004 and 2008 (Source: canton Geneva, statistics office)
Geneva, Switzerland (GenevaLunch) – The average price paid for a villa in canton Geneva is higher if the buyer is a foreigner, whether resident in the canton or not, and the role of non-Swiss buyers has increased significantly in the past decade, from 28 to 44 percent of all buyers.
Figures released by the statistics office in canton Geneva in November show that between 2004 and 2008 the price that foreigners were willing to pay for apartments and villas in Geneva took a sharp jump, compared to prices paid by Swiss buyers.
The price for all buyers rose significantly, but quarterly figures released in December show this was followed by a 2009 dip, then a climb again in 2010.
Foreigners paid 17 percent more per square metre: CHF7,564 compared to CHF6,464 paid by Swiss buyers, for apartments.
Company will cut back 8,400 jobs in two years for $2.4b annual savings
Hundreds laid off - Photo Roche
Basel, Switzerland (GenevaLunch) – Roche has been true to its word earlier this year that it would make “significant” job cuts after setbacks in its drug business: Wednesday morning 17 November the company said that it is cutting back 6 percent of its workforce.
“Operation Excellence”, as the restructuring programme is being called, will cost the company CHF2.7 billion a year for 2010 and 2011, but starting in 2011 it should bring savings of CHF1.8b and, from 2012 on, the company expects to save CHF2.4b a year.
The bulk of the 8,400 jobs to be cut are in the US, 3,500, with 1,300 in Europe and 770 in Switzerland. The rest are spread throughout the world. The most strongly touched area is the pharmaceutical division, in particular production and sales.
The company announced stable sales in October, for the end of its first three quarters.
Links to other sites: Roche press release, Financial Times background story, TSR (Fre)
Christmas countdown, gift suggestions: number 40
GenevaLunch begins its countdown to the winter holiday season, with 40 gift options for buyers rich and poor, in the Lake Geneva region
Suggested sales price: starting at CHF27 million
Geneva, Switzerland (GenevaLunch) - The excitement is building inside the long room with its tidy rows of chairs and a bank of TV cameras, at Beau-Rivage, the elegant old hotel on Lake Geneva where Sotheby’s holds it Geneva auctions. Those bidding are well-dressed and discreet, and the security guards try to blend in. Outside, the air is chilly but it’s not yet really fur weather, although that will not stop women from slipping them on once the auction is over.
This is the night when one of the most “important”, not to mention expensive, diamonds to be sold in over 30 years goes up for auction. The Fancy Intense Pink Emerald-cut Diamond weighing 24.78 carats is described by Sotheby’s, which is not noted for understatement about its gems, as among the “rarest and most beautiful gemstones ever offered at auction”.
It comes from the Cullinan mines owned by Petra in South Africa and was last on the market 60 years ago. David Bennett, auctioneer and longtime precious gems expert, says this beauty, nearly perfect in its natural state before cutting, is one of nature’s deepest secrets.
The auction room and phone-in bidders, Sotheby's, Geneva
Pre-auction estimated price: CHF27-38 million (from $27.4m). To put this in perspective, Sotheby’s has, in the past two years, had a number of record-setting diamond sales, including one in May 2009 where a blue diamond went for CHF10.5 million.
The entire lot of gems sold for about CHF40m.
Size: 55-1/2
Details: set in shield-shaped shoulders, notable for the curved corners.
Who will not be buying this ring, we guess: Prince William (Kate should have her ring by now), Governor Schwarzenegger of California, whose budget can’t cover the bid, Michael Moore, whose pinky isn’t small enough.
Suggestion: if this is not in your Christmas gift budget but you have at least a million to spend, you might still be interested in the other Sotheby’s gems for sale Tuesday evening, but you’ll have to hurry to put in your online bids. They include jewels from the collection of Cristina Ford, some jewels formerly owned by Christina Onassis, a ruby and diamond bracelet by Petochi which was once in the collection of Countess Mona Bismarck, and a diamond cuff bangle made by Cartier in 1938 for HH Abbas Hilmi II Bey, the last Khedive of Egypt and Sudan (1874-1944).
Geneva, Switzerland (GenevaLunch) - The producer of performer Prince’s two cancelled concerts in Geneva earlier in 2010, Daniel Quarcoopome, has been arrested at a Geneva five-star hotel, city police have confirmed, following local media reports.
The ticket sales group Resaplus had pressed charges against him after the cancellations. An investigation into the affair will now try to determine if fraud is involved.
TSR reports that the ticket agency had advanced CHF700,000 to the producer to organize the concert and part of the rationale behind the court case is to get the money back in order to reimburse ticket-holders.
Basel, Switzerland (GenevaLunch.com) - Pharmaceutical company Novartis and a group of former and current employees who charged the company with sex discrimination have settled the case amicably, the company announced 14 July. It will pay up to $152.5 million in back-pay and compensatory damages to eligible individuals and it has agreed to spend $52.5m over three years to “improve policies and programmes” within the company.
Joe Jimenez, CEO of Novartis, said in a statement released by the company that “while we believe that there was not systemic discrimination at NPC, the trial revealed that some of our associates had experiences influenced by managerial behavior inconsistent with our values.
But shadow cast by iPhone plant suicides
Apple store, Rives in Geneva, day before iPad arrives, 27 May 2010
Geneva, Switzerland (GenevaLunch) – The Apple (Ah-pull’ in Geneva French, if you’re looking for the store) shop in the Rive district in Geneva was bustling Thursday, but it appeared to be busy business as usual, rather than buzz related to the new iPads that go on sale at 08:00 Friday.
The only sign of iPad frenzy was a large sign with remarkably little information about Apple’s newest baby, saying it will arrive Friday.
Down the street in chic leather goods shops, iPad holders were set out smartly, however.
Europe welcomes the iPad Friday just as the news is out that Apple has overtaken Microsoft in capitalization, with a stock market value of $222 billion late Wednesday, some $3 billion ahead of Microsoft.
“The fact that Apple, not Microsoft, is the more valuable franchise represents a remarkable turn of events in the history of computing,” reports CNet.
The Financial Post has drawn a neat graph tracking the two companies’ capitalizations since 2004.
But the success of flavour of the year Apple has had a shadow cast over it this week, with the large company in China that makes its iPhones, Taiwan manufacturer Hon Hai, trying to cope with a growing number of suicides in its corporate “village” of 45,000 people.
A tenth person jumped to his death Wednesday, a 23-year-old man, according to the Guardian, UK.
Vevey, Switzerland (GenevaLunch) – Food multinational Nestlé says its profits fell by more than 40 percent in 2009 compared to the previous year largely because of a hefty profit in 2008 from the sale of Alcon eye-care company. Net profit in 2009 was CHF10.4 billion, down from CHF18b in 2008.
Sales slipped from CHF109.9b to CHF107.6b but the company says that new markets, particularly in Africa and Asia, are growing well. CEO Paul Bulcke, Nestlé chief executive struck a positive note: “With organic growth of 4.1 percent achieved in last year’s challenging environment, we were able to grow substantially faster than our industry.”
Emmental remains the favourite outside Switzerland (photo: ©2010 SCM)
Update 20:00 Bern, Switzerland (GenevaLunch) – The year 2009 is adding up to an odd one for Swiss consumption and exports: chocolate consumption was down, but the sale of Swiss cheese rose by 1.6 percent despite a 25 percent fall in the US market, and the sale of weapons also rose, by 0.8 percent.
The CHF727.7 million in weapons sales represents 0.39 percent of total exports and is a record high figure for Switzerland.
The Swiss ate a little less chocolate in 2009.
Bern, Switzerland (GenevaLunch) – You know the economy is in trouble when the Swiss cut back on their chocolate, and they did, in 2009: consumption fell by 700 grams per person. That’s the equivalent of seven of those 100 gram tablets for which the Swiss are particularly famous outside the country, the kind that fit neatly into the pocket of a ski jacket or backpack for Alpine and lakeside trips. The one growth area, up 3 percent, was small chocolate bars.
Domestic sales fell by 6.9 percent, says Chocosuisse, to 68,375 tons. An extended warmer than usual summer and a fall in the number of tourists played roles, but the Swiss were “cautious” and bought less chocolate, and cheaper products.
Domestic consumption was nevertheless 11.7kg per person, powdered chocolate and cocoa excluded, based on overall consumption of 91,330 tons of chocolate. Imports rose to one-third of total chocolate consumed: most imported chocolate is low-price products.
Chocosuisse, which is the association of the country’s 18 largest chocolate manufacturers issued its figures for 2009 Wednesday morning 10 February.
Domestic and export sales were both down in 2009, the first time in six years that chocolate-makers did not sell more than the previous year.
Omega at the Torino Olympics 2006
Omega has a long history with the Olympic Games
Update (link added) Biel-Bienne, Switzerland (GenevaLunch) – Gross sales in 2009 were down 6.3 percent for the Swatch Group, which 9 February published audited figures in advance of its March annual meeting, but it gained significant market share. The group notes that the overall sales figure for the Swiss Watch Federation were down 21.3 percent. The watch segment of the group’s business had “a very convincing operating margin” which contributed to the 17.6 percent increase in operating margin for the year.
The group puts 2009 into perspective against a backdrop of an outstanding 2008, the 2009 global economic crisis and unfavourable exchange rates. But 2010, it says, is off to a good start, with January sales the highest on record for that month, and orders strong. Swatch’s Omega brand as the Vancouver Olympics timekeeper is expected to give group sales a boost.
Roche head office, Basel
Basel, Switzerland (GenevaLunch) – Pharmaceutical multinational Roche says its turnover fell by 22 percent in 2009 compared to 2008 due to charges linked to its purchase of US company Genentech. Operating profits rose by 14 percent before the exceptional charges, however, and the company had record sales, up 10 percent to CHF49.1 billion.
Apple posted a record quarter for sales, for the period ending 31 December 2009, thanks in part to a 100 percent increase in iPhone sales and a 34 percent increase in the sale of Macs, compared to a year earlier. The company’s sales were up 32 percent to $15.8 billion, and profits rose 50 percent to $3.4b, both figures well above analysts’ expectations. New accounting standards also helped boost figures.
The news comes on the eve of Apple’s expected announcement 27 January of its new tablet computer.
Links to other sites: Apple press release, CNN, the Globe & Mail, Canada
Biel/Bienne, Switzerland (GenevaLunch) – Swatch reported in an upbeat mood Wednesday morning 20 January that 2009 turned out to be its third-best year on record and that unexpectedly strong sales in December made it the company’s best-ever December. Orders on the books for 2010 plus expected growth in middle class consumer spending in developing markets lead the company to predict continuing sales growth this year.
Gross sales for 2009 were CHF5.42 million, down only 6.3 percent at constant exchange rates. Sales in the second half of the year exceeded, although just barely, 2008 sales for the same period, making up for a weak first half of the year.
Swiss army knives and more, still selling
Geneva, Switzerland (GenevaLunch) - The canton of Geneva moved out of its recession and into growth by the second quarter of 2009, six months ahead of the rest of Switzerland, and it now looks set to have a GDP (gross domestic product) of CHF45 million, growth of 0.5-1 percent in 2010, predicts the BCGE (Banque Cantonale de Geneve). The growth is closely linked to Geneva’s strong ties with Asian trading partners, but retail businesses have remained strong throughout the recession, and consumers are expected to lead the way with 3.5 percent growth in this area, followed by services (health, education, government and semi-public business), which account for 20 percent of cantonal GDP.
Banks are expected to show zero growth and therefore have a neutral impact on the canton’s GDP growth figures next year.
Links to other sites: BCGE, Tribune de Geneve
Basel, Switzerland (GenevaLunch) – Pharmaceuticals multinational Roche reports sales for the first nine months of 2009 up 11 percent in local currencies and 9 percent in Swiss francs, with both its pharmaceutical and diagnostics divisions outperforming the market, the company says. Sales rose by CHF3.1 billion to 36.4 billion. The company has revised upwards its forecast for growth in 2009, to “at least high single-digit full-year sales growth for [the] pharmaceuticals division; full-year 2009 sales in both divisions expected to grow well ahead of market.”
China has begun supplying oil to Iran in the past month and already accounts for one-third of the country’s fuel imports, the Financial Times reports. Oil imports are not part of a United Nations sanction and the supplies are legal, but the move comes as G20 world leaders, meeting in New York Wednesday 23 September, discuss enforcing sanctions against Iran to discourage it from further developing its nuclear programme. Iran insists the nuclear programme is for peaceful purposes, as a source of energy, and that it is not building bombs. The country is one of the world’s largest oil producers, but its aging system is inefficient and it imports 120,000 barrels a day, according to the FT. China agreed in 2004 to purchase oil from Iran and to invest in its system. The $100 billion deal in 2006 prompted concern in the US, with observers saying that China appeared to be rushing to sign the deal ahead of sanctions. In the latest twist to the story China’s oil replaces that from companies such as BP which have stopped supplying Iran. Washington Post, 2006, Brookings Institution editorial, July 2009
