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Aiolfi, Sergio


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4 articles of this author have been cited in the European Press Review so far.


Neue Zürcher Zeitung - Switzerland | 15/07/2014

Lindt's boosted US presence too expensive

The Swiss chocolate manufacturer Lindt und Sprüngli has acquired the American confectionery manufacturer Russell Stover for more than a billion dollars. According to Lindt CEO Ernst Tanner, the move will make the company North America's third-largest chocolate manufacturer. But its boosted presence in the US comes at a price, the liberal-conservative Neue Zürcher Zeitung warns: "Russell Stover is far less profitable than Lindt. According to a not too recent Wall Street Journal assessment it generates an EBITDA margin of 10 percent. Lindt's margin is 17.5 percent, but according to the calculations of [Swiss] broker Helvea it would sink to 16.5 percent once the takeover is completed. The move will also put a damper on Lindt's growth rate, which Helvea puts at an average of 9 percent per year between 2008 and 2013, compared to just 4 percent at Russell Stover for the same period. From this perspective the investors know what to expect from the takeover: namely that Lindt's US activities will lose a little of their current lustre."

Neue Zürcher Zeitung - Switzerland | 15/07/2011

Swiss must reduce protection for agrarian sector

The Swiss franc reached an all-time high against the euro and certain national European currencies this week. The strong franc calls for a reform of Swiss import regulations above all for agricultural products, writes the liberal-conservative daily Neue Zürcher Zeitung: "It would be good if instead of criticising the allegedly unpatriotic behaviour of consumers and implicitly justifying protectionism the retail trade moved in a similar direction as the tourists going on shopping sprees abroad: the major retailers should also use the strong franc to start buying more abroad. ... With agricultural products the local agricultural regime already prevents retailers from expanding their purchases abroad. There is considerable need for action in this area, and this would be an ideal field of activity for eager politicians. Depriving the agricultural sector of its status as a protected workshop would benefit consumers far more than ill-considered experiments on the currency front."  

Neue Zürcher Zeitung - Switzerland | 28/06/2011

New FAO boss for green revolution

Last weekend the Brazilian José Graziano da Silva was elected the new director-general of the UN Food and Agriculture Organization (FAO). The liberal-conservative daily Neue Zürcher Zeitung sees the change as an opportunity: "The election of Graziano da Silva could turn out to be a landmark decision from a technological point of view. ... Given his background the Brazilian should be able to give the 'green revolution', which in view of the demographic trends is more necessary than ever, fresh impetus. After the WTO's failure to bring about ... a liberalisation of the agricultural markets and the G20 countries' inability to provide anything more than populist answers to the food shortage question, all hopes now rest with the FAO. It would be a welcome development if the Brazilian leadership were able to establish the FAO as an organization capable of providing solid solutions for raising productivity."

Neue Zürcher Zeitung - Switzerland | 14/12/2010

Italy must reform its economy

Silvio Berlusconi's government has so far failed to carry out the economic and financial policy reforms required for entry into the monetary union. The euro crisis could now subject Italy to the dictates of the markets, suggests the liberal-conservative daily Neue Zürcher Zeitung: "The Italians may understand how to use the euro to their advantage, but they were less careful with the second part of the 'currency pact' and failed to carry out the essential structural reforms. ... Gradually, it might even dawn on die-hard Berlusconi supporters that the reforms associated with the euro are not only inevitable but will also be painful, contrary to the prime minister's protestations. ... Even if it seems desirable for Berlusconi to set sail and step down, it remains unclear how to proceed after he goes. There currently is no powerful political force on the horizon that would be able to carry out a serious attempt at economic reform."

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