Archive – Banking & Fintech

Swiss pessimistic about world trade talks

This content was published on Jul 16, 2004 Joseph Deiss made the comment after hosting a meeting of 19 trade ministers and officials from around the world at the World Economic Forum summit. “It’s not a question of being negative or not – it’s about being realistic,” said Deiss. “There is too much to be done in order to get it through.” Despite…

Swiss insurer faces major claims in the US

This content was published on Jul 15, 2004 A Zurich subsidiary, ZC Specialty Insurance, had issued a bond in favour of a creditor of Senior Living Properties (SLP), which went bust in 2002. The insurer confirmed a report published in Thursday’s “Financial Times”. SLP creditors are seeking damages of $528 million plus costs and legal fees. After the failure of the venture, Zurich…

Zurich turns around business

This content was published on Jul 15, 2004 The turnaround comes after the insurance group launched a drastic streamlining and divestment programme. ZFS surpassed the expectations of analysts who had predicted a net profit of $2 billion. The company’s recovery from its record loss in 2002 was helped by the fact that it did not have to absorb large one-off charges and restructuring…

Zurich turnaround backed up by fourfold gain

This content was published on Jul 15, 2004 The company said the jump in profit was due to cost-cutting efforts, fewer big claims and steady investment income. The result surpassed analysts’ expectations of a $650 million profit. “The results reflect our continuing ability to manage our businesses with sound pricing and a tight grip on cost and expenses,” commented ZFS chief executive James…

Arosa draws in tourists with all-inclusive offer

This content was published on Jul 15, 2004 The alpine resort of Arosa in eastern Switzerland is offering just that with an all-inclusive tourist card, which is proving to be a great success. “It’s sensational,” said Hans-Kaspar Schwarzenbach, Arosa’s director of tourism, who launched the Arosa-card last year. “Often a return ticket for a cable car in the Alps cost more than SFr60…

Switzerland gets smaller with faster railways

This content was published on Jul 14, 2004 With an upgraded timetable to be introduced in December, the journey time between Bern and Zurich will be reduced from 69 minutes to just under one hour. On Wednesday, the first train to test the new tracks between Mattstetten and Rothrist with passengers on board hit 160 kilometres per hour. Earlier tests saw speeds climb…

Tell in our time

This content was published on Jul 14, 2004 The Swiss are confronted almost daily with the image of William Tell: on coins, stamps, in advertising and television. A recent survey found that more than half of the Swiss believe there really was a William Tell. But does he still represent the qualities the Swiss treasure most? swissinfo invites the opinions of actors, anthropologists…

Swiss manufacturers shift production abroad

This content was published on Jul 14, 2004 Only 37 per cent of the more than 100 companies surveyed continued to base all production in Switzerland. The report, conducted by the Institute for Technology Management at St Gallen University, found that a majority of firms had already moved some manufacturing to subsidiaries in eastern Europe, Asia and the United States. “Cost is an…

Wet weather sends Swiss in search of holiday sun

This content was published on Jul 13, 2004 But while the bad weather at home is good news for travel agents, clothing retailers are having trouble shifting their summer collections. In Switzerland, as in other parts of Europe, the start of the summer holiday season has been marked by below-average temperatures and heavy rain. Travel agents say the cold and wet weather has…

ABB closes sale of oil and gas unit

This content was published on Jul 13, 2004 A consortium made up of Candover Partners, JP Morgan and 3i has bought the unit, which supports the energy exploration industry. It brings the Swiss-based engineering firm closer to the end of a major restructuring. Cash proceeds from the sale are $800 million, which is the sale price adjusted for unfunded pension liabilities and changes…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swiss pessimistic about world trade talks

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Swiss insurer faces major claims in the US

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Zurich turns around business

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Zurich turnaround backed up by fourfold gain

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Arosa draws in tourists with all-inclusive offer

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Switzerland gets smaller with faster railways

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Tell in our time

More

Swiss manufacturers shift production abroad

More

Wet weather sends Swiss in search of holiday sun

More

ABB closes sale of oil and gas unit

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