Archive – Banking & Fintech

Swiss won’t publish list of banned airlines

This content was published on Jan 9, 2004 On Thursday, Britain released a list of airlines banned from its skies, despite a European aviation agreement prohibiting the publication of such information. The transport ministry reiterated on Friday that it would not publish the names of airlines banned for safety concerns, despite pressure from consumer groups. The statement follows revelations that the passenger jet…

Swiss retail giants beat market blues

This content was published on Jan 9, 2004 Coop announced a 5.6 per cent jump in sales last year, bringing it closer to its main rival, Migros, which saw sales nudge up by one per cent. “Last year was the worst for the Swiss retail market in 15 years,” market analyst, Thomas Hochreutener, told swissinfo. “Even though the food industry expanded, the non-food…

UBS rejects accusations by Fagan

This content was published on Jan 9, 2004 US lawyer, Edward Fagan, is threatening to sue UBS for more than SFr2 billion if the bank fails to open negotiations. Fagan wants UBS to pay back money which the US government paid to a former subsidiary of the defunct IG Farben. That company made gas which killed Nazi concentration camp prisoners. The Union Bank…

US court further delays ABB asbestos hearing

This content was published on Jan 9, 2004 But the Zurich-based group said that the change in the scheduled date of February 4 was of no significance for the outcome of the hearing. ABB added that it was confident that the Pennsylvania-based Third Circuit Court of Appeals would accept its settlement at a date to be determined. The asbestos settlement in the US…

Geneva airport sets new passenger record

This content was published on Jan 8, 2004 Officials said Zurich and Basel had been hit by a reduction in flights operated by the national airline, Swiss, while Geneva was developing as a base for low-cost carriers. Last week Geneva airport announced that more than eight million people had passed through the terminal building in 2003. The operator of Zurich airport – Switzerland’s…

Swiss unveils budget fare structure for Europe

This content was published on Jan 8, 2004 One-way flights to London start from as low as SFr54 ($38.20), while tickets to Berlin and Paris are selling for less than SFr50. The new fare structure is a key element in the struggling airline’s recovery strategy, and follows a global trend by large network carriers who are increasingly offering no-frills services. However, Thursday’s announcement…

Unemployment rate keeps rising

This content was published on Jan 8, 2004 The jobless rate reached 4.1 per cent in December – up from four per cent the previous month – but is still less than half of the 8.8 per cent registered in the eurozone in November. According to the State Secretariat for Economic Affairs (Seco), the annual unemployment rate has reached 3.7 per cent, an…

Swiss want banned airlines to be named

This content was published on Jan 7, 2004 The Federal Office for Civil Aviation (FOCA) said it would reveal more information if it were not tied to a European aviation agreement. The call follows revelations that the passenger jet involved in Saturday’s deadly crash in Egypt was one of 24 aircraft banned from Swiss airspace. The Flash Airlines Boeing 737 crashed into the…

More businesses decide “Swiss” stands for quality

This content was published on Jan 6, 2004 The company is among a number of Swiss firms that have decided the word “Swiss” stands for quality and reliability. Swiss Life said in a statement that it had decided to go under one name in future in order to better promote the company internationally. It already used the name Swiss Life everywhere, but in…

Falling dollar casts shadow over recovery

This content was published on Jan 6, 2004 Some economists fear the weak dollar could torpedo a nascent recovery by Switzerland’s export-dependent economy. The dollar has been steadily losing ground against the franc since mid-2001, when it reached a high of SFr1.80. The latest slide follows comments from Ben Bernanke, a governor at the United States Federal Reserve, that US interest rates would…

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