Archive – Banking & Fintech

Terminal trouble for Zurich airport

This content was published on Sep 1, 2003 Given the current woes facing the aviation industry, however, airport officials admit that their expansion plans are looking somewhat ambitious. Built at a cost of SFr332 million ($245 million), the Dock E terminal forms part of an overall airport revamp totalling SFr2.2 billion. The expansion, which includes an underground train link to the new terminal…

Jet set comes down to earth in Gstaad

This content was published on Aug 31, 2003 But as I set off with a former model to visit a retired stuntman and his celebrity cow, I should have known it wasn’t going to be an ordinary day in the Alps. The tourist office had been more than happy to oblige and there I was on my way to Ruedi Wehren’s alpine farm.…

Swiss offer trade expertise to Vietnam

This content was published on Aug 29, 2003 The Swiss foreign minister, Micheline Calmy-Rey, underscored the importance of such cooperation during an annual development conference in Lausanne on Friday. “Swiss investment can only bear fruit if our partner countries are ready to take on the challenges of development, change and transition,” said Calmy-Rey during her speech at the conference. “They must also share…

Swiss Re storms into the black

This content was published on Aug 29, 2003 Total premiums generated during the first half of this year also rose, climbing four per cent to SFr14.4 billion. The company produced positive results across all business units, with non-life divisions heading the field. Company spokeswoman Samantha Whiteley told swissinfo that the hike in profits was due to a combination of factors. “Most important are…

Did you know? Test your knowledge of Swiss wines

This content was published on Aug 29, 2003 Around 55 per cent of Switzerland’s production is white wine, and 45 per cent is red wine. Only one per cent of the total wine produced in Switzerland is exported, amounting to 700,000 litres a year. Switzerland’s most important wine growing regions in terms of volume are canton Valais, Vaud, Geneva and Ticino. Switzerland produces…

ABB raises much-needed cash

This content was published on Aug 28, 2003 The Swiss-Swedish group said on Thursday that it was going to sell convertible bonds, taking advantage of current low interest rates. Such financial instruments earn interest for investors even when the stock is trading down. When the stock price rises, the value of the bond increases. The news sent the share price surging by more…

Investors vie for Opto Speed assets

This content was published on Aug 28, 2003 Those vying for control are primarily former managers of the firm. “Customers of Opto Speed are urgently awaiting the delivery of a verdict and so creditors have arranged for an attorney to manage a solution as quickly as possible,” says the local authority, the notary public in Thalwil. The firm makes lasers, super-bright light emitting…

Strong franc hits Holcim profit

This content was published on Aug 28, 2003 In a statement from Zurich, the company said that sales had fallen by 9.9 per cent to SFr5.80 billion, mainly due to negative exchange rate movements. Holcim, formerly Holderbank, pointed out that the US dollar alone had devalued by 17.2 per cent compared with the corresponding period last year. However, it said that productivity gains…

Agricultural reform tops WTO agenda

This content was published on Aug 27, 2003 Economics minister Joseph Deiss said he would work to find a compromise between market liberalisation and the protection of Swiss farmers. The Swiss government on Wednesday unveiled its mandate for the ministerial conference in Cancun, which is aimed at injecting new life into stalled global trade talks. One of the stickiest issues facing negotiators is…

Ticino lemonade loses its fizz

This content was published on Aug 27, 2003 Gazosa Ticinese has been enjoyed for more than six decades, but its popularity is mainly confined to the Italian-speaking canton. More than three million bottles are produced every year but only a small fraction is “exported” to German-speaking Switzerland. This is partly due to the high production costs of the traditional glass bottle with a…

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