Archive – Banking & Fintech

Cablecom announces financial rescue plan

This content was published on Jun 19, 2003 The Zurich-based company said on Thursday that its debt of SFr3.8 billion ($2.85 billion) would be cut to about SFr1.7 billion under the terms of the accord. Cablecom has arranged a refinancing package with its creditors which will effectively hand ownership of the company over to the banks. The company, owned since March 2000 by…

Swiss-Palestinian groups demand Israeli boycott

This content was published on Jun 19, 2003 Switzerland’s Jewish community has condemned the campaign, saying it would do nothing to help the peace process. The boycott, which is aimed mainly at food products on Swiss supermarket shelves, is in protest against Israel’s policy towards the Palestinians. Launched this week in the Swiss capital, Bern, the campaign calls on Swiss consumers to avoid…

Swiss faces further headache

This content was published on Jun 19, 2003 The ruling comes as the airline prepares to announce a major restructuring programme designed to turn the airline’s fortunes around. Swiss suffered a first-quarter net loss of SFr200 million ($151 million) and is estimated to be losing more than SFr3 million a day. Under the court ruling, which will be retroactive to April 1 last…

Edipresse enters the Russian market

This content was published on Jun 19, 2003 The Lausanne-based group has signed a letter of intent to acquire a 52 per cent in the company for an undisclosed sum. The deal is expected to be completed within one month. Kone-Liga, created in 1993, employs a staff of just over 100 and publishes about 20 titles, most of which are monthlies. It is…

Hiking in the Alps undergoes metamorphosis

This content was published on Jun 19, 2003 The idea took wing when the people of Lungern in canton Obwalden discovered that about 100 butterfly varieties make their home in the mountain meadows above the town. It is best to set out on the trail on the morning of a promising summer’s day when the alpine meadows on the eastward facing slope are…

“Alcopops” price hike aims to protect teens

This content was published on Jun 19, 2003 On Thursday, the Senate agreed to a government proposal to quadruple the tax on so-called “alcopops”. The issue still needs the approval of the House of Representatives. Health officials argue that the beverages – a blend of spirits with soft drinks or fruit juice – are too appealing to young people, many of whom are…

Swiss drum up support for Information Summit

This content was published on Jun 19, 2003 The first phase of the summit – hosted by Switzerland – kicks off in December, while a second round of high-level talks is slated to take place in Tunisia in 2005. “I feel we are behind, although others say we’re ahead,” Mark Furrer, head of the Federal Communications Office, told swissinfo. “We have to use…

German government paves way for tax amnesty

This content was published on Jun 18, 2003 German citizens are estimated to have about €300 billion in banks abroad, about €100 billion of which is held in Switzerland. Swiss banks are playing down the likely impact of the amnesty, details of which first appeared last year. The country’s financial institutions weathered a similar amnesty in Italy – introduced in November 2001 –…

UBS cuts 500 jobs

This content was published on Jun 18, 2003 The company said the move was the result of a downturn in equity trading and merger activities. “When we were looking at market conditions we felt we had to adjust our headcount to the market,” Christof Meier, a UBS spokesman, told swissinfo. The job cuts will affect some three per cent of the bank’s 16,000…

Swiss Railways is watching you

This content was published on Jun 18, 2003 The move is a response to increased violence and vandalism on the railways. In 2002 there were 345 such incidents on Swiss trains, more than double the number of the previous year. “In the past few years we have seen violence increase significantly,” Swiss Federal Railways spokesman Roland Binz told swissinfo. “In particular against railway…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Cablecom announces financial rescue plan

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Swiss-Palestinian groups demand Israeli boycott

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Swiss faces further headache

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Edipresse enters the Russian market

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Hiking in the Alps undergoes metamorphosis

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“Alcopops” price hike aims to protect teens

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Swiss drum up support for Information Summit

More

German government paves way for tax amnesty

More

UBS cuts 500 jobs

More

Swiss Railways is watching you

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