Archive – Banking & Fintech

Swiss posts SFr980 million loss

This content was published on Mar 14, 2003 Swiss International Air Lines said on Friday it was hit by SFr322 million in set-up costs and other one-off items, after taking off on April 1. The airline has struggled to become profitable amid a stalling global economy and fierce competition from cut-price carriers. In a statement released on Friday, Swiss said it would not…

Parliament gives go-ahead to GM law

This content was published on Mar 13, 2003 The new legislation provides protection for Swiss farmers producing non-GM crops and guarantees consumers a choice. On Thursday the Senate ironed out the remaining difficulties surrounding the draft legislation, which is expected to be rubber-stamped next Friday. The new law allows for GMOs to be planted, while at the same time protecting non-GM crops from…

WATER MATTERS

This content was published on Mar 13, 2003

WATER EVERYWHERE

This content was published on Mar 13, 2003

Water Everywhere

This content was published on Mar 13, 2003 More than 1.2 billion people on Earth do not have enough clean water, and even though awareness of the problem has grown, the situation has only deteriorated in the past 20 years. Water is not only a vital resource for human survival; without irrigation, fields and crops also suffer. The UN’s Year of Fresh Water…

US turns to Swiss firms amid bioterror fears

This content was published on Mar 13, 2003 On Wednesday, US authorities and Swiss experts discussed how best to protect civilians against deadly agents such as anthrax and smallpox. Addressing a conference at the Swiss embassy in Washington, the US Secretary of Health, Tommy Thompson, said Swiss biotechnology companies were key to developing effective drugs and vaccines against biological and chemical threats. “We…

Fake Swiss watches swamp Russian market

This content was published on Mar 13, 2003 Fifteen years ago there were virtually no Swiss watches to be found in Russia, but now increasing numbers of fake Swatches, Omegas, Patek Philippes and Rolexes are being sold across the country. “It’s a very serious problem, which is hard to quantify,” said Marc Frisanco an intellectual property expert with Vacheron-Constantin in Geneva. “Counterfeits strike…

Tech tourism in Switzerland

This content was published on Mar 12, 2003 The tour brought international venture capitalists together with Swiss startup companies in the second such event in five years. Delegates heard “pitches” from twenty-nine, privately-owned, Swiss companies in a variety of venues. “This is a way to stay close to the Swiss entrepreneurial scene, ” Holger Heims of Deutsche Venture Capital told Swiss Venture. “Despite…

Clariant replaces CEO

This content was published on Mar 12, 2003 In a statement, Clariant said the board of directors had unanimously appointed Roland Lösser as the new chief executive. Lösser has been a member of the Clariant board for three years and was previously the company’s chief financial officer. Analysts said Handte had lost investors’ confidence after Clariant last month reported a surprise loss of…

Julius Baer sheds jobs as profit plunges

This content was published on Mar 12, 2003 The group said on Wednesday that difficult market conditions had reduced revenues and assets, and would force it to slash its workforce by around 300. Julius Baer had forecast last year that net profit would be considerably less than the SFr225 million achieved in 2001. Analysts had expected 2002 profit to come in at around…

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