Archive – Banking & Fintech

Belgian probe blames Swissair for Sabena collapse

This content was published on Jan 30, 2003 The damning report says Swissair’s failure to honour its commitments towards Sabena, in which it held a 49.5 per cent stake, directly led to the carrier’s collapse in 2001. The parliamentary commission’s 323-page report also blamed the Belgian government – the majority shareholder – and Sabena executives for mismanagement and for failing to defend the…

Aid worker finds Iraqis calm as war looms

This content was published on Jan 29, 2003 Daniel Beyeler, who has been in Iraq since December 2002, says the shops are well stocked and there are no signs of panic buying. “It’s still quite calm,” Beyeler told swissinfo. “Daily business is ongoing – there’s no problem at all.” And although there is some anger at the thought of war, in his experience…

Iraq crisis weighs heavily on Swiss economy

This content was published on Jan 29, 2003 And Swiss exports are suffering from the impact of the strong Swiss franc. The Swiss National Bank has responded to the mounting crisis, saying it can and will act should deterioration in either economic or geopolitical conditions warrant a move on interest rates. Emphasising that the central bank was closely monitoring events, spokesman Werner Abegg…

Ascom slashes more jobs

This content was published on Jan 29, 2003 The Bern-based company also said that it anticipates losses for 2002 to be between SFr260 million ($191 million) and SFr290 million. In a statement released on Tuesday, Ascom blamed the poor market situation in the telecommunications sector as well as the underperformance of its Powerline Communications unit for the losses. The company confirmed that half…

EU leaders attacked over WEF no-show

This content was published on Jan 28, 2003 Reflecting on six days of high-level discussions, Schwab bemoaned the absence of the heads of state of Germany, France, Britain or Italy. Schwab said this was in stark contrast to the United States which sent five cabinet ministers led by the secretary of state, Colin Powell. Americans also made up one-third of the 2,000 business,…

Private insurers forecast more dark times ahead

This content was published on Jan 26, 2003 In its annual review, the Swiss Insurance Association, the industry’s umbrella organisation, revealed that the previous 12 months had been worse than expected. Association chairman Hansjörg Frei told a news conference in Zurich that after the turbulences of 2001, he had expressed a “certain amount of confidence” for 2002. However, he admitted this had been…

Swissair grounding could have been avoided

This content was published on Jan 24, 2003 In a damning indictment, a report by Ernst & Young says management incompetence and a lack of aviation experience brought down Switzerland’s national airline. Ernst & Young’s Ancillo Canepa was highly critical of the situation in general. “When such huge amounts [of money] are involved, you rarely see such a debacle,” he told swissinfo. Few…

CNETNetwork’s Swiss unit channels growth

This content was published on Jan 24, 2003 CNET purchase of GDT SA – acquired for SFR75 million ($55 million) in 1999 – from ten to 350 employees. GDT SA (now called CNET Channel Services) has managed to grow throughout the tech slump and had an estimated SFr 24 million in revenues last year. CNET was a television production company before it became…

Davos opens amid talk of war

This content was published on Jan 23, 2003 Couchepin told the 2,000-plus summit participants from over 100 countries that a war could trigger a resurgence of the Israeli-Arab conflict. “Regional destabilisation could have serious consequences for the rest of the world,” he said. As expected, the spectre of a war in Iraq all but dominated the opening day of the summit – now…

Nestlé takes a bite out of Mövenpick

This content was published on Jan 23, 2003 The Vevey-based company is already number one in the United States ice cream market and is seeking worldwide dominance. The acquisition will join Nestlé’s overweight portfolio, alongside popular brands such as Häagen-Dazs, scooped up in 2001. Annual ice cream sales worldwide at Mövenpick are worth SFr 300 million ($220 million), with the Swiss market accounting…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Belgian probe blames Swissair for Sabena collapse

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Aid worker finds Iraqis calm as war looms

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Iraq crisis weighs heavily on Swiss economy

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Ascom slashes more jobs

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EU leaders attacked over WEF no-show

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Private insurers forecast more dark times ahead

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Swissair grounding could have been avoided

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CNETNetwork’s Swiss unit channels growth

More

Davos opens amid talk of war

More

Nestlé takes a bite out of Mövenpick

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