Archive – Banking & Fintech

Centerpulse compensates faulty implant victims

This content was published on Nov 4, 2002 The move marks the end of a lengthy litigation battle that cast a shadow over the Zurich-based company. Centerpulse, formerly known as Sulzer Medica, handed over the sum to the Settlement Trust in Cleveland, Ohio, fulfilling its obligations to class-action plaintiffs. The trust will pay out compensation over the coming months to patients who were…

Swiss Life bosses face calls to resign

This content was published on Nov 4, 2002 Swiss media and politicians have called for heads to roll following the disclosure of two huge accounting errors and a secretive investment vehicle for top managers. Swiss Life revealed on Friday that six top managers made millions by investing in Long Term Strategy AG (LTS), a three-year-old company with close ties to the insurer. Its…

Hotel rolls out red carpet for staff

This content was published on Nov 3, 2002 A look behind the scenes at the Park Hotel Weggis reveals that the effort has begun paying dividends. After a busy lunch in the main hotel restaurant, Sequoia, sous chef Marcel Ringelstein begins cleaning up the kitchen and preparing for the evening. He says it is a great place to work, and is proud of…

Weak growth poses biggest challenge

This content was published on Nov 2, 2002 In an interview with swissinfo’s Robert Brookes, Wuffli also outlined his strategy at UBS and explained his position on banking secrecy and corporate governance. Wuffli, 45, told swissinfo that growth had to be achieved in terms of productivity, innovation and increasing competitiveness. He also believes Switzerland will continue to enjoy a “very substantial edge” as…

ABB plan aims to limit damage

This content was published on Nov 1, 2002 ABB’s proposals include bankruptcy protection for its US subsidiary Combustion Engineering (CE) by reorganising CE under Chapter 11 of the US bankruptcy code. The group hopes to limit its asbestos payments to SFr1.7 billion ($1.1 billion), which is much less than analysts had feared. “We are very confident that we will make progress to get…

Zurich Cantonal Bank spreads its wings

This content was published on Nov 1, 2002 However, the bank’s strategy also includes increased asset management activities, which critics argue will increase its risks considerably. The bank says the move is aimed at boosting income and cementing its position in Switzerland behind UBS and Credit Suisse. But at a media presentation in Zurich, the bank’s president Hans Vögeli said that cooperation with…

UBS hives off hospital group

This content was published on Nov 1, 2002 Hirslanden runs 12 private clinics across Switzerland with 3,000 staff and has a reputation for first-class health care. Around a quarter of all heart operations carried out in Switzerland take place in Hirslanden clinics. The bank named the buyer as Britain’s BC Partners, which owns the General Healthcare Group, which in turn runs the largest…

Swiss tradition kills the goose that…

This content was published on Nov 1, 2002 On November 11, a select group of blindfolded and sword wielding individuals watched by a large gathering of onlookers take turns trying to “Behead the Goose”. The bizarre ritual begins at 3pm in the town centre when a slaughtered goose is brought to a wooden stage in front of the town hall, where it’s strung…

Privacy – a thing of the past?

This content was published on Oct 31, 2002 And, according to speakers at a specialist forum in Zurich, legal safeguards could soon lag far behind technological capabilities. “Computers are becoming so small and cheap that they can already be embedded in all sorts of objects,” Professor Friedemann Mattern of Zurich’s Federal Insitute of Technology told swissinfo at a Symposium on Privacy and Security.…

Zurich Cantonal Bank cuts former BZ fund stakes

This content was published on Oct 31, 2002 Zurich Cantonal Bank said the funds had dumped all their holdings in Swiss-Swedish engineering group, ABB, and had reduced their stakes in Credit Suisse. The bank, which did not disclose the number of shares sold, obtained the stocks when it bought the Vision Funds from indebted BZ Group last summer. The news comes just days…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Centerpulse compensates faulty implant victims

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Swiss Life bosses face calls to resign

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Hotel rolls out red carpet for staff

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Weak growth poses biggest challenge

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ABB plan aims to limit damage

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Zurich Cantonal Bank spreads its wings

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UBS hives off hospital group

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Swiss tradition kills the goose that…

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Privacy – a thing of the past?

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Zurich Cantonal Bank cuts former BZ fund stakes

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