Archive – Banking & Fintech

New pollutants prove hazardous for alpine lakes

This content was published on Oct 11, 2002 Despite a ban on old-style pollutants, new contaminants are finding their way from industrial sites into high altitude lakes- some of which are in Switzerland. The new study, by the environmental organisation, Greenpeace, has found high levels of persistent organic pollutants (POPs) in fish and animals in high mountain areas. One such example was in…

Child porn probe finds seven cases of abuse

This content was published on Oct 10, 2002 The cases came to light during questioning of 822 suspects, who were identified as part of a massive police operation in late September. Police said they were working through a list of 1,100 suspects whose names were provided by the United States authorities. Those under investigation were traced because they allegedly used their credit cards…

Chestnuts and wine

This content was published on Oct 10, 2002 Traditional chestnut dishes have begun making their back on restaurant menus, and if you choose to spend an Autumn day wandering through an ancient chestnut grove you are encouraged to gather as many as you like. The chestnut tree was first introduced to Ticino during Roman times and is called the poor man’s bread by…

EU enlargement deepens Swiss isolation

This content was published on Oct 9, 2002 Nevertheless, the Swiss government and business have welcomed the EU decision, seeing it as opening new avenues for Swiss businesses. “The well-established political and economic conditions set between Switzerland and the EU can now be expanded to new markets,” was the Swiss economics ministry’s response. All of Switzerland’s bilateral agreements – mainly on trade –…

EU wields sanctions threat against Swiss

This content was published on Oct 8, 2002 Swiss finance minister Kaspar Villiger said Switzerland “wouldn’t understand” sanctions and reiterated that Bern would not alter its position. However, after days of heated exchange on the issue of an exchange of information to help the EU finalise its tax harmonisation plans, Bolkestein said that any sanctions would only be introduced in 2010. “Friendly…so be…

Swiss icon lands in British hands

This content was published on Oct 8, 2002 Production of the famous malted drink will remain near the Swiss capital, Bern. The Swiss pharmaceutical giant, Novartis, put the beverage on the auction block earlier this year, as part of a drive to sell off its health and functional food activities and focus instead on its core pharmaceuticals business. Along with Ovomaltine, which represents…

CSFB makes further sweeping job cuts

This content was published on Oct 8, 2002 The measure is part of a new cost reduction initiative this month aimed at saving $500 million (SFr744 million) at the loss-making unit. In an internal mail to CSFB’s 25,000 staff, chief executive John Mack said that the “extremely tough” market conditions had continued to deteriorate, leaving him no choice. “Unfortunately, in this environment, to…

More than a just a brand

This content was published on Oct 8, 2002 In Britain, the brand was so popular that a club of Ovaltineys was set up, with an accompanying radio programme. To this day, many British believe that Ovaltine is one of their own national products. The story of Ovomaltine has been described as “one of the most exciting episodes” in the Swiss national economy. Produced…

Swiss airline’s case seen as hopeless

This content was published on Oct 7, 2002 Swiss says the accord, due to come into force at the end of the month, will lead to major disruption in air traffic at its Zurich Airport hub. “We are not concerned,” said a spokesperson for the German transport ministry, “because we don’t give their case any chance of success.” Swiss – in conjunction with…

EU turns up heat on Swiss banking secrecy

This content was published on Oct 7, 2002 He also accused some EU members of trying to scupper the EU’s plan, which demands the scrapping of banking secrecy. Bolkestein’s comments came ahead of a meeting of EU finance ministers in Luxembourg on Tuesday, where the issue of bilateral negotiations with Switzerland was expected to be on the agenda. Writing in Monday’s “Financial Times”,…

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