Archive – Banking & Fintech

Locarno festival masks crisis in Swiss film industry

This content was published on Jul 21, 2002 Forced to compete against the public’s appetite for non-European films – mostly from Hollywood – Swiss film-makers are struggling. And with the industry in decline, many technicians and producers are heading abroad to find work. Swiss film-makers, unlike their European Union counterparts, do not benefit from subsidies from Brussels. According to Corinne Kuenzli, director of…

Swiss insurers fall prey to market jitters

This content was published on Jul 20, 2002 Investor jitters started when companies issued poor financial results for last year. Losses were particularly heavy at Zurich Financial Services, amounting to SFr560 million ($387 million), and prompting the departure of chairman and chief executive, Rolf Hüppi. Insurance companies’ shares have also taken a dramatic tumble on the Swiss stock exchange. Zurich Financial Services’ stocks…

Legal inquiry launched against Swiss air controller

This content was published on Jul 20, 2002 The Konstanz prosecutor’s office has begun its inquiry into the actions of the controller on the fateful night of the crash. The man is suspected of negligent behaviour, a charge that is also levelled against high-ranking Skyguide officials, according to the Stuttgarter Nachrichten. The controller has been questioned on a number of occasions by the…

Controller realised planes were on collision course

This content was published on Jul 20, 2002 German investigators said on Friday that the cockpits recorders revealed that both the Swiss air traffic controller and the pilots of the doomed aircraft were aware in final seconds that a collision was imminent. The two planes crashed into each other at 11,500 metres above Lake Constance on the night of July 1, killing all…

Swiss Re has high hopes for China

This content was published on Jul 20, 2002 The world’s second largest reinsurer has received approval from the Chinese authorities to prepare for branch operations – a first step toward offering property, casualty and life reinsurance services in China. “With China’s entry into the World Trade Organisation (WTO) and a significant amount of foreign direct investment coming into China, we think the long…

SMI falls to new depths

This content was published on Jul 19, 2002 Investors dumped shares in Switzerland’s biggest pharmaceutical firm, Novartis, amid fears that its half-year results – due next week – would fail to impress. Banks and insurers, strongly represented on the Swiss Market Index (SMI), were also hard hit. The run on stocks pushed the SMI down 5.6 per cent – below the psychologically important…

Gurit to acquire British Polymer Group

This content was published on Jul 19, 2002 Gurit said the deal would make it one of the world’s top three providers of advanced composite materials. It said the purchase price would be paid partly in cash, with the remainder settled in Gurit-Heberlein shares. “This acquisition creates a new market leader in Europe,” the company said in a statement on Friday. “Worldwide Gurit…

Swiss resist attempts to tap into water market

This content was published on Jul 19, 2002 The EU and Switzerland have launched preliminary consultations on a raft of requests they have made to the World Trade Organization within the framework of the WTO’s General Agreement on Trade in Services (GATS). Brussels made the request for Switzerland to liberalise its water distribution network following pressure from multinationals like the French companies Vivendi-Générale…

Swiss economy still “subdued”

This content was published on Jul 19, 2002 Official figures released on Friday by the Finance Ministry showed imports down by 6.7 per cent between January and June. Exports during the same period were more resilient, dropping just three per cent. The ministry said most sectors experienced a trade decline, with exports down one-sixth in the worst affected machine and electronics industry. The…

Swiss tourism weathers the storm

This content was published on Jul 19, 2002 While American and Japanese visitors continue to stay away, healthy numbers of Swiss tourists, as well as visitors from neighbouring European countries, are almost compensating for the shortfall. Switzerland Tourism is upbeat about prospects for the year as a whole, predicting, at worst, a decrease of one per cent in the market. “Figures compared to…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Locarno festival masks crisis in Swiss film industry

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Swiss insurers fall prey to market jitters

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Legal inquiry launched against Swiss air controller

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Controller realised planes were on collision course

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Swiss Re has high hopes for China

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SMI falls to new depths

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Gurit to acquire British Polymer Group

More

Swiss resist attempts to tap into water market

More

Swiss economy still “subdued”

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Swiss tourism weathers the storm

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