Archive – Banking & Fintech

Pipeline fuels tunnel safety fears

This content was published on Jul 13, 2002 The pipeline transports oil 340 kilometres from the Italian port of Genoa to a refinery at Collombey in canton Valais. But what most people using the tunnel don’t realise is that it runs just a metre below the road surface. Now the company responsible for the 6km-long Great St Bernard tunnel is to undertake safety…

Exodus threatens mountain communities

This content was published on Jul 13, 2002 The Swiss centre for mountain regions says more than half of the areas it represents saw their populations fall between 1995 and 2000. Over the same period, some 46,000 jobs were lost. “We are now at a turning point,” the centre’s director, Thomas Egger, told swissinfo. “We had quite a good situation up to the…

Dartfish raises SFr3 million and appoints well-known financier to board

This content was published on Jul 12, 2002 The three-year-old company that makes sophisticated video imaging used by the sports industry to provide feedback to participants, attracted capital from venture capital investors in a round led by Venture Partners, a Swiss venture capital boutique with offices in Zurich and Geneva. Other investors included CIMA (Corporate Investment and Management Affentranger Holding SA), Initiative Capital…

Profits from addiction

This content was published on Jul 12, 2002 Addex Pharmaceuticals closed its first round at SFr15.75 million. Other investors include Germany’s TVM (Techno Venture Management), Switzerland’s BCV Initiative Capital and individual investors. Antoine Papiernik, general partner at Sofinnova, and Richard Rimer, partner at Index Ventures, are serving on the board. Addex Pharmaceuticals plans to focus on making drugs to curb the craving for…

Bodewig urges restraint in public criticism of Skyguide

This content was published on Jul 10, 2002 On Wednesday, Bodewig said it would be dangerous to jump to conclusions as to who was responsible for last week’s collision between a Russian passenger jet and a cargo plane in Swiss airspace before a full investigation had been completed. “Whatever the case may be, to put public pressure [on Skyguide] is not good,” Bodewig…

WEF summit seen as worth the trouble

This content was published on Jul 10, 2002 The study, carried out over a year and a half by University of St Gallen, follows years of speculation about exactly how much the annual meeting in the resort contributed to the Swiss economy. It says that despite the costs, the summit is a lucrative business with strategic importance to the country. Last year’s summit…

Swiss flies 5.2 million passengers in first six months

This content was published on Jul 10, 2002 More than 5.2 million passengers – at an average seat-occupancy rate of 66.1 per cent – have flown with the airline since it opened for business, the company disclosed on Wednesday. Swiss aims to carry ten million passengers in the first year. Jean-Claude Donzel, a spokesman for Swiss, said the figures meant the airline was…

It’s a question of good taste in Gstaad

This content was published on Jul 10, 2002 The week-long “Saveurs” event boasts an all-star lineup of award winning chefs, including Philippe Chevrier, who was named chef of the year by GaultMillau. Following the tennis final on July 14, spectators can book a table at the Palace hotel where Chevrier, who runs the “Domaine de Châteauvieux” outside Geneva, will play guest chef. Dinner,…

Coca Cola buys Alpine water

This content was published on Jul 9, 2002 An industry analyst described the acquisition as an “attack in the heart of Europe”. The move follows unprecedented growth in the bottled water market compared with stagnation in the soft drinks sector. Valser, which sold 122.5 million litres of bottled water last year, is one of the top three players in Switzerland. Lot of bottle…

ABB comes clean over loss cover-up

This content was published on Jul 9, 2002 According to the group, “a handful” of managers in the manufacturers and consumer industries division tried to overstate the company’s net income for 1999 and 2000 by $30 million and $10 million respectively. “The internal auditors found out and the faulty amounts never entered official accounts,” said ABB spokesman, Thomas Schmidt. “There is no need…

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