Archive – Banking & Fintech

Swiss insurers look back on difficult year

This content was published on Jan 26, 2002 Although premium revenues reached a record high of SFr50 billion ($30 billion) in 2001, stock market volatility, plunging interest rates and the events of September 11 have all taken their toll on earnings. According to projected figures from the SIA, premium revenue grew by 4 per cent to SFr32.8 billion in direct Swiss life business…

Swiss wine producers raise a glass to the future

This content was published on Jan 25, 2002 More than 15,000 wine growers, producers and industry insiders from Switzerland and around Europe attended the biennial trade fair, Agrovina, in the city of Martigny. But this year’s record attendance level belied a fear among many of those present at the event that Swiss wine is failing to make significant inroads in an already crowded…

Virt-x says it is on track, despite speculation about failure

This content was published on Jan 25, 2002 The company, an Anglo-Swiss venture, was reacting to increasing speculation that after only seven months in operation, it is already a candidate for a takeover. According to unverified reports, the London Stock Exchange is the most likely candidate to take it on board. Virt-x, on which Swiss blue chips, the leading Swiss companies, are traded…

Swiss feasts tempt soldiers in Kosovo

This content was published on Jan 25, 2002 Swiss, Austrian and Slovak KFOR soldiers work together at Camp Casablanca as peacekeepers in Operation Joint Guardian. Meals are a highlight of the day – especially when it’s minus 15 Celsius outside. The canteen seats up to 1,000 troops at the three daily meals: continental breakfast; lunch with a meat-based menu and salads; and a…

Web site opens construction industry to foreign firms

This content was published on Jan 24, 2002 The site, www.simap.ch, will open a sector of industry worth an estimated SFr 35 billion ($30 billion). On the new site, contractors and building firms, both from Switzerland and abroad, will be able to bid for contracts in areas as diverse as bridge building, tunnel security and utilities improvements. The project was presented to the…

Report examines Swiss ties with Apartheid South Africa

This content was published on Jan 24, 2002 The report, commissioned by the independent Switzerland-South Africa Research Group, condemns the decision by Swiss financial institutions to invest in Eskom, the South African state electricity utility. The group has called for a formal investigation of the Swiss ties with Apartheid South Africa. The author of the report, Gottfried Wellmer, said Swiss investment in Eskom…

Sulzer core divisions post higher orders in 2001

This content was published on Jan 24, 2002 In a statement released on Thursday, the company said this represented a seven per cent increase over the previous year when adjusted for acquisitions, divestitures and currency effects. However, due to declining figures at divested operations – Infra, Textil and Burckhardt – orders were 22 per cent lower than the previous year, or one per…

Unique to export its know-how to Bangalore

This content was published on Jan 24, 2002 Thursday’s announcement marks a breakthrough in the firm’s strategy to develop activities as a consultant and manager of international airports. In a statement, the company said a deal was signed with other partners on Wednesday and that its total investment would be SFr16 million ($9.6 million). Milestone to expand business It added that the contract…

Italian truckers bring chaos to Swiss-Italian border

This content was published on Jan 24, 2002 Their protest, which began at 5am on Wednesday morning, lasted 12 hours. It was initially pencilled to carry on until 10pm but was called off at 5pm on Wednesday afternoon. During the day, there was a ten-kilometre-stretch of protesters in vehicles on the Italian side of the Chiasso border crossing. On the Swiss side, drivers…

Swiss confident of solution to EU talks impasse

This content was published on Jan 24, 2002 Jacques de Watteville, head of the Foreign Ministry’s Economic and Financial Affairs Division, said he was confident that the next round of bilateral negotiations with the European Union would not see an erosion of Switzerland’s much cherished banking secrecy laws, despite pressure from certain EU member states. The official was speaking as the Swiss cabinet…

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