Archive – Banking & Fintech

Greenpeace to boycott WEF meeting

This content was published on Jan 16, 2002 The environmental organisation told Swiss radio on Wednesday that it had torn up its invitation because it saw no point in attending the annual gathering of the world’s political and business elite. Kaspar Schuler, head of Greenpeace Switzerland, said talks with the automobile industry at the WEF’s previous two meetings in the Swiss resort of…

Swiss businessman accused of funding rebels in Congo

This content was published on Jan 16, 2002 Chris Huber is believed to be working closely with the Rwandan army through his business ventures in exporting a mineral called colombo tantalite, or coltan, widely used in electronic devices such as mobile phones. A new report by over 30 non-governmental organisations (NGOs) states that natural resources, such as coltan, are being smuggled from Congo…

WEF critics target multinationals

This content was published on Jan 15, 2002 The Public Eye on Davos — so-called because the forum has until this year been held in the Swiss winter resort of Davos — brings together critics of the WEF in a parallel conference that is open to the public. Beginning January 31, under the slogan “No License to rule the World”, the Public Eye…

UBS Warburg to share Enron profits

This content was published on Jan 15, 2002 According to a US bankruptcy court filing, UBS Warburg will pay Enron and its creditors a third of the division’s profits over a period of ten years. The deal gives UBS Warburg the right to buy one-third of Enron’s stake after three years and the rest of the stake in the following two years. UBS…

Zurich Financial Services announces equity boost

This content was published on Jan 15, 2002 A spokeswoman for the company said on Tuesday the move was “best for the firm and for investors as well”. But the markets took a different view and pushed the company’s shares lower amid worries that the new issue would dilute future shareholder payouts. The move comes just days after the group abandoned plans to…

Bern rejects investment in new airline

This content was published on Jan 15, 2002 Bern’s refusal to make a proposed SFr11 million ($6.6 million) investment in the airline, being built around regional carrier Crossair, is seen as a blow to the new company’s credibility. Bern said any participation in the project would be a negative signal at a time when the canton was trying to sort out its finances.…

UBS survey indicates mixed year for business

This content was published on Jan 15, 2002 The survey of 3,800 firms, released on Tuesday, shows big differences in opinion about the economic outlook from sector to sector. The financial and pharmaceutical sectors as well as service industries are most upbeat about their prospects for the year. Telecommunications, the chemical industry and the electrical engineering branch are also optimistic about their long-term…

Name for new airline due for release

This content was published on Jan 15, 2002 After the board meeting, there was no comment on the name of the new company which involves an enlarged Crossair taking over 52 aircraft from its former sister company, Swissair. Swissair collapsed last October after accumulating huge debts. Most analysts expect the airline’s name to involve some combination of the words “Swiss” and “air” possibly:…

Swiss youth hostels have good year

This content was published on Jan 14, 2002 Youth hostels in Switzerland were full over the winter of 2001, resulting in a 7.8 per cent rise in profits for the year. The Swiss Youth Hostel association (AJS) says the new profits, equal to SFr23 million, are especially worth noting, after the number of beds were cut by 1.9 per cent to cope with…

Managers become bolder with buyouts

This content was published on Jan 14, 2002 The number of management buyouts (MBOs) fell slightly in 2001 compared with the previous year, but the size of firms being taken over by their management has been rising significantly. A report from the Swiss Private Equity and Venture Capital Association (SECA) and The Corporate Finance Group show that the number of MBOs in Switzerland…

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Archive – Banking & Fintech

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Greenpeace to boycott WEF meeting

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Swiss businessman accused of funding rebels in Congo

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WEF critics target multinationals

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UBS Warburg to share Enron profits

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Zurich Financial Services announces equity boost

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Bern rejects investment in new airline

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UBS survey indicates mixed year for business

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Name for new airline due for release

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Swiss youth hostels have good year

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Managers become bolder with buyouts

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