Archive – Banking & Fintech

Swiss home for English lawyer

This content was published on Dec 21, 2001 Many have taken a leading place in the Swiss business world and among them is English solicitor Howard Rosen, president of the British-Swiss Chamber of Commerce. Born in London in 1955, Howard Rosen studied law at Oxford University and then qualified as a solicitor in London. He now has a legal practice in Zug, which…

Road tunnel opening ends emergency rail service

This content was published on Dec 21, 2001 Within 24 hours of the closure of the tunnel on October 24, the Swiss Federal Railways were on track with a service to transport cars from Göschenen on the north side of the Alps in canton Uri to Airolo on the southern side in canton Ticino. “The past three months have certainly put a strain…

Travel business crosses fingers for Christmas

This content was published on Dec 21, 2001 Bookings with Switzerland’s biggest travel firm, Kuoni, collapsed after the terrorist attacks in the United States, forcing the firm to issue a profits warning -it says profits for 2001 will be just a tenth of the previous year – and to cut 500 jobs. It now expects a fourth quarter loss of around SFr57 million.…

Cantonal banks crippled by bad debts

This content was published on Dec 21, 2001 The crisis at Vaud cantonal bank (BCV) stems from its rescue of other struggling local banks in 1990s, and shows how vulnerable these cherished establishments are to non-performing loans. Following a new audit, the Lausanne-based BCV, the fourth biggest bank in Switzerland, announced it had debts of SFr2.3 billion. It said was increasing its credit…

IMD business school startup competition winners

This content was published on Dec 21, 2001 The winners qualify for consulting and coaching compliments of students enrolled in Master of Business Administration program. Four of the winners emerged from the Technopark PSE Lausanne: Gollian Interactive SA and Neocast SA will travel to Silicon Valley with a group of Executive MBA students for a tour and networking opportunities, while IR Microsystems SA…

Record losses for property insurers in 2001

This content was published on Dec 21, 2001 Swiss Re said the direct financial loss from major disasters in 2001 is expected to be more than $115 billion (SFr188.14 billion), of which more than $32 billion will be borne by the insurance industry. The economic losses are more than three times the annual average for the 1990s. The September 11 attacks in the…

Swiss foreign trade takes a dive

This content was published on Dec 21, 2001 Imports sank by 13.3 per cent compared to November last year to SFr10.48 billion ($6.41 billion), the biggest decline since January 1993. Exports from the machines and electronics industry went down by almost 10 per cent, while export turnover in watches fell by 4.6 per cent. The Finance Ministry in Bern said exports fared better…

Unrest in Argentina hits Swiss trade ties

This content was published on Dec 21, 2001 The Swiss State Secretariat for Economic Affairs (seco) has reported a 15 per cent drop in Swiss exports to Argentina for the first 10 months of the year. Imports during the same period have shrunk by 20 per cent. Rioting and looting Argentinians have taken to the streets to violently protest economic hardship. At least…

Explosives removed from Gotthard tunnel area

This content was published on Dec 21, 2001 General Chief of Staff, Hans-Ulrich Scherrer, confirmed in Bern on Thursday that the explosives, kept in a depot near the southern entrance of the Gotthard as part of Switzerland’s security system, had been removed before his target date of December 19. Explosives near the train tunnel will be taken away next January. About 1,000 of…

Light aircraft crashes on takeoff from Zurich Airport

This content was published on Dec 21, 2001 The plane, a Cessna 560, was bound for the Swiss capital, Bern, when it crashed and burst into flames shortly after take-off. Urs Fleischer, a spokesman for Zurich Airport, confirmed that neither pilot had survived the impact. “A fire broke out on board the aircraft as it was making a first turn to the right,”…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swiss home for English lawyer

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Road tunnel opening ends emergency rail service

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Travel business crosses fingers for Christmas

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Cantonal banks crippled by bad debts

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IMD business school startup competition winners

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Record losses for property insurers in 2001

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Swiss foreign trade takes a dive

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Unrest in Argentina hits Swiss trade ties

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Explosives removed from Gotthard tunnel area

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Light aircraft crashes on takeoff from Zurich Airport

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