Archive – Banking & Fintech

Rescue bid for FC Lucerne

This content was published on Dec 14, 2001 On Thursday, the Central Swiss city announced it would be prepared to act as financial guarantor for the ailing club in the event that directors were unable to raise the necessary cash from other sources. Authorities say the sum of SFr 2 million is needed to ensure salaries can be paid and to guarantee the…

De Beers abandons Switzerland for London

This content was published on Dec 14, 2001 The company said it would keep an office in Lucerne, but that the sales operation of its Diamond Trading Company (DTC) would be relocated. A spokeswoman for the company, Kate Evan-Jones, told swissinfo that it was too early to say how many of the 20 jobs in Lucerne would be affected. She said the move…

Bright future for Swiss nuclear energy?

This content was published on Dec 13, 2001 Instead it proposed a moratorium on the reprocessing of fuel rods. A majority of the Senators in parliament on Thursday rejected proposals by environmentalists to gradually shut down the country’s five nuclear power stations. It also voted down a proposal to extend a ten-year moratorium, imposed in the early 1990s, on the construction of new…

Winterthur gets green light to buy Prudential

This content was published on Dec 13, 2001 The £355 million (SFr842 million) cash deal, announced in November, comes into effect next month. It will increase the number of Winterthur’s customers in Britain by two million, bringing the total to 5.8 million. Under the deal with Winterthur, Prudential will transfer its British general insurance business to Winterthur and Churchill Group, its British subsidiary.…

Resorts disabled when it comes to handicapped

This content was published on Dec 13, 2001 The criticism comes from an unexpected source: the next generation of tourism managers. The students of Zurich’s International School of Tourism Management found during a study that Swiss hotels and resorts put additional obstacles in the way of disabled people, already confronted with many hurdles in everyday life. “We want the people in the tourist…

The “art hotel” in the city of art

This content was published on Dec 13, 2001 The Teufelhof, which lies in the city’s old town, is a remarkable blend of comfort and culture, featuring gourmet dining, beautifully decorated rooms, an art gallery, a theatre and some of Basel’s oldest ruins. The hotel is the life’s dream of Monica and Dominique Thommy-Kneschaurek. “The idea for the Teufelhof is that we have different…

Alcohol kills twice as many men as women

This content was published on Dec 13, 2001 The study released by the Swiss centre for alcoholism in Lausanne shows that alcohol kills 2,100 people in Switzerland each year. Three quarters succumb to alcohol-related illnesses, with the remainder dying in accidents or committing suicide as the result of drinking too much. The study also revealed that alcohol is responsible for more than ten…

Swiss economy slides towards recession

This content was published on Dec 13, 2001 The State Secretariat for Economic Affairs in Bern (Seco) announced on Thursday that GDP grew by only 0.1 per cent in the third quarter compared with the previous three months. Seco said that compared with the corresponding quarter last year, real growth from July to September was 0.8 per cent. That growth was chiefly supported…

More for your cuppa

This content was published on Dec 13, 2001 An average cup of coffee in a restaurant costs SFr3.40 ($2), but from next month customers will have to dig a little deeper into their pockets for their regular caffeine fix. Coffee drinkers are not expected to gag over the 51 centime price hike, but initially at least they may be inclined to linger a…

Moody’s gives Switzerland full marks

This content was published on Dec 13, 2001 Moody’s gave Switzerland an “Aaa” rating for foreign currency debt and domestic bonds situations, saying they reflected the country’s “open, highly-developed and diversified economy”. Bonds and preferred stock rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edged”. Interest…

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