Archive – Banking & Fintech

Britain launches new broadside over banking secrecy

This content was published on Dec 13, 2001 The number three in the British finance ministry, Dawn Primarolo, said Swiss banking confidentiality was allowing UK citizens to avoid paying taxes on assets held in Switzerland. The Swiss Bankers Association rejected her claims made in a speech to the British-Swiss Chamber of Commerce. “I think there’s a danger that you get the impression that…

Nuclear waste returns to Switzerland

This content was published on Dec 12, 2001 The eleven tons of nuclear waste arrived in Würenlingen in canton Aargau on Wednesday by rail from the French reprocessing plant in La Hague. It is the first of at least three transports expected over the next year from 760 tons of waste that Switzerland has sent to French plant since 1975. Peter Jenni, a…

Crossair pulls customers despite upheaval

This content was published on Dec 12, 2001 “The bookings for the flights of Crossair, and in particular Swissair flights, are above the levels we assumed in the budget,” the firm said in a statement. Crossair also published details of its planned capital increase of SFr2.5 billion ($1.5 billion). Public authorities and Swiss companies have poured in funding to allow the regional carrier…

Swiss Re upbeat about world economy

This content was published on Dec 12, 2001 “In the second half 2002, we can expect to see growth return as declines in investment and consumption cease and lower interest rates and fiscal stimulus packages boost growth,” said Kurt Karl, head of economic research for the company’s North American division. Speaking at the group’s economic forum in Zurich, Karl said inflation was firmly…

SNB sees advantage of strong franc

This content was published on Dec 12, 2001 The franc has recently weakened against the euro, in line with what most economists say is a desirable trend. The franc hit record highs against the euro in September, prompting the SNB to cut interest rates. “Countries with weak currencies can only dream about escaping the vicious circle of a weak currency, inflation, further currency…

Nestlé dumps Alley Cat to secure better pedigree

This content was published on Dec 12, 2001 The Commission said the two companies had agreed to sell their “Meow Mix” and “Alley Cat” dry cat food brands to secure approval for the deal. The brands will be sold to Hartz Mountain, a unit of investment firm J W Childs Associates. Nestlé spokesman, Francois Perroud, declined to comment on the terms of the…

UN urges improved safety in Europe’s tunnels

This content was published on Dec 11, 2001 The Transport Division of the UN’s Economic Commission for Europe (UN-EEC) on Tuesday issued 43 recommendations in a bid to avert further disasters in the 700 or so road tunnels across Europe. The guidelines are also aimed at homogenising safety standards and emergency procedures across Europe. They were issued in Geneva less than two months…

CSFB seeks way out of US probe

This content was published on Dec 11, 2001 CSFB, the securities arm of Switzerland’s second biggest bank, Credit Suisse Group, has agreed to pay the sum to resolve a US federal investigation into the way it dolled out shares in hot stock offerings, according to the Wall Street Journal, which cited sources close to the investigation. The settlement – details of which are…

Converium ready to join SMI ranks

This content was published on Dec 11, 2001 With the group’s American Depository Shares (ADS) priced at $24.59, Converium, the world’s number eight reinsurer, will have a market capitalisation of SFr3.28 billion. That entitles it to a berth among the top Swiss stocks. The equity is to gain near instant blue chip status as it is expected to join the benchmark SMI index…

Crash probe reveals shortcomings in cockpit design

This content was published on Dec 10, 2001 Investigators from the Canadian government’s Transportation Safety Board said that badly located emergency gauges on the MD-11 aircraft could have contributed to the disaster, which claimed 229 lives. In its safety advisory letter, the board recommended an industry-wide review of the design and location of emergency gauges in the MD-11. The document suggests that the…

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Archive – Banking & Fintech

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Britain launches new broadside over banking secrecy

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Nuclear waste returns to Switzerland

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Crossair pulls customers despite upheaval

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Swiss Re upbeat about world economy

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SNB sees advantage of strong franc

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Nestlé dumps Alley Cat to secure better pedigree

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UN urges improved safety in Europe’s tunnels

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CSFB seeks way out of US probe

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Converium ready to join SMI ranks

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Crash probe reveals shortcomings in cockpit design

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