Archive – Banking & Fintech

Banks react to new global risks

This content was published on Sep 18, 2001 The banks have been taking stock in view of heightened global risks, and an increased concern over the possibility of recession. The central bank in Zurich lowered the target range for the three-month London InterBank Offering Rate (Libor) to 2.25-3.25 per cent, in line with interest rate cuts in the United States and elsewhere in…

Earnings at Swiss Life fall

This content was published on Sep 18, 2001 The 2001 figure was down from SFr372 million for the same period last year, although the numbers are not directly comparable since 2001 earnings were based on newly adopted accounting procedures. The company, which includes sizeable banking and asset management operations, said investment earnings – current earnings plus capital gains – were SFr3.1 billion or…

Asian markets rally on New York performance

This content was published on Sep 18, 2001 Although the Dow Jones Industrial average plunged 7.1 per cent in its biggest-ever point loss, there was a sense in Asia that the damage in New York had been contained and that the session had at least gone ahead without major glitches. The Dow ended the day at 8,921, a fall of 684 points. The…

Serb administrators take lessons in efficiency from Swiss municipalities

This content was published on Sep 18, 2001 During their one-week course, the Serb officials – from deputy majors to water purification specialists, engineers and architects dealing with building permits – had the chance to observe their Swiss counterparts at work. The programme, designed by the Swiss Institute of Economics and Business Administration (SIB), took the visitors to Zürich, Winterthur and Glarus. The…

US attacks could undermine many Swiss companies

This content was published on Sep 18, 2001 The United States is Switzerland’s second biggest export market, worth more than SFr17.4 billion ($10.9 billion) per year. Pharmaceutical companies like Novartis and Roche depend on the US for up to 40 per cent of their annual sales revenue. In Switzerland, 70,000 people work for American companies. “If we look at the Swiss economy, it’s…

NYSE plunges despite interest rate cut

This content was published on Sep 17, 2001 The Dow ended the day down 684 points at 8,921 – a fall of 7.1 per cent. The Nasdaq composite index fell 6.8 per cent, losing 116 points to finish at 1,579. The Fed’s rate cut on Monday, the seventh and largest this year, brought the borrowing rate down to three per cent. Analysts were…

Central Bank boss warns Swiss businesses to gear up to challenge of euro

This content was published on Sep 17, 2001 At a symposium in Zurich on Monday, Roth said the rise in transactions for the euro both outside and within Switzerland would put the stability of the Swiss franc to the test. “Obviously, our currency will be very much exposed to risks of changes in the rates (of exchange with the euro),” he said. He…

Couchepin hints at state aid for Swissair

This content was published on Sep 17, 2001 Speaking in Zurich on Monday, Couchepin said any move by Washington to pump cash into US airlines would likely lead to other countries following suit. “If the United States, which was the first to liberalise air traffic, were to officially support its airline companies, I imagine that it would be very difficult for the rest…

Swiss airports operating; security tight

This content was published on Sep 17, 2001 “The situation is back to normal,” said Sonja Zöchling, spokeswoman for Kloten airport. The Care Team, which looks after stranded passengers, finished its work on Sunday after all passengers were able to continue their journeys. The Care Team is a joint operation of Swissair and Unique, the airport’s operator, and is used in emergency situations.…

Airlines braced for rough ride as profits tumble

This content was published on Sep 17, 2001 United States airlines are seeking urgent meetings with the Bush administration this week in a bid to receive federal aid to keep their industry afloat. Delta Airlines, the country’s third-largest carrier, on Sunday joined three other major US airlines in reducing scheduled services and said it would consider job cuts if the government did not…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Banks react to new global risks

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Earnings at Swiss Life fall

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Asian markets rally on New York performance

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Serb administrators take lessons in efficiency from Swiss municipalities

More

US attacks could undermine many Swiss companies

More

NYSE plunges despite interest rate cut

More

Central Bank boss warns Swiss businesses to gear up to challenge of euro

More

Couchepin hints at state aid for Swissair

More

Swiss airports operating; security tight

More

Airlines braced for rough ride as profits tumble

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