Archive – Banking & Fintech

“Forbes” list shows billionaires abound in Switzerland

This content was published on Jun 22, 2001 Three Swiss families make it into Forbes listing of the world’s 100 richest people. Highest in the rankings is the family of Ernesto Bertarelli, the founder of the Ares Serono biotech firm. Bertarelli’s fortune – estimated at $10.5 billion – puts him at number 27 overall. Further down the list comes Pierre Landolt, a major…

Weaker imports reflect economic slowdown

This content was published on Jun 21, 2001 The figure released on Thursday compared with a SFr496 million deficit in April. In real terms, exports were stagnant compared to the same month last year, while imports fell by 5.7 per cent. Economists interpreted the data as more evidence that Swiss economic growth was losing momentum. The drop in imports compared to last year…

Swissair faces uphill battle to get out of Sabena deal

This content was published on Jun 21, 2001 Swissair owns 49.5 per cent of the Belgian carrier and has a contractual commitment to increase its stake to 85 per cent. However, it has made clear that it has no intention of honouring this agreement in the face of mounting losses at Sabena. “We are in negotiations with the Belgian government to find a…

UBS ploughs on with North American expansion

This content was published on Jun 21, 2001 The purchase of RT Capital, which works out at $230 million, is small compared with UBS’s $11.8 billion acquisition of United States broker PaineWebber last year. However, it underscores UBS’s plans to expand in the rapidly growing wealth management business. UBS said the acquisition would be incorporated into its asset management activities, which include Brinson,…

Europe’s highest altitude tramway resumes service

This content was published on Jun 21, 2001 The re-opening of the tramway caps efforts to recreate the glory days of the Belle Époque in Zermatt. It was originally built 15 years after the Riffelalp grand hotel first opened its doors, offering guests a commanding view of the Matterhorn. But a fire destroyed the hotel in 1961 and it took 40 years before…

Money from Swiss gold sales to go to good causes

This content was published on Jun 20, 2001 The Senate overwhelming approved using some of SFr20 billion ($11.16 billion), which the gold sale is expected to raise, to pay for the proposed foundation. The rightwing Swiss People’s Party had argued against the idea, saying that the money should be invested in the state pension scheme, which is expected to face a shortfall in…

Henniez profits fail to sparkle

This content was published on Jun 20, 2001 Turnover at the canton-Vaud based company rose to SFr179.1 million ($100 million), up 1.2 per cent on the previous year. In volume terms, sales of mineral water expanded by 3.6 per cent, however higher raw material prices and costs associated with launching new brands kept profits in check. Net profit at Henniez came in at…

Zurich jumps on Basel bandwagon

This content was published on Jun 20, 2001 Zurich jumps on Basel bandwagon Zurich Financial Services has set up a consulting company called “Zurich IC2” to help banks assess risks for regulatory purposes under new global capital rules. Zurich IC2 is one of a growing number of niche products and services which insurers are providing in response to new rules being drafted by…

Paris court protects AOM/Air Liberté from creditors

This content was published on Jun 20, 2001 The airline filed for protection at the court in the Paris suburb of Creteil last Friday after its two main shareholders, Swissair Group and France’s Marine-Wendel, refused to fork out the money needed to keep the company afloat. The three-month reprieve will allow the group to work on alternative recovery plans, said Serge Monnin, a…

Moody’s cuts Swissair’s rating

This content was published on Jun 20, 2001 Ratings by agencies such as Moody’s are a key guide for international investors when comparing companies across different sectors and different countries. Moody’s has cut Swissair’s long-term issuer rating from “Baa3” to “Ba3” and the short-term rating from “Prime-3” to “Not-Prime”. Moody’s said in a statement that the move reflected the increased costs that Swissair…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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“Forbes” list shows billionaires abound in Switzerland

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Weaker imports reflect economic slowdown

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Swissair faces uphill battle to get out of Sabena deal

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UBS ploughs on with North American expansion

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Europe’s highest altitude tramway resumes service

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Money from Swiss gold sales to go to good causes

More

Henniez profits fail to sparkle

More

Zurich jumps on Basel bandwagon

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Paris court protects AOM/Air Liberté from creditors

More

Moody’s cuts Swissair’s rating

Popular Stories

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