Archive – Banking & Fintech

Bilateral accords sweep aside trade barriers with EU

This content was published on Feb 21, 2001 In an interview with Zurich’s “Handelszeitung” newspaper, Ramsauer said Swiss businesses had achieved about 80 per cent of what they wanted from the seven accords, which are due to be ratified by all EU member states this year. However, he said there was still room for improvement in the food industry and that the services…

Bigger alliance beckons SAirGroup

This content was published on Feb 21, 2001 SAirGroup is remaining tight-lipped about any potential alliance, but analysts say it is likely to link up with the Oneworld group, which includes SAirGroup’s transatlantic partner, American Airlines, as well as British Airways. “I think they will link up with Oneworld,” said Zürcher Kantonalbank analyst Patrick Schwendimann. “I think they will keep the stakes in…

SAirGroup shares dive on Sabena deal

This content was published on Feb 20, 2001 Shares in the group fell to 209.75 as investors digested news of Monday’s agreement to inject new capital into the ailing Belgian carrier, Sabena. The fall in the SAirGroup’s share price helped to push Swiss blue chips to a fresh daily low for 2001. The SMI was down 62.7 points or 0.8 per cent to…

Swiss beef sparks political row in South Korea

This content was published on Feb 20, 2001 Lawmakers from both South Korea’s ruling and opposition parties lobbied the government on Tuesday to prevent European beef from reaching North Korea. An opposition assemblyman from the Grand National Party, Shin Kyung-shik, said: “It is immoral to donate beef which people cannot eat. We should stop beef supplies to North Korea even via appealing to…

Top railway managers defend huge salary hikes

This content was published on Feb 20, 2001 At a press conference in Bern on Tuesday, railway officials revealed that the six most senior executives at the Federal Railways would this year share about SFr2.7 million in earnings. That compares with SFr1.9 million last year, and SFr1.75 million in 1999. The Federal Railways justified this year’s steep increase on account of the change…

Swiss firm pioneers Internet access using electricity supply

This content was published on Feb 20, 2001 Swiss firm pioneers Internet access using electricity supply The Bern-based Ascom group says it has moved a step closer towards connecting people to the Internet through the electricity supply. Ascom said on Tuesday that it had received a long-term order to supply modems and network management to RWE Powerline, a subsidiary of the German utility,…

Record profits at Georg Fischer

This content was published on Feb 20, 2001 The company said on Tuesday that it made the profit “despite a massive rise in the tax burden”. Orders topped the SFr4 billion mark for the first time, while sales totalled SFr3.9 billion). In a statement, the company said that more than two thirds of the 21 per cent increase in sales was attributable to…

SAirGroup undecided about long-term involvement in Sabena

This content was published on Feb 20, 2001 Sabena won a last-minute reprieve after its two shareholders, SAirGroup and the Belgian government, said they would inject new capital into the ailing airline. However, the SAirGroup, which owns a 49.5 per cent stake in Sabena, says it intends to keep its options open regarding its future involvement in the Belgian carrier. A key issue…

Sabena saved from imminent bankruptcy

This content was published on Feb 20, 2001 The airline’s two shareholders approved the re-capitalisation plan on Monday, after Sabena’s management and pilots agreed to wear cost-cutting measures worth 52 million euros, including the loss of 700 jobs. Sabena had said that without the cash injection it would have run out of money by the end of February. A final decision on the…

Enquiry launched into Davos hacking incident

This content was published on Feb 19, 2001 Hackers broke into files stored on the WEF computer, and downloaded confidential information concerning 1,400 forum members. As part of its investigations, the court has asked the Swiss German newspaper, “SonntagsZeitung”, to hand over as evidence a copy of the CD rom containing information downloaded by the hackers. The CD was handed over to the…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Bilateral accords sweep aside trade barriers with EU

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Bigger alliance beckons SAirGroup

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SAirGroup shares dive on Sabena deal

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Swiss beef sparks political row in South Korea

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Top railway managers defend huge salary hikes

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Swiss firm pioneers Internet access using electricity supply

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Record profits at Georg Fischer

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SAirGroup undecided about long-term involvement in Sabena

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Sabena saved from imminent bankruptcy

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Enquiry launched into Davos hacking incident

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