Archive – Banking & Fintech

Nazi web platform blocked by Swiss Internet service providers

This content was published on Feb 19, 2001 After lobbying from the organisation, three of Switzerland’s largest Internet Service Providers have announced they will block access to a web platform containing 754 racist and anti-semitic sites. Swisscom, Sunrise/Diax and Tiscalinet have announced that anyone surfing the web via their servers will be denied access to the sites, which contravene Swiss laws against racism.…

Sabena pilots accept airline rescue package

This content was published on Feb 18, 2001 At an extraordinary meeting, the airline’s 1,100 pilots voted to accept a deal with management on a SFr79 million ($47 million) restructuring plan. Sabena’s owners say the plan is essential if Sabena is to stay airborne. Up until Saturday, the pilots had rejected the savings plan proposed by the management of the airline. If the…

Crossair ends year 2000 on a deficit

This content was published on Feb 16, 2001 For the first time in eight years, SAirGroup’s subsidiary will not be able to pay its shareholders any dividend. The rise in fuel costs and the exchange rate with the dollar increased the company’s expenses by SFr100 million. However, Crossair’s turnover increased by 9.5 per cent, to SFr1,275 billion, and its passenger traffic went up…

Swiss public believe Swissair needs change of direction

This content was published on Feb 16, 2001 Ever since SAirGroup’s announcement last month of the departure of its chief executive, Philippe Bruggisser, speculation has been rife over the direction the owners of Swissair will now take. On the streets of Zurich, most people seem to agree that the company, which had been pursuing a host of tie-ups with smaller, sometimes loss-making airlines,…

National exhibition hits new money troubles

This content was published on Feb 16, 2001 It’s the latest in a series of hitches, which has resulted in the exhibition being postponed for one year and has cast serious doubts over its future. The head of the management committee, Franz Steinegger, told a meeting of the governing parties that the exhibition was suffering cash-flow problems. He said that while preparations were…

Decisive week for SAirGroup and Sabena

This content was published on Feb 16, 2001 Last-minute brinkmanship will continue this week as the SAirGroup and the Belgian government await the outcome of talks between Sabena’s management and the unions on restructuring plans. The two shareholders of the troubled airline are hoping that unions will agree to cost-cutting measures ahead of a shareholders meeting called for Friday. The meeting is due…

Competition Commission calls for tougher penalties

This content was published on Feb 16, 2001 The call came on Friday at the presentation of the Commission’s annual report in Bern. “The Commission is convinced that a stronger cartel law would at long last be to the benefit of all, in particular to consumers, and small and medium-sized enterprises,” said Commission president Roland von Büren. It is calling on the government…

A tale of contrasting fortunes

This content was published on Feb 16, 2001 There were more choppy waters for the Swiss-Swedish technology company, ABB, as a slowdown in sales and lower-than-expected profits pushed the group’s shares sharply lower on the Swiss stock market. Sales were down 6 per cent on 1999 at SFr37.9 billion ($22.56 billion), while net profit rose six per cent to SFr2.38 billion. The group’s…

Health care and electricity come under the spotlight

This content was published on Feb 16, 2001 In its annual report published on Friday, the Commission, accuses market players in the health sector of trying to limit competition by making cartel-like agreements among themselves. It feels there is no incentive for competition in a situation in which health care schemes have a contractual obligation with doctors and hospitals. The Commission also makes…

Credit Suisse sells large multinational insurance business

This content was published on Feb 16, 2001 The business – Winterthur International – is being bought by the Bermuda-based financial group XL Capital for $600 million (SFr1 billion). A statement from Credit Suisse headquarters in Zurich said that after the sale of its active reinsurance business in 1998, this latest move would help Winterthur Insurance in its strategic efforts. These are now…

Archive – Banking & Fintech

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Archive – Banking & Fintech

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Nazi web platform blocked by Swiss Internet service providers

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Sabena pilots accept airline rescue package

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Crossair ends year 2000 on a deficit

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Swiss public believe Swissair needs change of direction

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National exhibition hits new money troubles

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Decisive week for SAirGroup and Sabena

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Competition Commission calls for tougher penalties

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A tale of contrasting fortunes

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Health care and electricity come under the spotlight

More

Credit Suisse sells large multinational insurance business

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