Archive – Banking & Fintech

On two wheels through three countries all in one day

This content was published on Sep 21, 2000 Peter Schai speaks enthusiastically about the Little Camargue, the wetlands between the French villages of St-Louis-la-Chaussée and Rosenau bordering the river Rhine just north of Basel. “Imagine – this wilderness is just eight kilometres from the market square in the very centre of Basel. What other industrial city can say that for itself?”Schai, a 58-year-old…

UBS targeted again by computer virus

This content was published on Sep 20, 2000 The latest attack was again aimed at online banking software known as UBS Pin. UBS said the vast majority of its customers do not use that software and that no damage had been reported. The new virus, like the one in August, replicates itself using Microsoft’s Outlook e-mail programme. The virus is carried in an…

Switzerland against rapid reduction of poor-country debt

This content was published on Sep 20, 2000 Switzerland fears that the IMF and World Bank Heavily Indebted Poor Countries (HIPC) initiative could lead to countries being relieved of their debt even though they have not undertaken the necessary reforms. Giorgio Dhima, head of the IMF section in the finance ministry, says rapid debt relief for these countries would only lead them to…

Forestry industry continues to count cost of hurricane Lothar

This content was published on Sep 20, 2000 At its 79th General Assembly in Solothurn on Wednesday, the Swiss Foresters’ Association said prices for timber would bottom out next year. They are then expected to rise as the surplus of wood on the market begins to decline. In a matter of hours, Lothar brought down almost three times as much timber than is…

Oil price impact on economy limited

This content was published on Sep 20, 2000 The ministry bases the prediction on a forecast drop in oil prices in the medium term. It says prices will come down because it is not in the interests of oil exporting countries to provoke a recession in importing countries. The price of crude oil is currently more than three times higher than a year…

Nigeria singles out Swiss assistance in Abacha affair

This content was published on Sep 20, 2000 Obande said no other country, whose banks were holding money stolen by Abacha and his associates, had been as forthcoming as Switzerland in helping the present democratic government of President Olusegun Obasanjo to recover the funds. “I’m happy to say without equivocation that so far Switzerland has given the best cooperation to Nigeria in its…

No let-up for sinking euro

This content was published on Sep 20, 2000 The euro is now at its lowest level against the Franc since its introduction in January, 1999. Analysts say the imbalance could adversely affect Swiss exports – the majority of which are with European countries. Germany is the country’s biggest market and the strength of the franc against the euro is making Swiss exports prohibitively…

Alitalia reportedly in alliance talks with Swissair

This content was published on Sep 19, 2000 The move follows the collapse earlier this year of Alitalia’s collaboration with the Dutch airline company, KLM. A company spokesman told the Financial Times newspaper that negotiations were underway with both airlines. Swissair declined to shed further light on the news. “We have no comment on this report”, said Swissair spokesman, Jean Claude Donzel. “Our…

More caution urged in bank dealings with blacklisted countries

This content was published on Sep 19, 2000 In a letter sent on Tuesday, the commission reminded financial institutions of their duties before accepting deposits. The statement comes two months after the Swiss Money Laundering Control Authority issued its own written warning of the risks involved in dealing with certain countries. The countries concerned are those listed at the end of June by…

Geneva Fair aims to tap into emerging markets

This content was published on Sep 19, 2000 It provides an important place for companies from developing countries to do some important networking. With the world having now largely shrugged off the financial turmoil that swept it two years ago, an increasing number of western companies are eager to invest in the emerging markets of Asia, Latin America, eastern Europe and Africa. “We…

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