Archive – Banking & Fintech

Skyguide makes loss despite record business

This content was published on Apr 17, 2008 As a result, the company, which is majority owned by the state, has called on the authorities to act to remedy a “major revenue shortfall”. Skyguide, which is based in Geneva, blamed the shortfall on its management of adjoining airspace in neighbouring countries and its air navigation services for Swiss aviation at regional airports. Chief…

More money spent in restaurants

This content was published on Apr 16, 2008 This was 13 per cent more than in 2006, said GastroSuisse, the umbrella organisation representing the catering industry. The Swiss developed a greater appetite for fast food restaurants and take aways in 2007. GastroSuisse said the increase was led by women and young people. Traditional restaurants saw a decline in customers last year but those…

Shooting of wayward bear sparks criticism

This content was published on Apr 16, 2008 WWF said it was considering legal action in the case, while Italian organisations called the killing barbaric and unjustified. But authorities defended their decision, saying it was an isolated case. The bear was killed in the Thusis region of canton Graubünden because local authorities decided it presented too great a risk to humans. JJ3 had…

Pair charged over Parmalat collapse

This content was published on Apr 15, 2008 Investigations are underway in Switzerland against 18 suspects and about SFr20 million ($20.02 million) has been seized from Swiss and foreign bank accounts in connection with the case, the Federal Prosecutor’s Office said on Tuesday. The two people, unnamed under Swiss privacy laws, will stand trial at the Swiss federal criminal tribunal, prosecutors added. Parmalat…

Ski resorts cash in on successful winter season

This content was published on Apr 15, 2008 Favourable weather conditions with plenty of sun and snow provided good returns on heavy investment made in transport infrastructure and snow production. Even before the winter season officially ended, operators of cable cars across Switzerland reported an increase in turnover of between seven and 30 per cent. Valais, one of the leading holiday regions, expects…

More wine consumed in 2007

This content was published on Apr 15, 2008 In 2007, 280 million litres of red, white and rosé were downed by drinkers, up 3.6 per cent over the previous year. Foreign wines, mainly those from France, Italy and Spain, are still favoured over local production. But indigenous wines sales grew by 5.7 per cent last year, representing some 108 million litres. Swiss vineyards…

Heineken deal for Eichhof brews mixed feelings

This content was published on Apr 14, 2008 Some in the industry view the takeover bid for Switzerland’s last major independent brewer as an opportunity, while others have regretted the move. Heineken offered last week to pay SFr278.5 million ($275.5 million) for the drinks business belonging to Eichhof Holding, of which Eichhof beer is its flagship brand. If the transaction is completed in…

Construction sector dispute looks set to end

This content was published on Apr 14, 2008 A government-appointed mediator said on Tuesday that differences found previously unacceptable by employers had been ironed out. The new regulations are to come into force at the beginning of May, pending approval by both sides to the conflict. Trade unions and the Swiss Master Builders’ Association had been at loggerheads over the terms of a…

Ogre still lurks on the mountain

This content was published on Apr 14, 2008 Although the summit was first reached by an Irishman in 1858, many more years would go by before others dared to tackle the forbidding 1,800-metre rock wall towering above the valley. An exhibition at the Swiss Alpine Museum reveals the stories behind the Eiger myth. The high point of Eiger fever was in the 1930s…

UBS needs time to put house back in order

This content was published on Apr 12, 2008 In an interview on Saturday with the Neue Zürcher Zeitung newspaper, Peter Kurer said the bank first had to ride out the storm and clean up the damage. Kurer said he favoured abolishing the bank’s so-called Chairman’s Office, a centre of power which was created by the outgoing chairman, Marcel Ospel, to act as a…

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