Archive – Banking & Fintech

Swiss retailer swallows rival

This content was published on Sep 4, 2005 The purchase, which will lead to the loss of 250 jobs, will allow Denner to strengthen its position on the Swiss retail market before the anticipated arrival of German discounters Aldi and Lidl. No purchase-price details were given, but the NZZ am Sonntag and SonntagsZeitung newspapers speculated at the weekend that the deal was likely…

Switzerland to make oil available to US

This content was published on Sep 3, 2005 The Swiss offer comes in the framework of an emergency plan agreed by the International Energy Agency on Friday night. The IEA said its 26 member countries, including Switzerland, would make a total of 60 million barrels of oil available to the market for a period of 30 days. Members are free to decide for…

Concerns raised over cost of invalidity

This content was published on Sep 3, 2005 With one in 20 people of working age receiving invalidity insurance, critics say the scheme has become overloaded. Its deficit for the first half of 2005 was SFr1.2 billion ($974 million). The mounting cost of the scheme was highlighted in a parliamentary-committee report this week, which accused the government of not doing enough to monitor…

Experts hedge their bets on oil-price effect

This content was published on Sep 2, 2005 His comments came as petrol prices in Switzerland rose to new highs in the wake of hurricane damage to refineries in the United States. “Of course the oil price poses a risk to the downside, but it is difficult to measure the impact,” Roth told Reuters on the sidelines of a conference. “We expect an…

Government draws flak over arms sales

This content was published on Sep 2, 2005 The government has now set up a working group to re-examine existing procedures and to find out whether tighter controls on weapons sales are needed. The decision to set up the working group, comprising representatives from the economics, defence, foreign, and police and justice ministries, has been welcomed by all political parties. But both the…

Swiss Re puts Katrina’s damage at $20 billion

This content was published on Sep 1, 2005 The number two player in the reinsurance business said it expected to receive claims for about $500 million, making Katrina the most costly hurricane after Andrew in 1992. In a statement on Thursday, Swiss Re said that complexity of damage caused by the storm and subsequent flooding meant that estimates had a “more than usual…

Airline blacklist aids travellers

This content was published on Sep 1, 2005 The Swiss Federal Civil Aviation Office on Thursday published a blacklist of banned airlines in Switzerland, after similar decisions in France, Belgium and Britain. The two companies banned in Switzerland are Egypt’s Flash Airlines and Armenian carrier Air Van Airlines. Publication of the names comes 18 months after a Flash Airlines charter jet crashed shortly…

Speedel orders a float with a twist

This content was published on Sep 1, 2005 The listing will see a new bio-pharmaceutical company specialized in treatments for heart and metabolic diseases joining the Zurich market. Speedel, which is specialized in heart and metabolic therapies, has a current pipeline that includes two drugs moving into human clinical trials this year (Phase III) and two in early phase I, as well as…

Switzerland blacklists two airlines

This content was published on Sep 1, 2005 Flash Airlines from Egypt and the Armenian Air Van Airlines are the two companies named. The authorities said the list would be constantly updated. The Federal Civil Aviation Office (FCAO) banned the airlines on the grounds of systematic security deficiencies. A Lausanne-based consumers’ group welcomed the publication of the blacklist but said more needed to…

Flood-damage bill could reach SFr2 billion

This content was published on Aug 31, 2005 The Swiss Insurance Association said on Wednesday that it would honour private claims of at least SFr805 million before considering whether to raise premiums in the future. The cost of private insurance claims together with road, railway and other infrastructure repairs and lost business is set to at least double that of 1999 when the…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Swiss retailer swallows rival

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Switzerland to make oil available to US

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Concerns raised over cost of invalidity

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Experts hedge their bets on oil-price effect

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Government draws flak over arms sales

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Swiss Re puts Katrina’s damage at $20 billion

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Airline blacklist aids travellers

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Speedel orders a float with a twist

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Switzerland blacklists two airlines

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Flood-damage bill could reach SFr2 billion

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