Archive – Banking & Fintech

Unaxis announces further job cuts

This content was published on May 4, 2005 The move will affect the company’s Vacuum Solutions division, known as Leybold Vacuum, which currently employs 1,483 people. “The aim is to bring about marked improvements in profitability, as well as sustained strengthening of the company’s competitive position,” Unaxis said in a statement on Wednesday. It said redundancies were unavoidable and would affect employees in…

Kuoni withdraws from German travel market

This content was published on May 2, 2005 Kuoni said on Monday that the loss-making concern was being sold to Otto Freizeit und Tourisktik (OFT) for an undisclosed sum, adding that there would be no job losses. “Kuoni Travel Holding is convinced that OFT is ideally equipped to provide its former German subsidiary with the strategic investment required,” said Kuoni in a statement.…

Workers protest over social cuts

This content was published on May 1, 2005 Despite minor skirmishes in Zurich and Lucerne, the May 1 marches passed off peacefully. More than 6,000 people took part in trade union-led demonstrations in Basel, Bern and Zurich on Saturday and Sunday. Around the same number are estimated to have joined rallies in northern and western Switzerland, including 1,500 demonstrators in Geneva. Many speakers…

Swiss invite “Dirty Dozen” to Geneva

This content was published on Apr 29, 2005 The parties to the convention, which regulates the use and production of chemicals known as the “Dirty Dozen”, will decide this week in Uruguay on a new home for the treaty. On Monday more than 600 delegates from 130 countries are set to convene in the city of Punta del Este to discuss implementation of…

Nestlé head re-elected to Credit Suisse board

This content was published on Apr 29, 2005 Brabeck received 91 per cent of the votes at Credit Suisse’s annual general meeting (AGM), even though it was argued that he already had too many mandates to do a proper job at the bank. However, Credit Suisse board chairman Walter Kielholz confirmed at the AGM that Brabeck would relinquish his role as vice-chairman, in…

Experts optimistic about economic growth

This content was published on Apr 29, 2005 But the economics ministry warned that the global economic situation had showed signs of deteriorating in recent months. The State Secretariat for Economic Affairs (Seco) said on Friday that it stood by its earlier forecasts of 1.5 per cent growth this year and 1.8 per cent for 2006. Seco said early indicators showed that growth…

Business urged to help resolve conflicts

This content was published on Apr 29, 2005 Enabling Economies of Peace sets out directives to encourage the rebuilding of economies in conflict countries and to prevent the exploitation of natural resources such as oil and gas. The report, co-financed by Switzerland, was unveiled at a meeting at the UN’s headquarters in New York on Thursday. It forms part of the UN Global…

Lötschberg tunnel makes rail history

This content was published on Apr 28, 2005 It was only in December that the backbone of the future rail network – a high-speed connection between Rothrist and Mattstetten – was opened with much ceremony. Workers broke through the new base tunnel, which links the cantons of Bern and Valais, on Thursday. The tunnel – 34.6 kilometres long – will, when finished in…

Turkey removes barrier to Swiss arms imports

This content was published on Apr 28, 2005 The Turkish government on Thursday ended its boycott of Swiss arms, one month after Switzerland lifted its embargo. The Swiss government introduced the restrictions in 1992 at the height of the Turkish-Kurdish conflict. Since then, the authorities have only approved the export of handguns and rifles designed for self-defence or sport. When it lifted the…

Shareholder activists turn on “model pupil”

This content was published on Apr 28, 2005 The latest development is not without irony – a recent report by Ethos on corporate governance put Credit Suisse (and rival UBS) among Switzerland’s three “star pupils”. Four Credit Suisse board members were standing for re-election for further three-year terms at the bank’s annual shareholders’ meeting on Friday, including Nestlé CEO (and now also chairman)…

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