Banking & Fintech

Switzerland rated highly as high-tech production centre

This content was published on Nov 24, 1999 Even though Switzerland is not a member of the European Union, the country is a top location for high-tech companies and clearly meets international expectations, according to a newly-released poll. More than two-thirds of the 300 automation, electronics and information technology companies questioned in the academic study particularly appreciate the professional skills and quality of…

Swiss banks make second payment on Holocaust settlement

This content was published on Nov 23, 1999 (AP) — Switzerland’s two biggest banks on Tuesday paid a second instalment of last year’s $1.25 billion settlement with Holocaust survivors and their heirs, a bank official said. $333 million was paid into an escrow account in the United States, where it will be held and earn normal interest pending a final decision on how…

Survey finds retail salaries drop below subsistence level

This content was published on Nov 23, 1999 Autumn is the season when unions and employers in Switzerland try to thrash out new agreements on pay and conditions. In general, talking about wages and salaries is taboo in Swiss public life. But the retail sales and hotel and catering trade unions are now mounting a campaign to increase minimum salary levels. A recent…

Committee demands assurances for liberalised electricity market

This content was published on Nov 23, 1999 The House of Representatives Energy Committee generally approved government plans to liberalise the electricity market but demanded financial guarantees to soften the impact on economically weak hydroelectric plants. With 14 against 8 votes, the committee on Tuesday approved plans to complete a full deregulation of electricity production and sales six years after the new law…

UBS reports nine-month profit doubled to $3.34 billion

This content was published on Nov 23, 1999 (AP) — Swiss banking giant UBS AG on Tuesday announced a net profit of SFr5.18 billion ($3.34 billion) for the first nine months of this year, nearly double the figure for the same period in 1998. Last year’s nine-month profits of SFr2.6 billion (then $1.88 billion) were affected by a net third-quarter loss of SFr911…

Swiss Post wins European award for online services

This content was published on Nov 22, 1999 The European Logistics Association has awarded its “Logistics Excellence” award to the Swiss Post for its online services and e-commerce solutions. The ELA’s jury unanimously selected the Swiss Post’s Informatics Platform E-Commerce project for the 1999 award, saying the platform presents an “attractive full-service package for internet trading.” Jury chairman Gérard Roux said during Monday’s…

Onions against brittle bone disease?

This content was published on Nov 22, 1999

ADtranz boss in Switzerland to discuss redundancies

This content was published on Nov 19, 1999 The boss of the German rail technology group, ADtranz, is in Zurich to tackle a growing dispute over his decision to axe over 700 jobs in Switzerland. Rolf Eckrodt held talks with the management of Adtranz Switzerland before meeting trade unions and cantonal officials. On his arival, he was greeted by an angry protest by…

Graubünden celebrates as Vereina tunnel opens

This content was published on Nov 19, 1999 Celebrations are taking place in Switzerland’s largest canton, Graubünden, this week to mark the opening of the longest narrow gauge rail tunnel in the world. After eight years of construction, the Vereina Tunnel will connect the Lower Engadine Valley and the southern Val Muestair with the northern part of the canton. It will bring several…

Swissair finds new partner on trans-Atlantic routes

This content was published on Nov 18, 1999 Switzerland’s national airline has formed an alliance with American Airlines. The ten year deal will introduce code sharing on trans-Atlantic flights, and comes only one month after Delta Airlines announced it was ending its partnership with Swissair. The agreement with American came into force Sunday on flights to Chicago, Boston, Miami and Washington. The deal…

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