Banking & Fintech

Enron scandal hits Credit Suisse

This content was published on Apr 9, 2002 It is the second Swiss bank to be caught up in the fallout from the collapse of the energy giant. Last week, a similar suit was launched against UBS’s American banking subsidiary, PaineWebber. The latest suit also includes some of Wall Street’s most famous and respected names: JP Morgan Chase, Citigroup, Merrill Lynch, Bank of…

Football World Cup rights move to Switzerland

This content was published on Apr 9, 2002 The decision to move the television rights to Kirch Sport in Zug came just before the core unit of the group, KirchMedia, filed for insolvency on Monday. World football’s governing body, FIFA, said the move was important to ensure that broadcasting of this year’s event in South Korea and Japan would not be affected by…

Profits slump at Ringier and Jelmoli

This content was published on Apr 9, 2002 However, turnover increased by 4.3 per cent to SFr1.062 billion in spite of what the company described as “difficult economic conditions”. Jelmoli Meanwhile over at Jelmoli Holding, the Swiss retailer and real estate group, profits also shrunk by almost 30 per cent to SFr64.7 million – down from SFr89.4 million in 2000. The group’s full…

SWX launches formal probe of PubliGroupe

This content was published on Apr 9, 2002 Switzerland’s leading media company is suspected of having committed a potential violation of the exchange’s Listings Rules. The SWX opened a preliminary inquiry last September after the Lausanne-based company announced a six-month drop in net profits of 93 per cent to SFr8 million ($4.8 million). Share price Under SWX regulations, companies are required to make…

Zurich start-up drives away with auto software niche

This content was published on Apr 8, 2002 AutoForm Engineering, based in Zurich’s Technopark, doubled its staff in 2001 from 30 to 60 employees and plans similar growth this year. The five-year-old start-up is moving in the fast lane because its software meets a critical need in the automotive industry: improving the productivity of engineers who make dies or moulds for car parts.…

Zurich Financial Services closes Scudder sale

This content was published on Apr 8, 2002 The deal, worth $2.5 billion (SFr4 billion), allows Zurich to get rid of its under-performing US fund business, which it bought in 1995. Deutsche Bank, which has abandoned the insurance business, said the move makes it the world’s fourth-largest asset manager. Under the deal, announced last September, Deutsche swapped 75.9 per cent of its insurance…

Swiss planes collide at Zurich airport

This content was published on Apr 8, 2002 No one was injured in the collision, which involved an Airbus A330 and a MD-83. According to company spokesman Herbert Schmell, the Airbus was taxiing towards its parking position when its wing clipped the rear of the MD-83, which had just landed from Geneva. The passengers had already disembarked from the planes by the time…

Swisswings goes bust

This content was published on Apr 8, 2002 The company, based at Belp airport near Bern, has filed for creditor protection. In a company statement, the airline said it was forced to suspend flights after the failure of last-ditch negotiations on Friday with a “last chance partner” to secure SFr10 million to cover its operating costs. “The board has done everything in its…

Ascom announces losses of almost SFr400 million

This content was published on Apr 8, 2002 The losses were more substantial than analysts had anticipated. Ascom had been expected to post a loss of some SFr341 million because of restructuring costs and a loss-making disposal. But costs had been higher than anticipated and Ascom had suffered as a result of the economic slowdown in 2002, a company statement said. “[The loss]…

New company insures against terrorism

This content was published on Apr 6, 2002 The company, called Special Risk Insurance and Reinsurance Luxembourg (SRIR), will provide cover for physical loss or damage to property arising directly from acts of terrorism. The investors believe that SRIR will help address the shortage of terrorism insurance available in the commercial market following the terrorist attacks in the United States. “The events of…

Banking & Fintech

Popular Stories

Most Discussed

Banking & Fintech

More

Enron scandal hits Credit Suisse

More

Football World Cup rights move to Switzerland

More

Profits slump at Ringier and Jelmoli

More

SWX launches formal probe of PubliGroupe

More

Zurich start-up drives away with auto software niche

More

Zurich Financial Services closes Scudder sale

More

Swiss planes collide at Zurich airport

More

Swisswings goes bust

More

Ascom announces losses of almost SFr400 million

More

New company insures against terrorism

Popular Stories

Most Discussed