Banking & Fintech

Post Office reaches credit deal with UBS

This content was published on Feb 15, 2002 In a statement, the Post Office said the agreement would let it stick to its core activity of payment transactions via post cheques and payment cards, but at the same time offer credit to private and business clients. The state-owned company has more than two million retail clients. From May 2003, UBS will become responsible…

Barnevik leaves Investor over ABB row

This content was published on Feb 15, 2002 Investor’s biggest shareholder, Jacob Wallenberg, said at a news conference on Thursday that he found the level of the payouts paid to Barnevik and to another former ex-ABB CEO, Goran Lindahl, quite undeserved. “We have reached an agreement with Percy Barnevik that he resigns from Investor’s board of directors, effective immediately,” said Wallenberg. The vice-chairman,…

Parliament considers probe of corporate pay practices

This content was published on Feb 14, 2002 Pressure is mounting against Switzerland’s corporate culture to make the often-secret salary packages paid to its top managers transparent. A Swiss parliamentary committee is poised to open an inquiry into the politically sensitive issue next month. The committee’s trigger to investigate corporate remuneration hinges on a motion from centre-left Social Democrat parliamentarian Pierre Chiffelle. The…

UBS profit in 2001 falls 36 per cent

This content was published on Feb 14, 2002 The figure defied analysts who had forecast a much worse performance. “I think it is a great set of figures for UBS, about 25 per cent higher than the average forecast,” cantonal bank of Zurich analyst Christoph Ritschard told swissinfo. Net income for the fourth quarter was SFr1.1 billion, higher than expected by most analysts.…

Press hammers former ABB executives

This content was published on Feb 14, 2002 The ABB surprise board announcement on Wednesday that Percy Barnevik and Göran Lindahl of Sweden had received a total of SFr233 million ($137.22 million) has provoked general disgust. It has also fuelled the debate about salaries and benefits to top managers who fail and leave their companies before the end of their contracts with handsome…

EasyJet ditches plan for Swiss shuttle service

This content was published on Feb 14, 2002 The company said it was also worried such a move would bring it into conflict with the Swiss government as the new national carrier, “swiss”, swings into action. At a news conference at Zurich airport to launch a new route between Zurich and London Gatwick, the airline’s CEO, Ray Webster, said the development of other…

South Africa buys back airline stake

This content was published on Feb 14, 2002 The South African public enterprises minister said the price, one billion rand less than SAA was sold for three years ago, was agreed fair value less a 15 per cent default discount stipulated in the shareholders’ agreement. The SwissAir Group collapsed in October when a fall in traffic after the September 11 attacks exposed the…

Mine yields new mineral

This content was published on Feb 13, 2002 The object, which is composed of copper, arsenic and oxygen, was found in a disused mine near Nice in southern France. The mineral has been named Theoparacelsite after the late medieval Swiss physician, Theophrastus Paracelsus. It is too early to say whether it will have any practical uses. Dr Halil Sarp from the mineralogy department…

Flush Swisscom gives money back to shareholders

This content was published on Feb 13, 2002 The former state monopoly, privatised in 1998, has a cash mountain due to the sale of assets and the low price it paid for its third generation mobile telecommunications licence. It had a net cash position of SFr2.8 billion at the end of last September, compared with debts of SFr4.26 billion at the end of…

ABB investigates executive payouts as losses mount

This content was published on Feb 13, 2002 ABB said on Wednesday that it was assessing undue pension and other benefits worth some SFr233 million ($138 million) paid to former CEOs Percy Barnevik and Göran Lindahl. The board of directors said Barnevik had received some SFr148 million in pension benefits after his resignation in 1996 and Lindahl’s pension and other benefits amounted to…

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Banking & Fintech

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Post Office reaches credit deal with UBS

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Barnevik leaves Investor over ABB row

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Parliament considers probe of corporate pay practices

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UBS profit in 2001 falls 36 per cent

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Press hammers former ABB executives

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EasyJet ditches plan for Swiss shuttle service

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South Africa buys back airline stake

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Mine yields new mineral

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Flush Swisscom gives money back to shareholders

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ABB investigates executive payouts as losses mount

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