Banking & Fintech

Swiss travel industry is upbeat for 2002

This content was published on Jan 17, 2002 A rise in holiday bookings since the start of 2002 is expected to increase further with the forthcoming round of travel shows around the country, which it is hoped will awaken the wanderlust of Swiss holidaymakers. The yearly round of the major travel shows kicks off in Bern on Thursday, followed by the FESPO exhibition…

Government gets tough on illegal work practices

This content was published on Jan 16, 2002 The cabinet on Wednesday outlined a series of tough new sanctions that would make hiring illegal workers less attractive to employers, and would stem the government’s annual loss of millions of francs in revenue. A recent survey estimated that illegal work in Switzerland amounted to some SFr37 billion ($22 billion), or 9.3 per cent of…

Government shows Swissair workers a silver lining

This content was published on Jan 16, 2002 However, the potential lifeline does have conditions – it depends on the success of the airline’s reduced winter flight programme and the implementation of operational cost saving measures. Jean-Luc Nordmann, head of the Swissair Personnel Task Force at Seco, said the money to compensate employees, who were made redundant or took early retirement, would come…

Greenpeace to boycott WEF meeting

This content was published on Jan 16, 2002 The environmental organisation told Swiss radio on Wednesday that it had torn up its invitation because it saw no point in attending the annual gathering of the world’s political and business elite. Kaspar Schuler, head of Greenpeace Switzerland, said talks with the automobile industry at the WEF’s previous two meetings in the Swiss resort of…

Swiss businessman accused of funding rebels in Congo

This content was published on Jan 16, 2002 Chris Huber is believed to be working closely with the Rwandan army through his business ventures in exporting a mineral called colombo tantalite, or coltan, widely used in electronic devices such as mobile phones. A new report by over 30 non-governmental organisations (NGOs) states that natural resources, such as coltan, are being smuggled from Congo…

WEF critics target multinationals

This content was published on Jan 15, 2002 The Public Eye on Davos — so-called because the forum has until this year been held in the Swiss winter resort of Davos — brings together critics of the WEF in a parallel conference that is open to the public. Beginning January 31, under the slogan “No License to rule the World”, the Public Eye…

UBS Warburg to share Enron profits

This content was published on Jan 15, 2002 According to a US bankruptcy court filing, UBS Warburg will pay Enron and its creditors a third of the division’s profits over a period of ten years. The deal gives UBS Warburg the right to buy one-third of Enron’s stake after three years and the rest of the stake in the following two years. UBS…

Zurich Financial Services announces equity boost

This content was published on Jan 15, 2002 A spokeswoman for the company said on Tuesday the move was “best for the firm and for investors as well”. But the markets took a different view and pushed the company’s shares lower amid worries that the new issue would dilute future shareholder payouts. The move comes just days after the group abandoned plans to…

Bern rejects investment in new airline

This content was published on Jan 15, 2002 Bern’s refusal to make a proposed SFr11 million ($6.6 million) investment in the airline, being built around regional carrier Crossair, is seen as a blow to the new company’s credibility. Bern said any participation in the project would be a negative signal at a time when the canton was trying to sort out its finances.…

UBS survey indicates mixed year for business

This content was published on Jan 15, 2002 The survey of 3,800 firms, released on Tuesday, shows big differences in opinion about the economic outlook from sector to sector. The financial and pharmaceutical sectors as well as service industries are most upbeat about their prospects for the year. Telecommunications, the chemical industry and the electrical engineering branch are also optimistic about their long-term…

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Swiss travel industry is upbeat for 2002

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Government gets tough on illegal work practices

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Government shows Swissair workers a silver lining

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Greenpeace to boycott WEF meeting

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Swiss businessman accused of funding rebels in Congo

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WEF critics target multinationals

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UBS Warburg to share Enron profits

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Zurich Financial Services announces equity boost

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Bern rejects investment in new airline

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UBS survey indicates mixed year for business

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