Banking & Fintech

Swiss economy slides towards recession

This content was published on Dec 13, 2001 The State Secretariat for Economic Affairs in Bern (Seco) announced on Thursday that GDP grew by only 0.1 per cent in the third quarter compared with the previous three months. Seco said that compared with the corresponding quarter last year, real growth from July to September was 0.8 per cent. That growth was chiefly supported…

More for your cuppa

This content was published on Dec 13, 2001 An average cup of coffee in a restaurant costs SFr3.40 ($2), but from next month customers will have to dig a little deeper into their pockets for their regular caffeine fix. Coffee drinkers are not expected to gag over the 51 centime price hike, but initially at least they may be inclined to linger a…

Moody’s gives Switzerland full marks

This content was published on Dec 13, 2001 Moody’s gave Switzerland an “Aaa” rating for foreign currency debt and domestic bonds situations, saying they reflected the country’s “open, highly-developed and diversified economy”. Bonds and preferred stock rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edged”. Interest…

Britain launches new broadside over banking secrecy

This content was published on Dec 13, 2001 The number three in the British finance ministry, Dawn Primarolo, said Swiss banking confidentiality was allowing UK citizens to avoid paying taxes on assets held in Switzerland. The Swiss Bankers Association rejected her claims made in a speech to the British-Swiss Chamber of Commerce. “I think there’s a danger that you get the impression that…

Nuclear waste returns to Switzerland

This content was published on Dec 12, 2001 The eleven tons of nuclear waste arrived in Würenlingen in canton Aargau on Wednesday by rail from the French reprocessing plant in La Hague. It is the first of at least three transports expected over the next year from 760 tons of waste that Switzerland has sent to French plant since 1975. Peter Jenni, a…

Crossair pulls customers despite upheaval

This content was published on Dec 12, 2001 “The bookings for the flights of Crossair, and in particular Swissair flights, are above the levels we assumed in the budget,” the firm said in a statement. Crossair also published details of its planned capital increase of SFr2.5 billion ($1.5 billion). Public authorities and Swiss companies have poured in funding to allow the regional carrier…

Swiss Re upbeat about world economy

This content was published on Dec 12, 2001 “In the second half 2002, we can expect to see growth return as declines in investment and consumption cease and lower interest rates and fiscal stimulus packages boost growth,” said Kurt Karl, head of economic research for the company’s North American division. Speaking at the group’s economic forum in Zurich, Karl said inflation was firmly…

SNB sees advantage of strong franc

This content was published on Dec 12, 2001 The franc has recently weakened against the euro, in line with what most economists say is a desirable trend. The franc hit record highs against the euro in September, prompting the SNB to cut interest rates. “Countries with weak currencies can only dream about escaping the vicious circle of a weak currency, inflation, further currency…

Nestlé dumps Alley Cat to secure better pedigree

This content was published on Dec 12, 2001 The Commission said the two companies had agreed to sell their “Meow Mix” and “Alley Cat” dry cat food brands to secure approval for the deal. The brands will be sold to Hartz Mountain, a unit of investment firm J W Childs Associates. Nestlé spokesman, Francois Perroud, declined to comment on the terms of the…

UN urges improved safety in Europe’s tunnels

This content was published on Dec 11, 2001 The Transport Division of the UN’s Economic Commission for Europe (UN-EEC) on Tuesday issued 43 recommendations in a bid to avert further disasters in the 700 or so road tunnels across Europe. The guidelines are also aimed at homogenising safety standards and emergency procedures across Europe. They were issued in Geneva less than two months…

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