Banking & Fintech

Government to investigate Swissair collapse

This content was published on Nov 3, 2001 In Saturday’s edition of the Swiss newspaper “Tages-Anzeiger”, Leuenberger said the government wanted to “shed light on the reasons behind the Swissair debacle.” “Those who suffered prejudice because of the collapse must be given justice.” The investigation, which could take up to a year, is expected to cost several million francs. Former Swissair management will…

Sulzer Medica threatened by US appeal court

This content was published on Nov 3, 2001 An appeal court in the United States overturned a temporary injunction blocking hundreds of liability lawsuits against the company arising from faulty hip and knee implants. The injunction had been granted to allow continuing discussions of an out-of-court settlement. Sulzer Medica faces damages’ claims from up to 2,000 angry patients who have had to undergo…

Rescue for Swissair subsidiaries

This content was published on Nov 3, 2001 SR Technics, Atraxis and Swissport, which have been in financial dire straits since the collapse of the national flag carrier, will receive funds as part of the SFr1 billion provided by the government under a SFr4.24 billion rescue package for Swissair. Peter Siegenthaler, director of the Swiss finance ministry, said on Friday he would transfer…

Crisis talks continue on Swissair

This content was published on Nov 2, 2001 However, it warned on Friday that there were still not sufficient guarantees of a solution for the government to release vital cash aid to the ailing former flag carrier. Finance Ministry spokesman, Dieter Leutwyler, said the rump operations of Swissair would not be able to stay airborne for much longer without state aid. “We have…

Wages set to rise despite economic downturn

This content was published on Nov 2, 2001 Wage negotiations at some of Switzerland’s larger companies, including telecommunications operator Swisscom, healthcare giant Roche and retailer Migros, have already resulted in salary increases of between three and four per cent. However, Switzerland’s largest bank, UBS, published a study this week which is more conservative in its outlook. A survey among firms representing 55 per…

Traffic limited on San Bernardino route

This content was published on Nov 2, 2001 The route is carrying much of the traffic that would have used the Gotthard tunnel before its closure last week. Collisions resulting from the heavy traffic have forced the closure of the San Bernadino route twice since a devastating fire gutted the southern end of the Gotthard tunnel – Switzerland’s main north-south axis – on…

Sulzer confident of hitting target

This content was published on Nov 2, 2001 “Our expectations for the current year are fully intact,” chief executive Fred Kindle said in an interview with Swiss newspaper “Der Landbote”. “For the second half, we expect another improvement of operating results in the core business.” He reiterated that Sulzer’s performance would depend in part of the state of the global economy, but said…

Novartis revamps structure of board

This content was published on Nov 2, 2001 Novartis will now have four permanent committees reporting to the board, with each having clear lines of responsibility. The chairman and chief executive, Daniel Vasella, said the move would define “specific responsibilities of our board members and further fulfil out commitment to best practice in global corporate governance in the interests of our shareholders”. The…

Prudential strikes deal with Winterthur

This content was published on Nov 2, 2001 The announcement from Prudential on Friday came as part of the British group’s shake-up of its domestic operations. Under the deal with Winterthur, Prudential will transfer its British general insurance business to Winterthur and the Churchill Group, its British subsidiary. A report in the Financial Times on Thursday said Winterthur had beaten rival bids from…

Crossair makes room for Swissair colleagues

This content was published on Nov 1, 2001 Announcing the new structure on Thursday, Crossair said it would appoint an additional 42 managers, and roughly half of these positions would be filled by Swissair people. Crossair’s boss, André Dosé, who will remain in charge of the new airline, told swissinfo that the process of integrating the two carriers was already in motion with…

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Banking & Fintech

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Government to investigate Swissair collapse

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Sulzer Medica threatened by US appeal court

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Rescue for Swissair subsidiaries

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Crisis talks continue on Swissair

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Wages set to rise despite economic downturn

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Traffic limited on San Bernardino route

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Sulzer confident of hitting target

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Novartis revamps structure of board

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Prudential strikes deal with Winterthur

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Crossair makes room for Swissair colleagues

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