Banking & Fintech

Swiss trade drops sharply in September

This content was published on Oct 23, 2001 Total exports reached SFr10.3 billion ($6.2 billion) last month, a drop of nearly nine per cent in volume. Imports were worth SFr9.9 billion. According to the federal finance ministry, only the chemical and clothing industries bucked the export trend. The ministry said on Tuesday the machine and electronics industries’ performance was particularly disappointing. For imports…

Press mixed on airline rescue plan

This content was published on Oct 23, 2001 The cabinet, the banks and captains of industry came up with a SFr4.24 billion ($2.65 billion) finance package to build a new carrier on the foundations of the regional carrier Crossair and the remains of Swissair, which collapsed under a mountain of debt. The tabloid “Blick” newspaper of Zurich called the rescue plan a “masterpiece”…

Geneva wants to benefit from rescue plan, too

This content was published on Oct 23, 2001 There is a general feeling of dismay in French-speaking cantons that a lot of money – much of it provided by taxpayers – has been mobilised in a short time to secure an airline hub in Zurich, several years after Swissair turned its back on the Geneva airport as an international centre. That feeling was…

Government to take 20 per cent stake in new airline

This content was published on Oct 23, 2001 The state will pay the lion’s share of the rescue package, providing SFr1 billion as bridge financing to allow a scaled down version of the company to continue long-haul flights until April 2002. The Swiss government, which has already provided SFr450 million to keep Swissair’s planes flying, will also take a 20 per cent stake…

Government and industry join forces to save Swiss airline

This content was published on Oct 23, 2001 In a long-awaited decision on Monday, the cabinet came out in support of a rescue plan under which two-thirds of Swissair’s planes and routes are to be absorbed by the regional airline Crossair, to form a new flag carrier. “We are happy and relieved that this effort has succeeded,” said the president Moritz Leuenberger. Under…

Ciba SC profits down

This content was published on Oct 23, 2001 The chemical specialist’s sales reached SFr5.664 billion ($3.4 billion), down five per cent from the previous year. Net profits were SFr303 million, versus SFr329 million in 2000. Although net income dropped in Swiss francs, it rose nine per cent in local currencies. The franc’s strength and the devaluation of currencies in several developing countries accounted…

WTO to press ahead with trade talks in Qatar

This content was published on Oct 22, 2001 After two days of talks with Qatari officials in Doha, WTO Director-General Mike Moore said the Geneva-based organisation’s 4th Ministerial Conference would be held as planned between November 9 and 13. The meeting is expected to lead to a new round of global trade talks. “We are going ahead. I am confident with the planning…

Government to decide on state aid for successor to Swissair

This content was published on Oct 22, 2001 The decision is expected after a weekend of high-level talks among the government, Swiss business leaders and cantonal authorities. A finance ministry spokesman on Sunday said there were “strong signals” that an accord could be reached to finance a new airline based around the regional carrier, Crossair, and incorporating some of the remains of Swissair.…

SGS makes strategic acquisition in Australia

This content was published on Oct 22, 2001 A statement from SGS headquarters in Geneva on Monday said the company had made a public offer for 100 per cent of Scientific Services shares. It did not disclose a figure for the deal. Scientific Services is active in testing and analytical services to the global minerals and petroleum industries, with operations centred mainly in…

Swiss Re raises capital to pay for Lincoln acquisition

This content was published on Oct 22, 2001 Swiss Re is to issue 28,522,370 shares, offering existing shareholders one new share for every 10 held. The move is expected to raise capital by almost 10 per cent. Swiss Re announced the SFr3.36 billion deal in July, saying that Lincoln Re – part of the Lincoln National Corporation in the United States – would…

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Banking & Fintech

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Swiss trade drops sharply in September

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Press mixed on airline rescue plan

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Geneva wants to benefit from rescue plan, too

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Government to take 20 per cent stake in new airline

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Government and industry join forces to save Swiss airline

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Ciba SC profits down

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WTO to press ahead with trade talks in Qatar

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Government to decide on state aid for successor to Swissair

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SGS makes strategic acquisition in Australia

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Swiss Re raises capital to pay for Lincoln acquisition

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