Banking & Fintech

Shareholders frustrated as Swissair leaves SMI

This content was published on Oct 5, 2001 Trading of Swissair Group shares had been suspended for two days and after resuming on Wednesday morning, the share price fell 97 per cent to SFr1.40 within a few minutes. Last Friday, the share price closed at SFr41.05. As recently as January, the share price stood at SFr262. The collapse of the Swissair Group’s share…

Swissair crisis threatens to derail economic liberalisation

This content was published on Oct 4, 2001 The airline was forced to ground all of its flights this week, leaving thousands of passengers stranded. After days of chaos, the government intervened to provide a SFr470 million credit line to Swissair so it could keep flying until the end of the October, when the bulk of its operations are due to be taken…

Think tank cuts Swiss economic forecast

This content was published on Oct 4, 2001 The Zurich Federal Institute of Technology’s Economic Research Unit (KOF) says in its autumn statement that Gross Domestic Product should expand by 1.9 per cent this year. It forecast a further slowdown to 1.7 per cent in the following year before accelerating to 2 per cent in 2003. KOF’s report says that exports are expected…

Swiss Federal Railways abandons plans for British expansion

This content was published on Oct 4, 2001 The British government is considering changes to the way the country’s railway network is run in the wake of a series of accidents that have undermined public confidence in the system. The transport minister, Stephen Byers, has extended the current concessions by two years while he looks at different possibilities. Most companies will now run…

Swissair returns to skies after government intervention

This content was published on Oct 4, 2001 Hours after Swissair jets took to the skies following a 48-hour grounding of the airline’s fleet, the commission released a statement in which it expressed its “concern that the Swiss government felt able to give aid without consulting with EU authorities”. The emergency cash injection announced on Wednesday by the Swiss finance minister, Kaspar Villiger,…

Swiss punish banks after Swissair debacle

This content was published on Oct 4, 2001 Urs Ackermann, spokesman for Zurich Cantonal Bank (ZKB), Switzerland’s third largest bank, said he has noticed “a growing number of UBS customers who are closing their accounts following the bank’s dealings with Swissair” and choosing to deposit their money elsewhere. In an interview with swissinfo, Ackermann said the country’s two biggest banks “had simply not…

Passengers await Swissair news after frustrating delays

This content was published on Oct 4, 2001 The crisis at Swissair this week affected almost 40,000 passengers worldwide and left thousands stranded at airports around the globe. Many customers were confused and angry at their treatment by Swissair and upset by the lack of help to get home. One woman, en route with her family to their home in Perth, Australia expressed…

Unions fear massive job losses at Swissair

This content was published on Oct 4, 2001 “If you take into account peripheral activities such as maintenance, ground assistance and freight, we are expecting 4,000 jobs to be lost in Switzerland,” Richard Dunkel, president of PUSH, an in-house union, said on Tuesday. Added to the previously noted 3,000 jobs cut from in-flight caterer Gate Gourmet, a total of 7,000 people could see…

The British roll into Morges

This content was published on Oct 4, 2001 Old Austins and Rolls-Royces, racing Jaguars from the 1960s and Bentleys will motor into Morges to take part in the “10th Classic British Car Meeting” on October 6. The organiser of the event, Keith Wynn, describes classic British cars as “one of the isle’s most formidable exports, as witnessed by the large number of them…

Swissair shares collapse as trading resumes

This content was published on Oct 3, 2001 Trading of Swissair Group shares had been suspended for two days and after resuming on Wednesday morning, the share price fell 97 per cent to SFr1.40 within minutes of the session’s opening. The shares rallied slightly during the day to reach SFr7.99, but never came close to their previous close of SFr41.05. The collapse came…

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Banking & Fintech

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Shareholders frustrated as Swissair leaves SMI

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Swissair crisis threatens to derail economic liberalisation

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Think tank cuts Swiss economic forecast

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Swiss Federal Railways abandons plans for British expansion

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Swissair returns to skies after government intervention

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Swiss punish banks after Swissair debacle

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Passengers await Swissair news after frustrating delays

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Unions fear massive job losses at Swissair

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The British roll into Morges

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Swissair shares collapse as trading resumes

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