Banking & Fintech

Bankers’ report to address money-laundering issue

This content was published on Sep 9, 2001 The association will not only address the sector’s performance but also look at the effectiveness of measures to counteract money laundering. Switzerland has been at the centre of a number of high profile money laundering cases in the past few years. However, new regulations have been set out by the association to improve tranparancy and…

Accident bureau warns hikers of mountain dangers

This content was published on Sep 9, 2001 Around 5,500 hikers are involved in accidents every year according to the CAP. More than a dozen hikers have died in the Swiss Alps this year. Good preparation and equipment could help avoid many accidents, says the bureau. Planning one’s route carefully, as well as getting information about the state of paths and the weather…

Home-made flying machines fail to take off

This content was published on Sep 8, 2001 No less than 45 pilots braved force six winds as they launched themselves off the runway in celebration of Flying Day. Some of the more unusual craft built especially for the event included a flying igloo, a flying truck, a flying elephant, a zeppelin, a pterodactyl and a flying classroom. While many of the machines…

Ascom sets negative trend to business week

This content was published on Sep 8, 2001 A company statement said the loss was not unexpected, but some analysts had forecast net earnings at above SFr30 million. The figure compared with earnings of SFr60 million for the first half of 2000. Later, Crossair, the regional carrier which is part of the Swissair Group, reported on Wednesday that it lost SFr17.8 million ($10.44…

“Mountain Aid” eases burdens of alpine life

This content was published on Sep 8, 2001 The charity, Swiss Mountain Aid, aims to prevent an exodus from rural communities of the Alps by bolstering regional companies that produce such typically Swiss products as cheese. “Mountain people love the work they do. But it’s hard, and they need help to survive,” says Adolf Ogi, the former Swiss president and, since May, president…

Water resources in the Alps need protecting

This content was published on Sep 7, 2001 “Around the world, the provision of clean drinking water is more problematic than the supply of food,” said Dr Kurt Hanselmann of Zurich University’s plant and microbiology institute. “In the Alps, which are often considered the water tower of Europe, the situation is different. It’s rare that we lack water or that quality is an…

Deutsche Bank reportedly chasing Zurich Scudder

This content was published on Sep 7, 2001 Unnamed sources said to be close to the negotiations told Reuters news agency that talks were at an advanced stage but that closure was still some weeks off. Deutsche Bank has long been searching for a suitable acquisition in the US asset management market. Analysts say the deal could be worth around SFr5 billion ($3…

Swiss Re profits down more than 50 per cent

This content was published on Sep 7, 2001 Swiss Re, the world’s second biggest re-insurer, said net investment gains slumped to SFr884 million from a level of SFr3.43 billion in the comparable period. In a statement, Swiss Re said it had fully expected the scale of its net earnings decline. The company made huge investment gains early in 2000 when it swapped a…

Unemployment shows slight increase

This content was published on Sep 7, 2001 The State Secretariat for Economic Affairs (SECO) said around two thirds of the increase was attributable to the weaker economic environment, with the rest of the rise put down to seasonal factors. Analysts say that despite the economic slowdown, a considerable rise in the jobless rate is not expected. The number of unemployed is expected…

St Gallen farmers demand more border checks for illegal meat

This content was published on Sep 7, 2001 The cantonal farmer’s association says this proves border controls are insufficient. According to the association, the discovery of the smuggling operation comes at a critical time for local farmers who have seen their income drop. The meat market has been in turmoil since the end of last year, when Swiss consumers turned their backs on…

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