Banking & Fintech

Profits jump at Saurer

This content was published on Jun 18, 2001 “Saurer Group enjoyed positive business development in the first four months of 2001,” the company said in a letter to shareholders. Saurer said the increase in profits was down to continuing internal growth, as well as acquisitions. However, analysts were disappointed with the numbers at Saurer, which came in lower than most had expected. Saurer,…

Sulzer Medica warns earnings could be hit by implant recall

This content was published on Jun 18, 2001 Reiterating earlier statements, Medica, which is due to be spun off from Swiss industrial group Sulzer on July 10, said it believed it was likely that costs linked to both cases would exceed the limits of existing insurance cover. It said that as per June 1, about 800 lawsuits had been filed. More than 1,900…

Sabena to present salvage plan to shareholders

This content was published on Jun 18, 2001 Sabena’s chief executive, Christoph Müller, is expected to outline how he intends to restore the airline to profitability. His plan will be closely scrutinised by the Belgian government, which holds a 50.1 per cent stake, and the Swissair Group, which holds the remaining 49.9 per cent. Müller said in April that he expected Sabena to…

Daniel Vasella named businessman of the year

This content was published on Jun 17, 2001 Ninth in the rankings in 2000, Vasella secured a quarter of this year’s vote. Swatch’s Nicolas Hayek came in a close second and the bronze medal went to the former president of UBS, Alex Krauer. The Swissair Group’s Mario Corti, who has been battling to get the loss-making airline back on its feet, also put…

War of words breaks out over collapse of Air Liberté-AOM

This content was published on Jun 16, 2001 Air Liberté-AOM filed for bankruptcy on Friday after last ditch efforts to solve its financial crisis failed. The loss-making carrier said it had sufficient funds to continue operations for the start of the peak holiday season at the end of June. In a statement on Friday, the Swissair Group, which owns a 49.5 per cent…

Booming Geneva grapples with housing crisis

This content was published on Jun 16, 2001 No one is in any doubt that new homes need to be built, and quickly. But opinion is divided as to what kind of homes these should be, and where they should be built. The housing crisis will undoubtedly be the most divisive issue during cantonal elections this October. “Geneva is a small territory, and…

Medieval galley resurfaces on Lake Geneva

This content was published on Jun 15, 2001 The medieval galleys, which combined wind and human power (sails and oars), were used for trade and to wage war on Lake Geneva, with the oldest documented use of galleys on the lake going back to the 13th century. It has taken eight years to reconstruct the galley, using plans and drawings uncovered in Paris.…

Sabena to unveil survival plan

This content was published on Jun 15, 2001 The company’s chief executive, Christophe Müller, is to submit his proposals to the two main shareholders: the Swissair Group and the Belgian government. A spokesman said the plan aims to return the company to profitability within the next few years. Swissair and the Belgian government earlier this year agreed a capital injection of another SFr600…

Ascom job losses dominate business news

This content was published on Jun 15, 2001 Union officials condemned the cuts which come at a time when the company is posting healthy profits. The job losses are part of an on-going restructuring programme. In other corporate news this week, Sulzer Medica said it expected 1,850 people to have to undergo revision surgery as a result of its ongoing recall of faulty…

Air Liberté-AOM files for bankruptcy

This content was published on Jun 15, 2001 The company said 11th hour meetings until Friday morning could not find a solution to keep the airline going in its current state and it had sought protection from its creditors before a commercial court in Creteil, a Paris suburb. The loss-making carrier, technically majority-owned by France’s Marine-Wendel, said it had sufficient funds to continue…

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