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Swiss restructuring plans open to question

This content was published on Jun 23, 2003 Shares in Swiss were suspended from trade on Monday and Tuesday, as the airline’s board finalised a plan to stem daily losses of more than SFr3 million. Swiss chief executive, André Dosé, is expected to announce wide-ranging cuts to the airline’s network. As the company prepares to unveil its new business plan, swissinfo takes a…

Swiss prepares for deep cuts

This content was published on Jun 23, 2003 Weekend media reports said Swiss could slash up to a third of its staff and fleet in an effort to save SFr500 million ($376 million) by the end of year. Shares in Swiss were suspended from trade on Monday and Tuesday, as the airline’s board finalised a plan to stem daily losses of more than…

Gramm says Europe and US need each other

This content was published on Jun 23, 2003 Gramm, who is vice-chairman of UBS Investment Bank, added that few nations were more closely bound economically than Switzerland and the US. “Do people buy products and invest based on hurt feelings and political differences? I think happily the answer is no,” he told the annual meeting in Zurich of the Swiss-American Chamber of Commerce.…

Winterthur sells another portfolio jewel

This content was published on Jun 23, 2003 Winterthur will receive SFr2.2 billion ($1.7 billion) once the transaction has gained regulatory and anti-trust approval later in the year. The sale comes almost a fortnight after the Swiss insurer relinquished its strong British performer, Churchill Insurance, to the Royal Bank of Scotland for SFr2.4 billion. The combined sales are set to strengthen Winterthur’s solvency…

Swiss banks name new president

This content was published on Jun 23, 2003 Mirabaud will replace Georg Krayer, who on Monday announced his decision to quit after eleven years in the post. The bankers association is one of Switzerland’s leading business lobbies, and has been actively involved in tackling controversial issues such as banking secrecy and the row surrounding dormant accounts dating back to the Second World War.…

Swiss biotech gathers in Washington

This content was published on Jun 23, 2003 More than 3,300 delegates from 50 countries, including scientists, investors and ministers have descended on Washington for Bio 2003. The four-day conference, which opened on Sunday, is hosting the largest gathering of Swiss biotech professionals ever held outside Europe. “It gives Switzerland a chance to showcase its expertise,” John Williamson of the economic development agency,…

Swiss battle OECD “blacklisting” threat

This content was published on Jun 22, 2003 The OECD is considering a plan to single out Switzerland for having “harmful tax practices”. Bern is fighting against the country’s potential appearance on a so-called “sinners’ list”. “This is not acceptable,” Daniel Eckmann, a finance ministry spokesman, told swissinfo. International firms including Wal-Mart, Philip Morris, Gillette and Procter & Gamble base their headquarters in…

Innovation recognised by de Vigier awards

This content was published on Jun 21, 2003 The Swiss entrepreneurs behind the projects were each handed a cheque for SFr100,000 ($75,600) at a ceremony this week in Solothurn. The WA de Vigier Foundation – the largest organisation in Switzerland that supports young entrepreneurs – said it had rewarded two innovative ideas with the potential to be developed commercially. Thun physicist Katrin Fuhrer…

New windmills start producing electricity

This content was published on Jun 20, 2003 Almost all of Switzerland’s wind energy is currently generated at Mont Crosin. The four existing wind turbines produce about two and a half million kilowatt hours a year for about 850 households. The new mills will raise total production to 4.3 million kilowatt hours. “The number of customers is growing and this makes us confident…

Wind power blown off course

This content was published on Jun 20, 2003 Even environmentalists are raising doubts about the energy source, and not just on aesthetic grounds. Switzerland, which was considered as being in the vanguard of research into and development of renewable sources of energy, now runs the risk of being overtaken by many other European countries. Wind power in particular is being held back by…

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