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Swiss spins off regional operations

This content was published on May 2, 2003 The new entity, to be known as Swiss Express, will offer low-cost air connections, especially within Europe, Swiss said in a statement on Friday. The subsidiary is expected to commence operations with the start of the 2003/2004 winter timetable. Swiss said its move was “in response to new market conditions”. The airline said it would…

Government rules out more cash for Swiss

This content was published on Apr 30, 2003 Transport Minister Moritz Leuenberger said on Wednesday that it was not up to the state to bail out private companies. The government – which is Swiss’s largest shareholder – said further public money or debt guarantees were out of the question. When Swiss was launched from the ashes of the former national carrier, Swissair, in…

Arms firm defuses criticism amid sinking profits

This content was published on Apr 29, 2003 Ruag’s products have been under increasing public scrutiny of late as a result of the United States-led invasion of Iraq. The state-owned group, which specialises in weapons manufacturing, said net income had fallen by 60 per cent to SFr44 million ($32.36 million). The company blamed the Swiss franc/dollar exchange rate and financing costs of an…

Swiss banks reach deal with US regulators

This content was published on Apr 29, 2003 While admitting no wrongdoing, the ten companies agreed to pay a total of $1.4 billion (SFr1.9 billion) and change their business practices. Credit Suisse First Boston (CSFB) was fined $200 million, while UBS Warburg (UBSW) will pay $80 million. The US Securities and Exchange Commission (SEC) said CSFB had also settled charges of securities fraud…

Factory shows net gains

This content was published on Apr 29, 2003 For 20 years the family’s textile mill in the industrial quarter of Dar es Salaam had been mothballed – put out of business by the second-hand clothing market. In 1997, learning of the need for bed nets in the fight against malaria, Haji rushed over to the factory to see whether the machines, which used…

Farm produce harvests little profit

This content was published on Apr 28, 2003 A research project by Agrarplattform – a group representing Swiss farmers, processors and retailers – found that profit margins were practically non-existent. Experts say that without farm subsidies and tariffs, the agriculture sector would be unable to survive. Switzerland’s leading food retailer, Migros – which set up the group – called the findings “shocking and…

Swiss forestry policy proves too efficient

This content was published on Apr 28, 2003 The Swiss Forest Agency is now calling for greater use of wood for construction and energy to reduce its timber surplus. As the Fourth Ministerial Conference on the Protection of Forests in Europe, got underway in Vienna on Monday, Switzerland is conducting a review of its policies on forest preservation to deal with new developments…

Farmers unite against liberalisation plans

This content was published on Apr 27, 2003 They say plans by the World Trade Organization (WTO) to cut tariffs and subsidies in developed countries could sound the death knell for the sector in Switzerland. The 146 members of the Geneva-based WTO are currently trying to hammer out a deal to reduce global trade barriers to help developing countries compete with richer nations.…

Stressed-out Swiss too sick to work

This content was published on Apr 26, 2003 The dramatic increase has prompted the government to consider launching an “anti-stress” website for workers in 2004. Experts say pressure at work and financial difficulties are largely to blame for the increase in cases. The number of Swiss claiming invalidity benefit, which is offered by the state to people unable to work due to disability,…

Hydroelectric power faces a dry spell

This content was published on Apr 25, 2003 As demand for electricity continues to increase, environmental concerns and costs are holding back the further development of hydropower. Water is perhaps Switzerland’s most important natural resource. Two of Europe’s biggest rivers, the Rhine and the Rhone, start their journeys in the Alps. Nearly two thirds of Switzerland’s electricity production comes from hydropower, covering 13…

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Swiss spins off regional operations

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Government rules out more cash for Swiss

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Arms firm defuses criticism amid sinking profits

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Swiss banks reach deal with US regulators

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Factory shows net gains

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Farm produce harvests little profit

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Swiss forestry policy proves too efficient

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Farmers unite against liberalisation plans

More

Stressed-out Swiss too sick to work

More

Hydroelectric power faces a dry spell

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