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ABB facing confidence crisis over asbestos claims

This content was published on Apr 4, 2001 ABB told swissinfo on Wednesday that it had put aside $590 million (SFr1 billion) for claims related to asbestos exposure in the US. The sum is based on analysis of previous settlements but spokesman, Thomas Schmidt, admitted that the company’s liabilities could be well in excess of that amount. “I have to stress that due…

Mir space station re-launched from Lucerne

This content was published on Apr 4, 2001 The film will be shown every Friday and Saturday evening throughout April in the museum’s IMAX theatre. The film presents life as it was for the cosmonauts on board MIR, as well as the Cold War struggle for space supremacy. A Russian-made scale model of the space station is part of the museum’s permanent collection,…

Swiss firms upbeat despite slower growth

This content was published on Apr 4, 2001 The survey by Switzerland’s largest bank, which looks at 300 Swiss companies, showed that during the first quarter of 2001 the pace of economic growth continued to slow. The report indicated that there was “a slowdown in the growth rate for the first quarter of 2001 to 2.2 per cent over the prior-year period, with…

Britain bids goodbye to Ovaltine

This content was published on Apr 4, 2001 After 88 years the Basel-based healthcare group is transferring production from Hertfordshire in southern England to Neuenegg in Switzerland. The move will be made by May 2002 and will mean the loss of 240 jobs. Although Ovaltine is considered by many Britons to be part of their national heritage, it was in fact invented in…

Geneva hosts annual celebration of ingenuity

This content was published on Apr 4, 2001 The organisers of the “International Exhibition of Inventions, New Techniques and Products” boast that “nowhere exists where it is possible to find so much knowledge in so many different fields”. Over the next five days, the fair will host a record 725 exhibitors from over 40 countries, including more than 50 from Switzerland. Altogether, 1,000…

Shares nosedive at SAirGroup

This content was published on Apr 3, 2001 Trading in the company’s shares had been suspended on Monday as the markets awaited the long expected bad news but the share price went into a tailspin when trading resumed. Shares fell to a six year low of SFr125 during the trading session before rallying slightly to close at SFr140. The new chairman and chief…

Ageing Swiss not likely to burden society

This content was published on Apr 3, 2001 The figures come from Pro Senectute’s new publication, “The Elderly: the generation of the future”, which is aimed at answering questions on ageing and retirement. The organisation says that by the middle of the 21st century there will be one retired person for every two people working. The figures reveal the changing demographics of Switzerland’s…

SAirGroup shares hammered by news of record losses

This content was published on Apr 3, 2001 SAirGroup’s share price went into a tailspin on Tuesday, after trading in the stock was suspended on Monday when the company revealed a loss of SFr2.9 billion ($1.67 billion) for 2000 – the largest in its history. “It is too early to bet on a turnaround,” said Zurich Kantonalbank analyst, Patrik Schwendimann, as uncertainty remains…

ABB shares fail to recover amid worries over asbestos claims

This content was published on Apr 3, 2001 Shares in the group failed to recover on Tuesday after plummeting nearly 16 per cent the day before, following the company’s admission that it was facing around 66,000 personal-injury claims for its asbestos-related activities. In its annual report, ABB said it did not know what the ultimate cost of settling the claims could be, but…

Swiss investment guru attacks Roche board

This content was published on Apr 3, 2001 Ebner, whose BZ Group is a major Roche shareholder, vented his displeasure at the annual shareholders’ meeting in Basel on Tuesday. He took the largely symbolic step of refusing to ratify the board’s report. Roche’s founding families, who control a majority of the voting rights while holding less than 10 per cent of the equity…

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ABB facing confidence crisis over asbestos claims

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Mir space station re-launched from Lucerne

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Swiss firms upbeat despite slower growth

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Britain bids goodbye to Ovaltine

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Geneva hosts annual celebration of ingenuity

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Shares nosedive at SAirGroup

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Ageing Swiss not likely to burden society

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SAirGroup shares hammered by news of record losses

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ABB shares fail to recover amid worries over asbestos claims

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Swiss investment guru attacks Roche board

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