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Credit Suisse takes over US broker

This content was published on Aug 30, 2000 Credit Suisse announced on Wednesday that it would merge DLJ with its investment-banking arm, Credit Suisse First Boston (CFSB). It added that the DLJ board had already approved the offer. Credit Suisse believes the deal is a strategic move to consolidate and cement its position as a major player in investment banking. Credit Suisse spokesman,…

Government steps up battle against illegal working

This content was published on Aug 30, 2000 In a statement on Wednesday, the cabinet said illegal working was unacceptable for industrial, legal and ethical reasons, and needed to be tackled head on. It said the practice threatened pay levels, employee protection schemes and the social welfare state, adding that people who respected the tax and welfare laws should not be made to…

Profits fall at Swiss Post

This content was published on Aug 30, 2000 In a statement, the Post Office described the result as “unsatisfactory”. Turnover, however, rose five per cent to reach SFr2.9 billion. Sales were helped by increased demand for first class post, express mail and payment services. Swiss Post said profits were hit by the employment of 600 extra staff, as well as the modernisation of…

Credit Suisse to buy US investment broker

This content was published on Aug 30, 2000 The bank plans to merge DLJ with its investment-banking arm, Credit Suisse First Boston. Shares in DLJ, which is 70 per cent owned by French insurance giant, Axa, soared on the New York Stock Exchange on Tuesday as rumours of the sale emerged. Shares rose $15 to reach a yearly high of $81. Credit Suisse…

Federal budget set to return to the black

This content was published on Aug 30, 2000 The cabinet agreed next year’s budget at a meeting on Wednesday. It also adopted the financial plan for 2002 to 2004. Presenting the figures at a news conference in Berne, the finance minister, Kaspar Villiger, said the improvement in the federal finances would be brought about partly because of improved economic conditions and partly because…

Swiss underwear maker, Triumph, accused of dirty tactics

This content was published on Aug 29, 2000 According to the Clean Clothes Campaign, which fights for fairer working conditions around the world, the unionised workers lost their jobs following a strike in February. It says the workers walked out after the management turned down their demand for a daily wage of SFr20 ($12). When Triumph said it was prepared to pay SFr14…

Tourism industry sets out to sell Autumn in Switzerland

This content was published on Aug 29, 2000 Overnight stays are up more than six per cent since the beginning of the year and Switzerland Tourism hopes to keep up the momentum through the traditionally slow months of September and October. On Tuesday at Zurich’s main station, the director of Switzerland Tourism, Jürg Schmid, symbolically launched the campaign by unveiling a train engine…

Bidders named for UMTS licences

This content was published on Aug 29, 2000 Announcing the list of bidders on Tuesday, the Federal Office for Communications said the auction of the four UMTS licences should last between two and four weeks. The 10 companies permitted to bid are Swisscom, Diax (through its affiliate, dSpeed), Orange, Sunrise, Cablecom Management, Hutchison 3G Europe, Team 3G, Teldotcom, Telenor Mobile Communications and T-Mobile…

More Swiss living in towns

This content was published on Aug 29, 2000 For the first time since 1981, population growth was stronger in Swiss towns than in the countryside. The latest demographic figures, released on Tuesday, showed that overall the urban population increased by 0.6 per cent in 1999, while rural areas recorded a smaller 0.5 per cent rise. The new data bucked the trend observed between…

Post Office takes lead in job creation

This content was published on Aug 29, 2000 The fourth survey of job-creating companies by the business publication, Bilanz, shows the American fast food chain, McDonalds, knocked off the top spot for the first time. It fell to fifth position after taking on just over 500 people in the same time period. The booming telecommunications sector took second and third position. Diax added…

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