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Zurich doubles profit in first half

This content was published on Aug 19, 2004 Analysts said the result exceeded expectations and showed that Zurich was continuing to benefit from low claims and high premiums. Europe’s seventh-largest insurer said on Thursday its business operating profit had also risen – to $1.948 billion from $1.326 billion in the first half of 2003. “These figures were actually very good, much better than…

Government opposes GM crop moratorium

This content was published on Aug 18, 2004 It said such a move would damage Switzerland’s standing in the field of agricultural research as well as its trade relations with other countries. Put forward by a coalition of environmental groups, consumers and farmers, the people’s initiative calls for a ban on the farming of GM crops for use in food, and the importing…

Swisscom gives Telekom Austria a merger call

This content was published on Aug 18, 2004 On Tuesday, Swisscom confirmed for the first time that it had held talks on a “potential merger”. A terse statement said that after a request of the Austrian takeover commission, Swisscom was confirming that it had held talks with Austria’s privatisation agency, OeIAG, and TA. Swisscom, which has long courted Telekom Austria, commented that no…

Dope smoking hits all-time high

This content was published on Aug 18, 2004 Experts are recommending renewed prevention efforts, especially among the less educated and those on low incomes. “The consumption of cannabis has increased dramatically over the past few years in Switzerland. But it has most likely peaked,” said the Swiss National Science Foundation in a statement. There are an estimated 250,000 people who regularly smoke cannabis…

Swiss firms raise more venture capital

This content was published on Aug 18, 2004 Based on volume, Switzerland moved up from fifth to fourth place in the quarterly ranking of venture capital raised in Europe, which is published by Tornado Insider Research. More than a billion euros were raised across Europe over the same period. Innovative firms in the Swiss market attracted more than €85 million (SFr130 million) from…

Bad weather and higher costs hurt Nestlé figures

This content was published on Aug 18, 2004 The company, whose products range from chocolate KitKat bars to Friskies pet food, said it had been hit by higher raw material costs and poor weather in Europe. But Nestlé announced on Wednesday a record operating cash flow of SFr3.347 billion ($2.69 billion) and confirmed a positive outlook for the year as a whole. Net…

Urine takes the stink out of diesel fumes

This content was published on Aug 17, 2004 They have developed a new catalytic converter based on urea, a compound found naturally in urine, which eliminates the pollution blamed for much of the summer ozone. Diesel motors are considered more environmentally friendly than their petrol equivalents, but they have a major drawback. They emit nitrogen oxides, compounds believed to be largely responsible for…

Locarno station provides a gateway to Italy

This content was published on Aug 17, 2004 An unremarkable building, Locarno station is the starting point for the picturesque “Centovalli” route – the most direct rail link between the southern canton of Ticino and western Switzerland. Opened in 1874, the station was one of the first to be built by the St Gotthard railway company. Enthusiasm for the new venture meant no…

Evolva raises millions and moves to Switzerland

This content was published on Aug 17, 2004 A syndicate of international investors led by Zurich-based Aravis, the trading name of Venture Associates of Zurich, has raised SFr18.6 million in a first round of venture capital for Evolva. The size of the round, which is not yet closed, is an indication of the confidence the investors have in the firm’s potential to deliver…

One-off gain at Swiss hides continuing losses

This content was published on Aug 17, 2004 Swiss, which has warned it will likely make an operating loss this year, said second-quarter net profit was SFr45 million ($36.31 million). The airline finished the quarter in the black thanks to a cash boost of SFr68 million, which was released following the settlement of a protracted legal case in France. Swiss said that without…

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