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Von Roll widens loss in 2002

This content was published on Apr 10, 2003 On Thursday, the Zurich-based firm also announced the sell-off of its foundry business. Von Roll said economic uncertainty had contributed to a 24 per cent drop in sales in 2002 to SFr1.21 billion from SFr1.61 billion in 2001. “Over the past year, all three of the group’s divisions found themselves facing tough market conditions,” the…

Saddam’s successor has controversial Swiss past

This content was published on Apr 9, 2003 But his past is clouded by unsavoury financial dealings in Switzerland. On Wednesday, Saddam Hussein’s government lost control of Baghdad, after the Iraqi capital fell to United States-led forces. Chalabi ran the Geneva branch of the Lebanese bank, Mebco, which was shut down by the Swiss Federal Banking Commission in 1989. Mebco is part of…

Asylum seekers get cash for community work

This content was published on Apr 9, 2003 Participants in the scheme will receive a small “motivational” payment, even though many are banned from working under Swiss law. Federal regulations prevent any asylum seeker in Switzerland from working during his or her first three months in the country. Cantonal regulations in Zurich currently extend that work ban by another three months. However, under…

Switzerland tightens grip on Iraqi assets

This content was published on Apr 9, 2003 The decision came in response to a request from the United States to prevent the withdrawal of any Iraqi government or corporate funds. Swiss officials said the measures would not apply to ordinary Iraqi citizens holding bank accounts in Switzerland. The foreign ministry added that the action complied with US demands that assets of the…

Holcim unveils new share structure and chairman

This content was published on Apr 9, 2003 The group said the measure was aimed at treating all investors equally. In another Board decision, Holcim has named a new chairman to succeed major shareholder Thomas Schmidheiny, who stepped down definitively in February after paying a fine for insider trading in Spain. However, Schmidheiny – who vacated the position of chairman last June –…

Beleaguered Swiss battles to fill seats

This content was published on Apr 9, 2003 Faced with war in Iraq, the Sars pneumonia virus and industry overcapacity, experts are warning that the airline’s future has never been shakier. On Wednesday, Swiss said it had carried a total of 2.7 million passengers during the first three months of 2003. Its average seat load factor was 67.9 per cent. “Swiss continues to…

Swiss lasers beam up satellite communications

This content was published on Apr 8, 2003 After hiring some of the key engineers who worked on a pioneering European Space Agency project, the Zurich-based company tapped into know-how at universities across the country, as well as smaller innovative firms. Its aim was to solve some of the technical issues that stood in the way of commercial use of laser communications in…

Swiss Life eyes profit after record loss

This content was published on Apr 8, 2003 Publication of last year’s figures comes a day after regulators censured the insurer over a secretive investment fund operated by six of the firm’s senior managers. Swiss Life had already warned in March of a loss of around SFr1.7 billion, surprising markets which had been expecting a full-year loss closer to SFr840 million. Tuesday’s result…

Zurich’s disabled to get sexual relief

This content was published on Apr 8, 2003 The organisation behind the scheme says the sexual rights of disabled people are currently being overlooked. “There is a very big demand for this,” says Angela Fürer, director of the Zurich branch of the social welfare organisation Pro Infirmis. “We have been hearing about the problem for years, both from disabled people and from those…

Swiss small business face common problems

This content was published on Apr 7, 2003 The statistically significant response (621 responses to 12,000 surveyed) showed that finding customers and access to capital are on the minds of small business owners. The survey, conducted by a privately-owned, small business training company called the Institute for Entrepreneurs (IfJ), asked a half dozen questions with multiple choice answers via an email survey. The…

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Von Roll widens loss in 2002

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Saddam’s successor has controversial Swiss past

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Asylum seekers get cash for community work

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Switzerland tightens grip on Iraqi assets

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Holcim unveils new share structure and chairman

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Beleaguered Swiss battles to fill seats

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Swiss lasers beam up satellite communications

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Swiss Life eyes profit after record loss

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Zurich’s disabled to get sexual relief

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Swiss small business face common problems

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