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Oil disaster – who pays?

This content was published on Dec 11, 2002 That’s according to the International Maritime Organisation, which says the owners of the oil bear no legal responsibility. The oil washing up on Spain’s beaches won’t cost Crown Resources and the cantonal banks of Vaud and Geneva – who co-financed the shipment – a penny. They have only to reckon with possible tighter controls on…

Oil spill puts Swiss traders in spotlight

This content was published on Dec 11, 2002 A large share of the world’s oil, gas and agricultural products is traded through Swiss-based firms, most of which have an aversion to publicity of any kind. The oil currently seeping from the hull of the tanker, Prestige, is owned by Crown Resources in Zug, a subsidiary of a Russian firm. The company has refused…

Swiss venture scene: adapt or die

This content was published on Dec 11, 2002 The content of the one day confab, a yearly event, reveals the industry here is struggling to digest the lessons learned over the past few years. There is a need to rebuild trust among institutional investors due to a high number of failed technology firms on the Swiss market. Venture capital fund managers are having…

Credit card users face higher charges

This content was published on Dec 11, 2002 A new ruling opens the way for shopkeepers to pass the charges levied on them by credit card companies onto their customers. It also allows retailers to offer cash-paying customers a discount. Switzerland’s biggest credit card companies have condemned the decision, while consumer groups have welcomed it. The Federal Competition Commission ruled on Tuesday that…

Swiss lose appetite for online food shopping

This content was published on Dec 10, 2002 In five years the company has grown to become a leader in the Swiss online shopping sector, but has never managed to break even. In a statement on Tuesday, the Bon appétit Group, which holds a majority share in LeShop, said the closure of its subsidiary would take effect on December 31 and entail costs…

Swiss scientist honoured with Nobel prize

This content was published on Dec 10, 2002 The Nobel committee said there would be “no modern pharmaceuticals” without the work of Wüthrich and two other joint recipients of the award. Wüthrich takes one half of the prestigious $1 million award, with the other half being divided equally between the United States scientist, John Fenn, and Japan’s Koichi Tanaka. The three scientists share…

Nobel prize highlights cash shortage in research

This content was published on Dec 10, 2002 The country’s cash-strapped research institutes are warning that without a substantial cash commitment they risk losing the edge. Switzerland’s two Federal Institutes of Technology in Zurich and Lausanne have not had a funding increase in years and both say they battling to make ends meet. Last month the Zurich Institute – where Wüthrich is based…

Champion of poor comes of age at WTO

This content was published on Dec 9, 2002 On Monday, the agency, which has been sponsored by the Swiss government for the past four years, was transformed into an intergovernmental organisation. Seven donor countries including Switzerland have pledged funding of SFr18 million over the next five years to support the Geneva-based agency for international trade information and cooperation (Aitic). “The Swiss government [saw]…

Swiss lead efforts to get industry to clean up its act

This content was published on Dec 9, 2002 Philippe Roch on Monday announced a deal with the mobile phone industry under which it will share responsibility for recycling old phones. Roch, who is head of the Swiss Environment Agency, has spent the past three years working to prevent rich countries dumping their waste on their poorer neighbours. More recently, he has been arm-twisting…

Bleak prospects for Swiss economy

This content was published on Dec 9, 2002 BAK Basel Economics says gross domestic product (GDP) will only rise by 1.2 per cent next year. In October BAK predicted a 1.6 per cent growth rate. BAK Basel Economics said the weak global economy and poor prospects for the Eurozone countries were dampening Swiss hopes of a recovery. Explaining the revision on Monday, BAK…

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