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Banker admits stealing cash to fund football club

This content was published on Nov 29, 2002 The investigating magistrate said Andreas Hafen, president of FC Wil, had confessed to siphoning off the money over a ten-year period. Hafen’s club recently jumped to third place in the Swiss league, after years of obscurity. The investigating magistrate Martin Frey said that Hafen, 40, started embezzling small amounts of money in the early 1990s…

Economy grows but hard times ahead

This content was published on Nov 28, 2002 However, the State Secretariat for Economic Affairs (Seco) has now cut its economic growth forecasts for the rest of 2002 and for 2003. During the third quarter, gross domestic product (GDP) – the value of all goods and services produced in the economy – grew by a real 0.6 per cent, compared with the same…

So we meet again, Mr Bond!

This content was published on Nov 28, 2002 And as a look back at 40 years of 007 reveals, the “Swiss connection” extends beyond mere family ties. The latest in a long line of Bond films, “Die Another Day”, opened on Thursday in German-speaking Switzerland. For members of Switzerland’s James Bond fan club, the event marks yet another high-octane rendezvous with the suave…

Colibrys navigates funding and aerospace systems

This content was published on Nov 28, 2002 The new capital will fund expansion into the United States. Colibrys employs some 120 people and had revenues of SFr22 million in 2001. It will report an increase in turnover this year. Sean Neylon, the company’s chief executive officer, is not yet certain about the US location, but said it would likely be on the…

Unions win battle but not the war

This content was published on Nov 28, 2002 But critics say they are continuing to see their powerbase eroded and are failing to make inroads in the service industry. Swiss newspapers have made much of the unions’ triumphs, coming at a time of growing industrial action across much of Europe. “The Post Office caves in to the unions,” wrote the “Tribune de Genève”,…

Credit Suisse First Boston writes off big loss

This content was published on Nov 26, 2002 In a statement on Tuesday, the investment bank accused the bankrupt healthcare finance firm of “massive fraud”. CSFB said it currently holds around $258 million worth of bonds issued by affiliates of the finance firm, which filed for bankruptcy last week. It said it would now be writing down those bond holdings to $44 million,…

Richest Swiss is a Swede

This content was published on Nov 26, 2002 The 300 richest Swiss residents have seen their overall fortune shrink by SFr50 billion ($33.6 billion). One of the biggest losers was Martin Ebner. The magazine’s annual ranking of the country’s rich reveals that turbulent stock markets and the recession have seen the balance of power shift considerably. Kamprad, whose business remains a private company,…

Swiss banks face heavy fines

This content was published on Nov 26, 2002 The action follows an investigation by the Securities and Exchange Commission into the activities of Credit Suisse First Boston (CSFB), UBS Warburg and other banks. The Washington Post reported that CFSB had already been notified of a $250 million fine. The Financial Times said UBS Warburg was this week expected to face a fine amounting…

Onion market is Bern’s recipe for success

This content was published on Nov 25, 2002 It is one of the biggest annual markets in Switzerland and the people who bring their colourfully braided onions have spent months preparing for the big day. There are onions disguised as gentlemen in smoking jackets, as alarm clocks, and there are even onion Mickey Mouses. But of the hundreds of market stalls crowded into…

Unemployed face benefits cuts

This content was published on Nov 24, 2002 More than 56 per cent of voters came out in favour of government proposals which are intended to shave SFr415 million ($281 million) from the federal budget. Under the proposals, workers in Switzerland will have to pay insurance contributions for a minimum of 12 months before they can claim unemployment benefit – double the current…

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