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Swissair collapse raises profound questions for boardrooms

This content was published on Dec 1, 2001 When the SAirGroup, as it was known, announced in March that it had suffered its biggest net loss in the company’s history, many people were astounded that things had become so serious. With many of the country’s top executives represented on the board, there was disbelief that none had questioned the empire-building strategy of investing…

Trading error could cost UBS Warburg millions

This content was published on Dec 1, 2001 UBS issued a number of statements in Japan on Friday saying an “enormous error” had been made during the day’s trading. “UBS Warburg in Japan has made a mistake during trading which could cost the company millions,” a stock market employee told reporters. Dentsu advertising agency The mistake was made when UBS workers sold shares…

Crossair pilots tried to abort landing, recorders show

This content was published on Nov 30, 2001 According to the cockpit voice recorder, the captain and commander of the aircraft, Hans Lutz, told air traffic controllers he would try a so-called “go around,” investigators said on Friday. A “go around” would suggest that Lutz had abandoned efforts to land on runway 28. The crash occurred just after the pilot spoke of the…

Freight on railways is a matter of urgency

This content was published on Nov 30, 2001 The ministers were invited by the Swiss president, Moritz Leuenberger, in the wake of October’s disastrous fire in the Gotthard tunnel, which killed 11 people. The exact cause of the fire remains a mystery, but it is known that two trucks in the tunnel were involved in a head-on collision. In Zurich the transport ministers…

Recorders reveal Crossair flight’s last moments

This content was published on Nov 30, 2001 Investigators said on Friday that the pilots were planning to abandon their landing approach shortly before the crash. According to the cockpit voice recorder, the captain and commander of the aircraft, Hans Lutz, told air traffic controllers he would try a so-called “go around”. Following a post mortem examination no traces of alcohol or drugs…

Economic indicator drops further

This content was published on Nov 30, 2001 Economic researchers at the Federal Institute of Technology in Zurich said on Friday that their index was at its lowest point since the end of 1996. The barometer, which indicates how the Swiss economy is expected to perform in six to nine months, fell to minus 1.02 in October from a downwardly revised minus 0.87…

Drivers blow the whistle on their chairman

This content was published on Nov 30, 2001 They say there is a chronic shortage of staff and that Lalive d’Epinay is responsible for the situation. A petition signed by 1,662 drivers was handed in to the Swiss transport minister, Moritz Leuenberger, on Friday calling for Lalive d’Epinay’s replacement. In an interview with the “Tages Anzeiger” newspaper of Zurich, Lalive d’Epinay said he…

Credit Suisse and Bank Linth agree to work together

This content was published on Nov 30, 2001 Under the terms of the accord, Bank Linth, which is anchored in the St Gallen region, is to leave the Regional Bank Association, which has more than 80 members. A statement said Credit Suisse would take an initial five per cent stake in Bank Linth, with an option to increase the stake to 33 per…

Switzerland holds memorial service for Crossair victims

This content was published on Nov 29, 2001 Kaspar Villiger, Switzerland’s finance minister, is representing the government at Basel’s cathedral, joined by diplomatic representatives from the victims’ home countries. These include Germany and the United States. Relatives of the victims formed a large part of the congregation. The service was broadcast live to Zurich, Geneva and Lugano airports. Black boxes Investigators have said…

Foundation to help Swissair workers

This content was published on Nov 29, 2001 The foundation, set up at the instigation of Jean-Luc Nordmann at the state secretariat for economic affairs, will offer aid not only to former employees but also to subcontractors who are struggling because of the collapse. A further aim of the foundation is to prevent those with financial problems from having to ask for state…

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Swissair collapse raises profound questions for boardrooms

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Trading error could cost UBS Warburg millions

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Crossair pilots tried to abort landing, recorders show

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Freight on railways is a matter of urgency

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Recorders reveal Crossair flight’s last moments

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Economic indicator drops further

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Drivers blow the whistle on their chairman

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Credit Suisse and Bank Linth agree to work together

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Switzerland holds memorial service for Crossair victims

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Foundation to help Swissair workers

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