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CSFB sees big third quarter loss

This content was published on Nov 1, 2001 The loss contrasts sharply with results at rival investment firms, which are still making money despite seeing steep profit declines. CSFB, which hired John Mack as chief executive in July, has one of the highest pay scales in the industry and has seen revenues shrink with fewer initial public offerings taking place this year. CSFB’s…

Winterthur close to deal with Prudential

This content was published on Nov 1, 2001 The newspaper says the deal would net the British company SFr1.07 billion ($652.5 million). It’s believed that Winterthur has beaten rival bids from Direct Line, Royal and Sun Alliance and CGNU. Winterthur will take on the responsibility of administering Prudential’s general insurance division and overseeing all its staff. Prudential will continue to underwrite policies and…

New aircraft to play major Swiss role

This content was published on Nov 1, 2001 As media coverage focused on Swissair’s noisy financial collapse and new plans for Crossair, in Brazil, meanwhile, a new aircraft was quietly rolled out that is likely to play a big role in Switzerland. The twin-jet 70-seat Embraer 170 – will be important to the European air transport activities of the new Crossair, and will…

Swissair’s Atraxis sees light at end of runway

This content was published on Oct 31, 2001 Atraxis is one of three Swissair subsidiaries which are in dire financial straits since the collapse of the airline – their main customer – earlier this month. Stefan Laser, a member of the Atraxis executive board said on Wednesday that “very intensive” negotiations were taking place with a final shortlist of two possible buyers. Negotiations…

Government pledges support for poor countries at WTO

This content was published on Oct 31, 2001 An official statement released on Wednesday said the economics minister, Pascal Couchepin, would ask other industrialised countries to support an international organisation aimed at strengthening the position of the poorest nations within the WTO. Couchepin is leading the Swiss delegation participating in the four-day meeting of the WTO in the Gulf state of Qatar due…

Government makes aid to Swissair conditional on subsidiaries’ survival

This content was published on Oct 31, 2001 The government repeated on Wednesday that it would not go beyond paying SFr1 billion ($600 million) towards a SFr4.24 billion package put together last week by Bern and the Swiss business community to launch a new national airline. The comments came in the wake of concerns that three Swissair subsidiaries urgently needed cash injections since…

New study calls Zurich top business location

This content was published on Oct 31, 2001 The report from the Centre for Economic Research in Mannheim compared Zurich’s marginal rates with those in Geneva, Frankfurt, Munich, Stuttgart, Strasburg, Amsterdam and London. Marginal tax rates in Zurich and Geneva are up to two times lower than in other cities surveyed. In the industrial sector the rate is 13.8 per cent in Zurich…

Swiss win silver panning for gold

This content was published on Oct 31, 2001 Five Swiss joined over 300 other gold prospectors from all over the world in the small Victorian town, a historical mining centre not far from Melbourne. Despite their numerical inferiority – the Swedish team had 60 members – the Swiss managed to come second in the pairs’ competition thanks to René Rollier and Werner Marti.…

Annual inflation rate falls again

This content was published on Oct 31, 2001 The Federal Office for Statistics said most of the fall was attributable to lower transport costs with the transport index falling 1.3 per cent. The price of petrol has fallen to its lowest for months. The cost of charter flights and second hand cars also declined. Prescription medicines are also cheaper after the introduction of…

Halloween: a hit in Switzerland?

This content was published on Oct 31, 2001 Ten years ago, Halloween, which falls on October 31, was almost unknown in Switzerland. Now farmers sell thousands of pumpkins, many Swiss dance clubs stage Halloween parties, and stores sell buckets of orange and black candies shaped like witches or ghouls. This year, Switzerland’s giant retailer, Migros, is featuring some 60 Halloween-related items, and serving…

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CSFB sees big third quarter loss

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Winterthur close to deal with Prudential

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New aircraft to play major Swiss role

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Swissair’s Atraxis sees light at end of runway

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Government pledges support for poor countries at WTO

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Government makes aid to Swissair conditional on subsidiaries’ survival

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New study calls Zurich top business location

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Swiss win silver panning for gold

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Annual inflation rate falls again

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Halloween: a hit in Switzerland?

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