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Swiss America’s Cup challenge suffers setback

This content was published on Jul 18, 2001 “We were sailing normally at about 10 knots, when suddenly we heard a cracking noise,” said Jochen Schümann, who was at the helm when the incident occurred. Schümann, the German triple Olympic gold medallist, revealed that the submerged section of the rudder had been lost. As a result, the vessel began to take on water,…

Unaxis ups stake in Nextral unit to 100 per cent

This content was published on Jul 18, 2001 Unaxis-Nextral, which is based in Grenoble, is a provider of deposition and etching systems to the semiconductor industry, particularly in the telecommunications sector and for failure analysis applications. According to a statement by Zurich-based Unaxis, Nextral has tripled its turnover since Unaxis took a majority stake in 1996. With 47 employees Unaxis-Nextral achieved a turnover…

Shares soar at Swissair after Sabena deal

This content was published on Jul 18, 2001 Swissair’s shares started to recover last week after executive chairman, Mario Corti, announced plans to cut costs at the airline. Shares had plummeted over the course of the year as the airline struggled to find a way to recover from last year’s SFr2.9 billion ($1.66 billion) loss. Within the first few minutes of trading on…

Swissair deal with Belgium limits its exposure to Sabena

This content was published on Jul 18, 2001 Under the agreement, announced in Brussels on Tuesday evening, Swissair and the Belgian government are to invest a further €430 million to support the struggling carrier. Swissair, which has a 49.5 per cent stake in Sabena, is to provide 60 per cent of the funding, with the Belgian state – the majority shareholder – making…

Swissair and Belgium resolve dispute over Sabena

This content was published on Jul 18, 2001 The agreement reached on Tuesday cancels Swissair Group’s January commitment to up its stake in Sabena to 85 per cent. However, Swissair Group must take over nine Airbus A319/A320 ordered by Sabena, which are being delivered next year. The new deal allows the Swiss company to maintain its 49.5 per cent stake in the Belgian…

Kuoni sells stake in Austrian company

This content was published on Jul 17, 2001 The sale, which was approved on Monday by Thomas Cook’s board of directors, was made public on Tuesday. Before coming into effect, the sale must first be approved by Austrian and German anti-trust authorities. In a statement released on Tuesday, Kuoni did not indicate what amount had been paid to Thomas Cook. Both companies had…

Nestlé offers to sell off European pet food interests

This content was published on Jul 17, 2001 The Commission recently extended its review of the Swiss firm’s proposed purchase of the US pet food maker. It is due to rule on the deal by July 30. The Commission is concerned that Nestlé’s purchase of Purina would harm competition in the pet food market. Nestlé proposed divesting some businesses in order to meet…

UBS gets into hairdressing

This content was published on Jul 17, 2001 Eugene Perma Group, formed from the combination of France’s Eugene Perma with Spain’s Cosmetica General, owns brand names like Petrole Hahn, Keranove and Cycle Vital. It will offer a full range of hair care products from shampoos and lotions to salon products for colourings and perms. UBS Capital, which takes majority stakes in medium to…

swissinfo launches traffic information service

This content was published on Jul 17, 2001 The new 24-hour telephone service (0900 55 60 55), which comes into operation this summer, is part of swissinfo’s efforts to provide foreign visitors driving in and through Switzerland with instant access to the latest information about the nationwide state of traffic. The traffic information line, to be made available at first only in German,…

Attorney Volk joins CSFB

This content was published on Jul 17, 2001 CSFB, the investment banking arm of Switzerland’s second biggest bank, Credit Suisse Group, now has a staff of 28,000, with much of its growth attributed to last year’s acquisition of US investment bank Donaldson, Lufkin and Jenrette. Mack, a Wall Street veteran who had been president of Morgan Stanley until March, replaced former CSFB head…

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Swiss America’s Cup challenge suffers setback

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Unaxis ups stake in Nextral unit to 100 per cent

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Shares soar at Swissair after Sabena deal

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Swissair deal with Belgium limits its exposure to Sabena

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Swissair and Belgium resolve dispute over Sabena

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Kuoni sells stake in Austrian company

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Nestlé offers to sell off European pet food interests

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UBS gets into hairdressing

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swissinfo launches traffic information service

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Attorney Volk joins CSFB

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