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Kuoni warns of lower profits

This content was published on Jul 13, 2001 Concerned traders sold heavily into Kuoni bringing shares on the Swiss Stock Exchange 19 per cent lower within minutes of opening to trade at SFr510. Kuoni shares continued to drop throughout Friday, and were worth Sfr445 at the close of trade. Kuoni said on Friday that it had revised its forecasts downwards because of unfavourable…

Scientists fear health risk from sun creams

This content was published on Jul 12, 2001 Scientists at the University of Zurich have identified chemicals in sun creams, which although filtering out harmful ultra violet (UV) rays actually speed up the growth of cancer cells. Twenty-six different chemicals are used in sun creams to filter out UV rays. By absorbing light, the substances form a protective layer on the skin. Margret…

Switzerland committed to saving Kyoto protocol

This content was published on Jul 12, 2001 Speaking on Thursday, the director of the federal office for the environment, forests and countryside said the situation was “extremely difficult”. “It is ridiculous to think that Switzerland could alter the positions of the USA and Australia,” Roch said. But he added that in conjunction with the European Union and other countries it could bring…

Corti plans massive asset sell-off to reduce debt mountain

This content was published on Jul 12, 2001 In a statement on Thursday, Corti said net debt rose to SFr8.3 billion from SFr6.8 billion in the first three months, before dropping to SFr7.8 billion at the end of June. An audit has shown that Swissair has enough cash to stay airborne. “But the initial findings of this exercise have revealed that the financial…

Corti reveals rescue plan for ailing Swissair

This content was published on Jul 12, 2001 Placing the blame for Swissair’s financial woes clearly on the shoulders of his predecessor, Corti said the company would try to raise as much money as possible from asset sales. He said this would go some way towards shifting the mountain of debt accumulated by its disastrous expansion strategy abroad. He said Swissair would continue…

New management for Credit Suisse First Boston

This content was published on Jul 12, 2001 Wheat will be leaving his job immediately “to pursue other interests”, according to a Credit Suisse Group statement on Thursday. The former CEO had held positions at the group’s investment branch for two decades, overseeing the recent merger with Donaldson, Lufkin & Jenrette. Correspondents point out that Mack is taking over a firm that is…

Swisscom ups stake in Germany’s debitel

This content was published on Jul 12, 2001 A statement on Thursday said the deal was a purely financial transaction and was the fulfilment of the original option agreement made when Swisscom bought a majority stake in debitel in 1999. It added that the close cooperation between debitel and Metro would not be affected by the move. Germany’s debitel which is the largest…

ALSO to cut 230 jobs

This content was published on Jul 12, 2001 The group, a subsidiary of the Schindler elevator and escalator company, said the cuts had to be made following “changes in the IT market” over the past few months which had resulted in low capacity use. A statement from ALSO headquarters in Hergiswil, central Switzerland, said there would also be a reduction of the number…

ABB to shed thousands of jobs around the globe

This content was published on Jul 11, 2001 ABB spokesman Thomas Schmidt told the Swiss News Agency that there would be no redundancies involved in the plan, which is aimed at cutting costs. Schmidt said that several thousand jobs were no longer needed. ABB employed some 160,000 staff at the end of last year, with 8,200 employees in Switzerland. The ABB spokesman said…

OECD report says Swiss economy hit by job losses

This content was published on Jul 11, 2001 The report stated that the relative economic parity that previously existed between Switzerland’s major centres had slipped in favour of Zurich and the city’s surrounding areas. In terms of the distribution of wealth, Zurich was followed by Basel, Lucerne and central Switzerland, with the rest of the country “clearly less fortunate”. The OECD said French-…

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Kuoni warns of lower profits

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Scientists fear health risk from sun creams

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Switzerland committed to saving Kyoto protocol

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Corti plans massive asset sell-off to reduce debt mountain

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Corti reveals rescue plan for ailing Swissair

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New management for Credit Suisse First Boston

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Swisscom ups stake in Germany’s debitel

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ALSO to cut 230 jobs

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ABB to shed thousands of jobs around the globe

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OECD report says Swiss economy hit by job losses

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