Internal: Archive

Zurich jumps on Basel bandwagon

This content was published on Jun 20, 2001 Zurich jumps on Basel bandwagon Zurich Financial Services has set up a consulting company called “Zurich IC2” to help banks assess risks for regulatory purposes under new global capital rules. Zurich IC2 is one of a growing number of niche products and services which insurers are providing in response to new rules being drafted by…

Paris court protects AOM/Air Liberté from creditors

This content was published on Jun 20, 2001 The airline filed for protection at the court in the Paris suburb of Creteil last Friday after its two main shareholders, Swissair Group and France’s Marine-Wendel, refused to fork out the money needed to keep the company afloat. The three-month reprieve will allow the group to work on alternative recovery plans, said Serge Monnin, a…

Moody’s cuts Swissair’s rating

This content was published on Jun 20, 2001 Ratings by agencies such as Moody’s are a key guide for international investors when comparing companies across different sectors and different countries. Moody’s has cut Swissair’s long-term issuer rating from “Baa3” to “Ba3” and the short-term rating from “Prime-3” to “Not-Prime”. Moody’s said in a statement that the move reflected the increased costs that Swissair…

WTO under pressure to defend poor instead of profits

This content was published on Jun 20, 2001 The appeal came ahead of a WTO meeting on Wednesday – its first ever discussion on how the TRIPS agreement, which governs intellectual property rights, affects access to medicines. The meeting in Geneva is a regular session of the WTO council, which oversees the Agreement on Trade-Related Aspects of Intellectual Property Rights, to give TRIPS…

Novartis shares tumble after drug fails to pass muster

This content was published on Jun 19, 2001 The decision by the US Food and Drug Administration (FDA) not to grant marketing approval for Zelnorm, a treatment for irritable bowel syndrome, has fuelled fears that US authorities are taking a more conservative line on drug licensing. There are reports that unless Novartis can mount a successful appeal against the refusal, Zelnorm will not…

New attempt to introduce paid maternity leave

This content was published on Jun 19, 2001 The group representing the four main political parties says the scheme would be funded by contributions from employers and workers’ salaries. All working mothers would be entitled to 14 weeks paid leave. Presenting the project in Bern on Tuesday, the group said it had won the backing of a majority in the House of Representatives…

UBS’s British chief takes up cudgels for banking secrecy

This content was published on Jun 19, 2001 Addressing the British Swiss Chamber of Commerce on Tuesday, Arnold, who is the first foreign head of a major Swiss bank, said banking secrecy could not be abused by criminals, provided proper legislation was in place. “Bank client confidentiality does not afford protection for criminals,” he said. “Through international legal assistance agreements, [Switzerland provides] support…

Swissair scales back aircraft-leasing business

This content was published on Jun 19, 2001 The company said that the planned exit from Flightlease’s third-party business was in line with the group’s strategy to focus on its core business of Swissair and the regional airline, Crossair. The planned measures will enable the Swissair Group during the course of the year to “generate significant cash, strengthen its balance sheet and withdraw…

Reduced working week gets short shrift in parliament

This content was published on Jun 19, 2001 Senators voted overwhelmingly against the proposal, which has already been rejected by the House of Representatives. The initiative, by the Trade Union Federation, called for a gradual reduction in the working week to 36 hours, or a maximum of 1,872 hours annually. Currently, employees in Switzerland work an average of 42 hours per week. Supporters…

Board fails to accept Sabena rescue plan

This content was published on Jun 19, 2001 The strategic plan, put forward by Müller, aims to bring the troubled airline into the black by 2005. Last year, it chalked up losses of more than SFr500 million ($310 million). A four-hour meeting in Brussels with the company’s two main shareholders, the Belgian government, which holds a 50.5 per cent stake, and the Swissair…

Internal: Archive

Popular Stories

Most Discussed

Internal: Archive

More

Zurich jumps on Basel bandwagon

More

Paris court protects AOM/Air Liberté from creditors

More

Moody’s cuts Swissair’s rating

More

WTO under pressure to defend poor instead of profits

More

Novartis shares tumble after drug fails to pass muster

More

New attempt to introduce paid maternity leave

More

UBS’s British chief takes up cudgels for banking secrecy

More

Swissair scales back aircraft-leasing business

More

Reduced working week gets short shrift in parliament

More

Board fails to accept Sabena rescue plan

Popular Stories

Most Discussed