Internal: Archive

“Enronitis” arrives in Switzerland

This content was published on Feb 16, 2002 The affliction refers to the impact of the world’s largest bankruptcy, Enron, and the responsibility big business has not only toward investors and staff but also to society in general. Wednesday’s news that former ABB chief executive officer Percy Barnevik received SFr148 million ($87 million) when he stepped down, and his successor Göran Lindahl received…

Slump delays grand opening of new Zurich terminal

This content was published on Feb 15, 2002 The airport’s board of directors has said construction of a new, 500-metre-long terminal and 27 docking bays would be finished by November, as planned. However, the inauguration and operational use of the so-called dock midfield is to be delayed by 12 to 24 months, the board said. The airport operator, Unique, said the delay was…

Post Office reaches credit deal with UBS

This content was published on Feb 15, 2002 In a statement, the Post Office said the agreement would let it stick to its core activity of payment transactions via post cheques and payment cards, but at the same time offer credit to private and business clients. The state-owned company has more than two million retail clients. From May 2003, UBS will become responsible…

Triumph hits back at critics

This content was published on Feb 15, 2002 Swiss-based Triumph announced at the end of January that it was halting production and laying off 1,000 workers in Myanmar, formerly known as Burma. The announcement came after increasing pressure on the garment manufacturer from unions and non-governmental organisations over the human rights situation in the South-East Asian country. The Geneva-based International Labour Organization, which…

Barnevik leaves Investor over ABB row

This content was published on Feb 15, 2002 Investor’s biggest shareholder, Jacob Wallenberg, said at a news conference on Thursday that he found the level of the payouts paid to Barnevik and to another former ex-ABB CEO, Goran Lindahl, quite undeserved. “We have reached an agreement with Percy Barnevik that he resigns from Investor’s board of directors, effective immediately,” said Wallenberg. The vice-chairman,…

Swiss express fears about healthcare and unemployment

This content was published on Feb 15, 2002 The annual survey, called the “worry poll”, measures the nation’s collective anxieties, and attitudes towards troublesome issues. This year, unemployment has risen to become the nation’s second major concern, up from fifth place last year in the list of issues worrying the Swiss. The concern about unemployment was the most significant change from a year…

Parliament considers probe of corporate pay practices

This content was published on Feb 14, 2002 Pressure is mounting against Switzerland’s corporate culture to make the often-secret salary packages paid to its top managers transparent. A Swiss parliamentary committee is poised to open an inquiry into the politically sensitive issue next month. The committee’s trigger to investigate corporate remuneration hinges on a motion from centre-left Social Democrat parliamentarian Pierre Chiffelle. The…

Schumacher’s Swiss dream home bugs locals

This content was published on Feb 14, 2002 However Schumacher said on Tuesday – through his Swiss lawyer Peter Münch – he was prepared to talk with opponents of his planned multi-million Swiss franc base. Germany’s reigning world champion has called Switzerland home for several years, living with his family in the French-speaking town of Vufflens-de-Château, near Lake Geneva. But last year the…

UBS profit in 2001 falls 36 per cent

This content was published on Feb 14, 2002 The figure defied analysts who had forecast a much worse performance. “I think it is a great set of figures for UBS, about 25 per cent higher than the average forecast,” cantonal bank of Zurich analyst Christoph Ritschard told swissinfo. Net income for the fourth quarter was SFr1.1 billion, higher than expected by most analysts.…

Press hammers former ABB executives

This content was published on Feb 14, 2002 The ABB surprise board announcement on Wednesday that Percy Barnevik and Göran Lindahl of Sweden had received a total of SFr233 million ($137.22 million) has provoked general disgust. It has also fuelled the debate about salaries and benefits to top managers who fail and leave their companies before the end of their contracts with handsome…

Internal: Archive

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Internal: Archive

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“Enronitis” arrives in Switzerland

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Slump delays grand opening of new Zurich terminal

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Post Office reaches credit deal with UBS

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Triumph hits back at critics

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Barnevik leaves Investor over ABB row

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Swiss express fears about healthcare and unemployment

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Parliament considers probe of corporate pay practices

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Schumacher’s Swiss dream home bugs locals

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UBS profit in 2001 falls 36 per cent

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Press hammers former ABB executives

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