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More trouble brewing for SAirGroup

This content was published on Apr 20, 2001 Honegger resigned from the board shortly before the Swiss airline group posted record SFr2.9 billion ($1.65 billion) losses at the beginning of this month. But according to the German language weekly, Weltwoche, Honegger is demanding that the company honour a new contract, signed in December last year. The contract is said to entitle Honegger to…

Media giants throw lifeline to bankrupt sports promoter

This content was published on Apr 20, 2001 The German edition of the Financial Times said on Friday that a deal had been struck between the ISMM management and the French company, Vivendi, as well as the Luxembourg-based television company, RTL. If confirmed, the deal would give the media firms access to lucrative licences to market and broadcast sports events. They could also…

The business week in Switzerland

This content was published on Apr 20, 2001 The takeover bid for Sulzer all but failed on Thursday when shareholders rejected a proposal to replace the company’s current board with one proposed by InCentive Capital. At a packed annual general meeting in Sulzer’s hometown of Wintherthur, around 70 per cent of shareholders present decided to back the present chairman, Leonardo Vannotti, and his…

The BEA is no Animal Farm

This content was published on Apr 20, 2001 Switzerland has not been directly affected by the current outbreak foot-and-mouth disease, but as a precaution organisers have banned all cloven-footed animals, such as cattle, sheep and goats from the nine-day event, which this year celebrates its 50th anniversary. The Swiss defence minister, Samuel Schmid – speaking at the opening of the fair – underlined…

Sulzer shares under pressure

This content was published on Apr 20, 2001 Sulzer, whose shareholders effectively rejected a hostile takeover bid from investment group InCentive Capital on Thursday, saw its shares drop more than four per cent at one stage to SFr964. Traders said investors were unwinding speculative positions taken ahead of Thursday’s annual general meeting. Sulzer shareholders also agreed to spin off the group’s stake in…

World music and revolving restaurant in Stans

This content was published on Apr 20, 2001 Stans is hosting a world music festival from April 24 to 29, and a revolving restaurant – the first in central Switzerland – will be opened on top of Mount Stanserhorn on April 28. The English saxophonist, John Surman, performing with a string quartet, will kick off the “Stans Music Days”. Other highlights include Gypsy…

Couchepin attends key bank meeting

This content was published on Apr 20, 2001 The meeting, which lasts from Sunday to Tuesday, will focus on the bank’s continuing role in the transition process in eastern Europe and in the countries of the former Soviet Union. Member states will also examine the capital resources of the bank, as is required every five years. The EBRD, which was created in 1991…

SAirGroup crisis not the only likely headline

This content was published on Apr 20, 2001 The troubled aviation conglomerate, the parent company of Swissair, promised its shareholders a fresh start at the beginning of the month after unveiling losses of almost SFr2.9 billion ($1.7 billion) for last year. The new chairman, Mario Corti, has already announced some measures such as halting subsidies to its French subsidiary, Air Littoral, in a…

Pressure mounts on US to honour Kyoto Protocol

This content was published on Apr 20, 2001 Officials from most of the 41 countries attending the meeting said they intended to press ahead with implementing the Kyoto Protocol, despite President Bush’s rejection of the treaty last month. David Syz, head of the State Secretariat for Economic Affairs (Seco), said the Swiss delegation was aiming to use the meeting to address US concerns…

Energy use reaches record levels

This content was published on Apr 20, 2001 Consumption rose by 2.3 per cent in 2000, after a 3.2 per cent increase the previous year, according to figures released by the energy ministry on Friday. The level of use by industry rose by more than three per cent, reflecting the improvement in the Swiss economy. Population growth also boosted consumption, and the fact…

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