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Crisis talks continue on Swissair

This content was published on Nov 2, 2001 However, it warned on Friday that there were still not sufficient guarantees of a solution for the government to release vital cash aid to the ailing former flag carrier. Finance Ministry spokesman, Dieter Leutwyler, said the rump operations of Swissair would not be able to stay airborne for much longer without state aid. “We have…

Wages set to rise despite economic downturn

This content was published on Nov 2, 2001 Wage negotiations at some of Switzerland’s larger companies, including telecommunications operator Swisscom, healthcare giant Roche and retailer Migros, have already resulted in salary increases of between three and four per cent. However, Switzerland’s largest bank, UBS, published a study this week which is more conservative in its outlook. A survey among firms representing 55 per…

Traffic limited on San Bernardino route

This content was published on Nov 2, 2001 The route is carrying much of the traffic that would have used the Gotthard tunnel before its closure last week. Collisions resulting from the heavy traffic have forced the closure of the San Bernadino route twice since a devastating fire gutted the southern end of the Gotthard tunnel – Switzerland’s main north-south axis – on…

Sulzer confident of hitting target

This content was published on Nov 2, 2001 “Our expectations for the current year are fully intact,” chief executive Fred Kindle said in an interview with Swiss newspaper “Der Landbote”. “For the second half, we expect another improvement of operating results in the core business.” He reiterated that Sulzer’s performance would depend in part of the state of the global economy, but said…

Novartis revamps structure of board

This content was published on Nov 2, 2001 Novartis will now have four permanent committees reporting to the board, with each having clear lines of responsibility. The chairman and chief executive, Daniel Vasella, said the move would define “specific responsibilities of our board members and further fulfil out commitment to best practice in global corporate governance in the interests of our shareholders”. The…

Prudential strikes deal with Winterthur

This content was published on Nov 2, 2001 The announcement from Prudential on Friday came as part of the British group’s shake-up of its domestic operations. Under the deal with Winterthur, Prudential will transfer its British general insurance business to Winterthur and the Churchill Group, its British subsidiary. A report in the Financial Times on Thursday said Winterthur had beaten rival bids from…

Crossair makes room for Swissair colleagues

This content was published on Nov 1, 2001 Announcing the new structure on Thursday, Crossair said it would appoint an additional 42 managers, and roughly half of these positions would be filled by Swissair people. Crossair’s boss, André Dosé, who will remain in charge of the new airline, told swissinfo that the process of integrating the two carriers was already in motion with…

New jobs crucial for faltering economy, Annan says

This content was published on Nov 1, 2001 “The impact of September 11 is now reverberating around the world,” Annan told the Global Employment Forum on Thursday. The economic impact of the terrorist attacks has meant the loss of countless jobs, and a heavy financial toll. “Nobody can forecast with precision the economic and social consequences, but we already know that poor economies…

CSFB sees big third quarter loss

This content was published on Nov 1, 2001 The loss contrasts sharply with results at rival investment firms, which are still making money despite seeing steep profit declines. CSFB, which hired John Mack as chief executive in July, has one of the highest pay scales in the industry and has seen revenues shrink with fewer initial public offerings taking place this year. CSFB’s…

Winterthur close to deal with Prudential

This content was published on Nov 1, 2001 The newspaper says the deal would net the British company SFr1.07 billion ($652.5 million). It’s believed that Winterthur has beaten rival bids from Direct Line, Royal and Sun Alliance and CGNU. Winterthur will take on the responsibility of administering Prudential’s general insurance division and overseeing all its staff. Prudential will continue to underwrite policies and…

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Crisis talks continue on Swissair

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Wages set to rise despite economic downturn

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Traffic limited on San Bernardino route

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Sulzer confident of hitting target

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Novartis revamps structure of board

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Prudential strikes deal with Winterthur

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Crossair makes room for Swissair colleagues

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New jobs crucial for faltering economy, Annan says

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CSFB sees big third quarter loss

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Winterthur close to deal with Prudential

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