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UBS slashes growth forecast in wake of attacks

This content was published on Sep 26, 2001 The investment-banking arm of Switzerland’s largest bank, UBS, said it expected the Swiss economy to grow by just one per cent next year, compared with its previous forecast of 2.1 per cent. However, it maintained forecast for 2001 at 1.6 per cent. The bank said the already weak US economy “has deteriorated massively” since the…

Villagers in Elm await spectacular “trail of light”

This content was published on Sep 26, 2001 It occurs every year approximately eight days before the start of spring and around eight days after the start of autumn on the astronomical calendar (this autumn at 9:33am on September 30). The piercing of the sun’s rays of “Martin’s Hole”, which nature has carved out of the peak of the Tschingelhorn (2,850 metres high)…

Profits set to fall at Swiss Life

This content was published on Sep 26, 2001 “An estimate of [full year] profit is at present difficult,” Switzerland’s largest life insurer said on Wednesday, citing a “massive deterioration” of equity markets since September 11. Last year’s earnings more than doubled to SFr924 million ($582 million), boosted by extraordinarily large capital gains. Noting that it faced no claims from the attacks in the…

Cultural tolerance can deter violence, interior minister says

This content was published on Sep 26, 2001 Dreifuss was speaking at a two-day symposium organised by the Europa Forum Lucerne. “Cultural diversity is indispensable and we would stand to lose much if packages of universal knowledge were to disappear,” she said. In a reference to the attacks in New York and Washington on September 11, she added: “Under no circumstances should we…

Parliament agrees to fund charity from gold reserve sales

This content was published on Sep 25, 2001 The House of Representatives on Tuesday followed the Senate and approved the proposal to spend a third of the interest on the sale of 1,300 tonnes of excess gold reserves of the National Bank on the Solidarity Foundation. A further one-third of the funds would go towards the state pension scheme and the last third,…

Swissair Group steps up alliance talks

This content was published on Sep 25, 2001 André Dosé, the head of the company’s newly created airlines division, Swiss Air Lines, says the company needs to find a partner quickly. “There need to be very rapid moves in this question,” he said in the interview with the Tages-Anzeiger newspaper. The report says negotiations with the One World Alliance, which includes American Airlines…

Credit Suisse starts Wall Street listing

This content was published on Sep 25, 2001 Credit Suisse’s decision to go ahead with its US listing gives it a slight edge on its German rival, Deutsche Bank, which plans a New York listing next month. No ceremony is to be held to mark the event out of respect for the victims of the September 11 attacks in New York and Washington.…

Credit Suisse unit faces stiff fine in Britain

This content was published on Sep 25, 2001 The Financial Services Authority said in a statement that Winterthur had not provided customers with clear explanations and had not adequately checked its computerised sale system. Winterthur said it regretted the incident relating to the sale of mortgages between March, 1998 and December, 1999. The company said it was reviewing about 10,000 policies bought during…

Sabena talks fail again

This content was published on Sep 25, 2001 Sabena had set a deadline of Sunday afternoon for agreement on the plan aimed at making the company profitable by 2005 but the two sides turned to a state-appointed mediator when no breakthrough emerged. The mediator re-started negotiations on Monday evening but talks ended without a deal early on Tuesday. A spokesman for one of…

Swissair announces restructuring plan and job cuts

This content was published on Sep 24, 2001 The plan unveiled by Swissair’s management on Monday envisages cuts to the group’s long-haul network, as well as the full integration of the regional airline, Crossair, and a reduction of the group’s board from 12 to just six people. The group’s long-haul fleet will be cut by a quarter. The current head of Crossair, André…

Internal: Archive

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UBS slashes growth forecast in wake of attacks

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Villagers in Elm await spectacular “trail of light”

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Profits set to fall at Swiss Life

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Cultural tolerance can deter violence, interior minister says

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Parliament agrees to fund charity from gold reserve sales

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Swissair Group steps up alliance talks

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Credit Suisse starts Wall Street listing

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Credit Suisse unit faces stiff fine in Britain

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Sabena talks fail again

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Swissair announces restructuring plan and job cuts

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