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Swissair puts revenue loss at SFr65 million

This content was published on Sep 20, 2001 Swissair is now operating a full schedule to all destinations in the United States after last week’s attacks but overall passenger numbers are expected to be lower than usual. “Our best current estimate of this impact is in the range of 10 to 15 per cent on North Atlantic routes and 10 per cent on…

Swiss Re fears larger than expected impact from US attacks

This content was published on Sep 20, 2001 A company statement added that it was still undecided how and to what extent large loss reserves would be used to cover the amount. The estimate corresponds to around two thirds of the firm’s annual profit last year. It noted that it has reserves of about SFr2.5 billion to absorb such large losses. Swiss Re’s…

Swiss franc reaches 20-month high

This content was published on Sep 20, 2001 The dollar started its slump as US stocks tumbled on Wall Street and key companies warned about weaker earnings. “Stocks are definitely fuelling the move lower in the dollar,” said Hugh Walsh, vice president of Fortis in New York. “The dollar and the euro came off after the US stock market disappointed. Now we will…

Swiss join worldwide probes at stock exchanges

This content was published on Sep 19, 2001 Regulators from 10 to 12 countries are trying to establish if trading took place with prior knowledge of the attacks, by analysing trading patterns leading up to last Tuesday. “We don’t have any evidence, only the public speculation,” said Urs Zulauf, chief legal expert of the Swiss Federal Banking Commission. “But the matter is serious…

Computer worm “Nimda” hits Swiss postal site

This content was published on Sep 19, 2001 Because of the virus, services normally offered on the Swiss Post’s financial portal, Yellowworld, were unavailable, said spokesman Alex Josty. The system was disconnected to protect the security of the post office’s clients. Because of the infiltration of the worm, which reproduces rapidly, Swiss Post clients have been unable to make payments over the Internet…

Gene therapy treats muscular dystrophy in mice

This content was published on Sep 19, 2001 The researchers, led by Markus Ruegg, associate professor at Basel University’s Biozentrum, engineered a miniature form of the muscle protein, agrin, to make up for the lack of another muscle protein. Replacing a disease-causing molecule with another is a procedure that has already been performed in animals with muscular dystrophies. What the Basel team has…

Government lowers growth forecast

This content was published on Sep 19, 2001 The State Secretariat for Economic Affairs said the economy should keep running at a good capacity but added that the international slowdown and higher oil prices would weigh on its performance. The office expects a slight recovery in the economic situation in 2002 and anticipates a growth rate of two per cent. The department said…

NYSE stabilises after Monday’s fall

This content was published on Sep 18, 2001 However the downturn paled in comparison to Monday’s dramatic falls when shares plunged 7.1 per cent in the Dow’s biggest-ever points loss. Earlier European share prices slumped as another round of interest rate cuts failed to ease concerns over the prospects of military strikes against Afghanistan’s ruling Taliban. The Bank of England cut rates by…

Government may help Swissair if US aids airlines

This content was published on Sep 18, 2001 Couchepin said any move by Washington to pump cash into US airlines would likely lead to other countries following suit. “If the United States, which was the first to liberalise air traffic, were to officially support its airline companies, I imagine that it would be very difficult for the rest of the world to argue…

Banks react to new global risks

This content was published on Sep 18, 2001 The banks have been taking stock in view of heightened global risks, and an increased concern over the possibility of recession. The central bank in Zurich lowered the target range for the three-month London InterBank Offering Rate (Libor) to 2.25-3.25 per cent, in line with interest rate cuts in the United States and elsewhere in…

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Swissair puts revenue loss at SFr65 million

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Swiss Re fears larger than expected impact from US attacks

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Swiss franc reaches 20-month high

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Swiss join worldwide probes at stock exchanges

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Computer worm “Nimda” hits Swiss postal site

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Gene therapy treats muscular dystrophy in mice

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Government lowers growth forecast

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NYSE stabilises after Monday’s fall

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Government may help Swissair if US aids airlines

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Banks react to new global risks

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