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British authorities fine PaineWebber

This content was published on Aug 22, 2001 The Financial Services Authority fined the company £350,000 (SFr840,000) and also ordered it to pay £10,000 in costs. It said the fine was the second biggest ever imposed. The FSA said PaineWebber had been severely reprimanded for failures between January 1, 1998 and December 15, 1999. The period in question was before UBS acquired the…

Profits tumble at Unaxis

This content was published on Aug 22, 2001 The company blamed the result on a SFr100 million goodwill write down for the ailing semiconductor maker, ESEC, in which it has a 57 per cent stake. But the economic slowdown also bit into profits. Unaxis had already warned earlier this year that its annual operating profit would be affected by lack of demand in…

Swiss Re sets up joint credit insurance firm

This content was published on Aug 22, 2001 The deal, announced on Wednesday, will create a new company – Gerling NCM – with a global market share of 25 per cent and expected gross premiums of SFr1.68 billion ($1 billion). Swiss Re, which has a 90 per cent stake in NCM, will receive an undisclosed amount in cash and shares from the transaction…

Performers to stride tightrope, eat fire in Vevey

This content was published on Aug 22, 2001 Performers from around the world have been invited to take part in the festival – now in its ninth year – in the picturesque town on Lake Geneva. The best acts will win the coveted Vevey “cobblestone” award. The golden cobblestone is worth SFr1,000, while the public honours its favourite with a SFr500 prize. The…

CSFB appoints new chief legal officer

This content was published on Aug 21, 2001 Lynch, who has been a partner at Davis Polk & Wardwell, a law firm conducting internal investigations for companies facing scrutiny by the Security and Exchange Commission (SEC), is the second senior lawyer to join the investment bank. Steven Volk, a former partner with US law firm Shearman and Sterling, joined as vice chairman in…

Swiss engineering industry suffers declining orders

This content was published on Aug 21, 2001 The industries’ umbrella organisation, SWISSMEM, said that while orders for this year’s first quarter had shown an “excellent” 10 per cent increase, the second quarter recorded a drop of 20.4 per cent. SWISSMEM said at a news conference in Bern on Tuesday that thanks to a reserve of existing orders, turnover for the first six…

Greenpeace slams Novartis over GM baby food

This content was published on Aug 21, 2001 Greenpeace said it had detected huge amounts of genetically modified soya in Gerber baby food in the Philippines. Gerber is a subsidiary of Novartis. It said tests conducted by an internationally licensed laboratory in Hong Kong had found that between 34 and 66 per cent of the food’s content had been genetically modified. “That’s a…

Ackermann in sights of German investigators

This content was published on Aug 21, 2001 Ackermann is now head of investment banking for Deutsche Bank and was a member of Mannesman’s supervisory board at the time of the takeover. German prosecutors are investigating whether there is enough evidence to proceed with charges after accusations that bonuses paid at the time were intended to influence the course of the takeover battle.…

Tilting trains back in service on Swiss tracks

This content was published on Aug 21, 2001 The railways said 11 of its 23 tilting trains had resumed service on Tuesday and that the remainder would be put back on the tracks on Saturday. “The services resumed as planned and without problems,” said spokesman Christian Kräuchi. The trains were suspended from service last week, following an incident in which various parts fell…

Watch this space…

This content was published on Aug 21, 2001 Feature Preview If the walls could talk, the Bellevue would have stories to tell. Along with the hotel on Wengern Alp, it has seen countless illustrious guests pass through its doors – from Lord Byron, Sir Leslie Stephen and Marx and Engels. The two hotels have been in the same family hands now for five…

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British authorities fine PaineWebber

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Profits tumble at Unaxis

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Swiss Re sets up joint credit insurance firm

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Performers to stride tightrope, eat fire in Vevey

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CSFB appoints new chief legal officer

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Swiss engineering industry suffers declining orders

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Greenpeace slams Novartis over GM baby food

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Ackermann in sights of German investigators

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Tilting trains back in service on Swiss tracks

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Watch this space…

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