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ABB job cuts send share price into free-fall

This content was published on Jul 28, 2001 Twelve thousand jobs are to go in the next 18 months as the company tries to improve its competitiveness. Two thirds of the cuts will come through redundancies. The announcement saw ABB’s share price fall by a fifth although it clawed back some of the losses later in the week. ABB justified the eight per…

Swissair celebrates split from AOM/Air Liberté

This content was published on Jul 27, 2001 Mario Corti, chief executive of the Swissair Group, which owns a 49.5 per cent stake in the carrier, said he was “delighted that a solution had been found for AOM/Air Liberté”. Corti added that the tribunal’s decision marked the end of the group’s strategy to divest itself of its interests in France. However the conclusion…

Growing number of near misses in Swiss airspace

This content was published on Jul 27, 2001 The Swiss air accident investigation bureau said 51 air incidents were recorded in 2000, confirming a report in the “Blick” newspaper. Of that number, 22 incidents were considered near misses. In a further 14 cases collision was considered possible. In 1999, 11 near collisions were recorded. “We are registering more and more near collisions,” bureau…

EC approves Nestlé acquisition of Ralston

This content was published on Jul 27, 2001 “The Commission gives conditional clearance to the acquisition,” it said in a statement. Nestlé, the world’s biggest food group, agreed to conditions in Italy, Spain and Greece, including the licensing of several pet food brands. The deal cannot yet be closed, however, because it has yet to be approved by the US Federal Trade Commission.…

Profits down at Zurich cantonal bank

This content was published on Jul 27, 2001 In a statement, the bank said that it expected a lower profit for the year as a whole compared with last year. It said that in “difficult market conditions”, profit for the first six months fell by 16.2 per cent to SFr338.3 million ($197.26 million). “At this half-year stage, we do not expect to reach…

Geneva scientists reveal how the spine is created

This content was published on Jul 27, 2001 It’s the first time scientists have been able to demonstrate how the genes concerned build the backbone. The process is the same for all vertebrates, and in humans takes place about three weeks after conception. The research team’s findings, published in the journal “Cell”, reveal that a molecular clock controls the growth of the spine…

Stock Exchange pleased with virt-x launch

This content was published on Jul 27, 2001 At the annual news conference of the exchange in Zurich, management said that it was pleased with the launch in June of virt-x, the first ever pan-European blue chip exchange. Virt-x has come under attack from analysts who have argued that the volume of shares traded has been disappointing. Antoinette Hunziker-Ebneter, head of the SWX…

Economic growth expected to slow

This content was published on Jul 27, 2001 The Business Cycle Research Institute of the Federal Institute of Technology in Zurich said its indicator for June fell to 0.01 points from a revised 0.13 in May. A statement from the Institute on Friday said that the lower reading for the indicator reflected a slight reduction in new orders for the first time in…

Dragons return to Lake Thun

This content was published on Jul 27, 2001 All over the region, shops, museums and transport companies have been gripped by dragon fever. It was the local tourist office that decided to turn the area into a living legend by launching the dragon concept. There are 40 different dragon attractions including a giant dragon boat ferrying passengers across Lake Thun and an unpredictable…

Cisalpino keeps finances on track

This content was published on Jul 27, 2001 The company said in a statement that turnover last year had increased slightly to SFr58.82 million, despite bad weather in January and October which are normally popular travel months. The company runs intercity tilting trains to destinations in Switzerland, Italy and Germany. Cisalpino trains serve Stuttgart-Zurich-Milan, Zurich-Milan-Florence, Geneva-Milan-Venice and Basel-Bern-Milan. Cisalpino, which has its headquarters…

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ABB job cuts send share price into free-fall

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Swissair celebrates split from AOM/Air Liberté

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Growing number of near misses in Swiss airspace

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EC approves Nestlé acquisition of Ralston

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Profits down at Zurich cantonal bank

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Geneva scientists reveal how the spine is created

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Stock Exchange pleased with virt-x launch

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Economic growth expected to slow

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Dragons return to Lake Thun

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Cisalpino keeps finances on track

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