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Moody’s cuts Swissair’s rating

This content was published on Jun 20, 2001 Ratings by agencies such as Moody’s are a key guide for international investors when comparing companies across different sectors and different countries. Moody’s has cut Swissair’s long-term issuer rating from “Baa3” to “Ba3” and the short-term rating from “Prime-3” to “Not-Prime”. Moody’s said in a statement that the move reflected the increased costs that Swissair…

WTO under pressure to defend poor instead of profits

This content was published on Jun 20, 2001 The appeal came ahead of a WTO meeting on Wednesday – its first ever discussion on how the TRIPS agreement, which governs intellectual property rights, affects access to medicines. The meeting in Geneva is a regular session of the WTO council, which oversees the Agreement on Trade-Related Aspects of Intellectual Property Rights, to give TRIPS…

Novartis shares tumble after drug fails to pass muster

This content was published on Jun 19, 2001 The decision by the US Food and Drug Administration (FDA) not to grant marketing approval for Zelnorm, a treatment for irritable bowel syndrome, has fuelled fears that US authorities are taking a more conservative line on drug licensing. There are reports that unless Novartis can mount a successful appeal against the refusal, Zelnorm will not…

New attempt to introduce paid maternity leave

This content was published on Jun 19, 2001 The group representing the four main political parties says the scheme would be funded by contributions from employers and workers’ salaries. All working mothers would be entitled to 14 weeks paid leave. Presenting the project in Bern on Tuesday, the group said it had won the backing of a majority in the House of Representatives…

UBS’s British chief takes up cudgels for banking secrecy

This content was published on Jun 19, 2001 Addressing the British Swiss Chamber of Commerce on Tuesday, Arnold, who is the first foreign head of a major Swiss bank, said banking secrecy could not be abused by criminals, provided proper legislation was in place. “Bank client confidentiality does not afford protection for criminals,” he said. “Through international legal assistance agreements, [Switzerland provides] support…

Swissair scales back aircraft-leasing business

This content was published on Jun 19, 2001 The company said that the planned exit from Flightlease’s third-party business was in line with the group’s strategy to focus on its core business of Swissair and the regional airline, Crossair. The planned measures will enable the Swissair Group during the course of the year to “generate significant cash, strengthen its balance sheet and withdraw…

Reduced working week gets short shrift in parliament

This content was published on Jun 19, 2001 Senators voted overwhelmingly against the proposal, which has already been rejected by the House of Representatives. The initiative, by the Trade Union Federation, called for a gradual reduction in the working week to 36 hours, or a maximum of 1,872 hours annually. Currently, employees in Switzerland work an average of 42 hours per week. Supporters…

Board fails to accept Sabena rescue plan

This content was published on Jun 19, 2001 The strategic plan, put forward by Müller, aims to bring the troubled airline into the black by 2005. Last year, it chalked up losses of more than SFr500 million ($310 million). A four-hour meeting in Brussels with the company’s two main shareholders, the Belgian government, which holds a 50.5 per cent stake, and the Swissair…

Senate approves free trade deal with Mexico

This content was published on Jun 19, 2001 The new bilateral agreement, drawn-up within the framework of the European Free Trade Association (EFTA), ensures that Switzerland will get more access to Mexican markets from July 1, matching the current levels enjoyed by the United States and the European Union. Mexico is Switzerland’s fourth most important trade partner in the Americas, after the United…

Swiss back banking secrecy

This content was published on Jun 18, 2001 Seventy-two per cent said that the country should not yield to international pressure to abolish financial privacy, according to the survey, released on Monday. “Protecting an individual’s financial privacy is a very worthy cause. The Swiss acknowledge its importance and continue to give it their overwhelming support,” said Urs Roth, the association’s chief executive. As…

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Moody’s cuts Swissair’s rating

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WTO under pressure to defend poor instead of profits

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Novartis shares tumble after drug fails to pass muster

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New attempt to introduce paid maternity leave

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UBS’s British chief takes up cudgels for banking secrecy

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Swissair scales back aircraft-leasing business

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Reduced working week gets short shrift in parliament

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Board fails to accept Sabena rescue plan

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Senate approves free trade deal with Mexico

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Swiss back banking secrecy

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