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Business Outlook

This content was published on Mar 16, 2001 Corti, the only board member not to resign on March 9, has a tough challenge ahead to turn the company’s fortunes around. The rest of the board is stepping down after taking collective responsibility for mounting losses estimated at SFr2.5 billion in the past year. The jurist and economist from canton Ticino is currently the…

The business week in Switzerland

This content was published on Mar 16, 2001 Following the announcement, shares in the company recovered some of the ground lost in the wake of the board’s mass resignation on March 9. The group is estimated to have lost as much as SFr2.5 billion ($1.5 billion) in the past year. The country’s second biggest financial institution, the Credit Suisse Group, reported brighter figures…

Ticino strives for economic independence

This content was published on Mar 16, 2001 Ticino’s dependence on northern Italy is most apparent in the tourist industry where almost 80 per cent of its employees are Italians, who commute across the border each day. Without the Italian workers, says Ricco Maggi of Ticino’s Institute for Economic Research (IRE), “Ticino’s workforce would be too small to allow the canton to grow…

Swiss firm puts watchmaking in hands of customer

This content was published on Mar 16, 2001 The Swiss Society for Management of Ideas and Innovations in Zurich awarded its Golden Ideas Oscar 2001 to ITS Inter Time Services of Grenchen, the company behind the watch. The idea is the brainchild of ITS managing director, Eric von Schulthess, who in 1998 was looking for new ways of distributing his company’s corporate and…

Gateway to Ticino is cradle of Switzerland

This content was published on Mar 16, 2001 In fact the opening of the Alpine pass in the Middle Ages is one of the key events leading to the creation of the Swiss state, and subsequent efforts to secure control over the trade route explain why Ticino is part of Switzerland. “The foundation of Switzerland is related to the Gotthard road,” says Carlo…

Zurich teams up with Scottish bank

This content was published on Mar 16, 2001 Zurich and the Bank of Scotland will each take a 50 per cent stake in the deal, which was announced on Friday. A statement said the joint venture, which is planned to start operating later this year, would offer bank accounts, personal loans, mortgages and credit cards under the Zurich brand. It also plans to…

Corti named new SAirGroup chairman

This content was published on Mar 16, 2001 In a statement on Friday, SAirGroup said the board had come to the unanimous decision that continuity had to be guaranteed and for that reason it had decided to appoint Corti, who is a member of the board, with immediate effect. It said Corti had also been named chief executive officer and would assume operational…

Swisscom retains connection rights

This content was published on Mar 16, 2001 Last October, the telecommunications regulator ordered Swisscom, the country’s largest telecommunications operator, to “unbundle” its final loop connecting subscribers with providers, known as the “last mile”. ComCom also ordered price cuts of up to 63 per cent on leased lines. Swisscom had appealed to Switzerland’s highest court over the ruling, saying it “disputed that interconnection…

Vontobel axes top names over e-banking failure

This content was published on Mar 16, 2001 Vontobel said in a statement on Thursday that those dismissed were chairman of the board, Jörg Fischer, chief financial officer of the Vontobel group, Walter Kaeser, and Hans-Peter Bachmann, head of Bank Vontobel’s corporate finance department. Vontobel has now cut its previously announced net profit for the year 2000 by SFr100 million ($59 million). The…

Micronas issues warning on performance

This content was published on Mar 15, 2001 It made the forecast after releasing solid figures for last year that showed net profit increasing to SFr64.46 million ($38.21 million). Sales rose to SFr490 million. Net income for the current year is expected to come in at between SFr35 and SFr60 million, A statement said that the current business year would be “significantly more…

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Business Outlook

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The business week in Switzerland

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Ticino strives for economic independence

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Swiss firm puts watchmaking in hands of customer

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Gateway to Ticino is cradle of Switzerland

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Zurich teams up with Scottish bank

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Corti named new SAirGroup chairman

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Swisscom retains connection rights

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Vontobel axes top names over e-banking failure

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Micronas issues warning on performance

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