The business week in Switzerland

A new price war in the telecoms industry, a volatile week on Zurich's financial market, and positive indications of economic recovery marked the last seven days in the business world in Switzerland.

A volatile week on Zurich’s financial market, further indications of economic recovery and a new offensive for customers in the telecommunications industry marked the last seven days in the business world in Switzerland.

– The SMI, the blue chip index on the Swiss stock exchange, lost four per cent of its value when it reopened for business on Tuesday. It continued to shed value on Wednesday before staging a partial recovery later in the week.

– Unemployment fell to its lowest level for seven years. The number of jobless averaged 2.7 per cent in 1999 compared with 3.9 per cent the previous year.

– Retail sales figures rose by four per cent in November year on year, with the food and drinks sector performing particularly well.

-Globus retail group released figures showing a doubling of profits for 1999. Sales breached the 2 billion franc threshold for the first time ever.

– Telecommunications company, Sunrise, launched an aggressive offensive for increased market share, lowering domestic prices and tariffs for international calls.

– Industrial giant, Sulzer, announced its decision to nominate Ueli Roost as its new chairman at its annual general meeting in April.