The business week in Switzerland

The Swiss stock market had its eyes firmly fixed on the franc/euro rate this week, as the European currency edged past the SFr1.61 mark. Swisscom made headlines when it promised to cut interconnection prices along with six rival operators.

The Swiss stock market had its eyes firmly fixed on the franc/euro rate this week, as the European currency edged past the SFr1.61 mark. Swisscom made headlines when it promised to cut interconnection prices along with six rival operators.

Away from the markets, the main business news of the week included:

– Swiss based conglomerate, SIG, announced Thursday that it was cutting 370 jobs, with at least 190 going from its Swiss operations. The group also announced it was selling its arms division.

– The telecommunications giant, Swisscom, reached agreement Wednesday with six rival operators to cut interconnection prices for the year 2000 by 16 to 19 per cent compared to 1999.

– On Friday Swisscom announced it was considering the sale of a large amount of property belonging to its Swisscom Immobilien Invest AG subsidiary.

– Basel-based pharmaceuticals group, Roche, announced on Thursday a rise in sales of 12 per cent in 1999, to SFr27.6 billion.

– Bankruptcies in Switzerland fell to the lowest level seen since 1991, with 8,490 firms closing down in 1999, down four per cent compared to 1998, according to a report released Tuesday by Lausanne-based research group Creditreform.