Archive – Banking & Fintech

OECD defuses tax row with Switzerland

This content was published on Jan 28, 2004 At a two-day meeting in Paris, Swiss negotiators agreed to give foreign tax authorities more access to information about Swiss-based holding companies. The issue was one of three points of disagreement between Bern and the OECD, which had threatened to blacklist Switzerland as a country that supports “potentially harmful tax practices”. The Swiss government had…

Poorer families squeezed by rising health costs

This content was published on Jan 27, 2004 Traditionally, the cantons provide income-linked support to people who have difficulty paying their premiums. But in many regions the funds available for these subsidies have not kept pace with the rise in insurance costs. Across Switzerland, health insurance premiums have risen by an average of 4.3 per cent this year, but in many cantons low-income…

Nestlé promotes good nutrition and health

This content was published on Jan 27, 2004 The inauguration of the centre in Singen was an opportunity for company CEO Peter Brabeck to stress that Nestlé was moving further into nutrition and “wellness”. “Nestlé is about to move away from its traditional role as a converter of agricultural raw materials to become in future a ‘health, nutrition and wellness’ company, in line…

Light at end of tunnel for subterranean station

This content was published on Jan 27, 2004 The federal government would have to fund the project located at Sedrun in canton Graubünden. The “Porta Alpina” would be in the new trans-alpine Gotthard Base Tunnel linking Zurich and Milan, and provide a gateway to the Alps. The project was submitted by two entrepreneurs, and still needs federal approval. “This is something the world…

Swiss get fired up over pan promotion

This content was published on Jan 27, 2004 More than three million pans have been bought at knockdown prices by customers across the country, who have to collect points to get a reduction. To get one pan at a reduced price, the customer has to collect 30 points – with one point for each SFr10 ($8) he or she spends in Coop. This…

Swiss vintners go in search of new palates

This content was published on Jan 25, 2004 In 2003, Switzerland exported 1.5 million litres of wine – a mere drop in the ocean alongside imports of more than 160 million litres. “For our export activities we are trying to focus on a few markets that are important, namely Germany and the Benelux countries,” Jürg Bussmann, director of the Swiss Wine Association (SWA),…

Holcim moves to strengthen position in Mexico

This content was published on Jan 23, 2004 Holcim said on Friday that it wanted to “tie” the Mexican company more tightly into the group. No details have been given on how much Holcim would raise or when the capital increase would take place, but the company said that the extra cash would provide enough equity to “maintain its financial profile”. Holcim is…

Deiss defends trade talks in Davos

This content was published on Jan 23, 2004 Non-governmental organisations have strongly criticised Friday’s meeting in Davos, fearing it will only defend the interests of industrialised nations. Negotiations stumbled last year at a meeting of the World Trade Organization in Cancun, Mexico, over the issue of agricultural subsidies to farmers in Europe and the United States. “We think it’s a good opportunity for…

Rightwing forces vote on maternity leave

This content was published on Jan 22, 2004 On Thursday the rightwing Swiss People’s Party handed in a petition with just over 72,000 signatures, 22,000 more than needed to challenge a new law. The proposed new law would give gainfully employed mothers 14 weeks of paid leave based on 80 per cent of their salary. Liliane Andrey, a campaigner for statutory maternity benefit,…

Novartis reports healthy growth

This content was published on Jan 22, 2004 The Basel-based group said it expected to achieve strong earnings in 2004 while continuing investment in new medicines. The results were slightly above analysts’ expectations. The world’s fifth-largest pharmaceutical group said in a statement that the result was driven by a 19 per cent rise in annual sales to $24.9 billion. “[Our sales have] reached…

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