Archive – Banking & Fintech

Competition watchdog hounded over “interests”

This content was published on Sep 22, 2006 Walter Stoffel, Comco’s president, acknowledged to swissinfo that the body lacked credibility and needed to be looked at, but said there were strict rules in place to avoid potential conflicts of interest. Concerns over the composition of Comco have circulated for several years but were thrust into the spotlight earlier this year by the Organisation…

Merck deal safeguards Serono’s “Swissness”

This content was published on Sep 21, 2006 The Bertarelli family reportedly dropped negotiations with other suitors when Serono was up for sale earlier this year before deciding to sell its majority 64.5 per cent stake on Thursday. The ailing company hired Goldman Sachs to find a buyer last December only to announce surprisingly four months later that it was looking to expand…

Government set to review duty-free rules

This content was published on Sep 21, 2006 The government, which rejected similar calls for a change to the customs law two years ago, is due to decide on the issue later this month. Undaunted by their previous setback, those in favour of introducing “arrival duty-free” in Switzerland believe they have a better chance second time around. Lobbying by Aerosuisse, the airline industry’s…

Swiss nationals sit out Thailand coup

This content was published on Sep 20, 2006 By its estimates there are around 10,000 Swiss currently in Thailand. The southeast Asian country is a popular choice with sun-seeking Swiss tourists. The Thai military staged the putsch late on Tuesday night as the country’s prime minister was attending the 61st United Nations General Assembly session in New York. Martial law has been imposed…

Nestlé to axe 645 jobs in northern England

This content was published on Sep 20, 2006 The world’s biggest food producer said on Wednesday that part of the old Rowntree York site would be sold off as it could not match the efficiency of its modern factories in Europe. Nestlé said it hoped that half of the job losses would be achieved through voluntary redundancies or early retirement, and added that…

New attempt to fill looming pension fund gap

This content was published on Sep 19, 2006 The plan by the centre-left Social Democrats and the trade unions has been somewhat pushed into the background as the electorate also decides on the controversial tightening of asylum and immigration rules. All but SFr1 billion ($0.8 billion) – which are destined for the cantons – of the central bank’s annual profits are to go…

Andermatt project could create 2,000 jobs

This content was published on Sep 19, 2006 The Uri cantonal government, which presented the Andermatt project to the public on Monday, said the new resort would be beneficial for the local population, environment and economy. The major alpine tourism project is the brainchild of Egyptian billionaire Samih Sawiris, the entrepreneur behind the gigantic El Gouna resort on Egypt’s Red Sea coast. Following…

Swiss support developing nations at IMF

This content was published on Sep 18, 2006 In Monday’s vote, the IMF’s 184 members overwhelmingly voted to correct the under representation of some emerging nations, whose economies are now among the world’s largest. “The reforms are necessary as emerging countries were under-represented,” said Swiss Finance Minister Hans-Rudolf Merz ahead of the joint World Bank/IMF meeting. Merz is attending together with Economics Minister…

Tunnel fire death toll rises

This content was published on Sep 18, 2006 Police in canton Graubünden said one of the two cars incinerated in Saturday’s crash involving a bus had been carrying four, not two passengers as had been previously thought. Another person, who was seriously injured in the accident, also died in hospital on Monday. The collision in the 750-metre-long Viamala tunnel between a car and…

Third Pillar

This content was published on Sep 18, 2006 Old-age insurance and occupation pensions are obligatory. It is also possible to contribute to individual schemes above and beyond them, hence the term Third Pillar. Money saved in them can be deducted from taxes. The maximum annual payment is SFr6,192 for employees and SFr30,960 for the self-employed. The capital is blocked until retirement age is…

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Archive – Banking & Fintech

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Competition watchdog hounded over “interests”

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Merck deal safeguards Serono’s “Swissness”

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Government set to review duty-free rules

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Swiss nationals sit out Thailand coup

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Nestlé to axe 645 jobs in northern England

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New attempt to fill looming pension fund gap

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Andermatt project could create 2,000 jobs

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Swiss support developing nations at IMF

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Tunnel fire death toll rises

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Third Pillar

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