Archive – Banking & Fintech

Economist says rate rise will not check growth

This content was published on Dec 15, 2005 The Swiss National Bank (SNB) raised its key interest rate by a quarter of a percentage point – the first change since September 2004. The national bank said it now expects Switzerland’s gross domestic product to grow by just over 1.5 per cent in 2005, with inflation remaining at 1.2 per cent. The forecast compares…

Trade accord signed with South Korea

This content was published on Dec 15, 2005 Deiss said the agreement, which includes Switzerland, would stimulate Swiss competitiveness in the South Korean market. The signing ceremony took place at South Korea’s consulate general in Hong Kong on the sidelines of the World Trade Organization (WTO) ministerial summit. The accord is the fourth that Efta has signed with countries outside Europe and the…

EU tax showdown looms for Swiss

This content was published on Dec 14, 2005 Switzerland has denied allegations outlined in a letter sent by the commission in September that the Swiss tax system violates a 1972 Free Trade Agreement. The letter, sent a day after Switzerland voted to extend its free labour accord to the new European Union member states, questions whether cantons Zug and Schwyz grant unfair advantage…

Credit card pricing set to change

This content was published on Dec 14, 2005 The accord limits fees levied by the card companies on their partner banks and allows stores to offer different prices depending on whether a customer pays in cash or with a card. “This decision will affect all means of payment,” said Walter Stoffel, president of the Swiss Competition Commission. The Credit Suisse, UBS and Corner…

Settlement reached in Swiss Life scandal

This content was published on Dec 14, 2005 The men made a combined profit of SFr11.5 million by investing money in Long Term Strategy (LTS), a firm closely linked to Swiss Life. An inquiry into the secretive fund found serious shortcomings concerning control mechanisms. The settlement announced by Swiss Life on Wednesday is based on the proposal of the Zurich commercial court. In…

Growing economy needs higher interest rates

This content was published on Dec 13, 2005 The announcement comes two days before the Swiss National Bank (SNB) is expected to raise its key interest rate target range to between 0.5 and 1.5 per cent. This is a response to predictions that the country’s gross national product in 2005 would grow by 1.7 per cent. Higher interest rates are essential to combat…

Funding approval elevates world’s longest lift

This content was published on Dec 13, 2005 If completed, there will be nothing like “Porta Alpina” worldwide – the deepest underground station in the middle of the longest railway tunnel, connected to the surface by the longest lift. The opening of the 57km Gotthard base tunnel is still ten years away, but locals in the Surselva, one of the valleys under which…

New air pollution limits introduced

This content was published on Dec 13, 2005 The environment ministry says current legislation should allow targets set out in the international accord to be met by 2012. Switzerland has agreed to cut sulphur emissions by 40 per cent compared with 1990 levels, nitrous oxide (NOx) output by 52 per cent, ammonia emissions by 13 per cent and volatile organic compounds (VOCs) by…

Tough talks on trade expected in Hong Kong

This content was published on Dec 12, 2005 The goal of the 149 nations represented at the meeting, including Switzerland, is to pave the way for the conclusion of the Doha round of trade negotiations by the end of 2006. Analysts say the accord has to be finalised by mid-2007 at the latest, which is when President Bush’s “trade promotion authority” expires. After…

Swiss seek to move beyond agriculture at WTO

This content was published on Dec 12, 2005 But Wasescha refused to make any predictions about the outcome of the World Trade Organization’s (WTO) sixth ministerial conference, which begins on Tuesday. The six-day meeting in Hong Kong is intended to wrap up the so-called “Doha round” of WTO negotiations. These were launched in 2001 in the capital of Qatar to address poor nations’…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Economist says rate rise will not check growth

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Trade accord signed with South Korea

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EU tax showdown looms for Swiss

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Credit card pricing set to change

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Settlement reached in Swiss Life scandal

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Growing economy needs higher interest rates

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Funding approval elevates world’s longest lift

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New air pollution limits introduced

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Tough talks on trade expected in Hong Kong

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Swiss seek to move beyond agriculture at WTO

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