Banking & Fintech

Mitsubishi moots joint venture with UBS

This content was published on Aug 25, 2000 A Mitsubishi spokesman on Friday said the two firms were considering establishing an investment advisory firm in November. He added that the firm aimed to raise about 100 billion yen ($954 million) in funds to invest in commercial real estate such as shopping centres. Mitsubishi would take a 51 per cent stake in the venture,…

National bank boss rules out interest rate rise

This content was published on Aug 25, 2000 In an interview with Zurich’s Tages Anzeiger newspaper, Meyer said he saw no economic reason to lead a more restrictive monetary policy. “The economic situation in Switzerland is excellent… We have an adequate, durable growth with price stability and full employment,” he said. He added that inflation this year would probably be higher than the…

Migros celebrates 75 years

This content was published on Aug 25, 2000 Duttweiler, the third of five children, was born on August 15, 1888, in Zurich. He is widely accepted as having been a commercial genius, combining bright ideas with a strong sense of social responsibility. It was Duttweiler’s dream to create the most direct sales organisation possible – a bridge between producer and consumer. That dream…

Economic growth puts paid to budget deficit

This content was published on Aug 24, 2000 Speaking on Thursday, Villiger predicted the government will end the year with a surplus, rather than the forecast SFr 1.8 billion ($1.05 billion) deficit. He attributed the improvement in state finances to the strength of the economic recovery. However, he cautioned that the good economic data did not mean the government could afford to cut…

Foreign trade deficit widens in July

This content was published on Aug 24, 2000 The ministry said that while exports rose by 7.7 per cent to SFr10.32 billion, they were more than offset by imports, which jumped 9.6 per cent to SFr10.51 billion. The engineering, electronic and watch industries continued to be the main export earners in July. By contrast, the plastic and chemical industries recorded a below average…

Crossair lands in the red

This content was published on Aug 24, 2000 The Basel-based short-haul carrier on Thursday unveiled a loss of SFr6.1 million ($3.5 million). The company blamed higher fuel prices and a strong dollar. Last year it reported first-half profits of SFr51.1 million before taxes and profit-sharing deductions. In a statement, Crossair said it was cautiously optimistic, but warned that salary rises for pilots were…

Books put St-Pierre-de-Clages on the map

This content was published on Aug 24, 2000 This weekend, everyone from printers to second-hand dealers will be there for the village’s eighth book fair. The book festival is unashamedly modelled on its more famous British counterpart at Hay-on-Wye. But when a few book enthusiasts organised the first event in St-Pierre-de-Clages in 1993, even they were surprised by its success. More than 80…

Sulzer continues upward trend

This content was published on Aug 24, 2000 Orders at the Winterthur-based technology group rose by five per cent to SFr2.9 billion during the same period. Sales were more or less unchanged at SFr2.5 billion. Sulzer chairman, Ueli Roost, said the figures showed the company was “well on course with the ‘Performance’ restructuring programme”. He added that when exceptional items from the previous…

Bribes no longer tax deductible

This content was published on Aug 23, 2000 The government announced on Wednesday that changes to federal laws on direct taxation would come into effect on January 1, 2001. The change will affect both private individuals and companies, which will no longer be to able list bribes among legitimate business expenses. The right has been recognised by law since 1946, but was a…

Switzerland bans uncut diamonds from Sierra Leone

This content was published on Aug 23, 2000 The decision, announced on Wednesday, follows a similar move by the United Nations in July, and is aimed at preventing rebels in the west African country from using gem sales to fund their war against the government. The ban will not apply to stones that have a certificate of origin and have been approved by…

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