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Unions win battle but not the war

This content was published on Nov 28, 2002 But critics say they are continuing to see their powerbase eroded and are failing to make inroads in the service industry. Swiss newspapers have made much of the unions’ triumphs, coming at a time of growing industrial action across much of Europe. “The Post Office caves in to the unions,” wrote the “Tribune de Genève”,…

Credit Suisse First Boston writes off big loss

This content was published on Nov 26, 2002 In a statement on Tuesday, the investment bank accused the bankrupt healthcare finance firm of “massive fraud”. CSFB said it currently holds around $258 million worth of bonds issued by affiliates of the finance firm, which filed for bankruptcy last week. It said it would now be writing down those bond holdings to $44 million,…

Richest Swiss is a Swede

This content was published on Nov 26, 2002 The 300 richest Swiss residents have seen their overall fortune shrink by SFr50 billion ($33.6 billion). One of the biggest losers was Martin Ebner. The magazine’s annual ranking of the country’s rich reveals that turbulent stock markets and the recession have seen the balance of power shift considerably. Kamprad, whose business remains a private company,…

Swiss banks face heavy fines

This content was published on Nov 26, 2002 The action follows an investigation by the Securities and Exchange Commission into the activities of Credit Suisse First Boston (CSFB), UBS Warburg and other banks. The Washington Post reported that CFSB had already been notified of a $250 million fine. The Financial Times said UBS Warburg was this week expected to face a fine amounting…

Onion market is Bern’s recipe for success

This content was published on Nov 25, 2002 It is one of the biggest annual markets in Switzerland and the people who bring their colourfully braided onions have spent months preparing for the big day. There are onions disguised as gentlemen in smoking jackets, as alarm clocks, and there are even onion Mickey Mouses. But of the hundreds of market stalls crowded into…

Unemployed face benefits cuts

This content was published on Nov 24, 2002 More than 56 per cent of voters came out in favour of government proposals which are intended to shave SFr415 million ($281 million) from the federal budget. Under the proposals, workers in Switzerland will have to pay insurance contributions for a minimum of 12 months before they can claim unemployment benefit – double the current…

Swiss vote on cutting jobless benefit

This content was published on Nov 24, 2002 Polls by the country’s leading research institute suggest that 55 per cent are in favour. German-speaking cantons supported the initiative; French-speakers were against. The changes, which are intended to slash up to SFr415 million ($281 million) from the federal budget, come at a time of rising unemployment in the country. They have been strongly condemned…

Swiss start-up rides security wave

This content was published on Nov 24, 2002 This expansion comes as demand for new digital video surveillance systems is rising, driving the growth of this four-year-old company. After winning significant surveillance systems contracts at Toronto and Ottawa international airports, VisioWave has now gained an all-important foothold in the vital North American market. The company had already made a name for itself in…

Top Swiss science institute to cut jobs

This content was published on Nov 23, 2002 The Swiss Federal Institute of Technology in Zurich said the jobs would be lost over the course of the next five years. At its annual open day on Saturday, the institute’s president, Olaf Kübler, made an appeal to the Swiss government to make more money available from 2004 to fund research and attract the world’s…

Novartis bucks the trend

This content was published on Nov 23, 2002 The Swiss pharmaceutical firm says its prime motivation is to ensure a foothold in the fast-growing markets in eastern and central Europe. On Thursday, Novartis said it had finalised its deal to take control of Lek after acquiring over 99 per cent of the Slovenian company’s shares. But with many of its rivals selling off…

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