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SNB maintains cap on euro

This content was published on Mar 15, 2012 The Zurich-based central bank said in its quarterly report on Thursday that it was also keeping its benchmark interest rate at zero. The Swiss franc strengthened after the SNB announcement, recouping losses from Wednesday when it hit a one-month low against the euro and dollar. Although economists had widely expected the SNB to keep the…

Belgium prepares to fly home bus crash victims

This content was published on Mar 15, 2012 Authorities are still trying to determine what happened after a coach returning schoolchildren from a ski trip to St Luc in canton Valais crashed into a tunnel wall on Tuesday night. Three of the 24 children injured are still in a critical condition. The bus slammed head on into a concrete wall inside a tunnel…

Seco becomes more upbeat about 2012

This content was published on Mar 15, 2012 The government’s group of experts said in its spring forecast that the chances of sliding into recession were “improbable”. Instead there was a good chance of the economy regaining momentum as the eurozone’s debt crisis eases and domestic demand remains solid, they predicted. Since the start of the year, leading economic data has shown initial…

More details emerge about tragic bus crash

This content was published on Mar 14, 2012 The cause of the crash, which happened just 20 minutes into the journey and claimed the lives of 22 children returning from a skiing holiday, four teachers and two drivers, is being investigated. The bus crashed head on into a concrete wall inside a tunnel but early indications have ruled out speeding, the investigating prosecutor…

Shock after Valais coach crash leaves 28 dead

This content was published on Mar 14, 2012 The dead and injured were among a Belgian school group returning home after a ski holiday. It is one of the worst accidents in Switzerland in 30 years. Twenty-four children were injured. There were 52 people in the coach. The group comprised two Flemish school parties from Lommel close to the Dutch border, and Heverlee,…

Twenty eight dead in Valais coach crash

This content was published on Mar 14, 2012 The dead and injured were among a Belgian school group returning home after a ski holiday, according to the Valais cantonal authorities. Twenty four children were injured. There were 52 people in the coach. It is one of the worst accidents in Switzerland in the last 30 years. The group comprised two school parties from…

Ackermann to leave Deutsche Bank for Zurich

This content was published on Mar 13, 2012 Ackermann, who is Swiss, is stepping down as CEO of the German bank at the end of May. Zurich will put him forward for the job of chairman after the company’s annual shareholder meeting on March 29. Ackermann was the first foreigner to head Deutsche Bank and over the past decade developed investment banking into…

Novartis awaits cancer drug ruling in India

This content was published on Mar 13, 2012 Advocacy groups have been campaigning against Novartis on the Indian Glivec/Gleevec issue since 2007, accusing the company of “evergreening”, or extending patent terms by making minor changes in existing medicines. The campaigners – including Berne Declaration, Oxfam and Doctors Without Borders/MSF – see this as a test case in which a Novartis victory would weaken…

Rules tightened for SNB board’s own investments

This content was published on Mar 12, 2012 The regulations will be among the most restrictive of their kind at any central bank, the SNB council said. They come in the wake of a controversial foreign currency trade that resulted in the resignation of the former bank chairman Philipp Hildebrand. The central bank had pledged to tighten the rules in January following the…

Rules tightened for SNB board own-accounts

This content was published on Mar 12, 2012 The new regulations are a response to the furore over international financial transactions carried out by the wife of former chairman Philipp Hildebrand. Details of the transactions were made public in January. Although two previous audits of the controversial Hildebrand transactions found no rules had been broken, he was still forced to resign as chairman…

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