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Credit Suisse fined for inadequate client advice

This content was published on Oct 25, 2011 The fine was imposed because in the period from January 2007 to December 2009 the bank failed to explain sufficiently the dangers involved in buying so-called “structured capital at risk products”, or Scarps, the FSA said on Tuesday. During the three year period studied by the FSA, Credit Suisse UK sold about £1.1 billion worth…

Public warned against buying drugs online

This content was published on Oct 25, 2011 Swissmedic – the agency which authorises therapeutic products – has got together with pharmacists and the pharmaceutical industry to raise public awareness of the fact that many of these so-called medicines are counterfeit. The organisers say the composition of many internet medicines does not correspond to what is written on the label. Medicines claiming to…

Novartis announces profit, cuts 2,000 jobs

This content was published on Oct 25, 2011 A further 900 positions will be eliminated in the United States. The news came as Novartis announced its third quarter results on Tuesday, posting a seven per cent increase in net profit and earnings of $2.49 billion (SFr2.19 billion), up from $2.32 billion for the same period last year. Sales grew 18 per cent to…

UBS Q3 results exceed expectations

This content was published on Oct 25, 2011 The Zurich-based banking giant indicated at the beginning of this month that a “modest net profit” was in store for the Q3 results but Tuesday’s figures well exceed analysts’ expectations. In a statement, UBS revealed that the SFr980 million result included the SFr1.849 billion trading income loss “resulting from the unauthorised trading incident” and an…

Strong franc threatens 10,000 jobs, lobby warns

This content was published on Oct 23, 2011 Hans Hess, president of Swissmem – an umbrella group for electrical and mechanical engineering companies – told the SonntagsBlick newspaper: “A reduction of two to three per cent employment is unfortunately realistic. “What that means for our industry in 2012 is a loss of 10,000 jobs. 97 per cent, or 320,000 positions would be retained,”…

Authorities accused of Gotthard tunnel vision

This content was published on Oct 23, 2011 The 17km tunnel is notorious for its congestion and still controversial because it remains a single bore tunnel with just one lane operating in each direction. The situation is expected to worsen when major renovation work begins. The 30th birthday of the Gotthard road link was celebrated a little over a year ago. But the…

Swiss-Greek tax deal dismissed as fig leaf

This content was published on Oct 21, 2011 Greek officials are due in Bern next week to begin negotiations on a treaty that would mirror recent pacts made by Switzerland with Germany and Britain to impose withholding taxes on hidden accounts. The head of the European Union’s Greece task force, Horst Reichenbach, has endorsed the planned deal, saying it would boost the debt-stricken…

Gotthard tunnel safer ten years after inferno

This content was published on Oct 20, 2011 The date was October 24, 2001, the time 9.39am. Inside the Gotthard tunnel, traffic was running smoothly. Suddenly, one kilometre short of the south entrance, a truck veered out of control. “I tried to avoid it, but it just came right at me,” said Italian truck driver Bruno Saba afterwards. When the crash happened, Saba…

Day in court set for UBS trader

This content was published on Oct 20, 2011 The 31-year-old who worked as a director of exchange traded funds at UBS in London, is charged with two counts of fraud dating back to 2008 and two counts of false accounting. He made no application for bail at the City of London magistrates court and will next appear on November 22 at Southwark Crown…

Strong franc forces job cuts at Huber+Suhner

This content was published on Oct 20, 2011 Huber+Suhner said the move to relocate assembly jobs involving a high degree of manual labour would boost its competitiveness, particularly in the euro zone. “As an export-orientated company with important production locations in Switzerland, Huber-Suhner is particularly badly affected by upheavals on the international currency markets,” the company said in a statement on Thursday. The…

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Internal: Archive

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Credit Suisse fined for inadequate client advice

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Public warned against buying drugs online

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Novartis announces profit, cuts 2,000 jobs

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UBS Q3 results exceed expectations

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Strong franc threatens 10,000 jobs, lobby warns

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Authorities accused of Gotthard tunnel vision

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Swiss-Greek tax deal dismissed as fig leaf

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Gotthard tunnel safer ten years after inferno

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Day in court set for UBS trader

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Strong franc forces job cuts at Huber+Suhner

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