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EFG private bank to restructure after “missteps”

This content was published on Oct 18, 2011 It will be focusing more on its “profitable” private banking and address underperforming areas, the company said in a statement on Tuesday. This year will see a loss due to restructuring charges of around SFr50 million ($55.4 million). The company said “strengths have been obscured in recent years by various missteps, including investments in non-private…

Swiss unions demand new euro exchange rate

This content was published on Oct 18, 2011 They have suggested an exchange rate target of SFr1.40 to the euro in order to better protect jobs and salaries. “The speculative overvaluation of the franc is a problem for the Swiss economy,” said Unia trade union co-president Renzo Ambrosetti at a media conference in Bern on Tuesday. He noted that in the tourism and…

Mövenpick founder dies

This content was published on Oct 18, 2011 His family published an obituary for his death on Tuesday. The Blick tabloid reported he claimed the secret to his success was being “open to everything”. Prager died in his sleep. Prager started with one restaurant in Zurich in 1948, later opening others in Switzerland before expanding abroad in the 1960s. The first Mövenpick brand…

Roche boosts drug profile with US merger

This content was published on Oct 17, 2011 Basel-based Roche said on Monday that the merger would boost its portfolio of drugs to treat hepatitis C. Anadys has developed an oral drug called Setrobuvir that is currently being trialed for treatment of chronic hepatitis C infections. Roche said it would pay $3.70 per share, a premium of more than 250 per cent on…

Frustration grows at Zurich airport row

This content was published on Oct 16, 2011 Business groups on both sides of the border are beginning to lose patience with the stalemate hampering the airport with “many customers and few friends”. At the end of November in canton Zurich there will be yet another vote over the future of Zurich airport, the country’s biggest which is located at Kloten, just 20…

Swiss Railways pays staff to recruit friends

This content was published on Oct 16, 2011 According to a report in the Sonntag newspaper, employees get the money even if the person they put forward is not taken on. With 28,000 on the pay roll, Swiss Federal Railways is one of the country’s biggest employers. A spokeswoman for the company said the measure was one of the most efficient ways to…

Leuthard pushes global climate solution

This content was published on Oct 14, 2011 The two-day meeting in Nebersdorf, eastern Austria, ended on Friday and laid the groundwork for the United Nations Climate Change Conference 2011, being held in Durban from November 28-December 9. Alongside counterparts from Germany, Austria and Liechtenstein, Leuthard discussed current developments in climate protection, renewable energy, energy efficiency and also nuclear policies. She also said…

Fitch downgrades UBS rating

This content was published on Oct 14, 2011 It said in a statement that its view was that “the one-notch uplift for close affiliation with the Swiss state is no longer warranted”. The ratings agency was reacting to the lessening of state support for the bank, which had been bailed out in 2008. At the end of September this year parliament approved stricter…

British tax office eyes Swiss accounts

This content was published on Oct 13, 2011 HM Revenue and Customs (HMRC) wants to verify that the account holders have declared all earnings. The potentially wayward taxpayers will get a warning letter offering them a last chance to get their affairs in order. The HMRC said on Thursday that it had already started criminal and serious fraud probes into more than 500…

Research shows meerkats use voice recognition

This content was published on Oct 13, 2011 The Zurich University behaviour biologists studied meerkats in the Kalahari desert in Africa for the experiment. Vocal communication is vital for meerkats, who use their calls to warn of approaching predators and to coordinate their activities. Certain primates can recognise sounds but until now it has been unclear whether other mammals living in social groups…

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EFG private bank to restructure after “missteps”

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Swiss unions demand new euro exchange rate

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Mövenpick founder dies

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Roche boosts drug profile with US merger

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Frustration grows at Zurich airport row

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Swiss Railways pays staff to recruit friends

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Leuthard pushes global climate solution

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Fitch downgrades UBS rating

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British tax office eyes Swiss accounts

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Research shows meerkats use voice recognition

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