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Money laundering trial follows political drama

This content was published on Apr 11, 2011 The federal court in Bellinzona is hearing claims that the Zurich private banker helped French energy group Alstom set up multi-million dollar slush funds to bribe foreign officials. The charges also include bribery, falsifying documents and mismanaging client assets. Holenweger opened his defence by asking for the case to be dropped on the grounds that…

Help wanted in the Swiss finance branch

This content was published on Apr 11, 2011 The number of available jobs has risen by 23 per cent since last year, according to a job index published by finance portal “finews.ch” on Monday. As of the end of March, 4,312 open positions were advertised on the website, which features job listings from 1,400 banks, insurance companies and other finance-related firms. There were…

Strong franc costs Swatch Group SFr150 million

This content was published on Apr 10, 2011 But CEO Nick Hayek says price rises are not the appropriate method of dealing with the currency problem. “We’ve decided to raise prices moderately by four to six per cent in certain countries and with specific brands,” he told the NZZ am Sonntag newspaper, adding that a price spiral would be “counterproductive”. Hayek also said…

Market leaders battle to protect brands

This content was published on Apr 10, 2011 The companies are fighting legal battles on several fronts in an effort to keep their products exclusive. This struggle is a common but unwanted side effect of success in a hyper-competitive market, according to brand consultant Peter Lux. “Brand protection is a growing activity of all companies which have, or believe they have, something to…

Inquiry opens into Sonova share sell-off

This content was published on Apr 8, 2011 Three top managers resigned after the firm admitted mistakes leading up to a profit warning that was preceded by a huge share sell-off. Chairman Andy Rihs denied accusations of insider trading. The prosecutor has already questioned various people about the sale and has asked Sonova to provide documents. The board of directors said it was supporting…

Celebrating the Swiss behind Chevrolet

This content was published on Apr 8, 2011 Louis-Joseph Chevrolet, born in 1878 in the western Swiss town of La Chaux-de-Fonds, was hailed as a brilliant car designer and daredevil racer but he died in relative obscurity and never made a fortune. “Just look at how old it is,” two children perched on their small scooter remark as they look at a Chevrolet…

Economy braces for interest rate rise

This content was published on Apr 8, 2011 Homeowners, investors and exporters are among those awaiting the Swiss central bank’s response, with some observers believing a rise in the cost of lending is overdue. The ECB raised interest rates by 0.25 per cent on Thursday to 1.25 per cent. All eyes in Switzerland are now focused on the three month Libor (London Interbank…

Unemployment drops in March

This content was published on Apr 8, 2011 The State Secretariat for Economic Affairs (Seco) said on Friday 31,127 fewer people claimed unemployment insurance last month than in March 2010. The most significant decrease was registered among young people (15-24 years of age). The rate for this age group was down 9.2 per cent from the previous month and nearly 28 per cent…

Zug and Zurich remain economic magnets

This content was published on Apr 7, 2011 The two cantons rank well ahead of Aargau, while Geneva has bounced back into contention taking fourth position. The most unattractive business locations, according to the study, are cantons Jura, Neuchâtel and Valais. It says that the key factors in Zug’s ranking were its low tax rate, the general level of education of the people…

Sulzer announces major acquisition in Sweden

This content was published on Apr 7, 2011 The Swedish company is a supplier of pumps and related equipment used mainly for wastewater applications. Sulzer said in a statement on Thursday that water and waste water would become one of the group’s key businesses, accounting for about 16 per cent of total sales. The group, perhaps best known in the past for its…

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Money laundering trial follows political drama

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Help wanted in the Swiss finance branch

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Strong franc costs Swatch Group SFr150 million

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Market leaders battle to protect brands

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Inquiry opens into Sonova share sell-off

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Celebrating the Swiss behind Chevrolet

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Economy braces for interest rate rise

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Unemployment drops in March

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Zug and Zurich remain economic magnets

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Sulzer announces major acquisition in Sweden

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