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Franc’s rise against the euro causes concern

This content was published on Mar 25, 2010 Leuthard, who holds Switzerland’s rotating presidency this year, says the franc is “at a quite crucial level”. The euro was trading at a record low of SFr1.4274 ($1.33) on Thursday. Leuthard told reporters in Bern that it was up to the Swiss National Bank to decide whether to intervene to soften the franc. The eurozone…

Technology group Ruag dips into red

This content was published on Mar 25, 2010 The Bern-based concern said charges of SFr160 million in its aerostructures division were the result of the risky outlook in operations for civil aviation manufacturers, programme delays in major civil aircraft projects and unfavourable price and exchange-rate trends. Sales in 2009 at Ruag, which is wholly owned by the Swiss government, totalled SFr1.7 billion, up…

Credit Suisse CEO sees 2009 pay leap

This content was published on Mar 25, 2010 Dougan, an American who has been CEO since May 2007, received a basic salary of SFr1.25 million plus bonuses, shares and pension awards of SFr17.7 million, the bank reported on Thursday. The total is almost seven times the compensation Dougan received for 2008. The annual report of Credit Suisse showed that the 13 members of…

Alstom bosses held on bribe charges

This content was published on Mar 24, 2010 The British Serious Fraud Office (SFO), which announced the arrests on Wednesday, has been working closely with the Swiss federal police. The SFO said in a statement it suspected bribes were paid in order to win contracts overseas and that this had involved associated money laundering and other offences. The three men arrested, who are…

US court upholds ruling against Credit Suisse

This content was published on Mar 24, 2010 A US district court judge in New York upheld a 2009 arbitration award and cited a “record replete with evidence of Credit Suisse’s fraud”. The bank will have to pay back the unpaid balance totalling around $354 million (SFr375 million) of a $431 million award. “Credit Suisse has grasped unsuccessfully at straws to avoid payment…

Switzerland ups funding for Haiti

This content was published on Mar 24, 2010 The money, to be used for rebuilding basic infrastructure, rural development and food security comes on top of the SFr55 million donated by the Swiss in the weeks after an earthquake devastated the Caribbean state. Around 220,000 people died and a further 300,000 were injured when a 7.0-magnitude quake occurred on January 12. The foreign…

Railway upgrades include no fast track

This content was published on Mar 24, 2010 But it is already clear that high-speed trains play no part in Rail 2030 – the name of the new project. A public transport expert at the Federal Institute of Technology in Zurich (ETHZ) has argued, to mix metaphors, that Switzerland should not miss the boat and has put forward the idea of building a…

Publishers begin new chapter in eastern Europe

This content was published on Mar 24, 2010 In a statement, the publishers said each partner would hold 50 per cent of the new company which will employ 4,800 people. Axel Springer will contribute the business of its subsidiaries in Poland, the Czech Republic and Hungary, while Ringier will bring its operations in Serbia, Slovakia, the Czech Republic and Hungary to the joint…

Business lobby urges tough government stance

This content was published on Mar 23, 2010 Switzerland has been under constant attack during the last year over the role that banking secrecy plays with tax evasion. The Swiss have given enough ground and must take the offensive, the Swiss Business Federation said on Tuesday. The tough stance of the business community mirrors a growing impatience with the country’s leaders displayed by…

IMF praises Swiss policy during recession

This content was published on Mar 23, 2010 Claire Waysand, assistant director of the European department of the IMF, praised the Swiss National Bank’s (SNB) moves to increase the money supply and the country’s strong fiscal position. She said in Bern on Tuesday that the economic downturn had hurt Switzerland less than its neighbours thanks to adequate support measures. The IMF still cautioned…

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Franc’s rise against the euro causes concern

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Technology group Ruag dips into red

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Credit Suisse CEO sees 2009 pay leap

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Alstom bosses held on bribe charges

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US court upholds ruling against Credit Suisse

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Switzerland ups funding for Haiti

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Railway upgrades include no fast track

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Publishers begin new chapter in eastern Europe

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Business lobby urges tough government stance

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IMF praises Swiss policy during recession

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