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Inflation dips to five-year low

This content was published on Apr 3, 2009 The consumer price index dropped 0.4 per cent in March from last year, the first negative value in half a decade, confirming the Swiss National Bank’s concern that deflation could become a real risk. Experts say a drop in oil prices is the main factor behind the disinflation – a decrease in the rate of…

Crisis hits tourist industry

This content was published on Apr 3, 2009 All tourist regions were affected, according to provisional data released by the Swiss Statistics Office on Friday. In total, hotel guests spent 3.2 million nights in Swiss tourist accommodation in February. British tourists were most conspicuous by their absence; with 21 per cent fewer spending a winter vacation in Switzerland. The city of Zurich –…

First arrest in UBS tax evasion case

This content was published on Apr 3, 2009 Florida officials said on Thursday that it was the first of what could be a series of tax evasion prosecutions of American clients of UBS. The man charged worked for a company in the yacht-building business. He was accused of filing at least one false tax return that failed to disclose he had an account…

Agency scrambles to bolster small exporters

This content was published on Apr 3, 2009 Additional funds will focus on neighbouring markets and niche areas such as renewable energy. Exports, which make up 40 per cent of Swiss gross domestic product, are set to shrink some eight per cent this year. Business Network Switzerland (Osec), a federal agency that supports Swiss exporters, has set up a new range of measures…

G20 leaders agree on global recovery plan

This content was published on Apr 2, 2009 In a clampdown on banking secrecy, countries meeting at a G20 summit in London also agreed to new lists of problem tax havens – one of which includes Switzerland. The Organisation for Economic Co-operation and Development (OECD) divided countries into three list categories of “white”, “grey” and “black”: those who comply with rules on sharing…

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This content was published on Apr 2, 2009

Divided G20 puts on united front

This content was published on Apr 2, 2009 But as the G20 summit drew to a close, host Britain conceded there was still unresolved business. Germany and France are demanding concrete measures on tax havens, hedge funds and markets rather than promises of action. Paris and Berlin, fearing the summit would fall short of the mark on regulation of tax havens, hedge funds…

Swiss Re to cut workforce by ten per cent

This content was published on Apr 2, 2009 The group, which at present employs more than 11,500 people, said the move would allow it to save SFr400 million ($349 million) by the end of next year. The Zurich-based company also said it had appointed Agostino Galvagni as its chief operating officer, beginning May 1. The company replaced its chief executive officer, Jacques Aigrain,…

No clear consensus at G20 summit, warns expert

This content was published on Apr 1, 2009 Cédric Dupont, professor of political science at Geneva’s Graduate Institute, tells swissinfo that consensus is lacking on specific issues and warns a vague final declaration could seriously damage its credibility. Leaders from the world’s 20 biggest economies are due to meet in the British capital on Thursday to discuss how better regulation, help for international…

Financial regulator defends tough decisions

This content was published on Mar 31, 2009 The newly-created Swiss Financial Market Supervisory Authority (Finma) said on Tuesday it had acted swiftly in international comparison to deal with the financial crisis, but admitted it had missed warning signs. The regulator incurred public scepticism earlier this year by approving the release of confidential client data from UBS to the United States authorities and…

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Inflation dips to five-year low

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Crisis hits tourist industry

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First arrest in UBS tax evasion case

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Agency scrambles to bolster small exporters

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G20 leaders agree on global recovery plan

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Transport

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Divided G20 puts on united front

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Swiss Re to cut workforce by ten per cent

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No clear consensus at G20 summit, warns expert

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Financial regulator defends tough decisions

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