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Economists predict worst recession in 30 years

This content was published on Mar 11, 2009 The consensus forecast from 24 economists, released by the KOF Swiss Economic Institute on Wednesday, predicted a modest 0.4 per cent recovery in 2010. The poll painted a much bleaker picture than one conducted in December. Last year, economists were expecting Switzerland to escape negative growth thanks in large part to strong consumer spending and…

Swiss airline profits lose altitude

This content was published on Mar 11, 2009 The airline reported a 6.5 per cent decline in profits to SFr507 million ($435 million) but a record 13.5 million passengers helped to boost operating income 7.6 per cent to SFr5.3 billion. Swiss warned of weakening demand in the last quarter of 2008, particularly in cargo but also in passenger numbers. The drop-off in freight…

US settlement increases UBS annual loss

This content was published on Mar 11, 2009 The bank’s annual report published on Wednesday listed a net loss for the year of SFr20.9 billion ($17.95 billion), higher than the SFr19.7 billion presented in UBS’s fourth quarter 2008 report on February 10. Certain factors in the interim had affected the overall figures, the bank said in a statement, including an agreement to pay…

Retail decline tipped to dent property market

This content was published on Mar 11, 2009 While the global recession is not expected to hit Switzerland as hard as other countries, it could force some shops to the wall and others to reverse their recent strategy of increasing floor space. Tuesday’s real estate report from Credit Suisse bank predicts the start of a downsizing trend in offices and shops, leading to…

Motor industry gears up for green revolution

This content was published on Mar 10, 2009 Executives are hoping that a new greener fleet of vehicles can open wallets and kick start the stalled motor industry, which is experiencing its worst slump in sales for 35 to 50 years. The drive towards fuel economy, cleaner emissions and new technology is in full display in Geneva. Nearly all stands boast cars with…

Equal pay for women still not a reality

This content was published on Mar 10, 2009 They said March 10 was not a random date. Added to a full year’s salary, it was how long a woman in Switzerland had to work into 2009 until she earned the same amount that her male colleague had by the end of 2008. Men in Switzerland earn 19 per cent more than women. The…

Media raise doubts over UBS salary caps

This content was published on Mar 10, 2009 The House of Representatives on Monday decided to approve a SFr700 million ($604 million) credit package and steps to cap salaries of top managers at the ailing UBS bank. The other parliamentary chamber, the Senate, will discuss the issue on Wednesday. The Bern-based Der Bund newspaper saw the calls by the House to interfere in…

Onshore banking grows as offshore row rumbles

This content was published on Mar 9, 2009 But the strategy of servicing well-heeled clients in their own backyards has as much to do with meeting new demand for services as with fears over the future of offshore banking, an expert believes. Switzerland has been at the centre of a growing international dispute linking banking secrecy and tax evasion. Bank UBS has been…

Stimulus package wins approval

This content was published on Mar 9, 2009 The parliamentary chamber approved the measures, focussing on infrastructure projects, by a large majority – 156 votes to 36 – late on Monday. It is the second large government spending plan since last November when the cabinet released SFr980 million to boost private investment and prevent job cuts. The unemployment rate currently stands at 3.4…

Recession also means unemployment behind bars

This content was published on Mar 9, 2009

Internal: Archive

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Internal: Archive

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Economists predict worst recession in 30 years

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Swiss airline profits lose altitude

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US settlement increases UBS annual loss

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Retail decline tipped to dent property market

More

Motor industry gears up for green revolution

More

Equal pay for women still not a reality

More

Media raise doubts over UBS salary caps

More

Onshore banking grows as offshore row rumbles

More

Stimulus package wins approval

More

Recession also means unemployment behind bars

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