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Interest rate cut “not too late”

This content was published on Nov 7, 2008 The SNB slashed rates by 50 basis points on Thursday following a cut of 0.25 per cent last month. The reason given was that the outlook for the global economy had worsened in recent weeks. The SNB once again coordinated its move with the European Central Bank and individual countries. The central bank lowered the…

Stock exchange ends week up

This content was published on Nov 7, 2008 The Swiss Market Index (SMI), which tracks 20 leading blue-chip companies, closed up 1.41 per cent on Friday after fluctuating during the day. The broader indices also rose. The biggest gainer was the high-tech industrial group OC Oerlikon, up 9.3 per cent. Nestlé, the two pharmaceuticals Novartis and Roche, and most insurance companies also did…

Lift manufacturer fined

This content was published on Nov 7, 2008 A total of five lift manufacturers operating in Austria were found guilty of colluding over the allocation of projects, prices and sensitive market information. The secret agreements had operated from the 1980s until 2004. In addition to Lucerne-based Schindler those involved include two companies – Doppelmayr and Haushahn – which have since been taken over…

Unemployment figures rise

This content was published on Nov 7, 2008 The State Secretariat for Economic Affairs (Seco) said on Friday that the number of registered unemployed increased by nearly 4,500 people to more than 100,000. The head of the labour division of Seco, Serge Gaillard, said earlier this week that the figure could rise by 40,000 by the end of 2009, representing an unemployment level…

Road safety reforms spark concern

This content was published on Nov 6, 2008 The plans, announced on Wednesday and sent out for consultation to organisations concerned, include mandatory helmets for cyclists, stricter drink-driving standards and extra training and tests for drivers. Transport Minister Moritz Leuenberger said the aim was to reduce the number of accidents that result in death and serious injury. Some road safety organisations have backed…

Young scientists wanted

This content was published on Nov 6, 2008 Economics Minister Doris Leuthard told a conference of businesspeople and education experts in Basel that despite the importance Switzerland attaches to innovation, it lags behind its main rivals in the number of scientists and engineers it produces. She listed several new measures aimed at closing the gap. These include “project days” designed to arouse children’s…

Central bank cuts interest rate in surprise move

This content was published on Nov 6, 2008 The move on Thursday lowers the three-month target range of the Libor (London Interbank Offered Rate) to 1.5 – 2.5 per cent with immediate effect, with the bank intending to hold the rate in the middle of the target range for the time being. In a statement, the SNB even painted the picture of recession…

Sweet results posted by chocolate maker

This content was published on Nov 6, 2008 The Zurich-based company said on Thursday that net profit for the year that ended on August 31 rose to SFr205 million ($175.5 million). “We continued to see good growth in the first two months of the current fiscal year,” the company said in a statement. The 2007/08 profit for Barry Callebaut was however below the…

Brussels probes leading cement companies

This content was published on Nov 5, 2008 Officials from Brussels raided several major companies’ offices including market leader Lafarge of France, Holcim – the second largest player – and Mexico’s Cemex. Other firms included Germany’s Dyckerhoff and HeidelbergCement. The Commission has reason to believe that the companies concerned may have violated EC Treaty antitrust rules that prohibit cartels and restrictive business practices…

Fresh battle for wealth about to begin

This content was published on Nov 4, 2008 The world’s largest wealth manager, UBS, saw net outflows of nearly SFr50 billion ($43 billion) in the third quarter as rival Credit Suisse and smaller banks saw more money flooding into their coffers. One expert in the fast expanding Asian market believes the shift signals a “day of reckoning” for the private banking sector as…

Internal: Archive

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Internal: Archive

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Interest rate cut “not too late”

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Stock exchange ends week up

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Lift manufacturer fined

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Unemployment figures rise

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Road safety reforms spark concern

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Young scientists wanted

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Central bank cuts interest rate in surprise move

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Sweet results posted by chocolate maker

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Brussels probes leading cement companies

More

Fresh battle for wealth about to begin

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