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Global recession is “inevitable”

This content was published on Oct 22, 2008 Switzerland may dodge the worst of the downturn but UBS still expects gross domestic product (GDP) growth to shrink to 0.2 per cent in 2009 from 1.9 per cent this year. The forecast states “recession can no longer be avoided” in the US despite efforts by the government to stimulate the financial sector with an…

Water power

This content was published on Oct 22, 2008 Hydroelectric plant controversy Water is one of Switzerland’s few natural resources. On the Grimsel pass in the central Swiss Alps, the country’s largest hydroelectric plant would like to raise the existing dam by 23 metres to provide more power. But the project has been blocked by a group of environmentalists. (SF/swissinfo)

Franc reaches five-year high against euro

This content was published on Oct 22, 2008 The franc is benefitting from investors seeking safe haven currencies such as the franc, yen and dollar. In August, €1 was worth SFr1.63 but closed on Tuesday at SFr1.53. Switzerland’s export industry considers the SFr1.50 mark as its pain threshold. Below this point, Switzerland’s key economic sector will begin to suffer. During the years of…

“Rational” investors take control of assets

This content was published on Oct 22, 2008 But while more people are opening personal online trading accounts than ever before, most are playing safe with their money rather than attempting to play the markets for short-term profit. Switzerland’s leading online broker, Swissquote, opened 25,000 new accounts last year and expects the same number this year having already attracted more than 100,000 customers.…

Move to blacklist Switzerland as tax haven

This content was published on Oct 21, 2008 The move was made during a conference on financial transparency in Paris on Tuesday, attended by representatives from 17 countries belonging to the Organisation for Economic Co-operation and Development (OECD). Those present agreed that the OECD needed to update its blacklist of “uncooperative” tax havens – currently comprising Liechtenstein, Andorra and Monaco – by mid-2009.…

R&D spending makes strong gains

This content was published on Oct 21, 2008 A statement released on Tuesday by management consultants Booz & Company said surveyed companies allocated 7.9 per cent of total sales for R&D expenditures, up from 7.3 per cent over the previous year. Basel-based pharmaceutical firm Roche led Switzerland’s strong performance, placing 8th and increasing spending by 16 per cent to $6.9 billion. Rival Novartis…

Move to blacklist Switzerland as tax haven

This content was published on Oct 21, 2008 Representatives from 17 countries gathered in Paris on Tuesday for a meeting on transparency and agreed that the Organisation for Economic Co-operation and Development (OECD) needed to update its blacklist of tax havens by mid-2009. Switzerland turned down an invitation to attend the meeting last week. German Finance Minister Peer Steinbrück told a press conference…

HIV rebounds rapidly without drugs

This content was published on Oct 21, 2008 Antiretroviral medication suppressed HIV so well that no traces of it appeared in laboratory tests, researchers said. But scientists Beda Joos and Huldrych Guenthard found that the virus that causes Aids resurfaced with astounding rapidity as soon as patients stopped taking the drugs. That led them to two debateable theories about the virus’s ability to…

Cancer drugs save Roche from weak Tamiflu sales

This content was published on Oct 21, 2008 The Basel-based firm, which reports profit figures for the half year and full year, said sales had risen to SFr11.3 billion ($9.83 billion) from SFr11.12 billion the same time last year. “We again expect a good full-year result and confirm our outlook for 2008,” said Severin Schwan, the company’s chief executive. However, the nine-month total…

Stock exchange closes on positive note

This content was published on Oct 20, 2008 The Swiss Market Index of leading blue chip companies closed at 6,216.46 points, up 1.92 per cent on Friday’s close. The biggest winner of the day was Syngenta whose shares rose by 6.2 per cent to SFr173 ($150.17). Meanwhile banks had varied performances, with Credit Suisse shares rising by 2.89 per cent to SFr49.9 and…

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Internal: Archive

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Global recession is “inevitable”

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Water power

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Franc reaches five-year high against euro

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“Rational” investors take control of assets

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Move to blacklist Switzerland as tax haven

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R&D spending makes strong gains

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Move to blacklist Switzerland as tax haven

More

HIV rebounds rapidly without drugs

More

Cancer drugs save Roche from weak Tamiflu sales

More

Stock exchange closes on positive note

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