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BAK adjusts economic prediction downwards

This content was published on Sep 16, 2008 BAK economists on Tuesday said they now expected growth in 2009 to be around 1.3 per cent versus the 1.6 per cent level forecast in June. A statement said the reason for the lower growth outlook was the deteriorating worldwide economic situation, with Switzerland feeling the effects in particular of low growth in the Eurozone.…

Stock exchange woes hit UBS and Swiss Re hard

This content was published on Sep 16, 2008 The share price of Switzerland’s largest bank had fallen by more than 20 per cent in late afternoon trading to about SFr16 ($14.4) after losing 14.5 per cent in value on Monday. UBS shares have lost more than 65 per cent of their value this year and are down 34 per cent in the past…

Financial failures infect world stock markets

This content was published on Sep 15, 2008 The Swiss Market Index (SMI) rallied at the end of Monday to close down nearly four per cent. Shares in Switzerland’s largest bank, UBS, dropped 15 per cent while Credit Suisse and other banks also dived. Stock markets around the world sank into the red as panic set in about the bankruptcy of US investment…

Making medicines safe for children

This content was published on Sep 15, 2008 Experts from the World Health Organization (WHO), non-governmental organisations, regulatory bodies and the pharmaceutical industry gathered in Bern on Sunday and Monday to discuss how to “make medicines child size”. Children in the developing world are at far greater risk of disease than those in richer countries, but the WHO estimates that even in the…

Ciba announces impending sale to German giant

This content was published on Sep 15, 2008 Shareholders were asked on Monday to accept a SFr50 per share offer at a forthcoming extraordinary general meeting. Chairman Armin Meyer had been facing increasing pressure to step down. Ciba has been struggling to cope with recent increases in raw materials costs, shrinking order books and the emergence of new competitors in Asia and the…

Swiss banks commit to borrowing facility

This content was published on Sep 15, 2008 The two Swiss banks agreed on Sunday to contribute $7 billion each toward the fund. Other contributors include Deutsche Bank, Bank of America, Barclays and Citigroup. Should any bank in the consortium need emergency cash, each member would be permitted to borrow about $23 billion, or one-third of the fund’s total allotment. That figure could…

BASF set to take over Ciba

This content was published on Sep 15, 2008 In a statement on Monday, Ciba’s board of directors recommended that shareholders accept the offer of SFr50 per share, which equates to a premium of 32 per cent above Friday’s closing share price, or a total of SFr6.1 billion ($5.48 billion). A transaction agreement was signed on Sunday, the statement said. “Against the backdrop of…

Swiss pavilion at Expo 2008 hailed success

This content was published on Sep 14, 2008 The Expo 2008 in Zaragoza, which featured the theme of water and sustainable development, ran for three months before it closed its doors on Sunday. At least 390,000 mainly Spanish visitors were attracted by the Swiss pavilion, which included a giant sail and presentations on hydrology and pollution, according to the ministry’s promotion agency, Presence…

Ethicist puts the case for basic income

This content was published on Sep 14, 2008 A switch from the current system that provides welfare aid to the needy would be a radical change for Switzerland – a step that most politicians are unwilling to make. The idea is nothing new: even liberal economists such as Nobel Prize winner Milton Friedman have backed it. All of a country’s inhabitants would get…

Champion cheese chosen

This content was published on Sep 12, 2008 The jury at the Swiss Cheese Awards 2008 chose the gruyere made by Jean-Louis Roch of the village of Charmey from the milk of cows grazing in the mountain pasture of La Théraulaz. “If nine foreigners from seven countries around the world, and nine Swiss from five cantons decide on the Swiss champion, that really…

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BAK adjusts economic prediction downwards

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Stock exchange woes hit UBS and Swiss Re hard

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Financial failures infect world stock markets

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Making medicines safe for children

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Ciba announces impending sale to German giant

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Swiss banks commit to borrowing facility

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BASF set to take over Ciba

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Swiss pavilion at Expo 2008 hailed success

More

Ethicist puts the case for basic income

More

Champion cheese chosen

Popular Stories

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