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UBS called to court in Madoff-related case

This content was published on Mar 26, 2010 The investors, who lost all their money, accuse the bank of irresponsibility in presenting its Luxalpha fund as relatively safe and failing to mention the Madoff connection. A lawyer representing them said they had good reason to demand compensation after being “deceived” by UBS. They are asking for €100,000 (SFr142.900) each. A first hearing has…

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Trade concerns prevail at wildlife talks

This content was published on Mar 26, 2010 Proposals to help bluefin tuna and sharks such as the hammerhead were rejected, largely owing to lobbying by Japan where bluefin tuna is a sushi speciality. Around 175 countries attended the Convention on International Trade in Endangered Species of Wild Fauna and Flora, which closed in Qatar’s capital on Thursday. The aim was to discuss…

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Optimism returns in watch sector

This content was published on Mar 25, 2010 The fair organisers said 100,700 people from about 100 countries attended the show in the Swiss city. The eight-day fair, which brought together 1,915 exhibitors, was held amid signs that the industry is recovering from the economic crisis. Exports in the Swiss watch sector were down by more than 22 per cent last year, but…

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Franc’s rise against the euro causes concern

This content was published on Mar 25, 2010 Leuthard, who holds Switzerland’s rotating presidency this year, says the franc is “at a quite crucial level”. The euro was trading at a record low of SFr1.4274 ($1.33) on Thursday. Leuthard told reporters in Bern that it was up to the Swiss National Bank to decide whether to intervene to soften the franc. The eurozone…

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Technology group Ruag dips into red

This content was published on Mar 25, 2010 The Bern-based concern said charges of SFr160 million in its aerostructures division were the result of the risky outlook in operations for civil aviation manufacturers, programme delays in major civil aircraft projects and unfavourable price and exchange-rate trends. Sales in 2009 at Ruag, which is wholly owned by the Swiss government, totalled SFr1.7 billion, up…

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Credit Suisse CEO sees 2009 pay leap

This content was published on Mar 25, 2010 Dougan, an American who has been CEO since May 2007, received a basic salary of SFr1.25 million plus bonuses, shares and pension awards of SFr17.7 million, the bank reported on Thursday. The total is almost seven times the compensation Dougan received for 2008. The annual report of Credit Suisse showed that the 13 members of…

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Alstom bosses held on bribe charges

This content was published on Mar 24, 2010 The British Serious Fraud Office (SFO), which announced the arrests on Wednesday, has been working closely with the Swiss federal police. The SFO said in a statement it suspected bribes were paid in order to win contracts overseas and that this had involved associated money laundering and other offences. The three men arrested, who are…

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US court upholds ruling against Credit Suisse

This content was published on Mar 24, 2010 A US district court judge in New York upheld a 2009 arbitration award and cited a “record replete with evidence of Credit Suisse’s fraud”. The bank will have to pay back the unpaid balance totalling around $354 million (SFr375 million) of a $431 million award. “Credit Suisse has grasped unsuccessfully at straws to avoid payment…

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Switzerland ups funding for Haiti

This content was published on Mar 24, 2010 The money, to be used for rebuilding basic infrastructure, rural development and food security comes on top of the SFr55 million donated by the Swiss in the weeks after an earthquake devastated the Caribbean state. Around 220,000 people died and a further 300,000 were injured when a 7.0-magnitude quake occurred on January 12. The foreign…

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Fast track maths course for gifted pupils

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UBS called to court in Madoff-related case

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Trade concerns prevail at wildlife talks

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Optimism returns in watch sector

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Franc’s rise against the euro causes concern

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Technology group Ruag dips into red

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Credit Suisse CEO sees 2009 pay leap

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Alstom bosses held on bribe charges

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US court upholds ruling against Credit Suisse

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Switzerland ups funding for Haiti

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