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Government confident despite banking woes

This content was published on Mar 23, 2008 The leading UBS bank says it is considering a request for a fresh capital injection of SFr10 billion ($9.9 billion) as analysts expect additional massive writedowns. Merz told the SonntagsBlick newspaper that a bank’s capital resources must have a certain ratio to its loaned out money. “That is the case with our banks. There is…

Nestlé boss warns against promoting biofuels

This content was published on Mar 23, 2008 Peter Brabeck said planned subsidies for biofuels were irresponsible and immoral and would lead to higher prices for food staples, including maize, soya and wheat. Commodities hedge funds and increasing demand for soil and water could have a disastrous impact on food production, he told the NZZ am Sonntag newspaper. His statement comes in the…

Lufthansa makes Swiss shareholder payout

This content was published on Mar 21, 2008 Those benefiting from the deal include the Swiss government, which receives more than SFr63 million, as well as the big banks UBS and Credit Suisse. They will receive the payment because Lufthansa shares outperformed competitor airlines, said a statement posted on the Swiss company website. The success of Swiss during the three years since it…

Bank accuses traders of intentional misconduct

This content was published on Mar 20, 2008 Last month the bank heralded comparatively solid 2007 results, but a week later had to write off a further $2.85 billion (SFr2.86). It issued a profits warning on Thursday despite reducing this figure slightly. Shares in Switzerland’s second biggest bank initially slid more than ten per cent on the news and ended Thursday more than…

Cargo workers reject call to return to work

This content was published on Mar 20, 2008 On Thursday, the union representing 430 employees at the Swiss Federal Railways Cargo site said its members would not return to work until their positions were guaranteed. Transport Minister Mortiz Leuenberger had pushed for roundtable talks and suggested that the Railway’s controversial decision to close the Bellinzona plant would be revisited. Union leader Gianni Frizzo…

Rail cuts rile trade unions

This content was published on Mar 20, 2008

Protest and politics influence cargo debate

This content was published on Mar 19, 2008 Wednesday’s appeal came as parliament debated the restructuring of the money-losing cargo division of Swiss Federal Railways while thousands of strikers demonstrated outside. “Federal Railways is ready to consider alternatives [to job cuts],” Leuenberger told parliament. Leuenberger added that his ministry would guarantee a fair and open dialogue. A priority now was roundtable talks. Earlier…

Tax hike to bolster disability insurance

This content was published on Mar 19, 2008 The decision to raise VAT by 0.4 per cent from 2010 to 2016 is subject to a nationwide vote. It is expected to result in extra revenue worth SFr1.5 billion ($1.5 billion) annually. VAT is currently at 7.6 per cent while the disability insurance scheme had run up debts of SFr11 billion by the end…

Tax breaks attract foreign holding firms

This content was published on Mar 19, 2008 Numbers leapt 25 per cent last year to more than 20,000, with foreign firms making up a larger proportion. Switzerland is locked in a dispute with the European Commission (EC) over tax breaks awarded to such companies. Credit risk assessment firm Dunn & Bradstreet found that 2,113 holding companies opened up shop in Switzerland in…

State to profit from Swiss Post record income

This content was published on Mar 19, 2008 For the first time, a dividend payment of SFr250 million will be given to the government, Swiss Post announced on releasing its annual figures on Wednesday. Turnover rose by 10.3 per cent to SFr8.71 billion, with operating profit at SFr866 million. Swiss Post said in a statement that the growth had been mainly due to…

Internal: Archive

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Internal: Archive

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Government confident despite banking woes

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Nestlé boss warns against promoting biofuels

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Lufthansa makes Swiss shareholder payout

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Bank accuses traders of intentional misconduct

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Cargo workers reject call to return to work

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Rail cuts rile trade unions

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Protest and politics influence cargo debate

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Tax hike to bolster disability insurance

More

Tax breaks attract foreign holding firms

More

State to profit from Swiss Post record income

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