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Swiss Re hit by profits slide

This content was published on Feb 29, 2008 The result nevertheless beat analysts’ expectations and was hailed by the Zurich-based company as the second-best in its 144-year history. Swiss Re said that its key businesses in 2008 had given an “outstanding performance” and that investment activities had developed positively. On Friday morning shares jumped five per cent on the news. But the company’s…

Drivers speed towards diesel fuel

This content was published on Feb 28, 2008 Industry experts say the move towards diesel – which is still more expensive than petrol in Switzerland – is a confirmed trend. But concerns have been raised over its green credentials. Statistics released by the Swiss Oil Association earlier this week showed that sales of petrol fell by one per cent in 2007 from 2006…

Watchdog takes on hospitals and cable TV

This content was published on Feb 28, 2008 Rudolf Strahm said he was successful in 2007 namely by taking action to reduce hospital fees, railway ticket prices and cable television rates. On Thursday Strahm said his office registered 1,312 complaints, about the same as in 2006 and only around 50 shy of the record in 2005. Many complaints concerned high tariffs charged by…

Sulzer engineers growth in 2007

This content was published on Feb 28, 2008 In a statement on Thursday Sulzer said it expected sales and operating income to grow in 2008. Net profit had been expected to rise 24 per cent to SFr274 million, according to the average estimate of eight analysts polled by the Reuters news agency. The company, based in Winterthur, north of Zurich, is active in…

Swiss store seeds in Norway’s Noah’s Ark

This content was published on Feb 28, 2008 Switzerland is among the 100 countries that are sending their seed banks for safekeeping at the $10-million (SFr10.6 million) facility, deep inside an Arctic mountain in the remote archipelago of Svalbard. “Biological diversity is under threat from the forces of nature… and from the actions of man,” Norwegian Prime Minister Jens Stoltenberg said at the…

Ospel under fire but his UBS plans go through

This content was published on Feb 27, 2008 The vote, carried by a large majority at an extraordinary meeting in Basel, came after UBS chairman Marcel Ospel had been given a rough ride over the bank’s losses in the United States subprime crisis. “We believe that this measure is absolutely necessary,” Ospel told the meeting. He described the current financial crisis as possibly…

Norway seed bank

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UBS shareholders turn down special audit

This content was published on Feb 27, 2008 The Ethos investment foundation – one of UBS’ chief critics – claimed it was necessary because UBS had failed in its responsibility to investors. The move was turned down at the meeting in the northern city of Basel by 363,771,934 votes to 314,065,169. UBS chairman Marcel Ospel had argued the bank was already cooperating with…

Foreign guests boost tourist figures

This content was published on Feb 27, 2008 The Federal Statistics Office said the 4.4 per cent increase was mainly due to more foreign tourists – 58 per cent of all stays – the comparatively weak Swiss franc and the favourable economic situation. Germans accounted for the largest number of overnight stays by foreigners, ahead of guests from Britain and the United States,…

More record profits for cement maker Holcim

This content was published on Feb 27, 2008 The Swiss-based company said the Asia-Pacific region had performed strongly with operating results in the area boosted by the first full-year consolidation of India’s Ambuja Cement. Holcim, which sold its subsidiary in South Africa in 2007, said it was confident about meeting its long-term growth target of five per cent thanks to demand in the…

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