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The super rich just get richer

This content was published on Nov 23, 2007 The list of the super rich in the leading Swiss business magazine Bilan was again led by Ikea furniture store owner, Ingvar Kamprad, with a fortune worth an estimated SFr36 billion. According to the survey, up to 120 people or families resident in Switzerland for tax purposes have assets worth at least SFr1 billion. The…

Swiss agriculture benefits from world prices

This content was published on Nov 22, 2007 Presenting its 2007 report on agriculture in Bern, it said that this situation was likely to continue, confirming the appropriateness of Swiss farm policy. The Agriculture Office said that the difference in prices for primary products between Switzerland and the world market had reduced markedly, noting that prices for cereals, milk and butter had soared…

Jobs threatened by SME succession problem

This content was published on Nov 21, 2007 The succession problem particularly affects family-run firms, with about 10,000 SMEs employing 55,000 staff facing closure as a result in the next five years. The report predicts many more will also face stark choices. SMEs are the bedrock of the Swiss economy, making up 99.7 per cent of all Swiss companies and employing more than…

Stock market boom fuels household wealth

This content was published on Nov 21, 2007 Total net assets for households across the country rose SFr93 billion to SFr1,261 billion – fuelled by rising share prices and the performance of pension funds, according to Swiss National Bank (SNB) statistics. Debt, mostly in the form of mortgages, also rose by SFr26 billion to SFr604 billion but this was outstripped by the increase…

Exports turn in a record performance

This content was published on Nov 20, 2007 With imports for the month at SFr17.2 million, Switzerland ran a trade surplus of SFr1.56 billion, slightly narrower than the September surplus. The Swiss watch industry has also reported a “sharp upturn” in the number of watches and movements exported for the month, valued at SFr1.69 billion. It expects a record for the year as…

Soaring executive pay “lacks transparency”

This content was published on Nov 19, 2007 Companies do not reveal the full details of complicated shares and options packages while bosses have too much say in pay awards, according to a report from sustainable investment fund Ethos. The annual survey of the 100 largest Swiss firms found that executives took home an average SFr2.3 million ($2.06 million) in their pay packets…

Air rescue service gears up for winter

This content was published on Nov 19, 2007 More than a quarter of Switzerland’s population are members of Rega, secure in the knowledge that its helicopters can reach the scene of an accident anywhere in the country in 15 minutes. In the second weekend of November Switzerland saw the largest amount of snow to fall at the start of winter for over five…

Major firms seek exemption from greenhouse tax

This content was published on Nov 19, 2007 The levy is part of Switzerland’s commitment to the Kyoto protocol, which aims to reduce greenhouse gases below the levels of 1990. The 970 firms produce up to 3.5 million tonnes of carbon dioxide, which represents about 40 per cent of the annual output of Swiss industry. The requests will be considered from next month…

Aid sent to cyclone-devastated Bangladesh

This content was published on Nov 19, 2007 The aid, valued at just over SFR1 million ($890,000), will go in part to support efforts by the local Red Crescent Society to provide those in need with food packets, drinking water and medicine. The Swiss offer comes in response to an appeal by the Bangladesh Red Crescent Society for $6 million for relief and…

Swiss Re hit by subprime mortgage crisis

This content was published on Nov 19, 2007 The Zurich-based group announced on Monday that it wrote down SFr1.2 billion ($1.1 billion) from credit default swaps designed to provide protection for a client against a fall in the value of a portfolio. Shares in Swiss Re closed down 10.3 per cent at SFr87.55 in trading at the bourse. A detailed review of exposure…

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