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Price war threatens pillar of Swiss industry

This content was published on May 11, 2006 The Swiss retail industry represents an annual SFr75 billion ($61.5 billion) of added value and accounts for every fifth job. It also plays an important social role, says the economics research group BAK Basel Economics. The report was commissioned on behalf of a retailers’ association for the six major Swiss retailers: Migros, Coop, Manor, Denner,…

IMD study shows mixed competitive result

This content was published on May 11, 2006 Although the country does well in terms of its financial system and the stock exchange, economic credibility, infrastructure, comparatively low unemployment and inflation, its low economic growth drags it down. “On the one hand we see that the international economy is performing very well. We have seen this in certain industry sectors like banking and…

Parliamentarians reject Swisscom sale

This content was published on May 10, 2006 Late last year the government made a surprise move to sell its 62.45 per cent stake, a move that would boost the state’s coffers by up to SFr16 billion ($13.12 billion). In the House of Representatives, a slim majority of centre-right Christian Democrats, centre-left Social Democrats and Greens overcame the supporters of the project, the…

CS pays to settle Enron bankruptcy claim

This content was published on May 10, 2006 The amount agreed is in a draft settlement of claims against United States subsidiaries of Switzerland’s second-largest banking group. Under the terms of the settlement with Credit Suisse First Boston and Donaldson Lufkin & Jenrette (DLJ), Enron’s bankruptcy estate will in return allow $92 million in claims from Credit Suisse. CS said in a statement…

Swisscom profit falls as sell-off is debated

This content was published on May 10, 2006 Switzerland’s leading telecommunications company said on Wednesday that its net profit for the first three months of the year was SFr460 million ($377.1 million). This was 11.5 per cent less than for the comparable period last year. Turnover was SFr2.375 billion, down 2.9 per cent. As a result of a share buyback programme last year…

UBS buys Brazilian investment bank

This content was published on May 9, 2006 Switzerland’s largest bank said that Brazil was one of the world’s fastest-growing financial markets and therefore a key focus area in its expansion strategy. The acquisition is subject to regulatory approval, which is expected in the third quarter of this year. UBS will pay $1 billion upfront for the non-listed private partnership and will pay…

Trade unionists share lessons across borders

This content was published on May 8, 2006 Sahra Ryklief is director of South Africa’s Labour Research Service (LRS), an NGO which works to strengthen the collective bargaining capacity of trade unions. Ryklief has just wrapped up a week’s visit to Switzerland at the invitation of Swiss Labour Assistance (SLA), which runs a “Solidarity” programme in South Africa. In a speech on Labour…

Court clears government of BSE failures

This content was published on May 8, 2006 After nine years of legal wrangling, judges said the authorities could not be held liable for the losses, but the farmers said they might take their case to a European court. The ruling, published on Monday, said the Federal Veterinary Office and the Agriculture Office could not be blamed for failing to implement a ban…

Record growth in Swiss cheese consumption

This content was published on May 8, 2006 Cheese consumption was at a record high in 2005, with Italian interloper mozzarella topping the favourites, ahead of Swiss stalwarts Gruyère and raclette. Fondues and cheese seem to be going down a treat in Switzerland with a record rise in cheese consumption recorded last year. In total the Swiss put away 149,991 tons or 19.74kg…

Swisscom’s fate tops the bill at parliament

This content was published on May 8, 2006 The decision in the House of Representatives – the Senate is not meeting – will be a close race with the four main parties evenly divided on the issue. Last November the government announced that it wanted to sell its majority stake in Swisscom. It is currently the major shareholder in the cash-rich company, holding…

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Price war threatens pillar of Swiss industry

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IMD study shows mixed competitive result

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Parliamentarians reject Swisscom sale

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CS pays to settle Enron bankruptcy claim

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Swisscom profit falls as sell-off is debated

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UBS buys Brazilian investment bank

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Trade unionists share lessons across borders

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Court clears government of BSE failures

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Record growth in Swiss cheese consumption

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Swisscom’s fate tops the bill at parliament

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