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Paving the way for public transport in cities

This content was published on Mar 17, 2006 Parliament looks set to accept the idea in principle but there is disagreement over what sources can be tapped to finance rail traffic in metropolitan areas. More than two-thirds of the SFr20 billion ($15.3 billion) fund is to be spent on the country’s motorway network. The remainder is to be set aside for public and…

Central bank raises interest rates again

This content was published on Mar 17, 2006 It comes amid healthy predictions for Switzerland’s economic development, which the bank says has become more broad-based. In a move that had been widely expected, the SNB said it had raised the target for its benchmark rate – the three-month Swiss franc London Interbank Offered Rate or Libor – to 1.25 per cent from one…

Kuoni loss turns out not as heavy as feared

This content was published on Mar 16, 2006 The result at Switzerland’s largest travel concern was better than analysts had hoped for, with sales exceeding market expectations. The share price rose by seven per cent in early trading in Zurich on Thursday to SFr605 from SFr565.5 at Wednesday’s close but ended the day at SFr568, up 0.44 per cent. The company said on…

Central bank raises key interest rate

This content was published on Mar 16, 2006 In a widely expected move, the bank announced on Thursday that its interest rate target band would go up to 0.50-1.50 per cent from 0.25-1.25 per cent – the first change in more than a year. “The moderate increase in the interest rate is compatible with our strategy of making gradual corrections to a very…

Water issues trickle down to local level

This content was published on Mar 16, 2006 The Swiss Agency for Development and Cooperation (SDC) has also welcomed the World Water Forum’s emphasis on local action in water policy. The 4th World Water Forum, jointly organised by the World Water Council and the Mexican authorities, gathers around 130 government ministers, as well as representatives from international agencies, local authorities, non-governmental organisations and…

Rail service normalises after bomb threat

This content was published on Mar 15, 2006 Police cordoned off a commuter station in the city centre and ordered the stoppage of seven rail lines after receiving a bomb threat. The police said they received an anonymous fax containing the threat shortly before 3pm, and soon afterwards received a report of a man acting suspiciously at Stadelhofen station. The suspect was seen…

Bomb threat leads to rail delays in Zurich

This content was published on Mar 15, 2006 Services on seven commuter lines were stopped for nearly three hours on late Wednesday afternoon and early evening, as police searched a train tunnel for a bomb. The police said they received a bomb threat by fax shortly before 3pm, and shortly afterwards received a report of a man acting suspiciously at Stadelhofen station. The…

Bomb threat leads to rail delays in Zurich

This content was published on Mar 15, 2006 The police said a suspicious looking man with a backpack was seen exiting the rail tunnel at the Stadelhofen station. The man has disappeared without a trace. According to the police, the man was spotted shortly after the Federal Railways received a written message saying a bomb had been placed at the station. “The station…

Converium returns to profit

This content was published on Mar 15, 2006 Although the result was hit by heavy claims from hurricanes in the United States and the costs of an accounting review, it was still better than analysts had expected. The group is still recovering from a heavy loss in 2004 when it discovered a $500-million hole in claims reserves. Converium teetered on the brink of…

UBS brings Islamic banking into the fold

This content was published on Mar 14, 2006 The bank said on Tuesday that services offered by its Noriba subsidiary in Bahrain would be transferred to its wealth management and investment banking divisions at the end of the year. UBS said its clients preferred to deal directly with the bank itself rather than its Noriba subsidiary, which was set up in 2002 specifically…

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