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Switzerland closes chapter on Abacha funds

This content was published on Nov 2, 2005 Justice ministry spokesman Livio Zanolari said the banks had been ordered to pay the funds to the Basel-based Bank for International Settlements in the past few days. The BIS would then credit the money to the central bank of Nigeria, completing the return of all $730 million found in Switzerland. At the end of September,…

Property market should open for foreigners

This content was published on Nov 2, 2005 The cabinet called on parliament on Wednesday to scrap the so-called Lex Koller legislation, designed to limit the number of foreign residents owning property in the country. In a statement, the cabinet said the legislation was outdated, and scrapping it would boost the economy. The proposal is now subject to a consultation process. Interested parties…

Hurricanes blow Swiss Re off profit target

This content was published on Nov 2, 2005 The world’s second-largest reinsurer said aggregate claims for hurricanes Rita and Wilma alone were expected to be $750 million (SFr964 million). Swiss Re said its growth target for 2005 of ten per cent earnings per share would not now be met. It said it would have to use “equalisation reserves to mitigate part of the…

Test house gets all shook up

This content was published on Nov 2, 2005 The test house – built before earthquake protection standards were introduced – proved to be more resistant to vibrations than expected. We are on the upstairs floor of a typical Swiss house in Monthey, canton Valais. This mountainous area is the most at risk from earthquakes in Switzerland. Nobody lives here anymore. The windows are…

Wind back in Credit Suisse sails

This content was published on Nov 2, 2005 Announcing its results on Wednesday, Switzerland’s second-largest bank said business for both its investment and its private bank sectors had boomed. Credit Suisse was able to take advantage of continued strong growth and confidence in global financial markets, and was able to beat analysts’ forecasts by about SFr400 million. The surprisingly good result follows a…

New weapon to combat salary discrimination

This content was published on Nov 1, 2005 Despite equal pay for equal work being enshrined in the constitution, the Swiss Federation of Trade Unions said there had been little progress over the past 25 years. As part of a new campaign for higher pay for women, launched on Tuesday, the unions unveiled an online pay calculator. The tool takes into account qualifications,…

UBS set to make bumper 2005 net profit

This content was published on Nov 1, 2005 Third-quarter net profit rose by 71 per cent to SFr2.77 billion ($2.15 billion) on higher fees and wealth management, clearly beating market expectations. “We will remain very optimistic about closing what will be an extremely good year for us,” commented UBS chief financial officer Clive Standish in a conference call. Net new money flowing into…

Hunt resumes for oil and gas in Switzerland

This content was published on Nov 1, 2005 But the country’s oil and gas associations have cast doubt on the exercise, saying the country’s deposits are too insignificant to ever be economically viable. London-based Ascent Resources and Swiss Petroleum are targeting previously undeveloped oil and gas discoveries in the western part of the Molasse Basin. Two of the permit areas – one near…

New Swiss airline takes off into stormy skies

This content was published on Nov 1, 2005 Swiss European Air Lines comes into operation on November 1, after being given the green light by the Federal Civil Aviation Office. Swiss – owned by Lufthansa – says the reorganisation saves money, but analyst Sepp Moser believes it is a ruse to outmanoeuvre the German pilots’ union, Cockpit, and former Crossair pilots. Moser also…

Cool, competent, but not necessarily wiser

This content was published on Oct 31, 2005 Respondents said they were prepared to take on new responsibilities, but felt they owed little to society. Few were interested in politics. Titled “Cool, competent and not a bit wiser”, the Swiss Federal Survey of Adolescents by Zurich University asked more than 20,000 people to provide a self-assessment of their abilities in a broad range…

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Switzerland closes chapter on Abacha funds

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Property market should open for foreigners

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Hurricanes blow Swiss Re off profit target

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Test house gets all shook up

More

Wind back in Credit Suisse sails

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New weapon to combat salary discrimination

More

UBS set to make bumper 2005 net profit

More

Hunt resumes for oil and gas in Switzerland

More

New Swiss airline takes off into stormy skies

More

Cool, competent, but not necessarily wiser

Popular Stories

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