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Frankfurt keen on closer ties with Swiss bourse

This content was published on Aug 16, 2004 In a newspaper interview, Werner Seifert, a Swiss who has been with the German group since 1993, said he would like to start talks as soon as possible. Seifert stopped short of mentioning the words “merger” or “takeover”, but said that “maintaining the status quo” was not an option. “The SWX is not under immediate…

Swiss consumers are still getting a raw deal

This content was published on Aug 16, 2004 Forty years after the founding of the Consumer Protection Association, its president Simonetta Sommaruga tells swissinfo that Swiss consumers are still paying over the odds. Sommaruga says Switzerland’s reputation as Europe’s “high-price island” is as deserving as ever, thanks to legislation skewed in favour of business, and a reluctance to push companies to offer value…

Chip innovation lures global venture capital

This content was published on Aug 16, 2004 Along with the weather, the venture capital scene warmed up in Switzerland, as investors from around the world backed several Swiss technology semiconductor start-up firms. Announcing additional financing to execute their business plans were Nemerix SA of Manno, Innovative Silicon SA of Lausanne, and Bridgeco AG, based in Zurich. The largest amount of venture capital…

Swatch Group says it’s in the clear

This content was published on Aug 15, 2004 Swatch, the world’s largest watchmaking concern, had denied allegations that it had evaded taxes and import duties. The group said on Saturday that its American lawyers had received a copy of a letter addressed to the two plaintiffs, in which the US Labor Department dismissed the claims. Swatch spokeswoman Béatrice Howald refused to release a…

Swiss kids satisfy taste for booze and drugs

This content was published on Aug 13, 2004 According to a survey of 35 countries, they are the continent’s heaviest dope smokers and among the worst offenders for binge drinking. The European School Survey Project on Alcohol and Other Drugs in Switzerland found that 80 per cent of 15-year-olds drank regularly – despite being underage. More than half of the 16-year-olds questioned said…

Authorities call for tighter airport security

This content was published on Aug 13, 2004 The move comes less than three months after the Federal Office for Civil Aviation (FOCA) discovered serious security lapses at Zurich airport. At the end of May undercover FOCA officials succeeded in smuggling a fake bomb on to a plane by hiding it in a catering container waiting to be transported on board. Similar security…

Swatch stock plunges on tax evasion reports

This content was published on Aug 13, 2004 The Swatch Group, the world’s largest watchmaking concern, has denied the allegations. Analysts said that even though it was far from clear that Swatch had done anything illegal, the mere hint of scandal was enough to scare off investors. The sell-off – shares dropped by 11 per cent during early trading on Friday – came…

Swisscom pays price for debitel deal

This content was published on Aug 13, 2004 Swisscom said the loss-making sale of its 95 per cent stake in the German mobile phone company, debitel, had hit its balance sheet. Core profit fell by 5.6 per cent to SFr2.3 billion, the majority state-owned company said in a statement on Friday. Swisscom chief executive Jens Alder described the figures as satisfactory, adding that…

Switzerland deals crushing blow to counterfeiters

This content was published on Aug 11, 2004 According to officials, the production and sale of copies are taking a heavy financial toll on both the Swiss economy and the country’s influential watch industry. “Counterfeiting is one of the major problems we face,” admitted Jean-Daniel Pasche, president of the Federation of the Swiss Watch Industry. Economic impact “We estimate that the cost in…

Hardworking Swiss pay through the nose

This content was published on Aug 11, 2004 A government study also showed that the Swiss are Europe’s biggest earners, but their buying power is limited by the high cost of living. Although the Swiss take home more money than any of their European counterparts, they are ranked only seventh in terms of purchasing power. The international labour market comparison, which was released…

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