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Swiss franc to leave gold standard in May

This content was published on Apr 12, 2000 The Swiss government is putting a new currency law into force at the beginning of May. This formally severs the long-standing link between the Swiss franc and the gold standard. It will permit the national bank to re-evaluate its gold reserves, and allow the envisaged sell-off of half of the country’s 2,600 tonne bullion reserve.…

Good outlook for housing market

This content was published on Apr 12, 2000 The Swiss real estate sector has recovered from its nadir of the 1990s, according to a report from the Economic Research Department of Credit Suisse. The 1990s real estate crisis was rooted in the boom years of the previous decade when the economic feel-good factor caused an over-production of commercial property. This led to a…

Novartis reports big increase in sales

This content was published on Apr 12, 2000 The health care group, Novartis, has reported an impressive increase in first quarter sales and says that should ensure higher operating income for the year 2000. First quarter sales were up 17 per cent to SFr9.34 billion. Pharmaceutical sales rose 18 per cent to just over SFr4 billion and the group said it was seeing…

OECD committee calls for more bank information for tax purposes

This content was published on Apr 12, 2000 A committee of the Organisation for Economic Co-operation and Development has recommended that all member countries should permit tax authorities to have access to bank information, directly or indirectly. The report, published in Paris, encourages such information so that tax authorities can fully gather taxes and exchange information. There had been speculation that the report…

Geneva turns into magnet for gadgets

This content was published on Apr 11, 2000 The world’s most important inventions fair has opened in Geneva, with nearly 700 exhibitors from over 40 countries showing off the gadgets that you won’t be able to live without in five year’s time. The International Exhibition of Inventions, New Techniques and Products, to give it its full title, is now in its 28th year.…

Name that tune on the hop

This content was published on Apr 11, 2000 A small Swiss firm has solved the problem of identifying songs on the radio for people on the move, particularly youngsters. The Minick company, based near Zurich, has devised a system called “mobileSound” which uses the mobile telephone to relay short messages (SMS) to and from radio stations. You can even order music this way.…

Ascom makes 40 per cent profit

This content was published on Apr 11, 2000 The Swiss technology group, Ascom, increased its profits by nearly 40 per cent last year. Net profits rose to SFr90 million. Due to the good performance, the company announced it would increase dividends to shareholders to eight per cent. Ascom said its e-commerce business through the Internet made up for nearly a quarter of its…

Parliamentarians come up with new proposal to preserve old age pension scheme

This content was published on Apr 11, 2000 A group of mainly Social Democratic members of parliament want to use the interest from National Bank monetary reserves to top-up the federal old age pension scheme. The current scheme, which is paid for 50-50 by contributions from employers and employees, gives subsistence-level pensions to the retired. It is the mainstay of the welfare system…

Swiss banking secrecy under the microscope in new OECD report

This content was published on Apr 11, 2000 Business analysts are awaiting the release of an international report today which places banking secrecy and information laws under the spotlight. Several countries, including Switzerland, are expected to be scrutinised. The report by the Paris-based Organisation for Economic Cooperation and Development (OECD) will be keenly analysed at a time when the issues of banking secrecy,…

Villiger commissions high-powered financial strategy group

This content was published on Apr 10, 2000 The Swiss finance minister, Kaspar Villiger (pictured), has commissioned a high-ranking strategy group to inform him about developments relating to financial policy. The “Group of Reflection”, established a month ago, is to report to him on matters which could affect the political-decision making process, against a background of dynamism on the financial markets and pressure…

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Swiss franc to leave gold standard in May

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Good outlook for housing market

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Novartis reports big increase in sales

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OECD committee calls for more bank information for tax purposes

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Geneva turns into magnet for gadgets

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Name that tune on the hop

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Ascom makes 40 per cent profit

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Parliamentarians come up with new proposal to preserve old age pension scheme

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Swiss banking secrecy under the microscope in new OECD report

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Villiger commissions high-powered financial strategy group

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