Posts tagged ECONOMY

In a series of referenda in 2003-5, transformed Swiss citizens of their country for good, economically speaking, is with the European Union and work to align the opening for the migration. It was an unusual reaction to the time of increasing concern.

In March 2003, annual inflation fell to 1.3 percent in Switzerland. Once a cause for celebration, it is now lurking as an ominous sign of deflation interpreted. Growth has been below trend for years. The demand is still weakening and capacity is idle. The taxes are high, the national debt grows.

The prices are ridiculously low interest rates to be cut half a percentage point in March 2003. But the Swiss franc, impervious to these monetary gambits, is at a five-year high against the dollar. Switzerland depends on exports and tourism – they make more than half of gross domestic product. The almighty currency do not favor in its trade balance.

emblem economic collapse left, right and center. In an interview with the daily newspaper Blick, André Dosé, chief of Swiss International Air Lines, the successor reeling from the bankruptcy of Swissair, asked for tax exemptions, lower insurance premiums and a waiver of airport charges, as well as low-interest loans and grants from the government and banks. The airline lost more than 0 million in 2002

A recently published by agricultural platform -. A group of farmers, processors and retailers – disabused the Swiss of their long-held belief that their beloved agricultural sector – including milk, potatoes and meat – is profitable. Aboriginal Business tech weapons – as the group owned Ruag – anti-war protestors besieged, saw profits reduced

In 2002-5, Switzerland brands -. Roche (pharmaceuticals), Credit Suisse (Bank), Adecco (staff) and Zurich Financial Services – have announced record losses and job cuts

And then there Respiratory Syndrome Acute Syndrome (SARS) and avian (bird) flu disadvantages .. Switzerland was ten suspected cases of the former hit. It tightened checks at airports, canceled flights and to fund research into new pandemic. Swiss pharmaceutical group Roche has produced a diagnostic kit by end 2003.

No sector was not spared the crisis. Swiss banks, much maligned in recent years for its alleged complicity in money laundering, wide open by assertive U.S. regulators and eager, mainly European, Financial Action Task Force.

In 2002, Swiss banks have started it, back to Nigeria more than 0 million late dictator Sani Abacha looted and deposited with them. In the time it froze before the war in Iraq, the government eight million Iraqi assets in Washington at the request of a repetition of his crime in 1990.

Gangsters, terrorists, swindlers, corrupt politicians and the treasury now for anonymity and confidentiality in Lebanon and in Cyprus, or even Austria, the United States, the United Kingdom and Luxembourg view. Switzerland’s reputation is as a refuge morale in tatters.

This is only the latest in a series of upheavals in the banking sector difficulties.

In August 1998, after intense public pressure by Jewish organizations – and thinly veiled anti-Semitic play Switzerland agreed in the two largest banks, UBS and Credit Suisse to set up a fund of 0.25 billion in claims by Holocaust survivors and their families. The Swiss government red-faced votes 0 million. It seems that the banks do not hurry, the heirs of the murdered Jewish owners of dormant accounts could be found in the billions.

A settlement was reached only when legal action was threatened against the Swiss National Bank and the public and legislators of the United States turned against Switzerland. It covers the owners of dormant accounts, forced laborers, and 24,000 of the 110,000 refugees returned to certain death at the Swiss border -. Or their heirs

A high-level international commission of Paul Volcker, has led former Federal Reserve chairman found 54 000 accounts opened by Holocaust victims – to inspect 350 000 accounts at a huge cost, enraged by the banks, 0 million . EUR supported. To make matters worse, the Bergier Commission, in 1996 by the Swiss Parliament, March 2002 led to established that the Swiss banks, the Axis powers with interest free loans.

Wall Street dealt Swiss financial intermediaries and brokers in the U.S., a further blow. Recently, they were preoccupied with U.S. regulators over charges of issuing assessments and policy recommendations. But that does not have the former star investment banker at Credit Suisse First Boston, Frank Quattrone stopped and accused because of obstruction of justice and destroying evidence. Many medium-sized and large Swiss companies to leave the capital markets are very dirty.

In April 2003, according to Swissinfo, the news site of Swiss Radio, Jean-Pierre Roth, president of the Swiss National Bank (SNB), warned at its annual meeting a counter excessive optimism. Worsening terms of trade is stagnating, consumption and public spending declined strengthen the “risks a further escalation of the situation … compared to the previous year, the conditions of our society have deteriorated.”

The country is still hampered by bureaucracy and disabled anti-competitive cartels. Growth in 2003 was lower than the bank predicted just five months, he admits. The Organization for Economic Cooperation and Development (OECD) is right. In his view, he warned that moderate conditions abroad and enjoy a great threat to relentlessly continue the country’s recovery.

GDP grew by 0.6 percent in an imperceptible in 2003 and 1.9 percent in 2004. The International Monetary Fund (IMF), optimistic saw a slight increase of 0.3 percent in 2003 and 2.4 percent the following year. In 2002, the economy is frozen at zero growth. The unemployment rate was an unprecedented number of 3.9 percent in February 2003.

It’s not all gloomy, though. German chip maker Infineon is considering moving to Switzerland. In April 2003, San Diego-based Asset Management NetRom Tempest has a center for currency trading in Zurich, Switzerland “to the multi-trillion dollar financial market access in Europe.” Swiss company Hiestand Gourmet Baker to computer peripherals manufacturer Logitech, show and sales. Record profits

The UBS Index of Investor Optimism, which maintained by the Swiss bank UBS mammoth and the Gallup Organization, has jumped 61 points in March 2003 – but only one third of its size in January 2000. Half of the population in the economy rebound and two-fifths believe in improving employment opportunities.

has also forced the globalization insulation – - Switzerland to give up their beautiful and expensive In March 2002 he decided to join the United Nations -.. something that has resisted for decades, stayed a two-month festival promoting Switzerland, took place in April 2003 in New York

ten million visitors to the Expo 02 -.. a national exhibition in Neuchâtel seven agreements with the European Union entered into force in June 2003. Incredibly, Switzerland is willing to the Schengen agreement, which led to join the scrapping of internal borders of the EU. Bank secrecy will be lifted partially in accordance with the guidelines of the Union

With 7 million inhabitants (one fifth of the immigrants who are) -. The Swiss is one of the richest communities in the world’s income per head. over 000 €. The opening of the economy – his weakness -.. also the source of power is there, Switzerland has survived with enviable resilience and flexibility

The country has intact the two world wars and the second, struggled doors. It has reinvented the process of metamorphosis in reverse domain rustic Inland Empire Engineering cum financial crisis. It will come, as he always animated and ready for new challenges.