Dow, other markets, see second record day

Why is it happening, how long will it last, investors are asking GENEVA, SWITZERLAND – Low interest rates that provide little investment incentive plus good news about the US job market may have sparked the big push Tuesday that led to a record high for the Dows Jones Industrial Average of 14,253.77 (previous closing high […]

Taking stock: Geneva’s international organizations’ renovations

WHO headquarters in Geneva

Improved work space and better energy use give breath of fresh air to tired buildings GENEVA, SWITZERLAND – Fipoi is not an acronym that is as familiar as many in Geneva, where they abound as the names we know for international organizations, but without Fipoi most of them would not be here. Monday the federal […]

Syrian refugee flood continues unabated: UN needs $1 billion

GENEVA, SWITZERLAND – The UN says it will need $1 billion for the first six months of 2013 to cope with the massive flow of refugees who continue to flee Syria, where the bloodshed and chaos of the country’s civil war continue unabated. The funds will be needed to handle the most basic needs of […]

Nearly CHF1b of Arab spring dictators’ funds blocked by Swiss

Returning assets to the people is a priority, says ambassador GENEVA, SWITZERLAND – More than CHF1 billion in assets linked to the regimes of dictators who fell during the Arab spring, as well as Syrian assets, have been frozen and it’s a priority for these to be returned to the countries, Ambassador Valentin Zellweger, who […]

Swiss president, US attorney general discuss tax issues at IMF meeting

Switzerland to share seat with Poland, pledges additional $10 billion to IMF BERN, SWITZERLAND – Swiss President Eveline Widmer-Schlumpf and US Attorney General Eric Holder met on the fringes of a key International Monetary Fund (IMF) meeting in Washington 20-21 April. Bern’s statement was brief, noting that the two met “in order to discuss bilateral […]

Bern gives transalpine rail cargo aid to offset high Swiss franc

BERN, SWITZERLAND – Four rail groups are receiving CHF21 million in aid from the Swiss government to offset some of the losses they suffered in 2011 due to the rapid increase in the value of the Swiss franc during the year. All four provide transalpine shipping and use combined or piggyback cargo transport, carrying trucks […]

Swiss condemn Israel for measures against Palestine

BERN, SWITZERLAND – The Swiss government said Wednesday night 2 November that it condemns Israel for two new measures, voted by the Israeli cabinet Tuesday, shortly after Unesco admitted Palestine as a member. Bern stopped short of calling the measures retaliatory, but it notes that the decision by Tel Aviv to “speed up construction of […]

Abacha retrial to go ahead

GENEVA, SWITZERLAND – The Swiss Federal Tribunal has ordered a new trial for Abba Abacha, son of former Nigerian General Sani Abacha, who ruled the country for five years in the 1990s. He was suspected of stealing more than $2 billion and after his death his sons managed the money. Abba Abacha was given a […]

Seco confirms CHF27m in Syrian assets frozen

BERN, SWITZERLAND – The Swiss Secretariat for Economic Affairs confirmed to ATS and AP news agencies Sunday that the government has blocked more than CHF27 million in Syrian assets, although it has not confirmed if they belong to Bachar al-Assad, president. He and his brother are on a list of 23 persons whose assets were […]

Duvalier money goes to court after 25 years (update)

Update 12:50  Bern / Zurich, Switzerland (GenevaLunch) – The argument over who gets the Duvalier millions, some CHF5.8 million of them, will finally be heard in court, with the Swiss government 2 May initiating forfeiture proceedings at the Swiss Administrative High Court. The proceedings are the first under a Swiss law that went into effect […]