Word: switzerland
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Dates: during 1970-1979
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...several years. In 1970 the Basel branch of the United California Bank went broke after losing $50 million in cocoa futures trading. Around the same time came the collapse of Bernard Cornfeld's Geneva-based Investors Overseas Services empire, built with the assistance of Switzerland's loose banking laws -and in part with that of the banks themselves. In 1974 the Union Bank of Switzerland lost $56 million in foreign-exchange speculations, and the Lugano branch of Britain's Lloyd's Bank dropped $89 million in similar dealings...
Export Disadvantage. Increasingly, there are indications that among the Swiss public banking is no longer quite the hallowed institution it once was. Manufacturers feel that the flow of funds into Switzerland has overvalued the Swiss franc and thus put Swiss textiles, watches and machinery at a disadvantage in export markets. Says Swiss Accountant Max Fluri: "Our banking sector has grown taller than the Swiss Confederation. For some time, it has been bringing the country more harm than good...
...evasion a criminal offense, which would remove a big attraction for tax cheaters. There is no guarantee that the Social Democrats' ideas will become law, but the debate means that the bankers -and their customers around the world -will be able to take far less for granted in Switzerland than ever before...
Died. Vladimir Nabokov, 78, Russian-born novelist (Lolita, Ada, Pale Fire) who was a master of style and elegant artifice; after a long illness; in Montreux, Switzerland (see BOOKS...
...educated in England, where I studied French literature before spending 15 years in Germany." His life was, in fact, a spiral of migrations, and his passport was his art. When he died last week at 78, of a viral infection, at a hospital near his home in Montreux, Switzerland, that art was widely considered to include some of the best novels of the 20th century. There are three masterpieces: The Gift, written in Russian and first published in 1936, Lolita (1955), and Pale Fire (1962). In addition to 14 other novels, hundreds of poems, dozens of short stories, dramas, translations...