Word: switzerland
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...returns. Now most of Germany's 130 or so mutual insurers are carrying "quiet liabilities." "They're sort of in a trap," says Commerzbank analyst Marc Thiel. "They need cash for their maturing policies, but they can't cut the bonuses they offer customers or they'll lose business." Switzerland's insurers face a similar problem, and the government there responded by lowering the mandatory payout from 4% to 3%. German law says insurers can reduce payouts to policyholders to 3.25%, but that still leaves many of the smaller mutuals - which didn't boost their equity game until late...
...Arab Switzerland...
...society they would get a "provisional" statehood in 42 percent of the West Bank isn't likely to bring a halt to the attacks either. As one British journalist tartly put it, Bush seemed to be saying there would be no state for the Palestinians until they became "the Switzerland of the Levant...
...style, blending European approaches and techniques with their own influences and vision. Cassatt and her contemporaries - including John Leslie Breck, Childe Hassam, William Merritt Chase, John Singer Sargent, Theodore Robinson - created a style known as American Impressionism, which remains largely unknown in Europe. Now the Hermitage Foundation in Lausanne, Switzerland is offering a rare glimpse at 59 paintings created from 1880 to 1915 by 33 American Impressionists; some of the works have never been seen on this side of the Atlantic. Though individual styles varied, American Impressionists tended to retain more structure and realism in their work, favoring strong contours...
...prosecutor Antonio Ingroia explains the pattern. A die-hard mafioso contacts a "mafioso businessman," who is the conduit to a "legitimate" businessman, who provides the ultimate cover to launder money through real enterprises all the way up to the stock market. The network stretches from Palermo to Milan to Switzerland, Luxembourg and Liechtenstein. "It's a chain," Ingroia says. "In our opinion, they are guilty of crimes at all levels." The man thought to be responsible for smartening up the Mafia quit school at age 10. Bernardo Provenzano, now 69, became the capo dei capi of Cosa Nostra after...