Switzerland

Credit Suisse fined over 400 million dollars for unauthorized deals

Credit Suisse LogoGeneva - A Geneva-based semiconductor company said Monday it won a ruling by a US body ordering Credit Suisse to pay damages worth about 406 million dollars for unauthorized investments.

STMicroelectronics filed arbitration against the bank last winter, on the grounds that Credit Suisse bought auction rate securities, including collateralized debt obligations, "instead of the federally guaranteed student loan securities that had been specifically mandated by the company for purchase."

Swedish wrestler will not get bronze medal back

Switzerland - The Court of Arbitration for Sport (CAS) on Monday said that a Swedish wrestler would not get back a medal he won last year at the Beijing Olympics.

Ara Abrahamian, who won a bronze medal in the middleweight Greco- Roman wrestling competition in Beijing, caused a scandal at the victory ceremony when he took off his medal and placed it on the floor and walked away from the ceremony, which was still in progress.

The Swede, who won a silver medal in Athens in 2004, claimed he had been cheated in his semi-final loss against Andrea Minguzzi.

CAS extends ban on Maltese players

Switzerland - The Court of Arbitration for Sport (CAS) on Monday announced that they had extended the bans on two Maltese football players.

Ryan Grech, Malta international Claude Mattocks and Gilbert Martin tested positive for various prohibited substances and were banned for nine months, four months and a year respectively.

Football's controlling body FIFA, as well as the world anti-doping agency WADA appealed to CAS and asked for the bans to be extended to two years.

CAS said in a statement on Monday that they had partially upheld the appeal.

UN warns Iraq public sector employment unsustainable

IraqGeneva - Nearly 60 per cent of all full-time employees in Iraq work for the government, a UN report said, warning that this level of public sector employment was "unsustainable."

Growing unemployment in Iraq officially stood at about 18 percent, but was 10 per cent higher among men under the age of 30. Additionally, less than 1 in 5 women participated in the labour force.

"Iraq's growing jobless population is a socio-economic challenge for a country in transition," the UN report said. "This unemployed or disenchanted pool of young men and women is critical to Iraq's future socio-economic health."

Doubts arise about Brazilian's claim of racist attack in Zurich

Zurich - The mystery of a Brazilian woman who claimed she was attacked by three skinheads in Zurich earlier this week deepened Friday as new details emerged that cast some doubts on her story.

Police responded to a train station in the major Swiss city on Monday after reports that a pregnant woman was attacked with a knife during a racially motivated crime. The
26-year-old Brazilian, who said she was three months pregnant at the time of the attack, said she went into a bathroom afterward and miscarried.

However, the Institute of Forensic Medicine determined Friday that she was not pregnant at the time of the attack. Police also said the wounds on her body could have been self-inflicted.

Tamil man sets himself ablaze outside UN

Tamil man sets himself ablaze outside UNGeneva  - A man of Tamil origin c

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