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Global Market Euphoria Runs Out of Steam

A rally on global markets stalled Thursday as euphoria over major central banks' coordinated cut to borrowing costs wore off and investors sought confirmation that European leaders will next week deliver a long-term solution to the debt crisis.

Markets had jumped on Wednesday when the central banks of Europe, the U.S., Britain, Canada, Japan and Switzerland made it cheaper for banks to borrow dollars, helping them to operate smoothly at a time of tight credit. China's central bank also acted to release money for lending and shore up growth by lowering bank reserve levels for the first time in three years.

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Thieves Make off With Two Trains in Switzerland

Two trains, including one weighing almost a ton, have been stolen from a miniature train park in western Switzerland, the park said Saturday.

The Swiss Vapeur Park said in a statement online that "the offenders have forced open the doors of two different depots, and took the two trains".

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Switzerland Slaps Sanctions on Iran's Top Diplomats including FM

Switzerland said Friday it has tightened sanctions against Iran, adding 116 names including Foreign Minister Ali Akbar Salehi to a blacklist of key players under financial and travel embargo.

The updated blacklist includes several officials from the Atomic Energy Organization of Iran (AEOI), and 111 companies, the State Secretariat for Economic Affairs (SECO) said.

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Pig Heads Found at Planned Swiss Mosque Site

Police in the Swiss town of Grenchen were investigating Friday after four pigs' heads were found buried at the site of a planned mosque.

Officers in the Solothurn canton were tipped off by media who received an anonymous letter stating that 120 liters of pigs' blood had been poured over the grounds in protest at the country's "rampant Islamisation."

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Two Stolen Picassos Found in Serbia

Serbia's interior minister said Wednesday that two Pablo Picasso paintings owned by a German museum and stolen from a Swiss exhibition have been found in Belgrade.

Ivica Dacic provided no information on the exact location of the paintings or possible suspects in the theft.

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Novartis Announces 2,000 Job Losses, Profits Up

Swiss pharmaceutical giant Novartis announced 2,000 job losses Tuesday, mostly in Switzerland and the United States, while reporting net profits of $3.53 billion (2.5 billion Euros) for the third quarter.

The firm said in a statement profits for the quarter were up 12 percent and that the job cuts were part of a $300 million restructuring program to strengthen productivity.

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Swiss Parliamentarians Vote for Burqa Ban

Swiss parliamentarians approved Wednesday a far-right move to impose a ban on the burqa or other face coverings in some public places, including on public transport.

With 101 votes against 77, the lower chamber of the house approved the motion titled "masks off!"

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Switzerland Slaps Fresh Sanctions on Syria, Targets Oil Products

Switzerland on Friday announced fresh sanctions on Syria, saying that it would impose an embargo on the import, sales and transport of Syrian oil and oil products.

"Due to the relentless repression imposed by the Syrian security forces, the Federal Council has decided to tighten sanctions against Syria," said the Swiss economy ministry in a statement.

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Swiss Lift Sanctions Against Libya Oil Firms, Airline

Switzerland said Friday that it has lifted sanctions against two Libyan oil firms -- National Oil Corporation and its affiliated Zueitina Oil Corporation, as well as Afriqiyah Airways.

The authorities announced the changes in a decree which entered into force Friday.

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Credit Suisse to Pay 150 Million Euros to End German Tax Probe

Swiss banking giant Credit Suisse said Monday that it has reached a deal with German authorities to end a tax evasion probe, and that it would pay 150 million Euros ($205 million) to settle the case.

"Credit Suisse group and the Public Prosecutor's Office in Duesseldorf have reached an agreement regarding the proceedings against Credit Suisse employees," said the bank in a statement.

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