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Swiss households big savers, survey says

The average disposable income of households in Switzerland was 6,825 francs a month in 2010, according to new government figures.

Swiss households big savers, survey says
Photo: MadGeographer

The sum emerged from the results released on Tuesday of a household budget survey conducted by the federal statistics office.

The average household was able to save 1,170 francs a month after deduction of all expenditures, according to the findings.

However, the statistics office said that those in the lowest income group —  with an income of 4,800 francs or less — are generally unable to put aside savings.

They often spend more than they have, running up debts as a consequence.

The survey showed that Swiss households spent almost a tenth of their income after taxes and deductions — an average of 910 francs — on transport.

Of this, 614 francs was earmarked for the purchase and maintenance of one or more vehicles, fuel included.

In 2010, 79 percent of Swiss households owned at least one car, a figure that has remained stable for the past few years, the statistics office report said.

Expenditures on public transport and other forms of travel such as taxi rides and plane trips amounted to 148 francs a month.

Gross household revenue averaged 7,360 francs, according to the findings.

Mandatory expenses, including taxes, accounted for 29 percent of gross income.

Monthly taxes averaged 1,175 francs, or about 12 percent of gross income.

The biggest single spending item was housing and energy, with 1,500 francs a month spent on rent or mortgage payments and utility bills.

Income from revenue generated from assets, such as investments, accounted for more than five percent of gross revenue in only a sixth of households.

Among other expenses, mandatory private health insurance premiums accounted for 5.5 percent of gross income.

The statistics office noted that the size of households surveyed varied in size with 39 percent having more than one income-earning adult.

The office did not provide comparisons from previous years.

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CHRISTMAS

Italy bakes world’s biggest Christmas cake panettone

Forget mistletoe, Christmas is not Christmas in Italy without a slice of panettone -- and festivities kicked off in Milan on Sunday with free slices of the biggest Italian candied cake in the world.

Italy bakes world's biggest Christmas cake panettone
The giant panettone cake at the Victor Emmanuel II shopping gallery. Photo: Marco Bertorello/AFP

Weighing in at 140 kilogrammes (308 pounds), the two-metre (over six foot) high marvel was sliced up into 1,200 pieces for sweet-toothed tourists and locals at the Victor Emmanuel II shopping gallery near the city's Gothic cathedral.

“Panettone is the Christmas dessert par excellence. Fashions may change, but panettone remains an unshakable tradition,” Angelo Bernasconi, owner of the San Gregorio patisserie behind the giant dome-shaped delight, told AFP.

The Milanese factory makes the traditional cake with its candied fruits and raisins not just for Italy but around the world, with some 200 of the golden buns headed to a New York caterer alone each week.

In the run-up to Christmas “we never stop,” says Bernasconi's partner Savino Moretti, who is retired but comes twice a week to pass on his 50 years of experience to the pastry team.

The pair, aged 67 and 68, say the secret to their success lies in the mother dough, which they inherited along with the shop from the master baker, who made it — so legend has it — by adding a dash of horse urine to the mix for acidity.

It takes 36 hours to turn out a panettone, with raisins and candied peel added to the mix of water, sugar, flour, eggs, butter and vanilla. Once baked, the cakes are hung upside down for 10 hours to allow the butter to drop.

The giant version had to be cooked in a special oven and was baked “a lot longer and more slowly,” Bernasconi says.

“It tastes good, but a little different from usual. It's a little dry, otherwise it would collapse,” he added.

According to the Italian agricultural association Coldiretti, three quarters of Italians will have a slice of panettone at some point over the Christmas holidays — perhaps with a dollop of mascarpone cream or washed down with a sweet liqueur.

By CĂ©line Cornu