ZURICH — Swisscom rose in Zurich trading on Monday, after Switzerland voted against curbing executive pay and adding profit-limiting rules at government-owned companies including the country’s biggest phone carrier. Shares of the provider of landline, wireless and internet services rose as much as 2.3%, to the highest level in a month, and were up 1.1%, to Sf483.8 ($495.5).Voters dismissed on Sunday the "Pro service public" initiative, designed to improve public services. The measure would have limited salaries at state-controlled firms including Swisscom, banned cross-subsidisation between such firms and stopped them from making a profit from basic services.The result is a relief for a company battling increased competition. Swisscom, which competes with Sunrise Communications Group and billionaire Xavier Niel’s Salt, cut its cost targets after missing profit estimates for 2015. It warned price pressure might continue to erode revenue, even as the company was increasing network exp...
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