Archive – Banking & Fintech

UBS, Credit Suisse “won’t go bust”

This content was published on Oct 9, 2008 “We in no way would want one of our big banks to find itself a serious crisis that might lead to bankruptcy,” Economics Minister Doris Leuthard told German-language Swiss radio. “The federal government would absolutely prevent that.” The message is a signal to critics who have clamoured for more information on any potential emergency measures…

“The banking crisis is scandalous”

This content was published on Oct 9, 2008 Ulrich Thielemann, deputy director of the Institute for Business Ethics at St Gallen University, believes blind faith in the market must be replaced and that bankers must completely change their way of thinking. On Monday the Swiss stock exchange suffered its worst day since September 11, 2001, with banks and insurance companies among the hardest…

Central bank calls shock interest rate cut

This content was published on Oct 8, 2008 Business leaders welcomed the 0.25 per cent cut in the key interest rate to 2.5 per cent. One economist said the SNB had lost control of interbank lending, which could have serious consequences for the economy. The Swiss Market Index of the 20 leading companies reacted positively to the anouncement with a momentary 1.58 per…

Turkey served notice over Ilisu dam

This content was published on Oct 8, 2008 The state-run Export Risk Agency said it had sent a letter with an Environmental Failure Notice, which could ultimately lead to the withdrawal of an international consortium – including four Swiss firms – from the Ilisu project. It is the first time that Switzerland, alongside Germany and Austria, has taken this action. Turkey has 60…

Central bank joins interest rates cuts

This content was published on Oct 8, 2008 A key target rate for the Swiss franc was lowered by a quarter of a percentage point for the first time in five years, the bank announced on Wednesday. The bank said it was lowering its target rate for the three-month Swiss franc Libor – a rate set by the markets at which banks lend…

Switzerland is second most competitive economy

This content was published on Oct 8, 2008 WEF awarded Switzerland top marks for innovation and the quality of infrastructure in its 2007/8 Global Competitiveness Report. But the country was held back by the relatively small size of its economy. It is the second year in a row that the Swiss have come runners-up in the poll of 12,000 business leaders, conducted by…

Ex-UBS lawyer repays $6 million bonus

This content was published on Oct 8, 2008 David Aufhauser was accused of selling his personal holdings of auction-rate securities after getting insider information about the collapsing market for debt. The lawyer did not admit to any wrongdoing in agreeing to the settlement. New York Attorney General Andrew Cuomo, whose office has been probing Wall Street’s handling of the $330 billion auction-rate market,…

Swiss welcome EU move to stabilise markets

This content was published on Oct 7, 2008 Gathering in Luxembourg one day after global markets endured major losses, officials from the European Union agreed to guarantee deposits up to €50,000 ($67,930), which is up from €20,000. Individual countries, notably Ireland, had previously taken unilateral steps to protect depositors should a bank collapse. The ministers also agreed in principle to back large banks,…

Union unveils economy booster plan

This content was published on Oct 7, 2008 The appeal forms part of a six-point plan for boosting the economy, unveiled by Unia on the occasion of its four-year anniversary. To protect the economy the union says key rates should be lowered at the Swiss central, cantonal and Raiffeisen banks and a public spending policy developed that stimulates the economic situation. Spiralling electricity…

Government promises action in financial crisis

This content was published on Oct 7, 2008 Acting Finance Minister Eveline Widmer-Schlumpf made the comments after the Swiss stock exchange suffered its worst day since September 11, 2001, with banks and insurance companies among the hardest hit. Widmer-Schlumpf said the Federal Banking Commission had taken supervisory measures and the Swiss National Bank was providing sufficient liquidity to money markets. “The cabinet will,…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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UBS, Credit Suisse “won’t go bust”

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“The banking crisis is scandalous”

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Central bank calls shock interest rate cut

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Turkey served notice over Ilisu dam

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Central bank joins interest rates cuts

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Switzerland is second most competitive economy

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Ex-UBS lawyer repays $6 million bonus

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Swiss welcome EU move to stabilise markets

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Union unveils economy booster plan

More

Government promises action in financial crisis

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