Internal: Archive

UBS criticised by bank workers’ group

This content was published on May 25, 2009 It said that it had hoped that the new management at Switzerland’s biggest bank “would have the courage to risk a new staff model and play a pioneering role”. This, the association admitted in a statement on Monday, was not to be, with Denise Chervet, the group’s secretary, describing May’s consultation process as a “farce”.…

Arkansas ends ties with UBS

This content was published on May 25, 2009 Trustees voted to end the contract with UBS over the US justice department’s probe of the Swiss banking giant, in a move announced on Sunday. Officials in Arkansas said that UBS currently manages around $160 million (SFr173 million) in stock market investments for the pension fund. The state’s teacher retirement scheme – a separate entity…

Stamp of quality

This content was published on May 25, 2009 Collectors and customers appreciate the quality of Swiss stamps. Not only the design of the stamps but also their innovativeness attracts philatelists from around the world. (All pictures: © Swiss Post)

Swiss banks subject to US-style stress test

This content was published on May 24, 2009 In a report published on Sunday in the NZZ am Sonntag newspaper, the Swiss Financial Market Supervisor Authority (Finma) said the test looked at what would happen if a bank suddenly had four per cent of its credits turn sour. The paper estimated Swiss banks would need reserves of SFr50 billion ($46 billion) to withstand…

Border checks net suspects

This content was published on May 22, 2009 The two forces stepped up checks on road and rail travellers and in airports in the region between the Swiss city of Schaffhausen and the German city of Constance, along the eastern half of Switzerland’s border with Germany. As a result of the operation, conducted in the week of May 12 to 19, the police…

Hounds trained to help the deaf

This content was published on May 22, 2009

Novartis acquires cancer unit to boost Sandoz

This content was published on May 20, 2009 Novartis said the transaction would give its generic pharmaceuticals division Sandoz the opportunity to create a “strong global platform” for future growth. The Basel group said in a statement on Wednesday it would acquire the research, development and manufacturing assets of EBEWE’s cancer business, including a production site in Austria, as well as intellectual property…

Economic attractiveness of Switzerland fades

This content was published on May 20, 2009 In its annual assessment of world economies, the IMD said the flow of investments to Switzerland dropped from 12 per cent of gross domestic product in 2007 to three per cent in 2008. It commented that as Switerland’s main trade partner Germany had announced an “annus horribilis”, the effects of the current financial crisis would…

Anti-moonlighting drive deemed successful

This content was published on May 18, 2009 A campaign to simplify administrative procedures for hiring low-pay employees and facilitate social security payments has also been considered successful. More than 9,200 checks were carried out by cantonal work inspectors in all sectors of the economy across Switzerland last year. The cantons imposed more than 1,320 sanctions, mostly fines, against people violating a new…

UBS announces controversial pay rises

This content was published on May 18, 2009 Switzerland’s largest bank confirmed a report in the Sonntag newspaper that it was increasing the pay of some of its managers, but declined to comment on the details. “There have been off-cycle salary increases at UBS Investment Bank to retain employees in critical positions,” UBS spokesman Andreas Kern said, adding it was usual to adjust…

Internal: Archive

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