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New rules will make UBS smaller

This content was published on May 13, 2009 Executive board member Thomas Jordan, referring to last year’s rescue package for UBS, told a panel discussion in Biel that lessons had been learned. “We want a bank that is clearly smaller,” he commented. UBS was forced to write down about $50 billion (SFr55.14 billion) as a result of the subprime mortgage crisis in the…

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Tax rates lower than in comparable countries

This content was published on May 12, 2009 The study, Taxing Wages, drawn up by the Organisation for Economic Co-operation and Development (OECD), puts Switzerland in 24th position out of its 30 member states. It says that in 2008 a single person earning an average wage was left with SFr70.5 ($63.6) for every SFr100 which they cost their employer. In the 30 OECD…

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Older workers belie stereotypes

This content was published on May 11, 2009 A report suggests that this is quite justified. It found that although younger workers have the reputation of being more efficient, dynamic and flexible, older workers still have plenty to offer. The proportion of Swiss people aged between 55 and 64 years in some form of employment has risen from 63.5 per cent to 68.4…

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Aluminium industry takes a first-quarter hit

This content was published on May 11, 2009 The Swiss Aluminium Association announced on Monday that factories processed 3,700 tons of light metal in the first quarter compared to 6,100 tons for the same period last year. The die-casting sector, which is closely tied to the struggling automobile industry, was hit particularly hard, the association said. The figures show that the industry has…

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Blue diamond dazzles at Geneva auction

This content was published on May 9, 2009 The 7.03-carat fancy vivid blue diamond fetched SFr10.5 million ($9.49 million), the highest price paid per carat for any gemstone at auction, Sotheby’s said after its Magnificent Jewels sale. It is the rarest stone to enter the international market this year and had an estimate of SFr6.8-10 million. It went to an anonymous telephone buyer…

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Swiss National Bank vaults back into black

This content was published on May 8, 2009 The report marks a rebound for the central bank, which had closed the books on 2008 with a loss of SFr4.7 billion. In a statement, the bank noted that since the beginning of the year, the price of gold had risen substantially. At the end of March it stood at SFr33,521 per kilogram, or 13…

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Judge says Swiss deserve response in UBS case

This content was published on May 8, 2009 The IRS has taken Switzerland’s largest bank to court in a bid to force it to disclose the identities of about 52,000 Americans it suspects of using Swiss accounts to hide $14.8 billion (SFr16.7 million) in assets and avoid paying US taxes. The Swiss government one week ago asked Alan Gold, a US district judge,…

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Profit plunges at Swiss insurer Zurich

This content was published on May 7, 2009 The group said profit had fallen to $362 million after it posted a gain of $1.43 billion in the same quarter last year. Zurich said in a statement that 2009 would remain “challenging”. It added that general insurance premiums fell 12 per cent to $9.81 billion due largely to a weak United States market. The…

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Figures at Swiss Re please investors

This content was published on May 7, 2009 But despite the decline from SFr600 million for the first quarter last year, the result was better than the market had expected and put the company in the black. Shares shot up by 23 per cent to SFr36 by early afternoon before closing the day up 11.83 per cent at SFr32.70. Swiss Re, the world’s…

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Internal: Archive

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New rules will make UBS smaller

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Tax rates lower than in comparable countries

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Older workers belie stereotypes

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Aluminium industry takes a first-quarter hit

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Blue diamond dazzles at Geneva auction

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Swiss National Bank vaults back into black

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Judge says Swiss deserve response in UBS case

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Profit plunges at Swiss insurer Zurich

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Figures at Swiss Re please investors

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