Internal: Archive

US fight against UBS intensifies

This content was published on Mar 5, 2009 Appearing before a Senate subcommittee on Wednesday, UBS senior wealth management executive Mark Branson said a lawsuit filed by the Internal Revenue Service only hindered efforts to resolve the row. “We respectfully submit that the IRS is attempting to resolve this diplomatic dispute in a courtroom, which is neither productive nor appropriate,” he said. “UBS…

Geneva Motor Show tries to drive away gloom

This content was published on Mar 5, 2009 Despite hard times, the organisers are putting on a brave, glitzy face to dispel some of the gloom, and over the next ten days still expect some 700,000 car fans to check out the many new models on show. Tyre manufacturer Michelin, and Chinese and South Korean firms BYD and SsangYong might be absent, and…

UBS “will not give names of US clients”

This content was published on Mar 4, 2009 Appearing before a Senate subcommittee on Wednesday, UBS senior wealth management executive Mark Branson said the bank “has now done all that it can do to cooperate” with the Internal Revenue Service (IRS) request without violating Swiss criminal laws. “We respectfully submit that the IRS is attempting to resolve this diplomatic dispute in a courtroom,…

US Congress has tax havens in its sights

This content was published on Mar 4, 2009 Responsible for the bill are Lloyd Doggett, a Democratic congressman from Texas, and Carl Levin, a Democratic senator from Michigan who is also chair of the Senate committee that will haul UBS’s business practices over the coals midweek. UBS, Switzerland’s biggest bank, has been haunted by a US investigation that accused it of helping wealthy…

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This content was published on Mar 4, 2009

Swisscom phones in lower profits

This content was published on Mar 4, 2009 The Bern-based company, a former monopolist, said its yearly revenues rose ten per cent to SFr12.19 billion ($10.38 billion). Net income fell 15.5 per cent to SFr1.75 billion, which the company attributed in part to the 2007 disposal of a Hungarian telecommunications provider. Swisscom also reported growth at Fastweb, an Italian broadband company. The 2007…

Holcim profit crumbles

This content was published on Mar 4, 2009 The St Gallen-based firm announced a net profit of just under SFr2.23 billion ($1.9 billion) last year on sales of just under SFr25.16 billion. The result, down 54 per cent on the previous year for the world’s second-largest cement company, fell below analysts’ expectations. 2009 is expected to be a dismal year for the global…

UBS reshuffle continues as chairman resigns

This content was published on Mar 4, 2009 The latest development comes a week after Switzerland’s largest bank replaced its chief executive. Kurer will end his one-year tenure in April, with Villiger nominated to take over his post. UBS has endured a torrid two years amid the financial crisis – losing two chairmen, two chief executives, 80 per cent of its share price…

Central bank reports 2008 loss

This content was published on Mar 4, 2009 In a statement on Wednesday, the central bank said the purchase of illiquid assets from bank UBS late last year did not affect the SNB’s result. The Swiss National Bank (SNB) has reported a loss of SFr4.7 billion ($3.98 billion) for 2008, due mainly to exchange rate losses on foreign currency investments. In a statement…

Jobs to go at sea-freight company

This content was published on Mar 3, 2009 The Swiss-based company said on Tuesday that it had been hit by the economic downturn in the last quarter of 2008. The company, which employs 54,000 people worldwide, already had to cut 1,800 jobs at the end of January. The further job losses will make up part of cost-cutting exercises for the year ahead. Net…

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US fight against UBS intensifies

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Geneva Motor Show tries to drive away gloom

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US Congress has tax havens in its sights

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Showing off

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Swisscom phones in lower profits

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UBS reshuffle continues as chairman resigns

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