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Job losses at Swiss Life to reach 200

This content was published on Nov 26, 2008 Swiss Life said a third of the savings would be achieved through job losses, the rest through changing the division of responsibilities between head office and the business units and reducing the number of IT projects. The details come after chief executive Bruno Pfister revealed in a newspaper interview last week that job cuts would…

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Leaders tackle economic crisis collectively

This content was published on Nov 25, 2008 At a yearly meeting among the heads of state in Rapperswil, in canton St Gallen, Swiss President Pascal Couchepin told reporters on Tuesday that European peace and stability should offer worldwide hope during times of insecurity. While forecasts look grim for the coming economic year, Couchepin said there is still a collective will to cooperate…

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UBS executives forgo bonuses

This content was published on Nov 25, 2008 Two-thirds was due to Ospel, with the remainder going to former vice-president Stephan Häringer and former finance chief Marco Suter, confirmed a spokesman for the three on Tuesday. Earlier this month former chief executive Peter Wuffli said he would not take SFr12 million owed to him after he stepped down in 2007. The move followed…

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OECD predicts shrinking Swiss economy

This content was published on Nov 25, 2008 Instead of growing by 1.4 per cent in 2009 as previously predicted, Swiss gross domestic product (GDP) will now contract by 0.2 per cent, the organisation said in its biannual Economic Outlook on Tuesday. In addition, the OECD reckons unemployment in Switzerland will grow next year from 3.5 per cent to 3.9 per cent, and…

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Prehistoric crocodile comes ashore

This content was published on Nov 24, 2008 Up until now, discoveries of the metriorhynchus have only been made in a handful of countries, including Britain, France, Germany, Argentina and Chile. The skeleton was uncovered near the village of Courtedoux in the northwestern Jura mountains, a region already known for yielding numerous fossils, including remains of marine, littoral and terrestrial organisms. Among the…

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Banks lead stock market rally

This content was published on Nov 24, 2008 The UBS share price ended the day’s trading at SFr13.78 ($11.50) or 21 per cent higher than on Friday, while Credit Suisse’s shot up 16 per cent. One trader told the Reuters news agency that comments made by the head of Switzerland’s banking commission in a Sunday newspaper “turned on the turbo-engines” of UBS and…

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Roche scraps plans for highest tower

This content was published on Nov 24, 2008 The SFr550 million ($450 million) project had been scheduled for completion by 2011 and would have included two buildings designed by Swiss star architects Herzog & de Meuron. Roche said on Monday that the planned 154-metre-high building, which would have resembled a giant helix, could not fulfil the company’s “significant functional requirements”. The 40-storey structure…

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Bankruptcies drop – but rate slows

This content was published on Nov 24, 2008 Creditreform, the country’s association of creditors, expects 4,200 firms to go bust by the end of the year, compared with 4,314 in 2007. While fewer bankruptcies is good news, the reduction rate has slowed from four per cent a year between 2005 and 2007 to three per cent. As for 2009, faced with freefalling markets…

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Regulator admits UBS may need extra bailout

This content was published on Nov 23, 2008 Daniel Zuberbühler, head of the commission, would not rule out that UBS might need more government aid to survive the crisis, in an interview published in the SonntagsZeitung newspaper on Sunday. “If you look at the development of the market, it is indeed open whether our package of measures will be sufficient,” he said, adding…

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Lötschberg 1906-1913

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Job losses at Swiss Life to reach 200

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Leaders tackle economic crisis collectively

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UBS executives forgo bonuses

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OECD predicts shrinking Swiss economy

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Prehistoric crocodile comes ashore

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Banks lead stock market rally

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Roche scraps plans for highest tower

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Bankruptcies drop – but rate slows

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Regulator admits UBS may need extra bailout

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