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Swiss market bounces back

This content was published on Oct 17, 2008 The Swiss Market Index of leading blue chip companies finished Friday trading at 6,099.62 points, or 6.7 per cent higher than Thursday’s close. Shares of the pharmaceutical giant Novartis were up 11.95 per cent to SFr59.50 ($52.47) while Nestlé rose 7.33 per cent to SFr43.95 per share. Stock in UBS, Switzerland’s largest bank, failed to…

“Profits stay private, state takes the losses”

This content was published on Oct 17, 2008 Rudolf Strahm, a finance expert and former price regulator, has taken a critical view of the move and explains to swissinfo how he would have handled the situation differently. Most commentators welcomed the government’s rescue package, seeing it as a necessary evil. Strahm, a former Social Democratic Party parliamentarian, argues that this bailout should be…

Geneva branch of Icelandic bank in meltdown

This content was published on Oct 17, 2008 Control of Switzerland’s only branch of the financial institution, whose parent company has been taken over by Icelandic financial regulators, was on October 9 handed to commissioners appointed by the Federal Banking Commission. It holds around SFr35 million ($30.89 million) in deposits. In a statement on its website, Kaupthing said it would begin handing out…

Growth forecast revised downwards

This content was published on Oct 17, 2008 It is the second time in the past four weeks that the think tank has readjusted its forecast. In September, BAK said growth would be 1.3 per cent in 2009, 0.3 per cent less than its previous prediction. In a statement on Friday, the institute said there were increasing signs that Switzerland’s main trading partners…

“Shocking” bank bailout welcomed by press

This content was published on Oct 17, 2008 But commentators were quite harsh in their criticism of UBS, the main recipient of the bailout plan. The Neue Zürcher Zeitung said the bailout was a “high price for a valuable commodity”. “The announcement of support on Thursday for UBS and Switzerland’s financial system was like a peal of thunder.” The package, the NZZ continued,…

“Swiss banks back on level playing field”

This content was published on Oct 16, 2008 The main political parties agreed the bailout had been necessary, but were critical of UBS’s conduct. “I see it more as a stabilisation package to get the Swiss banks back on a level playing field with their global competitors,” Rainer Skierka, an analyst with Bank Sarasin, told swissinfo. “It was clear that the bail-out actions…

Swiss victims of Icelandic bank collapse

This content was published on Oct 16, 2008

Economic survey reveals discouraging outlook

This content was published on Oct 16, 2008 The main indicator of economic expectations for the Switzerland Financial Market Test for October, carried out by Credit Suisse in cooperation with the Centre for European Economic Research, fell by 46.7 points to -91.1 points. Some 93.3 per cent of respondents forecasted a gloomy economic picture. Only 2.2 per cent of respondents said they expected…

Switzerland announces bank bail-out plan

This content was published on Oct 16, 2008 The Swiss National Bank (SNB) has agreed to put SFr6 billion ($5.23 billion) into UBS, in a move that aims to strengthen the bank’s capital base and reduce its balance sheet. In return, Switzerland’s central bank will take a 9.3 per cent stake in UBS. The surprise move by the cabinet, the SNB and the…

Government under pressure to act over finance crisis

This content was published on Oct 16, 2008 Speaking after a cabinet meeting, Spokesman Oswald Sigg said the government would communicate “only when there is something to communicate”. The Swiss silence stood in stark contrast to the high-profile reassurances from governments in the United States and Europe, whose leaders have taken to the airwaves in largely unsuccessful attempts to pacify volatile markets. It…

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Swiss market bounces back

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“Profits stay private, state takes the losses”

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Geneva branch of Icelandic bank in meltdown

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Growth forecast revised downwards

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“Shocking” bank bailout welcomed by press

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“Swiss banks back on level playing field”

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Swiss victims of Icelandic bank collapse

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Economic survey reveals discouraging outlook

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Switzerland announces bank bail-out plan

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Government under pressure to act over finance crisis

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