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Huge writedowns cause loss at Credit Suisse

This content was published on Apr 24, 2008 Switzerland’s second-largest bank says it also has net writedowns of SFr5.3 billion for the first three months of the year. It was the bank’s first quarterly loss in five years and almost three times what analysts had expected. Credit Suisse said in March it was unlikely to post a profit in the first quarter because…

Kurer replaces Ospel as UBS chairman

This content was published on Apr 23, 2008 Kurer will replace Marcel Ospel, who took his leave at the bank’s annual general meeting on Wednesday. UBS has lost more than SFr37 billion ($37 billion) in the subprime mortgage crash. Shareholders also voted in favour of a proposal to raise SFr15 billion of capital via a rights issue. Kurer was elected to the bank’s…

Fair fashion petition launched

This content was published on Apr 23, 2008 The Declaration of Berne launched an online petition on Wednesday calling on manufacturers to implement the norms of the “Clean Clothes Campaign” that promotes the interests of workers in the garment industry. “Child labour, low pay and inhuman working conditions characterise the textile industry,” the organisation said. The petition also wants more fair trade and…

Bank donates to Unicef after child labour row

This content was published on Apr 23, 2008 The bank is investigating claims 200,000 children’s Euro 2008 footballs given away in Credit Suisse branches were made by minors and locals in Pakistani villages for half the usual price. In a statement issued on Wednesday, the bank said its Swiss contractor and the Pakistani firm that produced the footballs had signed a code of…

Novartis cuts anti-malaria drug cost

This content was published on Apr 23, 2008 The reduced price to the public will come into effect on World Malaria Day on Friday, the company announced on Wednesday. Novartis said the move was made possible through efficiency gains after expanding its production capacity in the United States and China. The drug is currently supplied to the public at cost under an agreement…

UBS shareholders to vote on Ospel successor

This content was published on Apr 22, 2008 Peter Kurer was nominated for the position vacated by Ospel after the bank suffered $37 billion (SFr37.6 billion) in subprime losses. But stinging opposition to Kurer has been highly publicised. The next UBS chairman would be expected to steer the bank’s turnaround following a disastrous 12 months. The nomination of Kurer surprised many observers because,…

Code of conduct aims to fill tiny retail void

This content was published on Apr 22, 2008 The association says it wants to bridge a legislative void and answer concerns about little-understood developments and uses of this tiny technology. But consumer specialists are wary of the new code. Nanotechnology generally enjoys a positive image in Switzerland. The first consumer products are slowly making their way into stores, as special paints or as…

Tunnels get good marks

This content was published on Apr 22, 2008 Switzerland’s performance contrasted with a general deterioration in standards, with a third of the 31 tunnels surveyed failing the European Tunnel Test 2008 – the worst result for five years. The tunnels at Mappo Morettina, Flüelen and San Bernardino were all considered “very good”, the tunnel at Ligerz was “good” and another at Sachseln “sufficient”.…

Logitech continues record-breaking run

This content was published on Apr 22, 2008 The figure was a slight 0.4 per cent increase over the previous fiscal year. Sales reached $2.4 billion, up 15 per cent. Income from computer mice compensated for lower sales in the company’s video division, which includes webcams. The firm also makes speakers and keyboards, as well as game controllers. The fourth quarter was the…

Zurich: More than a city of gnomes

This content was published on Apr 21, 2008 The “gnomes of Zurich” was an expression coined in 1956 by Harold Wilson, then British Shadow Chancellor, in response to secretive Swiss bankers whose speculating, he said, had pushed the pound down on the foreign exchange markets. The name has stuck – even if gnomes are few and far between on Zurich’s financial epicentre, the…

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