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UBS revival hinges on market upturn

This content was published on Feb 14, 2008 The bank posted a SFr4.38 billion ($3.96 billion) loss last year as a result of the United States subprime crisis. It has appointed a new investment banking head and a task force to clean up the troubled division. The “unacceptable” result was in stark contrast to that of rival Credit Suisse, which benefited from its…

Plane crash blamed on human error

This content was published on Feb 14, 2008 The two-seater aircraft crashed into a valley near Lauterbrunnen, killing the pilot and seriously injuring the navigator. The plane had been returning to Germany after a training mission. Both Swiss military investigators as well as the German air force’s flight safety service concluded that the crew did not sufficiently take into account the nature of…

Insurer registers record profits

This content was published on Feb 14, 2008 Net profit rose by one-fifth to $5.6 billion (SFr 6.2 billion), the company announced on Thursday. It said that operating performances had been excellent in all segments of its business. Last year the company made a number of small acquisitions in the face of weak market growth. Despite what it described as “the difficult market…

Conservative Kindle surplus to requirements

This content was published on Feb 13, 2008 The official reason given on Wednesday was “irreconcilable differences of opinion about how to lead the company”. Kindle trod a conservative and successful path at the Swiss-Swedish engineering group. Brought in from Sulzer by former CEO and chairman Jürgen Dormann, the ex-McKinsey consultant was groomed to continue his mentor’s sustainable strategy that brought ABB back…

Fred Kindle in surprise departure from ABB

This content was published on Feb 13, 2008 The surprise move came as the group announced very strong full-year results a day early. Full year net income for 2007 more than doubled to SFr4.18 billion ($3.8 billion) compared with SFr1.54 billion in 2006. Kindle, who was named Swiss Entrepreneur of the Year last December, joined the company in 2004 and took over as…

Credit Suisse suffers less than rivals

This content was published on Feb 12, 2008 Net profits of SFr8.55 billion ($7.76 billion) were down from the SFr11.33 posted in 2006. However, the group managed to trim its writedowns to just over SFr2 billion despite a poor fourth quarter. The results contrasted starkly with those of rival bank UBS. It is expected to report a SFr4.4 billion loss in 2007 after…

Government reduces debt with budget surplus

This content was published on Feb 12, 2008 The finance ministry said on Tuesday that the surplus, which was more than four times larger than originally forecast, was used to cut federal debt to SFr121 billion by the end of 2007. The ministry added that overall Swiss public debt – including cantons and communes – stood at an estimated SFr216 billion, or around…

Credit Suisse profit drops 25 per cent

This content was published on Feb 12, 2008 Switzerland’s second-largest bank said on Tuesday that fourth-quarter net profit had dropped 72 per cent to SFr1.33 billion owing to writedowns for investment banking and money-market funds. Credit Suisse said net profit in the three months ending December 31 compared with SFr4.67 billion in the same period for 2006, when earnings were bolstered by investment…

Almost one in ten working-age adults is poor

This content was published on Feb 12, 2008 This represents nine per cent of the Swiss population group aged 20-59. The rate remains unchanged since 2000. The number of working poor decreased in the same period from five per cent to 4.5 per cent. The poverty line is defined as SFr2,200 ($2,000) net income for a single person and SFr4,650 for a couple…

Credit Suisse profit drops 25 per cent

This content was published on Feb 12, 2008 Switzerland’s second-largest bank added on Tuesday that fourth-quarter net profit had dropped 72 per cent to SFr1.33 billion owing to writedowns for investment banking and money-market funds. It took writedowns of SFr2.07 billion, which analysts said showed it continues to weather the subprime crisis better than some rivals. Credit Suisse said net profit in the…

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UBS revival hinges on market upturn

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Plane crash blamed on human error

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Insurer registers record profits

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Conservative Kindle surplus to requirements

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Fred Kindle in surprise departure from ABB

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Credit Suisse suffers less than rivals

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Government reduces debt with budget surplus

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Credit Suisse profit drops 25 per cent

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Almost one in ten working-age adults is poor

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Credit Suisse profit drops 25 per cent

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