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World markets in crisis
Financial crisis to leave up to 100 million hungry
Friday, 17 April, 2009The United Nations says the global financial crisis will create 50 to 100 million new hungry people in the world. That will add 10 percent to the world’s current starving population. The UN’s task force on the global food security crisis is pushing an agenda for investment and awareness just ahead of the G8 agriculture summit in Italy this weekend. WRS’s Alex Helmick has more From the United Nations in Geneva.
Friday, 17 April, 2009The United Nations says the global financial crisis will create 50 to 100 million new hungry people in the world. That will add 10 percent to the world’s current starving population. The UN’s task force on the global food security crisis is pushing an agenda for investment and awareness just ahead of the G8 agriculture summit in Italy this weekend. WRS’s Alex Helmick has more From the United Nations in Geneva.
Tumbling trade exacerbates tax spat
Tuesday, 7 April, 2009Germany is far and away Switzerland’s most important trading partner, so when Berlin sneezes, Berne gets cold feet. It’s happened before and it’s happening again now with a war of words over tax havens. To heighten concerns, the volume of trade between Germany and Switzerland dropped 20% in January and February compared with the same period last year. Exports and imports are falling away as the economic downturn bites. Our Zurich correspondent, Vincent Landon, spoke to Eric Sarasin, President of the Swiss-German Chamber of Commerce and began by asking him how the spat is affecting ties.
Tuesday, 7 April, 2009Germany is far and away Switzerland’s most important trading partner, so when Berlin sneezes, Berne gets cold feet. It’s happened before and it’s happening again now with a war of words over tax havens. To heighten concerns, the volume of trade between Germany and Switzerland dropped 20% in January and February compared with the same period last year. Exports and imports are falling away as the economic downturn bites. Our Zurich correspondent, Vincent Landon, spoke to Eric Sarasin, President of the Swiss-German Chamber of Commerce and began by asking him how the spat is affecting ties.
Swiss biotechs weather the storm
Monday, 6 April, 2009We may be in the midst of an economic crisis but the Swiss biotech sector is continuing to grow. Sales rose seven per cent last year to CHF 8.7 billion. Companies spent more than CHF 2 billion on research and development and the number of employees also grew. But turbulence on the markets has led to a significant drop in financing. Compared with 2007 – a record year – it is now harder for companies to procure risk capital or secure loans. Vincent Landon reports:
Monday, 6 April, 2009We may be in the midst of an economic crisis but the Swiss biotech sector is continuing to grow. Sales rose seven per cent last year to CHF 8.7 billion. Companies spent more than CHF 2 billion on research and development and the number of employees also grew. But turbulence on the markets has led to a significant drop in financing. Compared with 2007 – a record year – it is now harder for companies to procure risk capital or secure loans. Vincent Landon reports:
Basel watches out for buyers
Thursday, 26 March, 2009The world’s largest trade fair for watches and jewellery has opened in Basel. Some 1,950 exhibitors from 45 countries are unveiling their latest designs and collections at Baselworld. But the economic crisis has cast its shadow over the luxury goods sector. For Switzerland’s watchmakers, for example, exports have dropped four straight months in a row. Vincent Landon reports:
Thursday, 26 March, 2009The world’s largest trade fair for watches and jewellery has opened in Basel. Some 1,950 exhibitors from 45 countries are unveiling their latest designs and collections at Baselworld. But the economic crisis has cast its shadow over the luxury goods sector. For Switzerland’s watchmakers, for example, exports have dropped four straight months in a row. Vincent Landon reports:
World Business: Carnage all around
Tuesday, 3 March, 2009AIG’s surprise quarterly loss of $61.7 billion—the largest in corporate history—on top of lousy news out of HSBC sent shockwaves through world markets, some of which plummted more than 5 percent to decades-old lows. Robert Harris gives us all the gory details.
Tuesday, 3 March, 2009AIG’s surprise quarterly loss of $61.7 billion—the largest in corporate history—on top of lousy news out of HSBC sent shockwaves through world markets, some of which plummted more than 5 percent to decades-old lows. Robert Harris gives us all the gory details.
Chinese firms sign $400 million in trade deals
Friday, 27 February, 2009Swiss and Chinese companies have signed up to $400 million of trade deals during a visit by Chinese commerce minister, Chen Deming. Chen is leading representatives from 100 companies to Switzerland, Spain, the UK and Germany. Vincent Landon reports:
Friday, 27 February, 2009Swiss and Chinese companies have signed up to $400 million of trade deals during a visit by Chinese commerce minister, Chen Deming. Chen is leading representatives from 100 companies to Switzerland, Spain, the UK and Germany. Vincent Landon reports:
UBS needs to restore credibility
Friday, 27 February, 2009
Friday, 27 February, 2009
It was a rough 2008 for Switzerland’s biggest bank,UBS, and 2009 has started off just as rocky. After posting the biggest losses in Swiss history last year, the bank was pushed by the U.S. government to turn over the names of some of its clients. The bank secrecy controversy hasn’t gone away as the U.S. seeks thousands of more names from the bank, alleging UBS helped wealthy Americans avoid paying taxes.And now the banking giant is replacing its CEO for the third time in less than two years.
For insight into the move, reporter Alex Helmick spoke to Stewart Hamilton from the IMD business school in Lausanne. Hamilton is the author of the book “Greed and Corporate Failure: The Lessons from Recent Disasters.”
He started by asking about CEO Marcel Rohner resigning and being replaced by Oswald Grübel, former head at Credit Suisse—a chief rival to UBS.
World Business: Market slide continues
Tuesday, 24 February, 2009Henk Potts looks back at another grim trading session, which saw markets tumbling to record lows and the Dow Jones hitting a value $10 trillion lower than its 2007 peak.
Tuesday, 24 February, 2009Henk Potts looks back at another grim trading session, which saw markets tumbling to record lows and the Dow Jones hitting a value $10 trillion lower than its 2007 peak.
Trade unions slam stimulus package
Thursday, 12 February, 2009No sooner had Swiss Economics Minister Doris Leuthard announced a second economic stimulus package than trade unions were queuing up to knock it down. Their biggest gripe is the size of the package: CHF700 million. Unions say this is “peanuts” when set alongside the billions in state aid handed to Switzerland’s leading bank UBS. They called for additional measures, including reduced health insurance premiums and more financial support for families. WRS’s Adam Beaumont spoke to Nico Lutz from the country’s biggest trade union, Unia, and began by asking him for his reaction to the latest stimulus plan.
Thursday, 12 February, 2009No sooner had Swiss Economics Minister Doris Leuthard announced a second economic stimulus package than trade unions were queuing up to knock it down. Their biggest gripe is the size of the package: CHF700 million. Unions say this is “peanuts” when set alongside the billions in state aid handed to Switzerland’s leading bank UBS. They called for additional measures, including reduced health insurance premiums and more financial support for families. WRS’s Adam Beaumont spoke to Nico Lutz from the country’s biggest trade union, Unia, and began by asking him for his reaction to the latest stimulus plan.
Credit Suisse posts record annual loss
Wednesday, 11 February, 2009Switzerland’s second biggest bank, Credit Suisse, has posted its biggest ever annual loss of CHF8.2 billion. The bank says in the fourth quarter of last year alone, it lost CHF6 billion. The figures come a day after UBS reported a full year loss of almost CHF20 billion, the worst result in Swiss corporate history. Vincent Landon has more:
Wednesday, 11 February, 2009Switzerland’s second biggest bank, Credit Suisse, has posted its biggest ever annual loss of CHF8.2 billion. The bank says in the fourth quarter of last year alone, it lost CHF6 billion. The figures come a day after UBS reported a full year loss of almost CHF20 billion, the worst result in Swiss corporate history. Vincent Landon has more:
