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Swiss

All articles tagged with #swiss

politics1 year ago•2 min saved

Swiss Voters Approve Bigger Pensions, Reject Retirement Age Increase

Swiss voters approved a plan to raise pensions, marking the first time in the country's history that social benefits received an increase through a plebiscite. The proposal to introduce a 13th annual payout to pensioners was supported by 58.2% of the electorate, while a second initiative to raise the retirement age was rejected. The approval, which will increase pensions by about 8%, is set to send the government scrambling to find the estimated additional annual cost of 4.1 billion Swiss francs, likely requiring an increase in value-added tax.

via Yahoo Finance|

#pensions #plebiscite #politics

finance2 years ago•2 min saved

Credit Suisse's Demise Sparks Swiss Outrage

Credit Suisse held its final annual general meeting before being rescued by UBS, with shareholders expressing anger and disappointment at the bank's demise. The rescue deal, which was agreed without a shareholder vote, valued Credit Suisse's shares at a mere SFr0.76 ($0.84). The bank's dividend was scrapped, and five members of the board did not seek re-election. Swiss owners represent 87% of Credit Suisse's total, and many are furious at the death of the 167-year-old institution.

via The Economist|

#credit-suisse #finance #rescue-deal

finance2 years ago•0 min saved

Credit Suisse faces legal battles and terminated deals as UBS takes the lead.

US bondholders are preparing to sue Switzerland over a $17bn Credit Suisse wipeout. The lawsuit is expected to be filed in the coming weeks and will allege that Swiss regulators failed to properly supervise the bank, leading to significant losses for bondholders.

via Financial Times|

#credit-suisse #dollar17bn-wipeout #finance

business2 years ago

Swiss Banking Giant Credit Suisse Succumbs to Crisis.

Credit Suisse, the Swiss banking giant known for its risk-taking, has been hit hard by a series of crises, including a spying scandal and losses from the collapse of Greensill Capital. The bank has announced a shake-up of its executive team and a $4.7 billion loss for the first quarter of 2021. The crisis has raised questions about the bank's risk management and its ability to compete with other global banks.

via The Wall Street Journal|

#banking #business #credit-suisse