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SummarySummary Companies Swiss upper house lawmakers approve Credit Suisse rescueFrustration in Switzerland over use of state fundsLawmakers have protested but cannot overturn dealBERN, April 11 (Reuters) - Switzerland's upper house of parliament voted on Tuesday to retrospectively approve 109 billion Swiss francs ($120.5 billion) in financial guarantees used to rescue Credit Suisse (CSGN.S) after a heated debate. The Swiss parliament had recalled lawmakers for a rare extraordinary session to discuss the rapid rescue of Credit Suisse as well as the government's open chequebook response. A shotgun marriage which saw Credit Suisse taken over by Zurich-based rival UBS (UBSG.S) for 3 billion Swiss francs and propped up with more than 250 billion Swiss francs in guarantees and support has been the subject of widespread criticism. "The use of emergency law has reached a level in the last three years that is beginning to annoy me," said Hansjoerg Knecht, a member of Parliament's upper house. In an open letter to the country's parliament, the Swiss Bank Employees' Association said on Tuesday that Credit Suisse and UBS must freeze any job cuts.

☆ Swiss parliament's lower house rejects Credit Suisse rescue package
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: 1 min

BERN, April 12 (Reuters) - The lower house of Switzerland's parliament voted late on Tuesday to retrospectively reject the 109 billion Swiss francs of financial guarantees the government gave to Credit Suisse (CSGN.S) as part of a hastily cobbled-together rescue package. At an extraordinary government session called to discuss Credit Suisse's demise, 102 parliamentarians voted against the measure. Earlier on Tuesday, Switzerland's upper house voted in favor of the government guarantees. The votes are, however, largely symbolic as the state has committed the funds and lawmakers cannot overturn that decision. Reporting by Noele Illien; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

On Tuesday, they will meet in Bern for an extraordinary session to discuss Credit Suisse's downfall as well as the government's open chequebook response. In Tuesday's session, lawmakers will get a chance to challenge the rushed rescue package and discuss whether conditions can be imposed on Credit Suisse. Last week, Switzerland announced it was cutting bonus payments for Credit Suisse's top management. Credit Suisse's rescue angered not only politicians but many in Switzerland. In an open letter to the country's parliament, the Swiss Bank Employees' Association said on Tuesday that Credit Suisse and UBS must freeze any job cuts.

☆ Swiss finance minister sees no 'stumbling blocks' to UBS takeover of Credit Suisse
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +3 min

[1/2] Federal Councillor and chief of the finance federal department Karin Keller-Sutter attends a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. REUTERS/Denis BalibouseZURICH, April 8 (Reuters) - UBS's (UBSG.S) multi-billion state-sponsored takeover of Credit Suisse (CSGN.S) should proceed smoothly without political obstructions, Swiss Finance Minister Karin Keller-Sutter said in an interview published on Saturday. The Swiss parliament is due to hold an extraordinary session next week to discuss the emergency merger engineered by the Swiss authorities after Credit Suisse came close to collapse. "The primary goal of the Federal Council was to ensure the stability of the Swiss economy and the Swiss financial center and to prevent an international financial crisis," she said. The special parliamentary session next week was important, she added, and a welcome opportunity to get to the truth of the Credit Suisse debacle.

☆ UBS tells investors 'Herculean' Credit Suisse takeover will pay off
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +5 min

[1/3] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland, March 20, 2023. REUTERS/Denis Balibouse/File PhotoBASEL, April 5 (Reuters) - UBS (UBSG.S) executives sought to assure investors on Wednesday that Switzerland's largest bank can make its unexpected takeover of Swiss rival Credit Suisse (CSGN.S) work and pay off for its shareholders. "We believe the transaction is financially attractive for UBS shareholders," he said. Looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, UBS has already taken the first steps. "The acquisition of Credit Suisse will be a major challenge," Hamers said, while echoing the bank's chairman in highlighting new opportunities.

☆ UBS seeks to assure investors shotgun Credit Suisse takeover can pay off
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

[1/3] Buildings of Swiss banks UBS and Credit Suisse are seen on the Paradeplatz in Zurich, Switzerland, March 20, 2023. "We believe the transaction is financially attractive for UBS shareholders," he said. The hastily arranged rescue, not only angered and unsettled both banks' shareholders, but also many in Switzerland. Looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, UBS has already taken the first steps. "The acquisition of Credit Suisse will be a major challenge," Hamers said, while echoing the bank's chairman in highlighting new opportunities.

☆ Swiss regulator deflects blame for Credit Suisse debacle
▼ + stars: | 2023-04-05 | by ( John O'Donnell | ) www.reuters.com time to read: +3 min

BERN, April 5 (Reuters) - Switzerland's financial regulator deflected blame for the collapse of the country's second-biggest bank, Credit Suisse, saying it had been quick to respond, calling instead for more powers to take lenders to task. Axel Lehman had told shareholders he was 'truly sorry" for taking Swiss bank to the brink of bankruptcy. "Our instruments hit their limits ... as seen in the case of Credit Suisse," said Amstad, making a rare public appeal for more power. But, as we have seen, Credit Suisse paid billions in fines and that didn't change its catastrophic business strategy," said Dominik Gross of the Swiss Alliance of Development Organisations. While the takeover of Credit Suisse has been agreed, many hurdles, such as winning regulatory approval from countries around the world, lie ahead.

☆ UBS faces investors after shotgun Credit Suisse takeover
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

Last month, Swiss authorities announced that UBS would buy Credit Suisse in a shotgun merger to stem further banking turmoil after the smaller lender had come to the brink of collapse. After a run on deposits, the Swiss government had turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), while the Alpine state put up more than 200 billion francs of support and guarantees. Now, the bank is looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, without undermining its strengths. On Tuesday, Reuters also reported that the Bank of England had approved UBS' takeover of Credit Suisse in Britain, a key market for the Swiss lenders racing to close the rescue deal. UBS also secured a temporary green light from European Union antitrust regulators to complete its acquisition of Credit Suisse, but will still have to request clearance under EU merger rules, the European Commission said.

☆ UBS faces investors after shotgun Credit Suisse merger
▼ + stars: | 2023-04-05 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

ZURICH, April 5 (Reuters) - UBS (UBSG.S) will seek to reassure shareholders on Wednesday that its unexpected takeover of rival Credit Suisse (CSGN.S) in the biggest bank rescue since the great financial crash can work. Last month, Swiss authorities announced that UBS would buy Credit Suisse in a shotgun merger to stem further banking turmoil after the smaller lender had come to the brink of collapse. After a run on deposits, the Swiss government had turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), while the Alpine state put up more than 200 billion francs of support and guarantees. Now, the bank is looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, without undermining its strengths. The bank's annual general meeting comes a day after executives at Credit Suisse faced their own shareholders and Chairman Axel Lehmann apologised for leading the bank to the verge of bankruptcy.

☆ Switzerland faced a full-scale bank run if Credit Suisse went bankrupt, Swiss regulator argues
▼ + stars: | 2023-04-05 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +7 min

It would have erased the holding company Credit Suisse Group, along with the parent bank Credit Suisse AG and its branches, while retaining the Credit Suisse (Schewiz) AG entity because of its "systemic importance." "The parent bank Credit Suisse AG would have gone under – a Swiss bank with total assets of over CHF 350 billion and ongoing business also running into many billions," Angehrn warned. Many other Swiss banks would probably have faced a run on deposits, as Credit Suisse itself did in the fourth quarter of 2022." Angehrn said the regulator has been in recent dialogue with the U.S., but did not experience international pressure in its supervision of Credit Suisse. The authorities would have risked not stopping a looming financial crisis by using the tool of resolution, but rather triggering such a financial crisis."

☆ UBS only party that could derail Credit Suisse takeover, law professor says
▼ + stars: | 2023-04-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS only party that could derail Credit Suisse takeover, law professor saysPeter V. Kunz, managing director of the Institute for Economic Law at the University of Bern, weighs in on the legal path ahead for the UBS takeover of Credit Suisse.

☆ American, Delta, and United have collectively dropped 74 US airports since the pandemic — see the full list
▼ + stars: | 2023-04-05 | by ( Taylor Rains | Bianca Giacobone | ) www.businessinsider.com time to read: +4 min

American Airlines, Delta Air Lines, and United Airlines have exited 74 airports since 2020. Some of the airports are in the Essential Air Service program and are now served by a new airline. In September 2022, the company's research revealed American Airlines, Delta Air Lines, and United Airlines had exited 59 airports. In total, American has left 19 airports, Delta has exited 17, and United has departed 38. American, Delta, and United have all cut routes in recent years, citing poor performance and the pilot shortage as contributing factors.

☆ Swiss prosecutor reportedly investigates Credit Suisse takeover by UBS
▼ + stars: | 2023-04-02 | by ( ) www.cnbc.com time to read: +1 min

This photograph taken on March 24, 2023 in Geneva, shows a sign of Credit Suisse bank. Switzerland's Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS , the Financial Times reported on Sunday. Switzerland's federal prosecutor and Credit Suisse did not immediately respond to a Reuters request for comment. Last month, UBS acquired rival Credit Suisse in a deal worth 3 billion Swiss Francs ($3.3 billion). Read the full Financial Times report here.

☆ Swiss prosecutor investigates Credit Suisse takeover, Financial Times reports
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

April 2 (Reuters) - Switzerland’s Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse (CSGN.S) by UBS Group (UBSG.S), the Financial Times reported on Sunday. There were “numerous aspects of events around Credit Suisse” that warranted investigation and which needed to be analysed to “identify any crimes that could fall within the competence of the [prosecutor]”, the report added. Switzerland's federal prosecutor and Credit Suisse did not immediately respond to a Reuters request for comment. Last month, UBS acquired rival Credit Suisse in a deal worth 3 billion Swiss Francs ($3.3 billion). ($1 = 0.9148 Swiss francs)Reporting by Sneha Bhowmik in Bengaluru; Editing by David Goodman and David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Norwegian wealth fund seeks Credit Suisse boardroom shake-up
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] Chairman of the Board of Directors of Credit Suisse, Axel Lehmann, attends a news conference after UBS's takeover offer, in Bern, Switzerland, March 19, 2023. REUTERS/Denis Balibouse/File PhotoApril 2 (Reuters) - Norges Bank Investment Management will vote against the re-election of Credit Suisse (CSGN.S) Chair Axel Lehmann and six other directors at the Swiss lender's annual general meeting on Tuesday, the Norwegian wealth fund said on its website. "Shareholders should have the right to seek changes to the board when it does not act in their best interest," the Norges wealth fund said ahead of the April 4 meeting. In addition to Lehmann, Norges is also opposing re-election of Credit Suisse directors Iris Bohnet, Christian Gellerstad, Shan Li, Seraina Macia, Richard Meddings and Ana Pessoa. Credit Suisse declined to comment and UBS did not immediately respond to a request for comment.

☆ Swiss prosecutor probes Credit Suisse takeover
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies UBS agreed to acquire Credit Suisse last monthDeal orchestrated by Swiss authoritiesPoll shows Swiss economists disagree with dealGENEVA, April 2 (Reuters) - Switzerland's Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse (CSGN.S) by UBS Group (UBSG.S), the office of the attorney general said on Sunday. Credit Suisse and UBS did not immediately respond to requests for comment. Last month, UBS said it would acquire rival Credit Suisse for 3 billion Swiss francs ($3.3 billion) in a deal orchestrated by the Swiss government, the central bank and market regulator. A poll of Swiss economists found that nearly half think the takeover of Credit Suisse was not the best solution, and warned that the situation had dented Switzerland's reputation as a banking centre. Up to 30% of staff could lose their jobs due to the takeover, according to an unnamed senior UBS manager quoted in Swiss media.

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. Although some investors in Credit Suisse bonds lost everything, Swiss taxpayers are still on the hook for up to 9 billion Swiss francs ($9.8 billion) of potential losses arising from certain Credit Suisse assets. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

☆ Swiss economists question UBS takeover of Credit Suisse in poll
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +3 min

ZURICH, March 31 (Reuters) - A poll of Swiss economists found that nearly half think the takeover of Credit Suisse (CSGN.S) by UBS (UBSG.S) was not the best solution, warning the saga has dented Switzerland's reputation as a banking centre. Switzerland's KOF economic research institute found that 48% of the 167 university economists it questioned would have preferred a state takeover and possible later sale of Credit Suisse. Restructuring Credit Suisse under 'too big to fail" rules was favoured by 28% of respondents. This would have meant rescuing the systemically important Swiss business of Credit Suisse and the international part restructured or wound up. Some 40% of the public thought a temporary state takeover of Credit Suisse would have been a better solution, the GFS Bern survey said.

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. Global standards for dealing with teetering “too big to fail” banks were key a part of the package of rules introduced after the global financial crisis. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

☆ Elderly Swiss women bring European court's first climate case
▼ + stars: | 2023-03-30 | by ( Emma Farge | ) www.reuters.com time to read: +3 min

STRASBOURG, March 29 (Reuters) - Thousands of elderly Swiss women have joined forces in a groundbreaking case heard on Wednesday at the European Court of Human Rights, arguing that their government's "woefully inadequate" efforts to fight global warming violate their human rights. More than 100 supporters and climate activists from Greenpeace gathered outside the courtroom, holding banners and flowers. Stefanie Brander, a member of the association Senior Women for Climate Protection, said that she felt the government had underestimated the group until now. [1/8] A group from the Senior Women for Climate Protection association hold banners outside the European Court of Human Rights in Strasbourg, France March 29, 2023. The Swiss government, which twice won in domestic courts in a six-year legal battle, has argued that the case is inadmissible.

☆ Ukraine fencers unite behind federation's boycott call
▼ + stars: | 2023-03-30 | by ( Ivan Lyubysh-Kirdey | ) www.reuters.com time to read: +4 min

[1/3] Members of Ukraine's fencing team attend a training session at the Olympic training base, amid Russia's attack on Ukraine, in Kyiv, Ukraine March 28, 2023. REUTERS/Valentyn OgirenkoMarch 30 (Reuters) - Ukraine's fencers have welcomed their federation's decision to boycott international competitions featuring Russians and Belarusians, amid a row over whether athletes from the two latter countries should be allowed at next year's Olympics. The move prompted Ukraine's fencing federation (NFFU) to say it would boycott all events in which Russians and Belarusians were included, a message reinforced this week by NFFU president Mykhailo Illiashev. "We aren't giving up," said Ukrainian fencing coach and former Olympian Olha Leleiko. And, along with our friends, we will look for competitions in which Russian athletes do not participate."

☆ Europe drought: This once-thriving lake has all but dried up -- a story repeated across Europe
▼ + stars: | 2023-03-30 | by ( Laura Paddison | ) edition.cnn.com time to read: +9 min

While in the United States, the snow and rain that have pummeled California have helped fill reservoirs and ease unrelenting drought, winter has been far from kind to many parts of Europe. A buoy is seen on the banks of the partially dry Lake Montbel as France faces a record winter dry spell. “Lake Montbel remains at an abnormally low level,” Franck Solacroup, the regional director of the Adour-Garonne Water Agency, which covers the area that includes Lake Montbel, told CNN. Farmers like Rouquet, who rely on the lake, are having to make tough decisions on what to grow. “This is the most extreme winter in terms of low snow cover,” she told CNN.

[1/7] FILE PHOTO-Dmytro Zilko, a soldier and a patient of the clinic exercises on a new prosthesis with rehabilitation specialist Maria in a prosthetics clinic in Kyiv, Ukraine, March 9, 2023. "Unfortunately, the number of patients has increased significantly," said Andrii Ovcharenko, who works with a team of medics and technicians at the "Without Limits" prosthetics clinic, one of almost 80 now operating in Ukraine. On a recent morning, Ovcharenko's Kyiv clinic assessed two soldiers for artificial legs and adjusted the new limb of a third. U.S. Army General Mark Milley estimated in November at least 100,000 Russian military casualties - killed or wounded, with "probably" the same for Ukraine. It plans to expand, depending on how the war unfolds but is not sure where to open new clinics.

☆ 'Climate lockdown' anger drives Swiss grandmother to sue Bern at EU court
▼ + stars: | 2023-03-28 | by ( Emma Farge | ) www.reuters.com time to read: +4 min

Her frustration with what she calls "climate lockdown" is part of her motivation for suing the Swiss government alongside more than 2,000 other elderly women in the first ever climate case before the European Court of Human Rights this week. Some of the other women in the case described shortness of breath, nausea and even loss of consciousness during heatwaves which are becoming more frequent due to climate change. More broadly, Switzerland said it recognises that climate change is a problem for the country where temperatures are rising about twice the global rate. Observers acknowledge that it may be difficult to prove the women's suffering is the result of climate change, rather than something else. But due to the advanced age of the Swiss women (73 on average), several dozen of them have already died.

[1/3] The logo of Swiss bank Credit Suisse is seen in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann/File PhotoWASHINGTON/FRANKFURT, March 26 (Reuters) - Stress in the banking sector is being closely monitored for its potential to trigger a credit crunch, a U.S. Federal Reserve policymaker said on Sunday, as a European Central Bank official also flagged a possible tightening in lending. "What's unclear for us is how much of these banking stresses are leading to a widespread credit crunch. Meanwhile in Europe, the ECB believes that recent banking sector turmoil may result in lower growth and inflation rates, its vice president Luis de Guindos said. Turbulence among banking stocks on both sides of the Atlantic continued into the end of the week, despite efforts by politicians, central banks and regulators to dispel concerns.

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