Geneva - UBS, Switzerland's largest bank, announced restructuring plans on Tuesday after reporting losses of 8.1 billion Swiss francs (6.9 billion dollars) in the fourth quarter of 2008.
The bank's total 2008 losses amounted to more than 19.6 billion francs, going beyond the expectations of many analysts. The bank said it would cut an additional 2,000 jobs at its investment wing.
"UBS has had an encouraging start to the year," the bank reported in a statement, saying that it had positive net new money. "However, financial market conditions remain fragile as company and household cash flows continue to deteriorate."
Geneva - Warning that the cholera crisis in Zimbabwe had surpassed the initially estimated "worst case scenario," the International Federation of Red Cross Societies said Tuesday that it was also concerned the outbreak would spread more aggressively to other countries.
Geneva - Though the biggest issue of Sunday's Swiss referendum was the open market and free movement agreements with Europe, other issues were also at stake, including a proposal to scrap a unique tax break for wealthy foreigners in Zurich.
Geneva - China received praise Monday for economic growth, during a Uni
Geneva - The Swiss will head to the polls Sunday to vote in a referendum on free movement and access for European Union citizens to their labour market, and will have to decide whether to open up Switzerland to Romania and Bulgaria.
