UBS Placed on Review for Downgrade by S&P, Moody’s, Fitch

UBS AG, which said it sustained a $2 billion loss from unauthorized trading at its investment bank, had its credit ratings put under review for possible downgrade by Standard & Poor’s and Moody’s Investors Service.

SNB Stresses Resolve on Franc as Interest Rate Stays at Zero

The Swiss central bank said it’s ready to take “further measures” if needed to stem gains in the franc against the euro as it left its benchmark interest rate at zero to ward off the threat of a recession.

UBS Made Trading Loss of $2 Billion on Unauthorized Trading

UBS AG said it made a trading loss of about $2 billion because of unauthorized trading at its investment bank.

Swiss 1970s Inflation Specter Seen in SNB’s Unlimited Sales

Swiss central bank President Philipp Hildebrand’s pledge to protect the economy with unlimited currency purchases may come at a higher cost than billions of francs: faster inflation.

Swiss draw line in the sand to cap runaway franc

ZURICH (Reuters) – The Swiss National Bank shocked markets on Tuesday by setting an exchange rate cap on the soaring franc to stave off a recession, discouraging investors anxious about flagging global growth from using the currency as a safe haven.

SNB Imposing Franc Ceiling for First Time in Three Decades

The Swiss central bank imposed a ceiling on the franc’s exchange rate for the first time in more than three decades and pledged to defend the target with the “utmost determination.”

SNB May Use ‘Nuclear Weapon’ as Franc Resumes Euro Advance

The Swiss central bank may need to ready its “nuclear weapon” of buying euros as the franc heads for the biggest weekly advance on record against Europe’s single currency.

Swiss Franc, Yen Gain on Drop in Asian Shares, Bank Suit Concern

The Swiss franc and yen gained as a drop in Asian stocks and a report the U.S. will sue banks over mortgage-backed securities boosted demand for refuge currencies.

Swiss Franc Rallies, Euro Declines on Concern Economies Slowing

The franc rose against all of its major counterparts while the euro dropped against the dollar on signs European economies are slowing as policy makers struggle to stem the sovereign-debt crisis.

UBS axes 3,500 jobs in cost-cutting push

Shared by Henry

High wage costs is directly correlated with the strength we saw in the CHF during the H1 of the year.
ZURICH (Reuters) – Switzerland’s biggest bank UBS AG is to axe 3,500 jobs to shave 2 billion Swiss francs ($2.5 billion) off annual…

Growth worries hobble stocks, Swiss franc slips

LONDON (Reuters) – European equities followed Asian stocks lower on Thursday as investors fretting about the global growth outlook cut exposure to riskier assets, while the Swiss franc fell on talk the central bank was intervening in the forwards marke…

Swiss economy, companies feel rise of franc

Switzerland is starting to feel the cost of its role as a port in the global financial storm after a year during which investors seeking safety from market turmoil piled into the franc and drove up its value by more than 30%.

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