Zurich - The Swiss-based private bank EFG International said Wednesday its profit in 2008 was down 33 per cent compared to the previous year. The bank's stock dropped about 20 per cent in morning trading.
The asset manager said its profit for 2008 was 221.9 million Swiss francs (191.6 million dollars) on total revenues of 946.3 million, a slight increase over the previous year. If adjusted for non-recurring items, net profit was 280.9 million.
Zurich - Shares in UBS fell Tuesday, hitting a new low on the Zurich exchange, as Switzerland's largest bank said it would fight to keep client information protected.
The stock hit 9.35 Swiss francs during trading, a record low, but did recover slightly to close at 9.85, down 1.5 per cent on the day.
A US judge on Monday gave UBS until April 30 to file a response to a summons against it by authorities there, demanding that the bank hand over some 52,000 names of US clients holding assets in Switzerland. The judge scheduled a trial for July 13.
Zurich - Shares in the Swiss bank UBS continued their fall on Monday, dropping 9.09 per cent to 10 francs (8.59 dollars), setting a new low for the stock on the Zurich exchange.
On Friday, the stock lost 14 per cent, closing at 11 francs.
The decline in value was seen as a reaction to the investigation in the United States into allegations that UBS employees helped clients commit tax fraud and concerns about the fate of the Alpine country's secret banking laws.
Geneva - There have been over 325,000 announced layoffs in the financial sector since August 2007, the International Labour Organization said Monday, noting that 40 percent of those cuts, or about 130,000 jobs, were made since October of last year.
More job cuts in the financial sector were to be expected as the full extent of the economic crisis became clear, the ILO said. The numbers did not include independent contractors and subcontractors.
Geneva - The United Nations' Human Rights Council adopted Monday a resolution on the financial crisis, calling for protection of the most vulnerable and for assurances on international aid to developing countries.
The resolution received 31 votes in favour from the council's 47 members but saw European Union states, Japan, Canada, Switzerland and others abstaining.
Some Western states had opposed a special session by the council on the economic situation in principle, saying it was not the right forum for dealing with the wider issue.
Zurich - There were over 200,000 applications for 2010 World Cup tickets in the first 24 hours since tickets went on sale via FIFA's online ticket portal, football's ruling body revealed Saturday.
Applications from 128 countries for 216,975 tickets had been received via the website, excluding the hard paper applications handed in by residents of host nation South Africa at the country's First National Bank (FNB), a sponsor of the tournament.
Zurich - The Swiss-based private bank EFG International said Wednesday its profit in 2008 was down 33 per cent compared to the previous year. The bank's stock dropped about 20 per cent in morning trading.
Zurich - Shares in UBS fell Tuesday, hitting a new low on the Zurich exchange, as Switzerland's largest bank said it would fight to keep client information protected.
Zurich - Shares in the Swiss bank UBS continued their fall on Monday, dropping 9.09 per cent to 10 francs (8.59 dollars), setting a new low for the stock on the Zurich exchange.
Geneva - The United Nations' Human Rights Council adopted Monday a resolution on the financial crisis, calling for protection of the most vulnerable and for assurances on international aid to developing countries.
Zurich - There were over 200,000 applications for 2010 World Cup tickets in the first 24 hours since tickets went on sale via FIFA's online ticket portal, football's ruling body revealed Saturday.
