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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 - 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.
Local media reported Monday that some 53 per cent of voters in Zurich, the financial hub of the Alpine country, voted to do away with a system that enabled wealthy foreigners to pay taxes as a lump sum, based on their home expenses and not their income.
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.
The latest polls indicated that the government backed motion will likely pass and voters will extend the existing deal with 25 European states and allow in the two new EU members, but only by a slim margin.
Geneva - The United Nations' World Food Programme said Friday it had very limited access to the conflict zone in northern Sri Lanka and had not been able to deliver aid for weeks.
A four-hour humanitarian "window" was supposed to be opened each Thursday, but the agency has not been able to send in food aid since January 16, said WFP spokeswoman in Geneva, Emilia Casella.
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.
Geneva - The United Nations' World Food Programme said Friday it had very limited access to the conflict zone in northern Sri Lanka and had not been able to deliver aid for weeks.
