Vinea orders sunshine for Swiss winelovers crowd

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Sierre, Valais, Switzerland (GenevaLunch) – For the 16th year in a row, Vinea, the main wine fair for Swiss wines, managed to order sunshine for its two days of wine-tasting. This is the first year that the fair, organized originally by Valais winemakers to promote their own wines, has been opened to bottles from throughout […]

International sports, athletics: Zurich gets ready for Bolt

Zurich, Switzerland (GenevaLunch) – Zurich is preparing for the Jamaican superstar sprinter Usain Bolt to show whether he can improve on his recent world record at Berlin. Friday evening 28 August he will be the chief attraction at the Weltklasse Zurich meet. The 100-metre final is scheduled for 21:10. In the meantime locals will have […]

Zurich banker, Geneva-Zurich lawyer indicted in Miami: US widens Swiss banks probe

Update 21 August  Miami, Florida, USA (GenevaLunch) – A banker for NZB (Neue Zürcher Bank), Hansruedi Schumacher, and a Geneva and Zurich lawyer, Matthias Rickenbach, both Swiss, were indicted Thursday 20 August in Miami, Florida on charges of conspiring to defraud the US. The two are accused by the US of helping US residents to […]

Bank UBS shares rise after gov’t makes CHF1.2 billion net profit pulling out

Bern and Zurich, Switzerland (GenevaLunch) – Shares in the bank UBS rose nearly 5 percent by closing Thursday 20 August in Zurich to CHF17.56 after the Swiss government sold its 9 percent stake, 332.2 million shares (convertible notes to be converted 25 August), at a price of CHF16.50. The sale had been announced late Wednesday. […]

Swiss government sells stake in UBS

Update 2  0:30  Update 1  20 August 0:08  Bern, Switzerland (GenevaLunch) – The Swiss government is selling 332.2 million shares in bank UBS, withdrawing “immediately and entirely” its stake in the bank. The announcement was made by Bern after details were published Wednesday 19 August of the Swiss-US out of court settlement in the UBS […]

Highlights of Swiss-US agreement

Bern and Zurich, Switzerland (GenevaLunch) – Highlights of the agreement between the US and Switzerland in the UBS out of court settlement, provided by the Swiss government, include (Ed. note: US Department of Justice page on the settlement):

UBS shares back at Q4 2008 level on eve of deal details

Shares up; Swiss bankers hire US lobbyist Zurich, Switzerland (GenevaLunch) – It may be no more than rumour based on several unnamed sources being cited, but the financial world is now expecting the Swiss and US governments to sign on Wednesday an agreement involving Swiss bank UBS. The bank’s shares have continued to climb most […]

Gold boosts Swiss National Bank half-year results, UBS bailout no impact

(correction: price of gold)  Zurich, Switzerland (GenevaLunch) – The Swiss National Bank has posted a positive half-year result of CHF5 billion before provisions, compared to a loss of CHF3.4b a year earlier. The SNB ended 2008 with a loss of CHF4.3b. The central bank’s legal obligations require it to set aside provisions that allow it […]

Swiss bank losses push down investment income – negative for first time since 1947

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Zurich, Switzerland (GenevaLunch) – Switzerland’s net investment earnings are negative for the first time since the Swiss National Bank (SNB) began compiling statistics in 1947, ironically, as a record trade surplus was posted for 2008. Losses from Swiss banks’ foreign subsidiaries caused 2008 income from direct investment abroad to fall sharply, from CHF60 to 8 […]

Police whiz through Zurich traffic for hospital birth

Zurich, Switzerland (GenevaLunch) – A couple racing to the hospital for the birth of their child were caught in rush-hour traffic in Zurich Monday at 18:30, ats/romandie reports. The husband phoned the police who managed to reach them, and one of the police officers took over at the wheel, since the woman was unable to […]