Swiss company Meyer Burger has filed for voluntary chapter 11 bankruptcy relief in the United States, the solar panel manufacturer said in a court filing on Wednesday, Reuters reported. Meyer Burger's operations in both Europe and the United States have struggled to compete with cheaper products imported from Asia, piling pressure on the company. Late last month the firm announced it was shutting down its U.S. factory in Arizona due to financial difficulties, and soon afterwards filed for insolvency for its German subsidiaries. In its U.S.
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The Swiss National Bank cut its interest rate to zero on Thursday and did not rule out returning borrowing costs to negative territory in future, although it stressed this was not a step it would take lightly, Reuters reported. The SNB reduced its policy rate by 25 basis points from 0.25%, as expected by markets and a Reuters poll, to stand on the brink of negative rates for the first time since 2022. The central bank now has the lowest borrowing costs among its peers, with markets giving a 53% probability of further cuts in September.
UBS finance chief Todd Tuckner voiced his disappointment on Wednesday over proposed new Swiss capital regulations, which he said was the beginning of a possibly long process that the bank intends to contribute to, Reuters reported. "Naturally, as to capital, we're disappointed," Tuckner said at a conference in Berlin, speaking days after the Swiss government proposed rules that could make the country's remaining big bank hold $26 billion more in core capital. "We are looking at every possible option to potentially mitigate the imposition of these extreme capital measures," he added.
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The Swiss government on Friday proposed stricter rules for UBS following its takeover of Credit Suisse, which could make it hold $26 billion more in core capital, confirming some of the bank's worst fears about incoming new regulations, Reuters reported. The key proposal, which the bank would have six to eight years to prepare for after it became law, is that UBS must fully capitalise its foreign units, in line with what many analysts, lawmakers and executives had been expecting.
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Swiss solar panel maker Meyer Burger filed for insolvency for its German subsidiaries, the company said in a statement on Saturday, Reuters reported. Meyer Burger's German subsidiaries, Meyer Burger (Industries) GmbH and Meyer Burger (Germany) GmbH, have initiated insolvency proceedings, the company said. Efforts to keep the German sites open will be continued as part of the proceedings together with a provisional insolvency administrator to be appointed by the court.
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A top Swiss court has ruled that the Swiss government's reductions and cancellations of bonus payments to former executives of Credit Suisse after the bank failed in 2023 were unlawful, according to the ruling published late on Tuesday, Reuters reported. The bonus measures affected around 1,000 people, some of whom challenged the decision with Switzerland's Federal Administrative Court, which upheld their appeal. "The variable remunerations reduced by the (Swiss finance ministry) were binding, employer-guaranteed claims deriving from a contractual employment relationship," the court said.
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U.S. prosecutors said on Monday that UBS, which rescued Credit Suisse from the brink of collapse two years ago, would pay $510 million in fines for the role Credit Suisse played in helping clients evade taxes, the New York Times reported. Credit Suisse, among other moves, helped clients hide more than $4 billion from the Internal Revenue Service in at least 475 accounts, prosecutors said. Credit Suisse’s Singapore office was singled out for holding undeclared accounts for people who owed taxes. The bank pleaded guilty to, in the words of prosecutors, enabling “U.S.
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The head of the Swiss National Bank said on Friday that cryptocurrencies failed to meet the institution's currency reserve standards, rebuffing calls by crypto advocates that it hold bitcoin as a hedge against growing global economic risks, Reuters reported. Cryptocurrency campaigners are ramping up pressure on the SNB to buy bitcoin, arguing that the economic turmoil triggered by U.S. President Donald Trump's tariffs made it more important for the central bank to diversify its reserves.
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