Browsing Tag

Switzerland

Glencore: credit default swaps suggest something amiss

Edward Harrison Dec 16, 2008

You have probably never heard of Glencore. Well you have heard of its founder Marc Rich, the man infamously pardoned by President Clinton before he left office. And I suspect that you will soon hear a lot more about the company as well.…

How much longer for dollar strength?

Marshall Auerback Dec 5, 2008

Despite the plethora of data that has come out recently, one thing that has occasioned very little comment is the outlook for US exports. Exports are generally not a big factor in the subset of companies involved in the ISM survey, but the…

Business

Glencore: A Swiss giant on the edge

Edward Harrison Nov 18, 2008

I caught a post today on the Swiss Blog Zeitenwende about Glencore, the Swiss corporate giant, which should reinforce the fact that this credit crisis is far from over. As the original post was in German, I have translated it into English…

Political Economy

Switzerland: politicians need to act now

Edward Harrison Oct 1, 2008

Hansruedi Ramsauer is one of the foremost German-language finance bloggers, writing over at the Swiss site Zeitenwende. In a recent post, he draws attention to the dire state of Swiss banking and calls on Swiss politicians to act now to…

Economy

UBS writes down another $5 billion

Edward Harrison Aug 12, 2008

UBS reported a loss of 358 million Swiss Francs ($332 million) after writing down a further $5.1 billion in debt.In my post yesterday, I said the market expected as much. But, more importantly UBS has confirmed plans also mentioned in…

Economy

UBS reports Tuesday: brace yourself

Edward Harrison Aug 11, 2008

Let's hope the UBS earnings report is not as bad as Merrill. If you recall, Citi, Merrills and UBS are the three worst offenders when it comes to writedowns. Given the recent asset sales by RBS and Merrill, one would expect to see some…

Economy

UBS and Credit Suisse must pony up $70 billion

Edward Harrison Jul 6, 2008

This is a big story coming from the Swiss German-language paper Sonntagszeitung. I originally saw this story in a derivative report from MarketWatch and then again at Calculated Risk. It's not getting enough play as yet in the…

Economy

UBS to write down but has massive Tier 1 capital

Edward Harrison Jul 4, 2008

UBS has announced that it expects further massive hits from the credit crisis and subprime meltdown to affect its quarterly earnings to be released soon. However, after raising a huge amount of equity capital, the company is…

Economy

European banks: still undercapitalised

Edward Harrison Jun 15, 2008

European banks are still in need of time or money to recapitalise their weak balance sheets. This has to be especially worrying for UK banks as they have raised a significant amount of capital and their housing market has yet to see the…

Economy

UBS warns on non-US property losses

Edward Harrison May 27, 2008

Surprise, surprise. Consider this a holiday surprise as many are out in the U.S. for Memorial Day and in the UK for the Bank Holiday. Multiple sources were reporting that UBS warned in its 985-page capital raising prospectus late on Friday…

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