Switzerland

Swiss Coalition Party: UBS/Credit Suisse Merger Bank Too Big
Business, Europe, News, Switzerland

Swiss Coalition Party: UBS/Credit Suisse Merger Bank Too Big

The merger bank created after UBS's takeover of Credit Suisse is too big for Switzerland. Leader Roger Nordmann of the social-democratic SP said this on Monday. That party is the second largest in the Swiss parliament and is part of the governing coalition. “The new UBS is a huge risk,” said Nordmann. “That bank will soon have over 1500 billion francs in assets and is simply too big for Switzerland.” Moreover, if UBS got into trouble, the Swiss central bank SNB and the Swiss government would not have enough resources to prevent a collapse. The acquisition of Credit Suisse by UBS was finalized this weekend. Credit Suisse had been hit by a series of scandals and reported that more and more customers were withdrawing their money from the bank. The financial markets were alread...
Swiss Airspace Closed for Several Hours Due to Computer Failure
Europe, News, Switzerland, Technology

Swiss Airspace Closed for Several Hours Due to Computer Failure

Switzerland's airspace was closed for about three hours on Wednesday morning for security reasons, due to an IT breakdown at Skyguide.   At Geneva airport, all departing and inbound flights were suspended until 11 a.m. Two flights to Geneva were scheduled from Brussels Airport on Wednesday morning, one of which was cancelled and another was delayed. Many flights to Geneva or Zurich were diverted to airports in neighbouring countries, including Lyon, Milan and Vienna. The spokesman for air traffic controller Skyguide, Vladi Barrosa, informed the German news agency DPA that the company does not assume a cyber attack, but that a hardware problem was the cause of the breakdown.