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Associated Press
5 days ago
- Sport
- Associated Press
Swiss President's message to UEFA Women's EURO 2025 fans in heartwarming new video: Even if you lose, you win in Switzerland
ZURICH, Switzerland, June 16, 2025 (GLOBE NEWSWIRE) -- Next month, Switzerland is hosting UEFA Women's EURO 2025. For the first time, the president of a host nation has addressed the fans of a major event directly, declaring their support for the sport and all the teams competing. This morning, the Swiss president Karin Keller-Sutter released an official video which sends a clear message: Switzerland attaches great importance to UEFA Women's EURO 2025 and the role the host nation has to play. 'In Switzerland, even if you lose, you win' Keller-Sutter's message to football fans is one of positivity and optimism, as she points out 'wouldn't it be a pity to miss all this' before revealing to the viewers some of the host nation's best attributes, accompanied by beautiful on-screen visuals. What is the upside of losing UEFA Women's EURO 2025? The earlier a team goes out of the tournament, the more time they'll have to enjoy being in Switzerland! A female president supporting women in sport Karin Keller-Sutter serves as President of the Swiss Confederation this year, a role that rotates annually between the seven members of the Swiss Federal Council. Recently named by Financial Times as one of the '25 most influential women of the year' alongside prominent female figures ranging from Beyoncé to Ursula von der Leyen, Keller Sutter's landmark decision to record an official video of support is both a display of female empowerment and reflection on the office she holds. Switzerland, represented by its female president, is committed to women in sport and the growing significance of women's football. Football firsts and new records for Switzerland UEFA Women's EURO is being held in Switzerland for the first time and has already been breaking records before the tournament has even begun. Over 500,000 tickets have been sold – more than ever before at this stage at a women's European tournament. So far, two thirds of tickets have been bought by fans from Switzerland, followed by Germany, England, France and the USA. The tournament kicks off on 2 July with two matches: Iceland vs Finland at 5pm in Thun and Switzerland vs Norway at 8pm in Basel. Reigning champions England will play their first game against France on Saturday 5 July at 8pm in Zurich, while Wales will play against The Netherlands on the same day at 5pm in Lucerne. Matches will be played in eight host cities – Basel, Bern, Geneva, Lucerne, Sion, St. Gallen, Thun and Zurich – with the final taking place on 27 July in Basel. Switzerland will write a new chapter in football history this year and will make UEFA Women's EURO 2025 even more memorable by offering visiting football fans a wide range of experiences before, during and after the tournament. It will also set new standards in terms of sustainability, with the Swiss rail network SBB providing over 300 extra trains across Switzerland and free-of-charge return travel to football matches (within Switzerland) for all ticket holders on match days. Note to editors Links Contact Markus Berger, Head of Corporate Communications, Switzerland Tourism +41 (0)44 288 12 70 | [email protected] News release and further information can be found at: About Switzerland Tourism Switzerland Tourism is the Swiss national tourist board responsible for promoting Switzerland as a premier holiday and business destination. Headquartered in Zurich, Switzerland Tourism is present in 23 markets worldwide, employing around 270 people. Its UK and Ireland office is in London. About Karin Keller Sutter Abroad, Karin Keller Sutter is often referred to simply as the 'Swiss President' for the sake of convenience. However, Switzerland's government is structured as a collegial body, the Federal Council, consisting of seven members of equal standing. Together they form the executive branch, with each councillor heading a federal department. The President of the Confederation chairs the meetings of the Federal Council. The presidency rotates annually. Elected in 2018, Karin Keller-Sutter has headed the Federal Department of Finance since 2023. In the same year, she was named one of the '25 most influential women of the year' by the British Financial Times — appearing on a list alongside figures such as Beyoncé and Ursula von der Leyen. 'Knowledge, courage and determination are perhaps the most important qualities in a politician — and to me, Karin embodies all of them,' wrote Swedish Finance Minister Elisabeth Svantesson at the time, referring to her Swiss counterpart. The active involvement of the President of the Confederation in support of UEFA Women's EURO 2025 highlights the growing significance of women's football and reflects the importance Switzerland attaches to hosting this European championship.
Khaleej Times
08-06-2025
- Business
- Khaleej Times
Shaken by crises, Switzerland fetters UBS's global dream
Switzerland announced reforms on Friday to make its biggest bank UBS safer and avoid another crisis, hampering the global ambitions of a lender whose financial weight eclipses the country's economy. UBS emerged as Switzerland's sole global bank more than two years ago after the government hastily arranged its rescue of scandal-hit Credit Suisse to prevent a disorderly collapse. The demise of Credit Suisse, one of the world's biggest banks, rattled global markets and blindsided officials and regulators, whose struggle to steer the lender as it lurched from one scandal to the next underscored their weakness. On Friday, speaking from the same podium where she had announced the Credit Suisse rescue in 2023 as finance minister, Switzerland's president Karin Keller-Sutter delivered a firm message. The country would not be wrongfooted again. "I don't believe that the competitiveness will be impaired, but it is true that growth abroad will become more expensive," Keller-Sutter said of UBS. "We've had two crises. 2008 and 2023," she said. "If you see something that is broken, you have to fix it." During the global financial crisis of 2008, UBS was hit by a losses in subprime debt, as a disastrous expansion into riskier investment banking forced it to write down tens of billions of dollars and ultimately turn to the state for help. Memories of that crisis also linger, reinforcing the government's resolve after the collapse of Credit Suisse. For UBS, which has a financial balance sheet of around $1.7 trillion, far bigger than the Swiss economy, the implications of the reforms proposed on Friday are clear. Switzerland no longer wants to back its international growth. "Bottom line: who is carrying the risk for growth abroad?" said Keller-Sutter. "The bank, its owners or the state?" The rules the government proposed demand that UBS in Switzerland holds more capital to cover risks in its foreign operations. That move, one of the most important steps taken by the Swiss in a series of otherwise piecemeal measures, will make UBS's businesses abroad more expensive to run for one of the globe's largest banks for millionaires and billionaires. Following publication of the reform plans, UBS Chairman Colm Kelleher and CEO Sergio Ermotti said in an internal memo that if fully implemented, they would undermine the bank's "global competitive footprint" and hurt the Swiss economy. Strategy The reform would require UBS to hold as much as $26 billion in extra capital. Some believe the demands may alter the bank's course. "It could be that UBS has to change its strategy of growth in the United States and Asia," said Andreas Venditti, an analyst at Vontobel. "It's not just growing. It makes the existing business more expensive. It is an incentive to get smaller and this will most likely happen." Credit Suisse's demise exploded the myth of invincibility of one of the wealthiest countries in the world, home to a global reserve currency, and proved as unworkable a central reform of the financial crisis to prevent state bailouts. For many in Switzerland, the government's reforms are long overdue. "The bank is bigger than the entire Swiss economy. It makes sense that it should not grow even bigger," said Andreas Missbach of Alliance Sud, a group that campaigns for transparency. "It is good that the government did not give in to lobbying by UBS. The question is whether it is enough. We have a banking crisis roughly every 12 years. So I'm not really put at ease." UBS CEO Ermotti had lobbied against the reforms, arguing that a heavy capital burden would put the bank on the back foot with rivals. The world's second-largest wealth manager after Morgan Stanley is dwarfed by its U.S. peer. Morgan Stanley shares value the firm at twice its book value, compared with UBS's 20% premium to book. On Friday, the bank reiterated this message, saying that it strongly disagreed with the "extreme" increase in capital. But others are sceptical that the government has done enough. Hans Gersbach, a professor at ETH Zurich, said there was still no proper plan to cope should UBS run into trouble. "The credibility of the too big to fail regime remains in question."
Reuters
06-06-2025
- Business
- Reuters
Shaken by crises, Switzerland fetters UBS's global dream
BERN, June 6 (Reuters) - Switzerland announced reforms on Friday to make its biggest bank UBS (UBSG.S), opens new tab safer and avoid another crisis, hampering the global ambitions of a lender whose financial weight eclipses the country's economy. UBS emerged as Switzerland's sole global bank more than two years ago after the government hastily arranged its rescue of scandal-hit Credit Suisse to prevent a disorderly collapse. The demise of Credit Suisse, one of the world's biggest banks, rattled global markets and blindsided officials and regulators, whose struggle to steer the lender as it lurched from one scandal to the next underscored their weakness. On Friday, speaking from the same podium where she had announced the Credit Suisse rescue in 2023 as finance minister, Switzerland's president Karin Keller-Sutter delivered a firm message. The country would not be wrongfooted again. "I don't believe that the competitiveness will be impaired, but it is true that growth abroad will become more expensive," Keller-Sutter said of UBS. "We've had two crises. 2008 and 2023," she said. "If you see something that is broken, you have to fix it." During the global financial crisis of 2008, UBS was hit by a losses in subprime debt, as a disastrous expansion into riskier investment banking forced it to write down tens of billions of dollars and ultimately turn to the state for help. Memories of that crisis also linger, reinforcing the government's resolve after the collapse of Credit Suisse. For UBS, which has a financial balance sheet of around $1.7 trillion, far bigger than the Swiss economy, the implications of the reforms proposed on Friday are clear. Switzerland no longer wants to back its international growth. "Bottom line: who is carrying the risk for growth abroad?" said Keller-Sutter. "The bank, its owners or the state?" The rules the government proposed demand that UBS in Switzerland holds more capital to cover risks in its foreign operations. That move, one of the most important steps taken by the Swiss in a series of otherwise piecemeal measures, will make UBS's businesses abroad more expensive to run for one of the globe's largest banks for millionaires and billionaires. Following publication of the reform plans, UBS Chairman Colm Kelleher and CEO Sergio Ermotti said in an internal memo that if fully implemented, they would undermine the bank's "global competitive footprint" and hurt the Swiss economy. The reform would require UBS to hold as much as $26 billion in extra capital. Some believe the demands may alter the bank's course. "It could be that UBS has to change its strategy of growth in the United States and Asia," said Andreas Venditti, an analyst at Vontobel. "It's not just growing. It makes the existing business more expensive. It is an incentive to get smaller and this will most likely happen." Credit Suisse's demise exploded the myth of invincibility of one of the wealthiest countries in the world, home to a global reserve currency, and proved as unworkable a central reform of the financial crisis to prevent state bailouts. For many in Switzerland, the government's reforms are long overdue. "The bank is bigger than the entire Swiss economy. It makes sense that it should not grow even bigger," said Andreas Missbach of Alliance Sud, a group that campaigns for transparency. "It is good that the government did not give in to lobbying by UBS. The question is whether it is enough. We have a banking crisis roughly every 12 years. So I'm not really put at ease." UBS CEO Ermotti had lobbied against the reforms, arguing that a heavy capital burden would put the bank on the back foot with rivals. The world's second-largest wealth manager after Morgan Stanley is dwarfed by its U.S. peer. Morgan Stanley shares value the firm at twice its book value, compared with UBS's 20% premium to book. On Friday, the bank reiterated this message, saying that it strongly disagreed with the "extreme" increase in capital. But others are sceptical that the government has done enough. Hans Gersbach, a professor at ETH Zurich, said there was still no proper plan to cope should UBS run into trouble. "The credibility of the too big to fail regime remains in question."
Reuters
06-06-2025
- Business
- Reuters
UBS faces tough new Swiss banking sector rules
BERN, June 6 (Reuters) - The Swiss government on Friday proposed stricter rules for UBS (UBSG.S), opens new tab 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. 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, confirming what many analysts, lawmakers and executives had been expecting. The government said its capital requirement proposal would allow UBS to reduce its holding of Additional Tier 1 (AT1) bonds by $8 billion. Today, UBS must only 60% capitalise its foreign units and can cover some of the capital with AT1 debt. UBS executives say the additional capital burden will put the Zurich-based bank at a disadvantage to rivals and undermine the competitiveness of Switzerland as a financial centre. Shares in the bank rose after the government unveiled the proposals on Friday afternoon, climbing by more than 6%. Such was the shock in Switzerland over the 2023 collapse of Credit Suisse that top politicians led by Finance Minister Karin Keller-Sutter vowed to introduce more robust rules that would protect taxpayers and prevent another meltdown in future. Keller-Sutter now holds Switzerland's rotating one-year presidency and Friday's announcement will start a long period of political wrangling over the measures, which the governing federal council called "targeted and proportionate." "They strengthen trust in the financial centre, which, in the view of the federal council, is central to its stability and competitiveness," the council said in a statement. A parliamentary inquiry last year noted that since UBS bought Credit Suisse for 3 billion Swiss francs ($3.65 billion) in March 2023, it has had a balance sheet bigger than the Swiss economy, and urged the government to take the foreign units into account. The federal council said it would present drafts on the proposals for consultations with stakeholders in the second half of 2025. Finance Ministry officials say laws requiring parliamentary approval will not enter force before 2028. Separate measures known as ordinances that can be issued directly by the government could apply from the start of 2027. A six to eight-year transition period looked appropriate for UBS to meet new rules on capitalising foreign units from when they come into force, the government said. That could give the bank until the mid-2030s to comply. UBS's shares have lagged European peers in anticipation of the tougher rules and sources inside the bank have warned the new regulations could make it an appealing takeover target. Under the Swiss proposals, UBS's Common Equity Tier 1 (CET1) capital ratio could end up somewhat higher than those of global rivals, the government said. UBS's CET1 ratio of 14.3% could rise up to 17%, above rivals like JPMorgan (JPM.N), opens new tab at 15.8%, Morgan Stanley (MS.N), opens new tab at 15.7%, and 15.3% at Goldman Sachs, it said. Shares in UBS rose more than 60% in the 12 months following its acquisition of Credit Suisse. But the stock has since sharply underperformed; UBS shares have lost about 5% in the past year, while a top European banking index (.SX7P), opens new tab climbed 37%. Analysts say the new regulations could trigger a rejig of UBS's business model, which now focuses on growth in the United States and Asia. To take the edge off the rules, the bank may be tempted to sell some assets, banking experts say. The Swiss government also set out piecemeal reforms to bolster the market regulator FINMA, which was heavily criticised for its response to the Credit Suisse collapse. These include measures aimed at holding bankers to account, giving the regulator the power to impose fines and making it easier to restrain pay and claw back bonuses. Still, the proposals come years after the European Union introduced similar measures in the wake of the 2007-2009 financial crisis. The government also proposed making it easier for banks to access liquidity from the Swiss National Bank. Barriers to transferring collateral to the SNB will also be removed. ($1 = 0.8222 Swiss francs)
Washington Post
30-05-2025
- General
- Washington Post
Swiss president pledges aid for Alpine villagers left homeless after glacier collapse
GENEVA — Switzerland's president on Friday said evacuees from an Alpine village whose homes and businesses were destroyed by a landslide caused by a glacier collapse were 'not alone,' and the government was calculating ways to help. Karin Keller-Sutter spoke after a helicopter flight to see for herself the damage to the village of Blatten that was largely destroyed on Wednesday as an estimated 10 millions of tons of mud, ice and rock thundered down from the Birch glacier overhead.
