1. What Flowbank didn’t want published before it went bankrupt
In the fall of 2023, two articles from L’Agefi were targeted by provisional measures imposed by the Geneva courts, at the request of Flowbank. On October 27, the Court of First Instance (TPI) of Geneva ordered to erase all traces of these texts. A hearing took place on January 22 during which The Age contested these measures, judged to be an attack on press freedom. On May 22, however, the CFI confirmed them, without yet ruling on the merits.
These measures ended up being lifted on Wednesday, following an appeal lodged by The Age against the judgment of first instance, and by urgent decision following the forced liquidation by Finma.
2. For Sergio Ermotti, UBS can absorb up to $200 billion in losses
Sergio Ermotti estimates that UBS “can absorb losses of around 200 billion dollars”, three times more than those suffered by the group “in the three years following the financial crisis of 2007/2008”. The UBS boss articulated this estimate in an open letter published Monday in the The New Zurich Times. Its publication follows the call, launched last week by the National Bank, for more equity capital. As a reminder, the Swiss authorities had put on the table 259 billion francs in the form of loans, liquidity and guarantees available to UBS on the occasion of its takeover of Credit Suisse.
3. Rents and property prices at the top in almost all cantons
L’Agefi launched a series of in-depth articles devoted to the housing crisis, the second biggest concern of the Swiss after health, according to the Issues monitor Switzerland 2024. In this second episode, we document the surge in prices, both rental than purchase.
