Swiss upbeat after crucial credit lifeline
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The survival of loss-making airline Swiss has been assured by a crucial multi-million dollar credit facility, the company's financial director said.
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The cash-strapped airline Swiss said it had agreed on the terms for a crucial 325 million Swiss franc (210 million euros, 258 million dollars) credit facility with an international banking syndicate.
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The bank raised its benchmark interest rate to 3.75 percent, and made clear that it was willing to tighten credit further.
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Credit Suisse  trimmed its full-year write-downs linked to the subprime crisis to 2.0 billion Swiss francs ($1.82 billion) on Tuesday in contrast to rivals hits by rising charges and raked in billions in new investments from wealthy clients.
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WASHINGTON -- The economy rebounded with a good head of steam in the spring before a credit crisis raised new fears about longer-term business health.
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Credit Suisse shares rose on Tuesday amid hopes Switzerland&#39;s second-largest financial group will step up the pace of restructuring, prompted by a report that it
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ZURICH -- Credit Suisse Group , Switzerland's second-largest bank, said yesterday it will combine its US-based Credit Suisse First Boston investment unit and its retail and private banking business within two years.
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Credit Suisse plans to focus its  investment banking activities on high-margin business and float  off insurer Winterthur in a long-awaited revamp aimed at  boosting the earnings power of Europe's 10th-largest bank.
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The Swiss bank won't be the last to announce such a writedown.
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Switzerland's struggling national airline reported a second-quarter profit of 45 million Swiss francs ($35.6 million) Tuesday, although its figures were boosted by a legal settlement in France.
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Business & money: Swiss bank takes a Â£5.72bn fourth-quarter hit and warns 2008 will be another difficult year
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European shares tracked sideways near  recent highs early on Thursday, but Swiss Re rallied after  reassuring investors that its likely payout for Sunday's  tsunami tragedy in Asia will be less than 100 million Swiss  francs ($88.3 million).
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Zurich Financial Services AG, Switzerland s biggest insurer, said second-quarter profit climbed 13 percent amid lower claims and higher investment income.
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Switzerland's struggling national airline reported a second-quarter profit of 45 million Swiss francs (&#36;35.6 million) Tuesday, although its figures were boosted by a legal settlement in France.
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HSBC's  private banking business has been little hit by the ongoing credit crisis, the head of the bank's private banking business, Chris Meares, told a Swiss newspaper.
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The Swiss National Bank raised its key interest rate by a quarter of a percentage point and raised its economic growth forecast for the year. Switzerlandâs central bank said it decided at its quarterly policy-setting meeting to raise rates to 2.50 percent from the previous 2.25 percent. The increase, expected by analysts, was the ninth successive increase in recent years and puts the rate at its highest level since 2001. The move mirrors a decision last week by the European Central Bank, which raised its key interest rate from 3.75 percent to 4 percent. The Swiss central bank also raised its expectations for growth in gross domestic product this year to 2.5 percent from 2 percent.
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European Central Bank chief Jean-Claude Trichet is "very satisfied" with co-ordinated action on the credit crunch.