UBS acquires Credit Suisse; the federal government and the SNB plough billions into the deal

Nevertheless, it is another government bailout in all but name, albeit with the indirect involvement of another bank. The government and the SNB have pledged as much as 250 billion francs to backstop the sale, while the government has invoked emergency legislation to provide a further 9 billion in loss guarantees. CS’s demise as an independent entity is a historic moment. Founded as Schweizerische Kreditanstalt (SKB) in 1856 by railway pioneer Alfred Escher, the bank played a key role in building up Switzerland’s modern infrastructure.(MUL)

A call for greater urgency on climate change

The world must act faster on climate change, according to the latest scientific report from the Intergovernmental Panel on Climate Change (IPCC). Presenting its findings in Interlaken (canton of Berne), the IPCC said that the risks posed by global warming are even greater than they were when the previous IPCC report was published nine years ago. Relatively small temperature rises can now lead to more extreme events like droughts and flooding. Limiting global warming to 1.5°C or well below 2°C is the goal, but more effort is needed from countries around the world – including Switzerland. More on the topic. (TP)

Marco Odermatt sets new points record

In winning this year’s Men’s Overall World Cup, Swiss skier Marco Odermatt set a new record by becoming the first man to collect over 2,000 World Cup points in one season. Odermatt, 25, skied consistently well to break the previous points mark that had stood for over 20 years. He claimed 22 podium finishes in 26 races. (MUL)