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Business Round-Up

Published on Sunday, October 11, 2009 Email To Friend    Print Version

Geithner says Americans will have to save more

BERLIN (Reuters): Americans will have to save more in the future, transforming the global economy, and Europeans and Japanese must work to boost domestic demand, US Treasury Secretary Timothy Geithner was quoted as saying. “Everyone is going to have to come to terms with the fact that we are going to save more in the United States,” Geithner said in an interview with German weekly Die Zeit. “If the US starts saving more, that changes the whole world’s economic reality,” he said, according to the German text of the interview. Geithner said China was already doing a lot to consider how to put growth on a more sustainable path. “But it is not just about the US and China. Europe and Japan make up 40 percent of the global economy.”

UBS not yet out of the woods, says Swiss regulator

ZURICH (Reuters): The situation at UBS, which was rescued by the Swiss government last October, has improved compared with a year ago, but the bank giant is not yet out of the woods, according to a top Swiss regulator. “Compared with last year (UBS) is in a much better situation. But it is not yet out of the woods,” Daniel Zuberbuehler, Deputy Chairman of Swiss financial regulator FINMA, said in an interview with Swiss radio DRS. “And that will be when it returns to profit. We have to wait for two to three quarters, with good profits ... but not only in the investment bank, but the whole bank,” he added. The regulator said that the bank has stabilised and was “no longer in intensive care” as one year ago, but added that there was still work to be done.

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