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BUSINESS
August 24, 1990 | From Associated Press
The dollar continued its losing streak Thursday, falling broadly to achieve new lows against the German mark and the Swiss franc. It reached its lowest level in nearly nine years against the British pound. Once again the dollar succumbed to expectations that the already sluggish U.S. economy will be further weakened by fallout from the tensions in the Middle East. The dollar finished at a new European closing low of 1.5478 German marks, down from 1.5535 marks late Wednesday.
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BUSINESS
October 30, 2012 | By Tiffany Hsu
Swiss bank UBS will cut 10,000 jobs as it exits from its fixed-income trading business and tries to cut costs and concentrate on wealth management. The Zurich, Switzerland-based institution, which stated that it is “significantly reshaping its investment bank,” said it will bring its head count to 54,000 by 2015 from 64,000 employees currently. Some 2,000 cuts will come from UBS front-office workers who deal directly with clients. In total, that's a 16% slice off the overall workforce.
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BUSINESS
May 5, 1987 | Associated Press
The U.S. dollar fell today against all key European currencies except the West German mark, touching an record low against the Swiss franc and four- to six-year lows against four other currencies. Gold prices soared by more than $10 an ounce in early trading, but settled back only slightly higher than Monday's late levels. British Pound Jumps The dollar slumped to a record low against the Swiss franc and fell below two Dutch guilders for the first time since Oct. 17, 1980.
BUSINESS
January 19, 2010
A unit of billionaire Warren Buffett's Berkshire Hathaway Inc. acquired a block of the U.S. life reinsurance business of Swiss Reinsurance Co. for nearly $1.3 billion, freeing up the Zurich, Switzerland, company's capital for more profitable investments. The deal with Berkshire Hathaway Life Insurance Inc., announced Monday, was retroactive to Oct. 1. It will release 300 million Swiss francs (about $292 million) in capital reserves for Swiss Reinsurance. Under terms of the deal, called a retrocession, Omaha-based Berkshire Hathaway will be able to pocket premiums but also will be on the line for as much as $1.5 billion in potential losses.
BUSINESS
January 19, 2010
A unit of billionaire Warren Buffett's Berkshire Hathaway Inc. acquired a block of the U.S. life reinsurance business of Swiss Reinsurance Co. for nearly $1.3 billion, freeing up the Zurich, Switzerland, company's capital for more profitable investments. The deal with Berkshire Hathaway Life Insurance Inc., announced Monday, was retroactive to Oct. 1. It will release 300 million Swiss francs (about $292 million) in capital reserves for Swiss Reinsurance. Under terms of the deal, called a retrocession, Omaha-based Berkshire Hathaway will be able to pocket premiums but also will be on the line for as much as $1.5 billion in potential losses.
BUSINESS
October 23, 1986 | Associated Press
The dollar turned mixed Wednesday after the government released a report that showed the U.S. economy grew at a faster pace this summer but remains more sluggish than the Reagan Administration expects. Gold prices fell in Europe but rose rose slightly in New York, which some dealers attributed to a higher-than-expected inflation index released by the government. At Republic National Bank in New York, gold was quoted at a bid price of $426.25 an ounce as of 4 p.m. EDT, up $1.25 from late Tuesday.
BUSINESS
October 13, 1987 | Associated Press
The dollar turned in a mixed performance Monday, slipping against most major currencies in subdued trading in Japan and Europe but inching generally higher in the United States. Gold prices advanced in Europe and Asia, but finished little changed in New York. Republic National Bank of New York said gold finished at $461.75 an ounce in New York, unchanged from late Friday. Foreign exchange activity in the United States was very light as most banks were closed for the Columbus Day holiday.
BUSINESS
July 8, 1987 | Associated Press
The dollar was mostly higher in U.S. trading Tuesday--closing above the psychologically important 150 Japanese yen level for the first time in more than three months--following Lt. Col. Oliver North's testimony before the Iran- contra congressional committees. Gold prices were mixed. Republic National Bank in New York at 4 p.m. EDT quoted a bid for gold bullion of $443.75 an ounce, down from $448 late Monday. Currency traders said there was general relief in the U.S.
BUSINESS
May 31, 1985 | Associated Press
The dollar staged a late advance in listless trading Thursday, adding to its gains in after-hours dealing following a Federal Reserve Board report of an unexpectedly sharp rise in the basic U.S. money supply. Gold prices were mixed in quiet trading on world bullion exchanges. Republic National Bank of New York said gold bullion was bid at $313 an ounce, down $2 from the late bid Wednesday. Typical of the dollar's performance was its showing against the Japanese yen.
BUSINESS
January 11, 1997 | From Times Wire Services
The Dow Jones industrial average rebounded to close at a fourth record high for the week Friday as investors snapped up bargains after a massive sell-off sparked by surprisingly robust U.S. jobs growth in December. Bonds remained sharply weaker, and the dollar hit its highest level in about 2 1/2 years against the German mark and the Swiss franc, as the strong data reinforced fears that the Federal Reserve Board may raise interest rates to curb inflation.
BUSINESS
March 10, 1995 | JAMES GERSTENZANG, TIMES STAFF WRITER
Despite the Clinton Administration's renewed effort to bolster the sagging dollar, the U.S. currency resumed its downward spiral Thursday, falling against the Japanese yen, the British pound and the Swiss franc and edging up only slightly against the German mark. With his options limited, and timing considered crucial, Treasury Secretary Robert E. Rubin declared, "This Administration believes a strong dollar is in America's national interest."
BUSINESS
August 24, 1990 | From Associated Press
The dollar continued its losing streak Thursday, falling broadly to achieve new lows against the German mark and the Swiss franc. It reached its lowest level in nearly nine years against the British pound. Once again the dollar succumbed to expectations that the already sluggish U.S. economy will be further weakened by fallout from the tensions in the Middle East. The dollar finished at a new European closing low of 1.5478 German marks, down from 1.5535 marks late Wednesday.
NEWS
August 13, 1989 | MARK HEINRICH, Reuters
If it were up to them, the villagers of Buesingen would secede from West Germany and join Switzerland. Life, they feel, would be easier if they belonged to the country that completely surrounds them. Buesingen is a historical oddity--a tiny West German enclave inside the Swiss canton (province) of Schaffhausen. But you won't find border gates or guards at the village limits. The village has been part of Swiss economic territory for centuries. Shops and restaurants take Swiss francs as payment.
BUSINESS
November 17, 1987 | Associated Press
The dollar closed higher Monday despite fluctuations caused by uncertainty over budget talks in Washington. Gold prices fell. Republic National Bank of New York quoted a bid of $463 as of 4 p.m. EST, down from $464.50 late Friday. The dollar rose in early trading in New York and Europe, but pessimism about negotiations to reduce the federal budget deficit caused the currency to give up some of those gains, dealers said.
BUSINESS
October 30, 2012 | By Tiffany Hsu
Swiss bank UBS will cut 10,000 jobs as it exits from its fixed-income trading business and tries to cut costs and concentrate on wealth management. The Zurich, Switzerland-based institution, which stated that it is “significantly reshaping its investment bank,” said it will bring its head count to 54,000 by 2015 from 64,000 employees currently. Some 2,000 cuts will come from UBS front-office workers who deal directly with clients. In total, that's a 16% slice off the overall workforce.
BUSINESS
December 27, 1985 | Associated Press
The U.S. dollar dipped sharply Friday in light trading in Europe as exchange markets reopened after a two-day Christmas break. Gold bullion prices rose. In Frankfurt, West Germany, the dollar fell to its lowest level since May 20, 1983, ending at a late bid price of 2.4765 West German marks. In Milan, Italy, the dollar fell below 1,700 Italian lire for the first time since June 15, 1984. In Paris, it fell to 7.6075 French francs, its lowest level since June 27, 1983.
BUSINESS
October 13, 1987 | Associated Press
The dollar turned in a mixed performance Monday, slipping against most major currencies in subdued trading in Japan and Europe but inching generally higher in the United States. Gold prices advanced in Europe and Asia, but finished little changed in New York. Republic National Bank of New York said gold finished at $461.75 an ounce in New York, unchanged from late Friday. Foreign exchange activity in the United States was very light as most banks were closed for the Columbus Day holiday.
BUSINESS
July 8, 1987 | Associated Press
The dollar was mostly higher in U.S. trading Tuesday--closing above the psychologically important 150 Japanese yen level for the first time in more than three months--following Lt. Col. Oliver North's testimony before the Iran- contra congressional committees. Gold prices were mixed. Republic National Bank in New York at 4 p.m. EDT quoted a bid for gold bullion of $443.75 an ounce, down from $448 late Monday. Currency traders said there was general relief in the U.S.
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