Gas deal is burning issue

A controversial Swiss-Iranian gas deal is still causing a stir a few weeks after it was signed. The deal, worth up to €22 billion, is being criticised yet again, this time by the New York-based Anti-Defamation League. The Jewish association has posted ads in the Wall Street Journal, the New York Times as well as others stating that Switzerland is financing terrorism. The US government, the World Jewish Congress and Israel have already complained about the deal, with the American authorities asking for details to see if violated UN sanctions.
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UBS boss finally leaves the helm

mospel_highres.jpgThe head of Switzerland’s biggest bank, UBS, has finally called it quits as his institution’s losses from the US subprime crisis continue. Chairman Marcel Ospel announced his departure on April 1, saying he had decided to leave to help restore confidence in the bank, which has has lost nearly SFr40 billion in the American property market mess.

Calls for Ospel’s head had been doing the rounds for some time, with criticism reaching its high point after he announced the first massive losses last October. Ospel refused to budge though, sticking to his (stubborn) outlook.

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