News releases 2008
30 Apr 08
After today’s decision by the Federal Reserve to lower the target fed funds rate 25 basis points to 2.00%, Swiss Re’s US senior economist, Arun Raha, commented, “The Fed is buying extra insurance against a deeper recession. The economy is in or close to a recession, and although credit market conditions have improved, market jitters continue. However, the Fed will be reluctant to cut any further, because inflation remains elevated, and they do not want inflationary expectations to increase. There is substantial monetary easing in the pipeline, and this summer there will be a further boost from the fiscal stimulus package, cushioning the downturn. A recession, if is does happen, will be moderate.”
25 Apr 08
In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Merrill Lynch & Co., Inc., 4 World Financial Center, New York, NY 10080, USA, notified Swiss Reinsurance Company Ltd (Swiss Re), Mythenquai 50/60, 8022 Zurich, on the 24 April 2008, that Merrill Lynch & Co., Inc. has fallen below the threshold of 3% of the voting rights or registered shares/other share acquisition rights in Swiss Re through a disposal (decrease in hedging positions) as per 18 April 2008 by a number of its Group companies listed below.
25 Apr 08
In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, The Capital Group Companies, Inc., 333 South Hope Street, Los Angeles, CA., USA (Capital Group), notified Swiss Reinsurance Company Ltd (Swiss Re), Mythenquai 50/60, 8022 Zurich, on 23 April 2008 to hold as per 22 April 2008, through dispositions by a number of its Group companies listed below, in the capacity of investment manager for mutual funds and clients 18,122,434 registered shares of Swiss Re. Capital Group thereby has a voting right of 4.89% of Swiss Re which can be exercised autonomously of the beneficial owners.
22 Apr 08
In compliance with the Swiss Federal Act on Stock Exchanges and Securities Trading, Merrill Lynch & Co., Inc., 4 World Financial Center, New York, NY 10080, USA, notified Swiss Reinsurance Company Ltd (Swiss Re), Mythenquai 50/60, 8022 Zurich, on 18 April 2008 to hold the following holding as per 14 April 2008 through an acquisition by a number of its Group companies listed below:
18 Mar 08
After today’s decision by the Federal Reserve to lower the target fed funds rate 75 basis points to 2.25%, Swiss Re’s US senior economist, Arun Raha, commented, “The Fed’s action is yet another forceful move in its attempts to alleviate the liquidity crunch and to shore up a rapidly weakening economy. It clearly does not believe that the action it took last week to expand its securities lending program, or its emergency measures over the weekend to increase market liquidity are enough. The economy is in or close to a recession, but increasing oil prices have kept inflationary pressures from abating, complicating the Fed’s task. However, inflation is expected to ease as economic activity slows, albeit with a lag, so the Fed is likely to cut further if the economy continues to weaken.”
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