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Switzerland

Swiss Bank UBS Slashes 10,000 Jobs

LE TEMPS (Switzerland), THE FINANCIAL TIMES (UK)

Worldcrunch

ZURICH - Swiss bank UBS officially announced Tuesday it is cutting 10,000 jobs worldwide after losing $42 billion during the financial crisis.

The Zurich based bank, which currently employs 64,500 people, is aiming to reduce its workforce by 2015, Swiss daily Le Temps reports. The bulk of the cuts will be focused on UBS's investment bank.

[rebelmouse-image 27085962 alt="""" original_size="800x532" expand=1]UBS's logo

UBS announced the cuts Tuesday as it reported further losses in the third quarter of this year: a net loss of 2.2 billion Swiss francs.

UBS chief executive Sergio Ermotti said: "This decision has been a difficult one, particularly in a business such as ours that is all about its people.

"Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect."

UBS contact: "Massacre here today."

— Alice Ross (@aliceemross) October 30, 2012

The bank will therefore refocus its activities on its private business bank and its smaller investment bank, thus moving away from the riskier trade and investment deals that were mainly responsible for the bank's losses.

In a joint statement with chairman Axel Weber, Mr. Ermotti said: "We will no longer operate to any significant extent in businesses where risk-adjusted returns cannot meet their cost of capital."

Huw van Steenis, an analyst for Morgan Stanley, told the Financial Times, "The move is very much a positive – investors want UBS to reveal the value in UBS’s profitable asset and wealth management units and reduce the drag from its underperforming investment banking unit.

“The key questions are what is the viability of the new business, what are the execution risks to the new model, and how many years will it be before UBS can start paying a dividend again,” he added.

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Indigenous Women Of Ecuador Set Example For Sustainable Agriculture

In southern Ecuador, a women-led agricultural program offers valuable lessons on sustainable farming methods, but also how to end violence.

Photo of women walking in Ecuador

Women walking in Guangaje Ecuador

Camila Albuja

SARAGURO — Here in this corner of southern Ecuador, life seems to be like a mandala — everything is cleverly used in this ancestral system of circular production. But the women of Saraguro had to fight and resist to make their way of life, protecting the local water and the seeds. When weaving, the women share and take care of each other, also weaving a sense of community.

With the wrinkled tips of her fingers, Mercedes Quizhpe, an indigenous woman from the Kichwa Saraguro people, washes one by one the freshly harvested vegetables from her garden. Standing on a small bench, with her hands plunged into the strong torrent of icy water and the bone-chilling early morning breeze, she checks that each one of her vegetables is ready for fair day. Her actions hold a life of historical resistance, one that prioritizes the care of life through the defense of territory and food sovereignty.

Mercedes' way of life is also one that holds many potential lessons for how to do agriculture and tourism better.

In the province of Loja, work begins before sunrise. At 5:00 a.m., the barking of dogs, the guardians of each house, starts. There is that characteristic smell of damp earth from the morning dew. Sheep bah uninterruptedly through the day. With all this life around, the crowing of early-rising roosters doesn't sound so lonely.

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