News releases 2007
11 Dec 07
After today’s decision by the Federal Reserve to lower the target fed funds rate 25 basis points to 4.25%, Swiss Re’s Chief US economist, Kurt Karl, commented, “It remains to be seen if the Federal Reserve Board’s third cut will be sufficient to keep the economy from going into recession. Clearly, it will not immediately end the market turmoil, but it will help alleviate the credit crunch. The Fed keeps cutting due to the rising risk of recession. Currently, this risk is about 45% over the next 12 months due to the weak growth, market turbulence and elevated oil prices. The economy slowed sharply in the past few months, so inflation should continue to decline. Unfortunately, the economy continues to deteriorate, so this cut is unlikely to be the last.”
31 Oct 07
After today’s decision by the Federal Reserve to lower the target fed funds rate 25 basis points to 4.5%, Swiss Re’s Chief US economist, Kurt Karl, commented, “The Federal Reserve Board has made a second, but more modest, move to alleviate the market turmoil. Since the market was hoping for 50 bp, it is unclear if this will provide sufficient liquidity to reduce market turbulence. At this time, the risk of recession over the next 12 months is 40% and rising due to the weak growth, market turmoil and elevated oil prices. Slow growth should lower inflation further, so the Fed should have few concerns about inflation and is expected to continue cutting rates.”
06 Mar 07
Reference is made to the announcements dated 28 November 2005 and 29 June 2006 regarding the notification by a group (the "Group") originally consisting of Swiss Reinsurance Company (“Swiss Re”) and its subsidiaries and General Electric Company, a corporation domiciled in New York, with its business address at 3135 Easton Turnpike, Fairfield, Connecticut 06828, USA ("GE"), General Electric Capital Services, Inc., Stamford, Connecticut, USA, General Electric Capital Corporation, Stamford, Connecticut, USA, and GE Asset Management Incorporated, Stamford, Connecticut, USA (General Electric Capital Services and General Electric Capital Corporation together with GE, the "GE Parties"). As notified on November 28, 2005, Swiss Re and the GE Parties had entered into a Transaction Agreement dated 18 November 2005, which was followed by a Shareholding Agreement dated 9 June 2006 containing, inter alia, certain share transfer restrictions.
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