BRIEF NEWS - Business: UBS Chairman Kelleher criticizes Federal Council +++ US industry slides deeper into recession

UBS Chairman Colm Kelleher has sharply criticized Switzerland. Speaking at the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit on Tuesday (November 4), he said that Switzerland is experiencing "an identity crisis regarding its role in the world of banking." According to Kelleher, it is losing its "luster" due to competition in wealth management from Hong Kong and Singapore. He also stated that Donald Trump's tariffs are damaging the pharmaceutical industry.

“Switzerland is at a crossroads,” the Financial Times quoted UBS Chairman Kelleher as saying. Kelleher was particularly critical of the Federal Council for its efforts to regulate banks. Following the collapse of Credit Suisse and its takeover by UBS, the Swiss government increased capital requirements. The major bank is resisting this.

The state of American manufacturing deteriorated faster than expected last month . According to a survey of companies by the Institute for Supply Management (ISM), the purchasing managers' index for the sector fell to 48.7 points. This is down from 49.1 points in the previous month, the ISM reported on Monday (November 3). The figures have now remained below the 50-point threshold for eight consecutive months. Manufacturing accounts for roughly ten percent of American economic output.

Due to the shutdown, it is uncertain whether the central bank will cut interest rates again in December. Most recently, it lowered the key interest rate by a quarter point to a new range of 3.75 to 4.00 percent.