Swiss central bank finishes 2012 with CHF6.9 billion profit

Swiss National Bank

ZURICH, SWITZERLAND – Gold, UBS’s bailout fund paybacks, and foreign currency positions helped feed the CHF6.9 billion consolidated profit posted by the Swiss National Bank Thursday 7 March. The final figure was in line with its forecast of CHF6b published 17 January. Thursday’s statement from the central bank shows that the parent company’s profit was […]

Exchange rates in August mostly steady, SNB figures show

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ZURICH, SWITZERLAND – The Swiss franc held steady against the dollar, euro and pound sterling in August, compared to earlier summer exchange rates, figures published by the Swiss National Bank Monday show. The Interbank trade (bid price) monthly averages for the three in August, compared to July and to August 2011: Swiss franc/euro – 1.2011, […]

Dollar and sterling happier, euro glum: SNB exchange rate data for 1 June

ZURICH, SWITZERLAND – The Swiss National Bank’s exchange rate tables for the past 16 months, updated 1 June, show the dollar bouncing back in May to the level it was at in December and January, in interbank trade, at CHF0.9377. The dollar remained below CHF0.93 during most of 2011. The euro’s slide is clearly laid […]

China: Cautious growth and greater role of renminbi expected

LAUSANNE, SWITZERLAND – China’s renminbi, which Beijing has begun cautiously promoting as an internationally accepted trading currency, may surprise us, HSBC’s global head of commodity and structured trade finance told a Financial Times conference in Lausanne Wednesday 25 April. Jean-François Lambert said that ”It’s a huge development and moving faster than many expected, so pay attention”. […]

Central banks, including SNB, join forces to “ease strain on financial markets”

BERN, SWITZERLAND – The Swiss National Bank (SNB) WEdnesday 30 November joined with other major central banks for a series of “coordinated actions to enhance their capacity to provide liquidity support to the global financial system. The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such […]

Swiss franc weakens on CPI news, central bankers’ words

ZURICH, SWITZERLAND – The Swiss franc weakened in trading Monday, to $.90 after earlier trading at $.88. It was also weaker against the euro, at 1.24, but with the day’s low at 1.22. Philipp Hildebrand, Swiss National Bank chairman, told Swiss German papers over the weekend that the bank will continue to push the franc […]

Novartis to close Nyon site, 1100 jobs to go in Switzerland

NYON, SWITZERLAND – Pharmaceutical company Novartis is closing its site in Nyon as part of a restructuration that will involve eliminating 1,100 jobs in Switzerland. The company is cutting a total of 2,000 jobs, with most of the rest in the US. The Nyon site employs 320 persons and 770 jobs will also go in […]

Swiss stock market slides less than European neighbours’ mkts. Monday

ZURICH, SWITZERLAND – Worries over the sovereign debt and financial sector woes in the euro zone hit world stocks Friday 9 September, and the slide continued Monday, with European stock markets down by 2.5 to 4.1 percent in the morning. The SMI, Swiss index of star shares, suffered less than most, down 2.3 percent. Asian […]

Swiss franc fallout: Coop, Denners cut some brands, yo-yo rates rule

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ZURICH, SWITZERLAND – The Swiss franc was traded Monday in ranges of $1.2505-1.2867 and €.8734-.9025, according to Reuters, with the franc weakening early in the day after last week’s climb, thanks largely to the Swiss National Bank’s insistence that it will intervene if the safe haven impact on the franc’s position does not end. But […]

New US ambassador urges calm over debt

GENEVA, SWITZERLAND – The new US ambassador to China, Gary Locke, told reporters at his first press conference in Beijing Sunday 14 August that the US is committed to “getting our fiscal house in order”, in response to Chinese criticism in recent days of what official media have called the American “addiction to borrowing”. China […]