Protest votes could skewer results GENEVA, SWITZERLAND – Voting has just ended at 15:00 in Italy’s second day of a general election, and uncertainty about the outcome remains strong. The front runner continues to be the country’s former minister for industry, Pier Luigi Bersani, but his lead is small. Reuters reports that a growing number [...]
10 yrs of foreign workers have had almost no impact on Swiss pay
February 18, 2013 by
GENEVA, SWITZERLAND – Foreign workers have had little impact on the salaries of Swiss workers, a new study shows, after 10 years of free movement of labour in Europe. The only group affected, and minimally so, has been young workers with university degrees, who are now competing with an influx of well-qualified foreign professionals who [...]
Cameron in Davos: European political union is not for Britain (update)
January 24, 2013 by
DAVOS, SWITZERLAND – Speaking at the 43rd World Economic Forum in Davos Thursday 24 January, British Prime Minister David Cameron said that the European political union is not for Britain and quickly drew a distinction between political unity and unified political will. “A centralized political union – not for me and not for Britain,” he said. “Political will [...]
SNB interest rate to remain at zero, unemployment could rise
December 13, 2012 by
ZURICH, SWITZERLAND – The Swiss National Bank said Thursday 13 December it will maintain its cap on the Swiss franc as well as its zero interest rate policy, for the foreseeable future. SNB President Thomas Jordan told journalists that “Global uncertainty will persist for the foreseeable future and drive demand for secure investments.” The Swiss [...]
Berlusconi’s back!
December 10, 2012 by
GENEVA, SWITZERLAND – Italian political bad boy and former prime minister, Silvio Berlusconi, is going to run for the top office again, following an announcement by his replacement, Mario Monti, that he is stepping down. Not everyone is cheering the news. CNN carries a commentary by credit risk specialist Nicholas Spiro, who says “Italy needs [...]
Xi Jinping named new Chinese leader
November 15, 2012 by
GENEVA, SWITZERLAND – Xi Jinping is China’s new leader, officially the general secretary of the Central Committee of the Communist Party of China, the CPC, following the election of the ruling seven-member Standing Committee of the Political Bureau. He replaces outgoing leader Hu Jintao. Xi is China’s seventh leader since 1949. Xi said at a [...]
Swiss economy slipping, outlook gloomier, says Crea
September 26, 2012 by
LAUSANNE, SWITZERLAND – The outlook for the Swiss economy is weaker, as the European slowdown finally catches up with it, the new quarterly assessment from Crea at the University of Lausanne shows. The macroeconomic institute offers a gloomy forecast, noting that as long as the US debt remains high and sovereign debt problems remain in [...]
Swiss central bank holds steady on franc, economy forecast down
September 13, 2012 by
ZURICH, SWITZERLAND – The Swiss National Bank (SNB) has lowered its forecast for economic growth from 1.5 percent in June to 1.0 percent, citing a number of factors. It also says it will continue to keep the Swiss franc exchange rate cap at CHF1.20/euro. There is no threat of inflation in the foreseeable future, with [...]
Eurozone contracts, with 0.2% fall in growth
August 14, 2012 by
GENEVA, SWITZERLAND – The eurozone economy slowed down in the second quarter of 2012, new figures from Eurostat Tuesday 14 August show: growth slipped by 0.2 percent, after 0 percent growth the previous quarter. The 17-nation region hovered on the edge of recession despite growth of 0.3 percent of the German economy. The larger 27-countries [...]
Asia stocks up: hint economic recovery
August 7, 2012 by
GENEVA, SWITZERLAND – Asian stock markets were moderately higher 7 August after an unexpected improvement in US hiring was seen by the market as the first hint of a global economy emerging from its downturn. In addition, speculation that the European Central Bank will support struggling countries like Spain and Italy intensified, helping investment sentiment. [...]
