GENEVA, SWITZERLAND – The Swiss National Bank vowed Thursday 15 March to maintain the franc’s exchange rate against the euro, saying that the appreciation of the national currency could have serious repercussions on the country’s economy. The Zurich-based monetary institution says it will continue to defend the franc in the existing “currency war”, by maintaining [...]
Swiss central bank finishes 2012 with CHF6.9 billion profit
March 7, 2013 by
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 [...]
Swiss central bank showing CHF16.9b profit to date
October 31, 2012 by
Currency positions, gold, capital markets helped build profits, but SNB cautions: strong fluctuations are part of markets ZURICH, SWITZERLAND – The SNB, Swiss National Bank, had a CHF16.9 billion consolidated profit, before allocation to the provisions for currency reserves as of the end of September, it said Wednesday 31 October. This compares to CHF5.8b a [...]
Nobel laureate Amartya Sen criticizes Europe on economic management
October 5, 2012 by
GENEVA, SWITZERLAND – Amartya Sen, Nobel prize laureate and prolific contributor to economic thought, criticized Europe for coupling economic reforms and austerity measures in its attempt to resolve its debt issues. “Binding economic reform and austerity together is a political disaster” said Sen, pointing in particular to the current example of Greece. He indicated that he [...]
Swiss retail trade up in August
October 1, 2012 by
Mixed picture of Swiss economy surfacing franc strengthened in September despite cap on euro rate NEUCHATEL, SWITZERLAND – Swiss retail sales grew 5.9 percent in August, compared to a year earlier, and 0.4 percent compared to July, federal statistical office figures published 1 October show. Retail sales of food, drinks and tobacco registered an increase [...]
Exchange rates in August mostly steady, SNB figures show
September 3, 2012 by
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, [...]
Spain: “Don’t call it a bailout”
June 11, 2012 by
GENEVA, SWITZERLAND – Stock markets in Europe and Asia were up on the news Monday: the Saturday 9 June agreement by eurozone ministers to lend Spain up to 100bn euros for its banks has bought time for the euro. Many of Spain’s banks have been ailing since a property market bubble burst and was quickly [...]
Eurofoot 2016 (Chappatte cartoon)
June 11, 2012 by
©2012 Chappatte, distributed by Globe Cartoon. More cartoons on Chappatte’s web site. Geneva-based Patrick Chappatte works for the International Herald Tribune, for Geneva newspaper Le Temps, and for NZZ am Sonntag. All cartoons reproduced with permission.
Euro under pressure: backdrop to 1st Hollande, Merkel meeting
May 14, 2012 by
©2012 Chappatte, distributed by Globe Cartoon. More cartoons on Chappatte’s web site. Geneva-based Patrick Chappatte works for the International Herald Tribune, for Geneva newspaper Le Temps, and for NZZ am Sonntag. All cartoons reproduced with permission. GENEVA, SWITZERLAND – Angela Merkel, German chancellor, has her first-ever meeting with her new French counterpart, Francois Hollande, who takes [...]
International financial markets hit following French and Greek votes
May 7, 2012 by
GENEVA, SWITZERLAND – International financial markets fell sharply Monday 7 May after weekend French and Greek national elections showed voters calling for change. Markets reacted with renewed concern over Europe’s ability to deal with its debt crisis. Financial media, including the Financial Times and The Guardian, have underscored investors’ worries about how the new French [...]
