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News about Swiss National Bank
Swiss banks won’t swap euros for francsThe Swiss National Bank has announced an agreement with several European central banks to end a foreign exchange program to swap Swiss francs for euros as part of moves to unwind anti-financial crisis emergency measures. Economic forecast bright The Swiss government upgraded its economic forecast on 22 September, but warned of weak growth in 2010 and higher unemployment, adding that trade was likely to remain hard hit by the global economic crisis. A Swiss central bank keeps monetary policy, revises GDP up The Swiss National Bank announced on September 15 it would continue with an expansionary monetary policy, aiming to keep interest rates low, supply liquidity to markets and prevent an appreciation of the franc against the Central bank posts positive first-half profit The Swiss National Bank made a profit of 5.2 billion Swiss Francs (3.43 billion Euro) in the first half of 2009, compared with a loss of 3.4 billion Franks in the same period last year, Swiss economy expected to shrink by 2.2% in 2009 Revised government figures for 2009 have shown that Switzerlands economy would shrink by 2.2 percent and the recession would be significantly worse than had been envisaged. Previous statistics by the Swiss Economic Ministry had predicted The recession lingers as revenues fall yet again The Swiss economy shrank in the fourth quarter of 2008 by 0.3 percent compared with the previous quarter, the State Secretariat for Economic Affairs said. Revised figures for last years third quarter showed the economy After scandal, Swiss bank secrecy veil may lift  Switzerland will not give up its banking secrecy laws, but some concessions may need to be made to appease objectors, Swiss President Hans-Rudolf Merz has said. Banking secrecy is anchored in Swiss law but "we UBS just keeps on bleeding, so more jobs will go  The year 2008 is one that UBS won`t forget, and it ended even worse than the bank expected, despite staggering earlier losses. Switzerland`s largest bank, announced restructuring plans on after reporting losses of 8.1 billion UBS gets AIG business, but commodities go to Barclays  Banking giant UBS said on January 19 that it was buying the commodity index business of insurer American International Group (AIG) for up to USD 150 million (115.7 million Euro,) and that it would pay The credit crunch now threatens the sacrosanct The deep recession in which the western economies in North America and the Eurozone have dived, has diverted our attention away from the real roots of the problem, which lurk in the in the credit A credit squeeze, but not a crunch yet Despite big losses in major banks and other industries, the global credit crunch has yet not affected Switzerland severely a top economist has said, Swiss info reported. There has been “no trace” of the squeeze UBS gives in, says no bonuses for top execs  Switzerland’s largest bank, UBS, has announced it will no longer pay bonuses based on short-term goals after a public outcry against the “culture of greed.” From 2009, bonuses will be held back and forfeited if Bank on the rebound, UBS shows a slight gain Swiss banking giant UBS AG has reported its first profit in four quarters in its latest results, the company said, but warned it might not last long.The world’s biggest wealth manager, which has emerged as European markets temporarily stabilize as Europe pours in more money  European markets temporarily stabilize as Europe pours in more money European stock markets have opened strongly today, after yesterday’s terrible performance, despite the concerted efforts of the financial bodies to bolster shareholder confidence and limit US saves the banks  It wasn’t nuclear war, but words like “meltdown,” were being tossed around with fears of a collapse of capitalism and world economies. After the near-bankruptcy of AIG, the world’s largest insurer, was staved off by US plans mammoth bail-out to contain financial crisis  With the world economy at stake and nervously watching the failure of giant American investment banks and mortgage institutions, the US government has now proposed a massive bail-out of the bad debt its major banks Economy picks up in second quarter  Switzerland’s economy rega - ined some momentum between April and June as consumer spending and solid exports outweighed a drop in company investment. The State Secretariat for Economic Affairs in Bern said on September 2 What recession? None seen by business A domestic slowdown expected to last until the middle of next year doesn’t mean the country is heading for a recession despite a predicted drop in turnover and profits, according to a cross-industry survey of Losses hit Swiss National Bank The Swiss National Bank (SNB) has reported a loss of USD 3.24 billion in the first half of 2008, local agencies reported on July 25. The loss was attributed the result to exchange rate losses ECB bows to inflation, hikes interest rates  The European Central Bank (ECB) delivered its first rate hike in more than a year on July 3, but signaled that the 25-basis points, or 1/4th percent rise, should be sufficient to ward off renewed |
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