The Local Switzerland

Switzerland STILL has priciest Big Macs in the world

Tue, 17 Jan 2017 12:46:15 +0100

Switzerland has the most overvalued currency in the world according to The Economist’s Big Mac Index 2017, which the alpine country tops once again.

SNB moves to stabilize franc after Brexit vote

Fri, 24 Jun 2016 11:52:32 +0200

The Swiss National Bank (SNB) says it has "intervened" in the foreign exchange market to stabilize the franc, considered a safe haven currency, following the Brexit vote.

Report: Swiss economy more competitive than US

Tue, 31 May 2016 12:50:55 +0200

Switzerland has the most competitive economy in Europe and the second most competitive in the world, according to the 2016 world competitive rankings by the Lausanne-based IMD business school.

Swiss economy must save billions, warns minister

Mon, 09 May 2016 14:52:38 +0200

Switzerland could be in for spending cutbacks over the next few years as the federal government looks to save an additional three billion francs ($3.1bn).

Swiss lose appetite for Big Macs and fries

Tue, 22 Mar 2016 14:40:57 +0100

The Swiss showed less of an appetite for fast food last year, paying fewer visits to McDonald’s.

Exporters fear impact of rising franc on business

Thu, 16 Apr 2015 13:18:46 +0200

With the franc again nearing parity with the euro, the mood of Swiss small and medium companies (SMEs) in the export business has never been as bad, a new report says.

Swiss economy beats forecasts for 2014

Tue, 03 Mar 2015 10:09:24 +0100

The Swiss economy grew by two percent in 2014, up from 1.9 percent in the previous year, according to initial figures released by Bern on Tuesday.

Schindler warns of high franc after profit rise

Fri, 13 Feb 2015 12:58:00 +0100

Schindler Management, the Swiss elevator and escalator company, almost doubled its profit in 2014 from the previous year on the back of higher revenues but it warned that the strong franc would cut into margins for this year.

Euro hits fresh lows against Swiss franc

Fri, 23 Jan 2015 13:04:00 +0100

The euro dropped to its lowest level ever against the Swiss franc during currency trading on Friday, a day after the European Central Bank introduced a scheme to inject €1.1 trillion into the eurozone’s economy over 18 months.

SNB official defends 'best option' for franc

Thu, 22 Jan 2015 12:00:00 +0100

Switzerland would have had to spend more than $100 billion this month alone if it had continued efforts to hold down the value of its currency, a senior central bank official said on Thursday.

Swiss travel agents and retailers cut prices

Tue, 20 Jan 2015 00:05:00 +0100

After the sharp rise in the value of the franc, Swiss travel companies have already begun to cut the price of their holiday packages.

Markets panic as Swiss scrap euro rate cap

Thu, 15 Jan 2015 17:57:00 +0100

Switzerland's central bank on Thursday scrapped a three-year bid to hold down the value of its currency against the euro, in a shock announcement that set off panic in the markets.

Argentina charges HSBC for tax evasion 'scheme'

Fri, 28 Nov 2014 10:57:00 +0100

Argentina's tax agency says it has charged British bank HSBC with helping more than 4,000 Argentines to commit tax evasion by stashing money in secret Swiss accounts.

Swiss franc surges on rising Ukraine concerns

Thu, 13 Mar 2014 11:43:00 +0100

Pity North American tourists visiting Switzerland: the American and Canadian dollars have dived again against the Swiss franc, which is assuming its safe have status in the wake of concerns about Ukraine.

Swiss economic growth slows and disappoints

Thu, 27 Feb 2014 17:59:00 +0100

Swiss economic growth slowed to a crawl at the end of 2013, official data showed on Thursday, amid concern that the strong Swiss franc and recent vote limiting immigration from the EU might further hamper the country's economy.

Swiss central bank buys eurozone debt: S&P

Tue, 25 Sep 2012 16:47:23 +0200

The Swiss central bank (SNB) is shoring up the eurozone's government bond market and holding down the interest rates which five key countries pay to borrow, ratings agency Standard & Poor's estimated on Tuesday.

Swiss central bank cuts growth outlook

Thu, 13 Sep 2012 13:36:00 +0200

The Swiss National Bank on Thursday kept its low key rate unchanged and said the current global economic climate was forcing it to cut its 2012 economic growth outlook.

Euro drops below 1.20 Swiss franc floor

Thu, 05 Apr 2012 19:27:00 +0200

The euro on Thursday dipped briefly below the 1.20 Swiss franc floor imposed by Switzerland's central bank to curb the soaring local currency.

Central bank holds firm on key interest rate

Thu, 15 Mar 2012 10:52:00 +0100

The Swiss National Bank said Thursday that it would continue to keep the Swiss franc from gaining too much in value against the euro, as the SNP kept its reference interest rate close to zero.

Swiss central bank stays firm on currency cap

Tue, 07 Feb 2012 16:50:00 +0100

Switzerland's central bank said Tuesday it would fight any appreciation of the already strong Swiss franc, which has in recent days edged closer to the bank's cap of 1.20 francs per euro.