The Local Switzerland

Swiss fashion chain to pay HQ staff in euros

Wed, 18 Nov 2015 11:27:24 +0100

Telly Weijl, a Swiss fashion chain based in Basel, has decided to starting paying staff at its headquarters in euros instead of Swiss francs, according to media reports on Wednesday.

Franc at lowest euro level since February

Tue, 11 Aug 2015 10:07:21 +0200

The mighty Swiss franc dipped on Monday to its lowest value against the euro since February as the European common currency rose above 1.083 francs in foreign exchange trading late in the day.

Negative rates a hurdle for banks: UBS chair

Tue, 09 Jun 2015 10:50:53 +0200

Negative interest rates represent a major challenge for Swiss banks, particularly in trying to defend their profit margins, UBS chairman Axel Weber says.

Swiss to avoid recession this year: Credit Suisse

Tue, 17 Mar 2015 11:26:56 +0100

Despite the negative impact of the strong franc, Switzerland should be able to avoid a recession this year “thanks to the robust situation of the global economy,” Credit Suisse said in a report issued on Tuesday.

Town employees' work week upped in 'solidarity'

Tue, 03 Mar 2015 22:26:32 +0100

Municipal workers in a small town in the canton of Saint Gallen have been ordered to work longer hours for no extra pay in “solidarity” with Swiss businesses coping with the strong franc.

Soaring franc causes queues at FX counters

Fri, 16 Jan 2015 09:00:00 +0100

"It's like Christmas all over again!" enthused Vanessa, as she joined a swelling queue outside a currency exchange office in downtown Geneva on Thursday.

Croatian banks told to rejig Swiss-franc loans

Thu, 04 Jul 2013 20:08:00 +0200

A Croatian court ordered eight banks on Thursday to recalculate home loans made in Swiss francs to the local currency kuna ruling that they failed to inform clients of risks when agreeing the loans.

SNB continues fight against strong franc

Thu, 20 Jun 2013 14:33:00 +0200

Switzerland's central bank said on Thursday it will continue defending the floor rate of the Swiss franc against the euro, a policy which could come under increasing strain if more investment funds flow into the currency for safety.

Italian stalemate pushes up franc against euro

Tue, 26 Feb 2013 13:39:00 +0100

The Swiss franc strengthened sharply against the euro on Tuesday as skittish investors reacted nervously to a political stalemate in Italy following Sunday's elections.

Swiss exports benefit from franc's dip

Sun, 20 Jan 2013 17:34:00 +0100

The Swiss franc, long a refuge for crisis-wary investors, has now fallen to its lowest level against the euro in 20 months amid a rosier outlook for the European common currency.

Swiss central bank to post lower profits

Thu, 17 Jan 2013 13:49:43 +0100

The Swiss National Bank (SNB) says it expects to post a profit of about six billion francs ($6.4 billion) for 2012 — less than half of what it made in 2011.

Swiss franc could fall further, analysts say

Wed, 16 Jan 2013 13:22:00 +0100

Speculation is mounting that the Switzerland’s central bank may move to further weaken the franc as foreign exchange markets sold off the Swiss currency this week.

Swiss central bank triples profits

Wed, 31 Oct 2012 17:09:00 +0100

Switzerland's central bank, with a strategy of intervention to hold down the Swiss franc, reported on Wednesday that it almost tripled profits for the first nine months of the year, boosted by a rise of gold and currency reserves.

Faulty paper blamed for new banknote delay

Fri, 10 Aug 2012 12:37:00 +0200

The introduction of new Swiss banknotes has been postponed for a second time because of technical problems linked to the paper to be used, a new report says.

Negative rates mulled to lower Swiss franc

Fri, 27 Jul 2012 14:08:00 +0200

Switzerland's central bank could soon make investors pay for the privilege of depositing money in Switzerland’s banks.

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.

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.

Swiss top Big Mac index with 'meaty' franc

Fri, 13 Jan 2012 12:28:00 +0100

Switzerland has the world’s most overvalued currency, according to The Economist's 'Big Mac Index', a study comparing the price of McDonald’s most famous burger with the cost of living in 100 countries.

Swiss media call for SNB chief's resignation

Thu, 05 Jan 2012 14:04:51 +0100

Swiss newspapers believe the reputation of the Swiss National Bank (SNB) has been seriously damaged by reports that the wife of bank chief Philipp Hildebrand made tens of thousands of francs in profit by speculating on an overvalued franc.

Swiss retail giants call for weaker franc

Wed, 04 Jan 2012 13:08:15 +0100

Swiss retailers Coop and Manor have joined forces to ask for a minimum exchange rate of 1.40 francs ($1.50) per euro and longer opening hours.