Search Results for: Swiss
Swiss Stocks Tumble, European Equities Rise After SNB
January 15th, 2015
Stocks in Switzerland tumbled, led by the nation’s exporters, while the Euro Stoxx 50 Index rose, after the Swiss National Bank (SNBN) unexpectedly ended its minimum exchange rate. The Swiss Market Index plummeted 8.7 percent at 2:14 p.m. in ...
Swiss National Bank press conference on Discontinuation of the minimum exchange rate
January 15th, 2015
Discontinuation of the minimum exchange rate The Swiss National Bank (SNB) has decided to discontinue the minimum exchange rate ofCHF 1.20 per euro with immediate effect and to cease foreign currency purchases associated with enforcing it. The minimum exchange rate ...
Swiss National Bank discontinues minimum exchange rate and lowers interest rate to –0.75%
January 15th, 2015
Target range moved further into negative territory The Swiss National Bank (SNB) is discontinuing the minimum exchange rate of CHF 1.20 per euro. At the same time, it is lowering the interest rate on sight deposit account balances that exceed a ...
Swiss National Bank expects annual profit of CHF 38 billion
January 9th, 2015
Large annual profit allows for supplementary distribution According to provisional calculations, the Swiss National Bank (SNB) will report a profit in the order of CHF 38 billion for the 2014 financial year. The profit on foreign currencypositions amounted to ...
Swiss Government Rejects Proposal To Replace VAT
January 9th, 2015
The Swiss Government announced on January 7, 2014, that it had again rejected a popular initiative, “energy instead of VAT,” that would have replaced the nation’s value-added tax (VAT) with an emissions-based levy. The initiative was last rejected in ...
Swiss Franc Falls Against Most Majors
December 31st, 2014
The Swiss franc weakened against most major currencies in the Asian session on Wednesday. The Swiss franc fell to nearly a 2-week low of 1.5397 against the pound, from yesterday’s closing quote of 1.5382. Against the euro and the ...
Swiss National Bank introduces negative interest rates
December 18th, 2014
Minimum exchange rate reaffirmed, and target range for threemonth Libor lowered into negative territory The Swiss National Bank (SNB) is imposing an interest rate of –0.25% on sight deposit account balances at the SNB, with the aim of taking the three-month ...
Citi Sees Gold as Bitcoin Says Swiss Vote Makes No Sense
November 27th, 2014
The initiative requiring the Swiss National Bank to hold a fixed portion of its assets in gold makes no sense, according to Citigroup Inc., which said the metal was the equivalent of the virtual currency bitcoin. “There is no economic or ...
SEC Charges HSBC’s Swiss Private Banking Unit With Providing Unregistered Services to U.S. Clients
November 26th, 2014
The Securities and Exchange Commission today charged HSBC’s Swiss-based private banking arm with violating federal securities laws by failing to register with the SEC before providing cross-border brokerage and investment advisory services to U.S. clients. HSBC Private Bank (Suisse) ...
Jury acquits ex-Swiss banker in tax-dodging case
November 4th, 2014
Raoul Weil acquitted of charges he helped wealthy Americans to hide $20B from the IRS. A federal jury acquitted a former top Swiss banking executive of U.S. charges that he conspired with wealthy Americans to hide $20 billion in ...
