ZURICH, Dec 18 (Reuters) – Switzerland’s central bank said
it would start charging banks for deposits in francs for the
first time since the 1970s, hoping to stem a flight to the
safe-haven currency driven by concern over the euro zone and
Russia’s deepening crisis.
In a surprise statement on Thursday, the Swiss National Bank
(SNB) announced it would impose an interest rate of -0.25
percent on the portion of so-called “sight deposits” – cash
commercial banks and other financial institutions hold with the
central bank – above a certain threshold.
ZURICH, Dec 18 (Reuters) – The Swiss National Bank announced
a negative interest rate for the first time since the 1970s on
Thursday, hoping that by forcing banks to pay to deposit francs
it can stem a flight to the safe-haven currency sparked by euro
zone fears and crisis in Russia.
In a surprise statement, the SNB said it would impose an
interest rate of -0.25 percent on more than 10 million Swiss
francs in commercial bank deposits from Jan. 22, when the
European Central Bank holds its next meeting.
ZURICH (Reuters) – The Swiss government avoided a new headache on Sunday when voters rejected a popular initiative to impose radical immigration curbs, but the result is unlikely to lend it any leverage in talks with the European Union related to migration.
Politicians appeared visibly relieved after Swiss voters overwhelmingly turned down proposals to slash annual immigration by three-quarters from current levels – an initiative that could have sabotaged already fraught relations with the 28-nation bloc.
ZURICH (Reuters) – Swiss voters overwhelmingly rejected proposals on Sunday to boost gold reserves and impose strict new curbs on immigration, averting a potential nightmare for policymakers struggling with a popular backlash against the country’s open borders.
The referendums are part of a recent flurry of initiatives under Switzerland’s model of direct democracy that have had threatened to undermine the non-EU member’s reputation for stability.
ZURICH (Reuters) – Swiss voters looked set on Sunday to clearly reject proposals that would have forced the central bank to buy up massive amounts of gold and imposed strict limits on immigration, threatening close economic ties to the European Union.
Switzerland’s system of direct democracy gives citizens the right to force popular votes if they can gather enough signatures of support. The measures proposed on Sunday reflect a growing sense that traditional Swiss values are under threat.
ZURICH, Nov 6 (Reuters) – Adecco, the world’s
biggest staffing firm by sales, posted a sharper than expected
slowdown in third-quarter revenue growth, hurt by a weak
performance in France and Germany where the economic outlook has
Much of Europe, which accounts for about 60 percent of
Adecco’s revenue, is struggling to maintain economic growth at
the moment, with a recent survey showing euro zone business
activity grew at a sluggish rate in October.
ZURICH (Reuters) – Google’s ambition to defy the limits of ageing has fired up interest in the field, drawing in drug companies who are already quietly pioneering research, despite the regulatory and clinical hurdles that remain.
In September life-science company Calico, which was set up by Google last year to investigate the aging process, joined with U.S. drugmaker AbbVie in committing an initial $250 million apiece to developing cures for age-related diseases.
ZURICH (Reuters) – Google’s (GOOG.O: Quote, Profile, Research) ambition to defy the limits of ageing has fired up interest in the field, drawing in drug companies who are already quietly pioneering research, despite the regulatory and clinical hurdles that remain.
In September life-science company Calico, which was set up by Google last year to investigate the ageing process, joined with U.S. drugmaker AbbVie (ABBV.N: Quote, Profile, Research) in committing an initial $250 million (156.59 million pound) apiece to developing cures for age-related diseases.
ZURICH, Nov 3 (Reuters) – Swiss building materials group
Holcim posted a drop in quarterly sales and profits on
Monday as a recovery in India following May’s elections failed
to offset foreign exchange headwinds and weakness in Europe and
The group, which is in the process of merging with France’s
Lafarge, reported higher sales in markets such as the
United States and India, where infrastructure spending has
picked up following the election victory of Narendra Modi who
campaigned to revive stalled construction projects.
ZURICH, Oct 31 (Reuters) – Switzerland’s Lonza
revised down its forecast for full-year revenue growth on Friday
as bad weather weighed on the performance of its water treatment
This is the second time in two years that the water
business, which makes products to sanitize swimming pools,
pulled down the company’s results following a poor 2013. Lonza
acquired the business as a part of its $1.2 billion acquisition
of Arch Chemicals in 2011