ZURICH, Jan 21 (Reuters) – Switzerland’s Lonza Group
held off giving a specific forecast for sales and
profit growth this year as it grapples with an unexpected surge
in the Swiss franc after the country’s central bank scrapped its
cap on the currency.
The speciality chemicals and life sciences group is hoping a
three-year restructuring programme that has included plant
closures, job cuts and divestments of low-margin businesses will
continue to bear fruit in 2015.
ZURICH (Reuters) – Swiss officials sought to reassure the country on Sunday that a shock decision by the central bank to scrap its cap on the franc would not destabilize the economy ahead of a crucial week in which the European Central Bank could announce a massive bond-buying program.
Finance Minister Eveline Widmer-Schlumpf said she expects the exchange rate to settle down at around 1.10 per euro, a level she believes firms in the export-orientated country should be able to withstand.
ZURICH, Jan 16 (Reuters) – “Swiss Made” has traditionally
stood for quality, precision and reliability. But after a shock
move to scrap the cap on the franc, it could convey a less
attractive message: Made more expensive.
The decision by the Swiss National Bank, after three years
of holding down the franc’s value, was met with indignation by
many small-to-mid size companies which now face lower revenue
GENEVA/ZURICH, Jan 15 (Reuters) – The Swiss Alps already
looked pricey before the Swiss National Bank dropped its
currency bombshell on Thursday. Now Swiss tourism fears being
frozen out altogether.
As the central bank’s shock decision to scrap a cap on the
Swiss franc pushed the currency up nearly 30 percent, some
businesses were already reporting cancellations as visitors
rushed to rearrange their plans for the busy winter season.
LONDON/ZURICH (Reuters) – Johnson & Johnson boosted its research efforts into battling Alzheimer’s on Monday, striking a deal potentially worth more than $500 million to develop anti-tau vaccines with Swiss biotech firm AC Immune.
Tau is a protein known for forming twisted fibers inside brain cells and is linked to cell death. It is one of two abnormal proteins tied to the memory-robbing disease. The other is beta amyloid.
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.