Catherine's Feed
Oct 11, 2012

Second-tier banks need capital top-up by 2016

ZURICH/LONDON, Oct 11 (Reuters) – Nationally important banks
will need to hold extra capital from 2016 to cushion the impact
on their domestic economies if they hit trouble, but the global
banking watchdog will leave it up to national regulators to say
how much more.

Banks identified by national regulators as domestically
important will have to hold extra common equity from January
2016, the Basel Committee on Banking Supervision said on
Thursday.

Oct 8, 2012

Swiss price pressure still weak a year after franc cap

ZURICH, Oct 8 (Reuters) – Swiss consumer prices fell at a
slightly slower pace in September, although there is little sign
of inflationary pressure resuming, suggesting the central bank
will maintain its currency cap to ward off deflation and the
risk of recession.

A string of recent data, including weak manufacturing, has
painted a downbeat picture of the Swiss economy, which will
encourage the central bank to maintain the limit imposed on the
franc a year ago to support exporters and relieve downward
pressure on prices.

Oct 5, 2012

SNB’s fx reserves barely rise in Sept as franc weakens

ZURICH, Oct 5 (Reuters) – The Swiss National Bank’s foreign
exchange reserves barely rose in September, after surging in
previous months, with analysts attributing the slowdown to a
weakening of the safe-haven franc as concerns about the euro
zone crisis eased.

The size of the SNB’s foreign currency reserves is closely
watched by the market for clues as to how long its policy of
capping the franc at 1.20 per euro can be sustained. It set the
cap just over a year ago to lessen the risk of deflation and
recession.

Oct 4, 2012

Nobel Biocare warns Japan sales slowdown to hit profit

ZURICH, Oct 4 (Reuters) – Swiss dental implant maker Nobel
Biocare said negative media coverage in Japan of
implant treatments damaged its third-quarter sales and will
impact revenues and profits for the year, sending shares sharply
lower.

The company said operating profit would be 67 to 70 million
euros ($86.4 to 90.3 million) for the full year. Analysts had
expected 76.15 million euros, according to Reuters data.

Sep 25, 2012

SNB’s Jordan: too early to say if euro crisis easing

PFAEFFIKON, Switzerland (Reuters) – The chairman of the Swiss National Bank said on Tuesday it is too early to say that the euro zone’s debt crisis has started to subside despite signs of market stress easing.

The SNB was forced to set a cap on the franc a year ago at 1.20 per euro a year ago to fight off a flood of money fleeing the euro zone and lessen the risk of that prompting deflation and a recession in Switzerland.

Sep 20, 2012

Robust exports a ray of hope to limping Swiss economy

ZURICH, Sept 20 (Reuters) – Swiss exports grew robustly in
August, led by the key chemicals and pharmaceuticals sectors,
suggesting the economy is holding up well despite slowing global
growth as firms are managing to ride out the impact of a strong
franc.

Exports rose 4.4 percent year-on-year in August to 15.54
billion Swiss francs ($16.76 billion), accelerating from growth
of 0.8 percent in July, the Federal Customs Office said on
Thursday.

Sep 13, 2012

SNB sticks firm to franc cap, cuts growth outlook

ZURICH, Sept 13 (Reuters) – The Swiss National Bank
reiterated its pledge to keep the franc weaker than 1.20 per
euro and take further policy steps if necessary as it cut its
growth and inflation forecasts and warned of further risks to
the economy.

Analysts said the tweaking of its forecasts and tough
language on the franc showed the bank was not ready as yet to
believe the euro zone’s debt crisis may be easing despite a
shift in market confidence over the past few weeks.

Sep 10, 2012

SNB’s cap on franc to stick even as reserves grow: Reuters Poll

ZURICH (Reuters) – The Swiss National Bank will succeed in defending its cap on the franc’s value even if Greece or another country leaves the euro zone, a Reuters poll shows, and it won’t have to reinforce its defenses as the economy slows.

The poll underlines the credibility that the SNB’s cap has achieved a year after it imposed the 1.20 per euro limit to deter investors seeking a safe haven from the euro crisis.

Jul 28, 2012

Asian visitors give Swiss tourism a silver lining

JUNGFRAUJOCH, Switzerland, July 28 (Reuters) – Wearing two
thick brown sweaters on top of her blue-and-gold sari, Sujatha
Thoota from Hyderabad, India still shivers as she looks onto the
largest glacier in the Alps. It is the first snow she has ever
seen.

“It’s wonderful,” said Thoota, on holiday with her family,
but adds she is too scared to venture out onto the ice.

Jul 27, 2012

Meet the new Mr. Swiss franc: Fritz Zurbruegg

ZURICH, July 27 (Reuters) – New to the grey-suited world of
central banking, Fritz Zurbruegg is taking over arguably the
most important job at the Swiss National Bank: keeping a 24-hour
watch on markets to defend its cap on the safe-haven franc.

Zurbruegg, 52, leaves his job as head of the federal budget
office to join the SNB from Aug. 1, filling a vacancy on the
three-person governing board left by the resignation of Philipp
Hildebrand over a currency trading scandal in January.