Archive – Banking & Fintech

Franc cap remains “valid” policy

This content was published on Feb 12, 2013 The franc may have weakened since the start of the year against the euro, but keeping a lid on the franc at 1.20 per euro remains the appropriate monetary policy instrument to maintain price stability, Jordan told reporters in Geneva on Tuesday. “The motives for the introduction of the cap are still valid,” he said.…

Charting Swiss property highs and lows

This content was published on Feb 12, 2013

Homeowners sitting on a mountain of debt

This content was published on Feb 12, 2013 According to the Swiss National Bank, total mortgage credit reached a new high of SFr614,244 billion ($668,819 billion) last year, which represents 103.6 per cent of Switzerland’s Gross Domestic Product (GDP). It’s almost a world record. Only the Netherlands has a higher rate, at 107.1 per cent. Among the countries with significant mortgage debt are…

Could Switzerland be facing a property bubble?

This content was published on Feb 12, 2013 A study published by the UBS bank earlier this month said the risk of the market overheating, already present in the third quarter of 2012, increased in the fourth. “The index lies clearly in the risk zone, confirming the increased imbalances in the real estate market,” it says. A study conducted by the price…

Bitter year for chocolate industry

This content was published on Feb 8, 2013 Total sales dropped by 2.2 per cent and turnover by 3.4 per cent to SFr1.63 billion ($1.77 billion), Chocosuisse, the umbrella organisation of the Swiss chocolate industry, reported on Friday. Switzerland’s 18 chocolate manufactures reported losses both at home and abroad. Chocosuisse blamed this on the strong franc, which made Swiss chocolate expensive for people…

Credit Suisse disappoints on poor trading result

This content was published on Feb 7, 2013 Chief Executive Officer Brady Dougan on Thursday increased the bank’s cost-cutting program by SFr400 million by the end of 2015, on top of SFr4 billion in reductions already announced since 2011. The fourth-quarter net profit undershot analyst forecasts, which averaged SFr645 million in a Reuters poll. This figure compared, however, with a loss of SFr637…

Trade surplus reaches new heights

This content was published on Feb 5, 2013 The past year saw slight annual increases for both exports and imports according to figures released on Tuesday by the Federal Customs Administration. Exports totaled SFr200.9 billion, up 1.5 per cent while imports reached 176.5 billion, up 1.2 per cent. Sales abroad from July onwards helped compensate for a slow start to the year and…

Libor and restructuring drag UBS into the red

This content was published on Feb 5, 2013 The $1.5 billion (SFr1.4 billion) Libor rate-rigging fine late last year swelled legal costs to SFr2.1 in the fourth quarter. Added to a SFr258 million restructuring charge, the bank recorded a SFr1.9 billion loss for the last three months of 2012. This compared with a SFr393 million profit in the same period of 2011 and full year profit of SFr4.1…

Swiss market on track for housing bubble

This content was published on Feb 4, 2013 The UBS Real Estate Bubble Index indicates the risk of an overheating housing market on a multiple-point scale, with anything over two points indicating a bubble. UBS also announced Monday that in 2012, Switzerland’s property market reached a reading above one on the scale for the first time since 1991 with a score of 1.02…

Swatch group upbeat about growth potential

This content was published on Feb 4, 2013 “The signals from the markets around the world clearly indicate continued healthy growth potential for the Swiss watch industry and the Swatch Group,” the group said in a statement issued on Monday. It forecast long-term growth of five to ten per cent per year in the Swiss watch industry. “As always, the focus is on…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Franc cap remains “valid” policy

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Charting Swiss property highs and lows

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Homeowners sitting on a mountain of debt

More

Could Switzerland be facing a property bubble?

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Bitter year for chocolate industry

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Credit Suisse disappoints on poor trading result

More

Trade surplus reaches new heights

More

Libor and restructuring drag UBS into the red

More

Swiss market on track for housing bubble

More

Swatch group upbeat about growth potential

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