Archive – Banking & Fintech

Central bank acts again to cool franc

This content was published on Aug 10, 2011 The SNB announced on Wednesday that it would inject a further SFr40 billion ($55 billion) of liquidity. The move came a day after the franc saw its biggest one-day gain against the dollar in 30 years. The supply of francs from the SNB has now increased to SFr120 billion ($166 billion) from SFr30 billion a…

Brakes on Swiss franc wear thin

This content was published on Aug 9, 2011 Faced with enormous external forces that have both weakened the euro and the dollar and increased the allure of the franc, Switzerland is swimming against a strong riptide that threatens to drown many exporters. The government threw the ball back into the Swiss National Bank’s (SNB) court this week when the cabinet ruled out any…

Geneva airport enjoys exceptional July

This content was published on Aug 9, 2011 This was achieved without a massive increase in the number of flights. Whereas 11,225 planes took off in July 2008, 11,386 did so last month. This, said the airport on Tuesday, “illustrates the fact that the development of supply has responded to a real demand”. Summer tourism has also been doing really well – for…

Consumer confidence weakens

This content was published on Aug 9, 2011 It is the latest sign that the record-strong franc is taking its toll on expectations for growth and employment, observers say. The Swiss consumer confidence index slipped to -17 points in July from -1 points in April, Seco said in a statement. Economists had expected the index to fall to -5, and the reading for July…

Europeans target watch makers over parts supply

This content was published on Aug 8, 2011 Swatch Group of Biel, which owns Breguet, Blancpain and Omega, confirmed it was a target of the investigation by the European Commission. The commission is to examine claims that several luxury watch companies colluded to exclude independent repairers from the market. “It concerns almost the entire watch industry. We are confident regarding the outcome of…

Newspapers react to S&P “wake-up call”

This content was published on Aug 8, 2011 Friday’s decision by credit-rating agency Standard & Poor’s (S&P) to strip the US government of its top credit rating wasn’t unexpected, but it adds to growing fears that the world’s number one economy may be headed back into recession. “So now it’s official what everyone already knew – for years. The US is nowhere near…

Overnight stays decline in the first half

This content was published on Aug 5, 2011 Those coming from abroad dropped to 9.9 million, down 0.9 per cent compared with the year before. However, the statistics office said the impact of the strong Swiss franc had for the time being had a limited effect. In a statement on Friday, it said the number of overnight stays had increased by 2.8 per…

Dufry acquires more operations

This content was published on Aug 5, 2011 The new businesses are Interbaires, the leading airport retailer in Argentina, airport retail operations in Uruguay, Ecuador, Armenia and Martinique, as well as a wholesale platform This will add 21 shops in ten airports. Dufry has paid a price of $957 million (SFr735 million). In a statement on Thursday, Dufry claimed the acquisitions marked “exciting…

Profit at Givaudan takes a tumble

This content was published on Aug 4, 2011 The problems have been the record-high Swiss franc and rising raw material prices. Givaudan, which makes food flavours as well as fragrances for Dior and Prada perfumes, is grappling with slowing consumer demand that may make it more difficult to push through the price rises necessary to offset higher costs for raw materials. “Givaudan expects…

Swiss cheese priced out of market

This content was published on Aug 4, 2011 Hardest hit was Switzerland’s biggest seller, Emmental (sometimes known simply as Swiss cheese in North America), with a decline of 17 per cent or 7,548 tons compared with the same period last year. Officials from the dairy industry said Emmental in particular has been impacted by the strength of the Swiss franc since there are…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Central bank acts again to cool franc

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Brakes on Swiss franc wear thin

More

Geneva airport enjoys exceptional July

More

Consumer confidence weakens

More

Europeans target watch makers over parts supply

More

Newspapers react to S&P “wake-up call”

More

Overnight stays decline in the first half

More

Dufry acquires more operations

More

Profit at Givaudan takes a tumble

More

Swiss cheese priced out of market

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