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☆ Switzerland becomes first major economy to cut interest rates in surprise move
▼ + stars: | 2024-03-21 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

The Swiss national flag hangs from the Federal Palace, Switzerland's parliament building, in Bern, Switzerland, on Thursday, Dec. 13, 2018. The Swiss National Bank cut its inflation forecast and showed no inclination of moving off its crisis-era settings, citing the francs strength and mounting global risks. Economists polled by Reuters had expected the Swiss central bank to hold rates at 1.75%. According to the new forecast, inflation is also likely to remain in this range over the next few years," the bank said. Swiss inflation continued to fall in February, hitting 1.2%.

Persons: Stefan Wermuth, Thomas Jordan, SNB Organizations: Swiss, Swiss National Bank, Bloomberg, Getty, Reuters, Capital Economics, Bank, Capital Locations: Switzerland's, Bern, Switzerland, Swiss

☆ Vivek Ramaswamy ends presidential campaign
▼ + stars: | 2024-01-15 | by ( Aaron Pellish | Kaitlan Collins | ) edition.cnn.com time to read: +11 min

CNN —Biotech entrepreneur Vivek Ramaswamy ended his campaign for the 2024 Republican presidential nomination Monday night after a disappointing finish in the Iowa caucuses. From Vivek Ramaswamy 2024 Presidential Campaign Ramaswamy appears in a sixth-grade musical performance at his school in Sharonville, Ohio, in 1997. From Vivek Ramaswamy 2024 Presidential Campaign Ramaswamy speaks at the Forbes Under 30 Summit in Philadelphia in 2015. Demetrius Freeman/The Washington Post/Getty Images Ramaswamy and Nikki Haley participate in the first Republican presidential debate in August 2023. Win McNamee/Getty Images Ramaswamy talks to members of the media after the first Republican presidential debate.

Persons: Vivek Ramaswamy, we’ve, ”, Ramaswamy, Donald Trump, ” Ramaswamy, “, Anna Moneymaker, Tony Jones, Network Ramaswamy, Instagram Ramaswamy, Gilbert Carrasquillo, Karthik, Apoorva, Angelo Merendino, Anthony Anex, Shutterstock Ramaswamy, Mark Peterson, Alex Brandon, Maddie McGarvey, Jon Cherry, Walter Waligura, John Tully, Arjun, Apoorva Ramaswamy, Michael M, Ramaswamy's, Vek, Demetrius Freeman, Nikki Haley, Win McNamee, Scott Olson, Ramaswamy claps, Maansi Srivastava, Trump, Tucker Carlson’s, Ronna McDaniel, “ We’ve, Kim Reynolds, stagnating, caucusgoers, CNN’s Gregory Krieg, Kaitlan Collins Organizations: CNN — Biotech, Trump, “, Street Journal, Republican, Conservative Political, Conference, Cincinnati Enquirer, USA, Network, Jesuit, Xavier High School, Harvard University, Forbes, Swiss Economic, Ohio Republican, Washington Post, Rifle, Bloomberg, Getty, New York Times, Liberty National Summit, Ohio State University, Iowa State Fairgrounds, BMI, White, Inc, Fox News, Yale University, Roivant Sciences, Management, Republican Party, GOP, RNC, Fair, Gov, Des Moines Register, NBC, CNN New, South Carolina Gov Locations: Iowa, Des Moines , Iowa, New Hampshire, “ America, of, New York, Sharonville , Ohio, Philadelphia, Columbus , Ohio, Interlaken, Switzerland, Cincinnati, Indianapolis, Windham , New Hampshire, Independence , Iowa, Clive , Iowa, “, Cincinnati , Ohio, Ohio, CNN New Hampshire, Indian, Ukraine, Russia, Israel, China, Taiwan, Iraq, Afghanistan

☆ UBS and Swiss government sign Credit Suisse loss-sharing deal clearing way for deal to close
▼ + stars: | 2023-06-09 | by ( ) edition.cnn.com time to read: +4 min

UBS and the Swiss government have agreed on how they will share losses linked to the bank’s emergency takeover of Credit Suisse, which will create a giant Swiss bank. The agreement announced Friday has been negotiated since the rescue of Credit Suisse (CS) in March. The Swiss government will guarantee up to 9 billion Swiss francs ($9.98 billion) of losses that UBS may incur from the sale of its rival’s assets beyond 5 billion francs, which the lender is due to cover itself. The Swiss government made the cash available to facilitate the emergency takeover of Credit Suisse and avoid a broader banking crisis that a collapse of the lender could provoke. The loss protection agreement will become effective with the completion of the Credit Suisse takeover, expected as early as June 12, UBS said in a separate statement.

Persons: Sergio Ermotti, ” Ermotti, “, Ermotti, Andreas Venditti, ” Organizations: UBS, Swiss, Credit Suisse, Swiss Economic, country’s Social, Credit Suisse’s Locations: Swiss, Switzerland, Interlaken

☆ Powerful Swiss central bank faces reform calls in wake of Credit Suisse rescue
▼ + stars: | 2023-04-28 | by ( John Revill | ) www.reuters.com time to read: +6 min

[1/2] The Swiss National Bank (SNB) building is seen near the Limmat river in Zurich, Switzerland March 23, 2023. The governance concerns have been brought centre-stage by the search for a new member to replace Andrea Maechler, the first woman to serve on the SNB's governing board. The Swiss parliament would have to approve any expansion of the SNB's board. Still, the SNB Observatory, a group of economists set up to stimulate a debate about the SNB, has suggested that the small committee meant the central bank was susceptible to group think. Thomas Stucki, a former head of asset management at the SNB, said it was typical for central bank chairmen to dominate decision-making.

☆ Focus now on how UBS positions itself going forward - BlackRock vice chairman
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] Philipp Hildebrand,Vice Chairman of BlackRock, speaks during a news conference with Swiss Economic Minister Guy Parmelin (not pictured), as the spread of the coronavirus disease (COVID-19) continue in Bern, Switzerland October 28, 2020. REUTERS/Arnd WiegmannLONDON, April 20 (Reuters) - The Swiss government has done a 'very good job' with Credit Suisse's rescue given circumstances, but the question now is how the takeover settles and how UBS positions itself going forward, Philipp Hildebrand, BlackRock's vice chairman said on Thursday. "The question now will be how does this settle, and how does UBS position itself going forward, given quite intense political discussions in Switzerland around competition, around size, and many other issues," Hildebrand told a Bloomberg conference in Dublin. BlackRock, the world's largest asset manager, is a major shareholder in UBS. Reporting by Yoruk Bahceli and Padraic Halpin; editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Credit Suisse collapse threatens Switzerland's wealth management crown
▼ + stars: | 2023-03-22 | by ( John Revill | ) www.reuters.com time to read: +6 min

[1/3] Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. Switzerland's credibility as a stable, predictable country had been upended by moves like the decision to wipe out the holdings of Credit Suisse bondholders, he said. Under the takeover deal, holders of Credit Suisse AT1 bonds will get nothing, while shareholders, who usually rank below bondholders in compensation terms, will receive $3.23 billion. "In that sense I also see a prosperous future for the financial centre because we have hundreds of very well capitalised banks and very successful wealth management and asset management banks." Reuters Graphics Reuters GraphicsReuters GraphicsOthers were more skeptical about the future, highlighting a reluctance to confront mistakes at Credit Suisse or take responsibility for the aftermath.

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