DIRS.INFO The most relevant business & tech news

☆ 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

☆ SNB chairman: Relatively good inflation forecast for 2024
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSNB chairman: Relatively good inflation forecast for 2024Thomas Jordan, chairman of the Swiss National Bank, discusses the latest rate hikes in Switzerland, and the inflation forecast for 2024.

Persons: Thomas Jordan Organizations: Swiss National Bank Locations: Switzerland

☆ SNB's Jordan does not rule out further rate hikes
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 14 (Reuters) - The Chairman of Switzerland's National Bank on Tuesday said the central bank was not ruling out further rate hikes. "If we see that the current monetary policy is not restrictive enough to ensure price stability in the long term, then we will have to make another interest rate move," Thomas Jordan said in an interview with local television station TeleZueri. Reporting by Noele Illien; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Jordan, Noele, Matthias Williams Organizations: Switzerland's National Bank, Thomson Locations: ZURICH

☆ SNB 'will not hesitate' to tighten monetary policy further-chairman
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Thus, we will not hesitate to tighten monetary policy further if necessary," Jordan said at a central bank conference in Zurich. With inflation rates lower and interest rates higher than they were a year ago, Jordan said it has become considerably more difficult to balance the risk of tightening monetary policy too much against the risk of tightening it too little. "Given the high uncertainty regarding the economic outlook, there is no clearly mapped-out path for monetary policy in the near future," Jordan said. In September the SNB held its policy interest rate unchanged at 1.75%, noting that inflation has ebbed lower in Switzerland, but said a further tightening cannot be ruled out. Reporting by Noele Illien Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Jordan, Jordan, Noele, Tomasz Janowski Organizations: Swiss National Bank, Thomson Locations: ZURICH, Zurich, Switzerland

The Swiss National Bank and the Swiss Finance Ministry are part of the conversations with lenders, one source said. A representative for the finance ministry said that the issue of bank runs is part of an overall evaluation of the too-big-to-fail regulatory framework in Switzerland. Regulators worldwide have since been grappling with the risk of bank runs, which in the era of digital banking have accelerated in speed. Financial regulators will need to make sure that banks retain adequate financial buffers as advances in technology increase the risk of bank runs, Bank of England executive director for markets, Andrew Hauser, said on Friday at a conference in London. They risk penalizing Swiss banks if they were to be introduced only in Switzerland, one of the sources said.

Persons: SNB, Zürcher, PostFinance, Raiffeisen, Andrew Hauser, Thomas Jordan, Stefania Spezzati, Oliver Hirt, Elisa Martinuzzi, John O'Donnell, Paritosh Bansal, Nick Zieminski Organizations: UBS, Swiss National Bank, Swiss Finance Ministry, Reuters, Swiss, Raiffeisen, Credit Suisse, Regulators, Bank of England, Thomson Locations: ZURICH, Switzerland, Swiss, Zurich, U.S, London, Bern

☆ Credit Suisse intervention avoided 'financial crisis,' Swiss National Bank chairman says
▼ + stars: | 2023-11-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Thomas Jordan, president of the Swiss National Bank (SNB), speaks during the bank's annual general meeting in Bern, Switzerland, on Friday, April 28, 2023. Swiss National Bank Chairman Thomas Jordan on Wednesday said the central bank's interventions during the fall of Credit Suisse were "crucial" to avoid a "financial crisis" worldwide. As part of this, SNB injected 168 billion Swiss francs ($185 billion) in emergency liquidity. This bought time for the central bank, alongside regulator FINMA and the Swiss authorities, to broker Credit Suisse's emergency sale to domestic rival UBS in March for a discounted price of just 3 billion Swiss francs. UBS in August announced that it had ended Credit Suisse's government and central bank protections after completion of the takeover, including an emergency liquidity assistance plus (ELA+) loan of 50 billion Swiss francs obtained from the SNB.

Persons: Thomas Jordan, SNB, Jordan Organizations: Swiss National Bank, Wednesday, Credit Suisse, Swiss, UBS, Reuters, August Locations: Bern, Switzerland

☆ Central banks across Europe pause for breath after mammoth rate hike run, but face 'triple dilemma'
▼ + stars: | 2023-09-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +7 min

U.K. pauseThe Bank of England opted to pause interest rate moves after 14 straight hikes, keeping its main policy rate at 5.25%. The decline came despite interest rate hikes generally boosting the value of a currency. Scandinavian inflationIn northern Europe, Norway and Sweden opted for rate hikes on Thursday and suggested that further tightening could be ahead. Norway's headline inflation rate was 4.8% in August, with core inflation at 6.3%. The Norges Bank forecast now indicates a policy rate of 4.5% through 2024, up from the current 4.25%.

Persons: Bank of England Andrew Bailey, BoE, Alastair Grant, ALASTAIR GRANT, Carsten Brzeski, BOE, Andrew Bailey, Paul Dales, Simon French, Panmure Gordon, Thomas Jordan, Jordan, Ida Wolden Bache, Bache Organizations: Bank of England, The Bank of England, Getty, Afp, ING, CNBC, of England, Capital Economics, U.S . Federal, HSBC, Panmure, Swiss National Bank, European Central Bank, ECB, U.S, Norway's Norges Bank, Norges Bank Locations: London, U.K, Paul, Switzerland, Swiss, Europe, Norway, Sweden, Norway's

☆ 'The war against inflation is not yet over,' SNB governor says
▼ + stars: | 2023-09-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'The war against inflation is not yet over,' SNB governor saysThomas Jordan, governor of the Swiss National Bank, discusses the decision to keep interest rates unchanged with inflation running below target and the economy cooling.

Persons: Thomas Jordan Organizations: Swiss National Bank

☆ SNB to launch digital currency pilot - chairman
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

ZURICH, June 26 (Reuters) - The Swiss National Bank (SNB) is to issue a wholesale central bank digital currency (CBDC) on Switzerland's SIX digital exchange as part of a pilot, the central bank's chairman said at a conference in Zurich on Monday. As opposed to wholesale CBDCs which use tokenised securities, the SNB has long been cautious about the use of public, or retail, CBDCs. Jordan said he was concerned about potential risks retail CBDCs could have for the financial system, while the use of them was more difficult to control. "We do not exclude that we will never introduce retail [CBDCs] but nevertheless we are a little bit prudent at the moment," he said. "It is the one way that retail households can hold central bank money," she said.

Persons: Thomas Jordan, Jordan, Andrea Maechler, Noele Illien, John Revill, Alison Williams, Mark Potter Organizations: Swiss National Bank, Switzerland's SIX, Zero, Thomson Locations: ZURICH, Zurich, Central, CBDCs, Switzerland

☆ Swiss National Bank governor flags further rate hikes
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +1 min

ZURICH, June 24 (Reuters) - Swiss National Bank (SNB) Chairman Thomas Jordan flagged further interest rate hikes in an interview aired by Swiss broadcaster SRF on Saturday. Jordan said the SNB's recent interest rate hike was "very likely not quite" enough to get a grip on inflation in Switzerland. The Swiss central bank raised its policy interest rate by 25 basis points on Thursday, pressing ahead with its campaign to dampen stubbornly high inflation and bring it down to below 2%. Jordan also spoke of the recent rescue of Credit Suisse, which was taken over by Swiss rival UBS (UBSG.S) and given access to more than 200 billion Swiss francs ($223 billion) in financial guarantees. Switzerland's finance minister said on June 1 that Credit Suisse had repaid the liquidity backed by the Swiss government.

Persons: Thomas Jordan, SRF, Jordan, Noele Illien, Alexander Smith Organizations: Swiss National Bank, Credit Suisse, Swiss, UBS, Thomson Locations: ZURICH, Swiss, Switzerland

☆ Sterling volatile, Norwegian crown surges and Swiss franc falls on rate hikes
▼ + stars: | 2023-06-22 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The BoE's Monetary Policy Committee (MPC) voted 7-2 to raise its main interest rate to 5% from 4.5%, its highest since 2008 and its largest rate increase since February. SWISS FRANCThe Swiss franc fell after the Swiss National Bank (SNB) hiked its benchmark interest rate by 25 basis points to 1.75%, defying some market expectations of a bigger increase. However, economists polled by Reuters had expected the SNB to hike rates by 25 bps. The Swiss franc fell 0.15% to 0.8942 against the dollar, moving away from a six-week high it touched last week. In an attempt to curb inflation, Norges Bank raised interest rates to 3.75%, sending the crown more than 1% higher both against the euro and dollar.

Persons: Dado Ruvic, BoE, Sterling, BOE, Paul Oberschneider, Alex Livingstone, Thomas Jordan, Thomas Gitzel, POWELL, Jerome Powell, Joice Alves, Alexander Smith, Conor Humphries Organizations: U.S, REUTERS, Norges Bank, Swiss, Bank of England, Swiss National Bank, MPC, Reuters, Hilltop Credit Partners, Trading, Titan Asset Management, SWISS, ECB, European Central Bank, Fed, Federal, Bank Group, bps, Bank, Capitol, The U.S, Thomson Locations: Norwegian, London, Liechtenstein, NORWEGIAN, The, Asia, Hong Kong, China

☆ Swiss central bank signals more tightening to come after latest rate hike
▼ + stars: | 2023-06-22 | by ( John Revill | ) www.reuters.com time to read: +4 min

Although Swiss inflation ebbed to 2.2% in May from 2.6% in April, there was still more work to be done to tackle rising prices, Jordan told reporters. Although modest by international standards, Swiss inflation has remained above the SNB's 0-2% target range since February 2022. Reuters GraphicsThe latest SNB hike followed an increase by the European Central Bank, which last week raised euro zone borrowing costs to their highest level in 22 years. Reuters Graphics Reuters GraphicsEven with the Thursday's rate increase, the SNB forecast Swiss inflation would remain above its 0-2% target by 2026. "Before today's meeting, I thought that this rate hike was going to be the last of the cycle," she said.

Persons: Thomas Jordan, Jordan, Gero Jung, Charlotte de, John Revill, Noele, Maria Sheahan, Tomasz Janowski Organizations: Swiss National Bank, Swiss, Reuters, European Central Bank, U.S . Federal Reserve, Reuters Graphics Reuters, Charlotte de Montpellier, ING, Thomson Locations: ZURICH, Switzerland

☆ Swiss National Bank chair: Monetary policy is not tight enough to ensure price stability
▼ + stars: | 2023-06-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSwiss National Bank chair: Monetary policy is not tight enough to ensure price stabilityThomas Jordan, chairman of the governing board of the Swiss National Bank, speaks to CNBC’s Joumanna Bercetche about the decision to hike by 25 basis points.

Persons: Thomas Jordan, CNBC’s Organizations: Swiss National Bank

☆ Major central banks not done with rate hikes just yet
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +6 min

[1/2] A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. Fed policymakers paused on its rate hikes since March 2022, and kept the federal funds target rate unchanged at 5.25%, its highest level since August 2007. Reuters Graphics5) AUSTRALIAAustralia's central bank raised its benchmark rate by a quarter-point on June 6 to an 11-year high of 4.1%. It expects inflation to stay above its 2% target through 2025 and hinted at more rate hikes ahead. Reuters Graphics10) JAPANThe Bank of Japan remains the world's most dovish major central bank under new Governor Kazuo Ueda.

Persons: Heiko Becker, Jerome Powell, BoE, Christine Lagarde, Thomas Jordan, Kazuo Ueda, Samuel Indyk, Nell Mackenzie, Alun John, Naomi Rovnick, Harry Robertson, Chiara Elisei, Vincent Flasseur, Sumanta Sen, Pasit, Dhara Ransinghe, Jonathan Oatis Organizations: European Central Bank, REUTERS, Heiko Becker LONDON, U.S . Federal Reserve, Bank of England, Reuters, Reserve Bank of New, UNITED, Fed, Bank of Canada, BRITAIN, Bank of, ECB, Norges Bank, Reuters Graphics Reuters, Swiss National Bank, Bank of Japan, Thomson Locations: Frankfurt, Germany, Canada, Japan, dovish, Reserve Bank of New Zealand, U.S, Bank of England, AUSTRALIA, SWEDEN, NORWAY, SWITZERLAND, JAPAN

☆ Swiss National Bank Chairman hints at rate rises to tackle inflation
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

"Most central banks have an inflation target of about 2%, the SNB is slightly more conservative," Jordan said. "Of course if inflation is higher than the target, monetary policy must be restrictive," Jordan told the newspaper. Earlier this week Jordan in a separate public appearance, said he could not rule out tightening monetary policy to tackle stubborn Swiss inflation. In the newspaper interview Jordan said price stability created the best environment for economic growth, and was important for social stability and fairness. "When inflation is above 2%, people with lower incomes especially suffer," Jordan told the newspaper.

Persons: Thomas Jordan, Jordan, John Revill, Tomasz Janowski Organizations: Swiss National Bank, Corriere del, Thomson Locations: ZURICH, Corriere del Ticino, Switzerland

☆ SNB defends raising rates, says not to blame for Credit Suisse failure
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

The SNB has increased interest rates four times over the past year to reduce inflation which has persisted above the central bank's target of 0%-2%. "Interest rates in Switzerland are still very low," Jordan told an event in Lugano, southern Switzerland. Indeed, higher rates can be seen as a positive for financial stability by helping banks to restore their profit margins, he said. "We had this financial stability issue with Credit Suisse, but that was something different," Jordan said. "This is an individual case, where interest rates were not the problem but rather a lack of trust of market participants in an institution."

Persons: Thomas Jordan, Jordan, John Revill, Alison Williams Organizations: Credit Suisse, Swiss National Bank, Wednesday, UBS, Thomson Locations: ZURICH, Switzerland, Lugano

☆ Swiss central bank chief: says cannot rule out further policy tightening
▼ + stars: | 2023-05-05 | by ( Noele Illien | ) www.reuters.com time to read: +1 min

ST GALLEN, Switzerland, May 5 (Reuters) - Swiss National Bank Chairman Thomas Jordan said on Friday that the central bank might have to further tighten its monetary policy to ensure that inflation returns to its target range. Speaking at a symposium at the University of St Gallen, Jordan said that the best contribution a central bank could make for the public was to ensure price stability. "We cannot exclude that it will again be necessary to further tighten monetary policy," Jordan said, echoing his earlier comments and those of fellow policymakers. The SNB last raised rates by 50 basis points in March, bringing its benchmark to 1.5%, and many analysts have been expecting the central bank to hike rates at least one more time when it meets next on June 22. On Wednesday, the U.S. Federal Reserve raised its benchmark rate by another quarter of a percentage point and the European Central Bank followed suit on Thursday.

☆ Swiss central bank promises regulation review after collapse of Credit Suisse
▼ + stars: | 2023-04-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

Thomas Jordan, president of the Swiss National Bank (SNB), speaks during the bank's annual general meeting in Bern, Switzerland, on Friday, April 28, 2023. Bloomberg | Bloomberg | Getty ImagesThe Swiss National Bank on Friday pledged to review banking regulations during its annual general meeting in Bern, following recent turmoil involving Credit Suisse. The central bank played a key role in brokering the rescue of Credit Suisse over the course of a chaotic weekend in March, as a flight of deposits and plummeting share price took the 167-year-old institution to the brink of collapse. The deal remains mired in controversy and legal challenges, particularly over the lack of investor input and the unconventional decision to wipe out 15 billion Swiss francs ($16.8 billion) of Credit Suisse AT1 bonds. He added that this would mean his central bank could would be able to provide the necessary liquidity, in times of stress, without the need for emergency law.

☆ 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.

☆ Resolving Credit Suisse: an alternative history
▼ + stars: | 2023-04-27 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

Reuters GraphicsThe market shock will be all the more extreme because Credit Suisse doesn’t obviously need more capital. It seems perverse to put taxpayer money on the line while leaving the Credit Suisse bonds untouched. Of the 30 global lenders classed as systemically important by the Financial Stability Board, Credit Suisse is the third-smallest by total assets. It also enables the Swiss National Bank to offer Credit Suisse an open-ended credit line, hopefully ending the bank run. Credit Suisse is suffering from a crisis of confidence brought on by years of mismanagement, rather than a system-wide meltdown.

☆ Credit Suisse mess leaves scattered Swiss debris
▼ + stars: | 2023-04-24 | by ( Lisa Jucca | ) www.reuters.com time to read: +7 min

ZURICH, April 24 (Reuters Breakingviews) - Swiss government intervention to save Credit Suisse (CSGN.S) from collapse last month may have avoided a financial market storm. SWISS “TRINITY” QUESTIONThe rescue of Credit Suisse has other consequences. The Swiss Bankers Association has called for an independent inquiry, and lawmakers gave a symbolic thumbs-down to the rescue of Credit Suisse on April 12. A Senate Finance Committee report found last month Credit Suisse had violated a 2014 deferred prosecution agreement with U.S. authorities by continuing to help rich Americans dodge taxes. Switzerland’s parliament on April 12 rejected a Credit Suisse rescue package that included 109 billion Swiss francs in financial guarantees.

☆ Credit Suisse chairman: "I am truly sorry"
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] Climate activists wearing masks of chairman of the Swiss National Bank Thomas Jordan, and chairman of Credit Suisse, Axel Lehmann, gather in front of Hallenstadion where Credit Suisse holds its Annual General Meeting, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre AlbouyZURICH, April 4 (Reuters) - Credit Suisse's chairman told a room full of shareholders that he was "truly sorry" the Swiss bank was not able to get back on track at its final annual general meeting on Tuesday, according to a manuscript of his speech. "I apologise that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you," Axel Lehmann said. The hastily arranged takeover by UBS, for which Switzerland invoked emergency legislation, bypassed Credit Suisse shareholders, who would otherwise have had a say, and largely wiped out the value of their holdings. Reporting by Noele Illien, Editing by Rachel More and John O'DonnellOur Standards: The Thomson Reuters Trust Principles.

☆ 'The first bank crisis of the Twitter generation': The pressure on banks is very different from 2008
▼ + stars: | 2023-03-27 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +6 min

It is "unlikely" that European banks will undergo anything as serious as in 2008, according to economists. But a banking crisis today would look very different from 15 years ago thanks to social media, online banking, and huge shifts in regulation. This is "the first bank crisis of the Twitter generation," Paul Donovan, chief economist at UBS Global Wealth Management, told CNBC earlier this month, in reference to the collapse of Credit Suisse . watch nowRegulators shuttered Silicon Valley Bank on March 10 in what was the biggest U.S. bank collapse since the global financial crisis in 2008. Risk in the banking system today is significantly less than it has been at any time over the last 20 or 30 years.

☆ Take Five: And let there be calm
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +5 min

LONDON, March 23 (Reuters) - At the incredible end to the first quarter for financial markets, rattled by bank turmoil, some stability will be much hoped for in coming days. SNB chief Thomas Jordan reckons the next two weeks will be vital to securing UBS's Credit Suisse takeover. Market cap of US regional banks included in the S&P 500 regional bank index3/ DID YOU SAY AT1? Potential legal action is also possible after Swiss authorities ruled that holders of Credit Suisse AT1 bonds would get nothing in the deal. And U.S. and European banks turmoil show how quickly a crisis can surface, giving Ueda even more reason for caution.

☆ The Swiss claim the U.S. banking crisis ultimately toppled Credit Suisse. But are they right?
▼ + stars: | 2023-03-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Pascal Mora | Bloomberg | Getty Imageswatch nowHowever, the downward spiral of Credit Suisse's share price and mounting asset outflows were underway long before the collapse of Silicon Valley Bank earlier this month. Swiss regulator FINMA has come under fire for allowing the situation to deteriorate as the bank spent years mired in losses and scandal. Mark Yallop, chairman of the U.K.'s Financial Markets Standards Board and former U.K. CEO at UBS, told CNBC on Tuesday that he agreed with the broad assessment that Credit Suisse's downfall was "idiosyncratic." "It's unfortunate that the problems with some of the smaller U.S. banks in the last two or three weeks happened at the same time as this issue with Credit Suisse but the two are completely different and very largely unrelated," he said. By contrast, the Swiss banking and regulatory system has come under fire.

Search resuls for: "Thomas Jordan"

25 mentions found