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Switzerland
Switzerland’s inflation rate edged down in the final month of 2024, reinforcing the Swiss central bank’s decision to cut its key rate for the fourth-straight meeting last month, the Wall Street Journal reported. Consumer prices were 0.6% higher in December than the same month of 2023, down from the annual inflation rate of 0.7% posted in November, the country’s statistics agency said Tuesday. December’s rate was the same as October’s level, which was the lowest since June 2021.
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The Swiss National Bank cut its interest rate by 50 basis points on Thursday, its biggest reduction in almost 10 years, responding to weaker than expected inflation in Switzerland and growing uncertainty about the global economy, Reuters reported. The central bank flagged tepid price increases, rising risks around future U.S. economic policy and political hazards in Europe as it reduced its policy rate from 1.0% to 0.5%, the lowest since November 2022.
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Switzerland's financial regulator said on Wednesday it would regularly review how it oversees UBS as the country's authorities prepare to overhaul regulations to make the banking sector more robust, Reuters reported. Laying out its strategic goals for 2025 to 2028, FINMA said it would enhance supervision of institutions it watches and have them develop their governance and risk culture towards higher requirements and clear risk tolerance thresholds.
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Swiss solar panel maker Meyer Burger Technology AG said its ability to continue operating cannot be assured given its indebtedness and cash burn, underscoring the industry’s troubles as cheaper Chinese modules flood the market, the Wall Street Journal reported. The company saw sales halve in the first six months of 2024 compared to a year earlier, while generating a loss of CHF123.5 million ($142 million) in terms of earnings before interest, taxes, depreciation and amortization.
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Swiss Finance Minister Karin Keller-Sutter said efforts to revamp banking regulation are designed to ensure trust in the nation’s financial center and help it remain a world leader in the aftermath of Credit Suisse’s demise, Bloomberg News reported. “We have to find a balance between competitiveness on the one and the protection of the economy on the other side,” said Keller-Sutter, 60.
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Swiss Steel has "categorically denied" rumors of insolvency proceedings. This is the ailing steel group's response to media reports that the company could soon run out of money despite the recent capital increase, SwissInfo.ch reported. Despite reports to the contrary, the Swiss Steel Group is in regular and constructive contact with all lenders,” the company stated on Friday. Last weekend, both the NZZ am Sonntag and the SonntagsZeitung reported that Swiss Steel’s financial situation had deteriorated further.
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