Swiss authorities' 2023 decision to write off 16.5 billion Swiss francs ($20.53 billion) in Credit Suisse bonds was unlawful, a court said on Tuesday, raising fresh questions about how the bank's rescue and subsequent takeover by UBS was handled, Reuters reported. The March 2023 decision by market regulator FINMA to wipe out Credit Suisse's Additional Tier 1 (AT1) bonds during the state-engineered takeover by its old rival UBS triggered an investor backlash and legal challenges. In a partial decision, the court said the 2023 AT1 bond write-off lacked a legal basis.
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Inflation in Switzerland remained close to zero last month, according to figures released a week after the Swiss National Bank paused a series of rate cuts, the Wall Street Journal reported. Consumer prices were 0.2% higher in September than the same month of last year, matching the rate of inflation in August, Switzerland’s statistics agency said Thursday. The Swiss central bank left its key interest rate at zero at its latest meeting at the end of last month, ending a sequence of six straight cuts.
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Switzerland’s central bank left its key interest rate at zero Thursday, ending a sequence of six straight cuts, despite the threat of slower growth as the economy adjusts to one of the highest tariffs set by President Trump, the Wall Street Journal reported. Investors had mostly expected the decision after comments from officials at the central bank that signaled a reluctance to push the key rate back below zero, where it settled for almost eight years until September 2022.
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Swiss annual inflation held at a low level in August, keeping the country’s central bank on guard as it considers cutting its key interest rate to below zero later this month, the Wall Street Journal reported. Consumer prices were 0.2% higher than the same month of last year, matching July’s rate, Switzerland’s statistics office said Thursday. That remains within the Swiss National Bank’s target of positive inflation lower than 2%. The SNB meets later in September, with most investors currently expecting it to hold its key rate at 0%.
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Chancellor Friedrich Merz offered Germany’s support for Switzerland in its bid to reduce the punishingly high trade levy US President Donald Trump imposed on the export-dependent nation last month, Bloomberg News reported. The 39% tariff Trump slapped on Switzerland is the highest for any developed country and officials in Bern are trying to persuade his administration to accept a new offer by October.
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Switzerland soon hopes to finalise a new business offer for Washington to ease its tariff burden, which will likely include more defence spending and greater access for U.S. energy interests, Reuters reported. Switzerland was stunned when U.S. President Donald Trump this month hit it with one of the highest tariff rates worldwide - 39% - after complaining about the U.S. trade deficit with the country on a call with Swiss President Karin Keller-Sutter.
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