Swiss company Meyer Burger has filed for voluntary chapter 11 bankruptcy relief in the United States, the solar panel manufacturer said in a court filing on Wednesday, Reuters reported. Meyer Burger's operations in both Europe and the United States have struggled to compete with cheaper products imported from Asia, piling pressure on the company. Late last month the firm announced it was shutting down its U.S. factory in Arizona due to financial difficulties, and soon afterwards filed for insolvency for its German subsidiaries. In its U.S.
The Swiss National Bank cut its interest rate to zero on Thursday and did not rule out returning borrowing costs to negative territory in future, although it stressed this was not a step it would take lightly, Reuters reported. The SNB reduced its policy rate by 25 basis points from 0.25%, as expected by markets and a Reuters poll, to stand on the brink of negative rates for the first time since 2022. The central bank now has the lowest borrowing costs among its peers, with markets giving a 53% probability of further cuts in September.
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