Swiss

Swiss Watchmakers Urge SNB to Act on Franc Amid Export Slump

7 months ago

Swiss watchmakers have appealed to the Swiss National Bank (SNB) to intervene to stabilize the Swiss franc's exchange rate. This call comes in response to significant declines in export volumes that the industry has been experiencing in recent months. Watch companies express heightened concerns over the strengthening of the franc, which makes Swiss watches less competitive in international markets.

Critical Swiss Rail Tunnel Fully Reopens After 13-Month Closure

8 months ago

After a lengthy closure lasting 13 months, one of Switzerland's most important railroad tunnels, the Basel-Lucerne tunnel, has finally fully reopened to traffic. The closure was necessitated by crucial repair work, which included upgrades to signaling systems and infrastructure inspections.

AI Startup Swiss Mile Raises $100 Million with Jeff Bezos' Support

8 months ago

Swiss Mile, a Swiss artificial intelligence technology firm specializing in developing innovative robots, announced the completion of a funding round that raised an impressive $100 million. This round saw participation from notable investors, including Amazon founder Jeff Bezos, highlighting the growing interest in the fields of robotics and AI.

Swiss Central Bank Launches Instant Payment Scheme on Stock Exchange

8 months ago

The Swiss National Bank (SNB), in collaboration with the SIX Group stock exchange, has announced the launch of a new instant payment scheme that allows for real-time financial transactions. This initiative involves the use of modern software and blockchain technologies to streamline the settlement process between trading parties.

Swiss Watch Exports Rise as US and Japan Offset Steep China Drop

8 months ago

Swiss watch exports in July 2024 showed a positive trend with a 10% year-on-year increase, reaching 1.9 billion Swiss francs ($2.1 billion). This growth was made possible by increased shipments to the United States and Japan, which helped to offset the significant decline in export volumes to China, where demand for Swiss watches plummeted by over 40% compared to last year.

Swiss Franc: A Key Factor for Low Inflation According to SNB President

8 months ago

The President of the Swiss National Bank (SNB), Thomas Jordan, stated that the strong value of the Swiss franc played a crucial role in maintaining the country's low inflation levels. According to him, the strength of the franc has been an important tool in combating inflationary pressures observed in the global economy.