NEWS

Record number of cross-border workers has been observed in Switzerland this year with 325,000 commuting from abroad to work each day. Two cantons that are especially popular among foreign employees are Geneva and Ticino.

Negative interest rates continue to be the hot topic in Switzerland with many financial players taking a stand for or against record low rates. Latest opinion comes from companies in a new survey, and at the same time there was data published on number of start-ups, in which aftermath the subject of negative rates also came up.

EUR CHF exchange rates went down on Thursday and Friday after progress in China-US trade war triggered higher USD price. For the first time in 16 months there are signs of ending the war after both superpowers had agreed to scrap some tariffs.

Further cut of interest rates may be on the cards according to the Swiss National Bank chairman Tomas Jordan, who spoke to NZZ am Sontag newspaper. Even though current, record low interest rates are being highly criticized by some industries, including banking one.

Once again, the Swiss Banker Association has urged the Swiss National Bank to drop negative rates policy as it has – according to bankers – more negative than positive effects. The SNB has published report on negative rates.