MONEY MASTER

Swiss watchmakers are calling on the Swiss National Bank (SNB) and the government to support exporters by addressing the strength of the Swiss franc, which they say is contributing to a slump in overseas sales. “With inflation currently well below 2%, the Swiss National Bank has room to manoeuvre and act on the foreign exchange market,” stated the Federation of the Swiss Watch Industry and the Employers Federation of the Swiss Watch Industry on Tuesday. They suggested a "more reactive approach" could help reduce the franc's volatility. The watch industry, which includes prestigious brands like Rolex , Patek Philippe , Swatch Group , and Richemont , is a vital part of the Swiss economy, accounting for 55% of GDP through exports and employing about 65,000 people across 700 companies. However, it is now grappling with a 2.4% decline in watch exports during the first seven months of 2024, following record shipments in the past three years. Several watch brands and compon...

Switzerland has introduced instant electronic payments, enabling companies and consumers to make rapid credit transfers that clear within 10 seconds, significantly speeding up financial transactions. This development brings Switzerland in line with other European financial centers, where instant payments have been gaining popularity since their introduction in 2017. Key Takeaways: Introduction of Instant Payments : The Swiss National Bank (SNB), in collaboration with financial systems provider SIX, has launched the instant payments system. This system allows money transfers to be completed within seconds, a significant improvement over traditional methods that could take days. Initially, around 60 financial institutions in Switzerland, covering over 95% of retail payment transactions, are participating in the scheme. Gradual Adoption Across Switzerland : While the system has been launched, the SNB expects that more banks will introduce instant payment services over the coming months. T...

Switzerland's top prosecutor said $4 billion may have been misappropriated from state-owned companies in Malaysia. $4 billion may have been misappropriated from state-owned companies in Malaysia “We are very concerned,” Swiss Attorney General Michael Lauber told The Wall Street Journal on Friday. “ We have found evidence of suspicious money transfers linked to 1MDB going through Swiss financial institutions, and we believe that it is very important that it is shared with the Malaysian authorities.” The investigation revealed indications that funds have been misappropriated and said it was looking into four cases of potential criminal conduct. It said some of the funds had been transferred to Swiss accounts held by former Malaysian public officials and current and former officials from the United Arab Emirates. The comments represent the most detailed allegations yet of wrongdoing around 1MDB. The fund, set up by Malaysian Prime Minister Najib Razak in 2009 to help str...