Marko Dimitrijevic, the hedge fund manager who survived at least five emerging market debt crises, is closing his largest hedge fund after losing virtually all its money last week when the Swiss National Bank unexpectedly let the franc trade freely against the euro, according to a person familiar with the firm.

The Swiss National Bank’s scrapping of its cap on the franc, which rocked foreign exchange and equity markets around the world, is being accepted with resignation by many at home.

European markets continued their recent yo-yo trend, following Wednesday’s down day with strong gains yesterday. 

Switzerland’s companies warned of a plunge in exports, tourist revenues and profits after the country’s central bank scrapped its cap on the Swiss franc, sending the currency soaring up to 30% and crushing their competitiveness in world markets.

Switzerland’s central bank is scrapping a policy that kept a limit on how much the euro could fall against the Swiss franc, arguing it is no longer justified in light of the euro’s recent decline in global markets.

Russia’s financial crisis is slowly yet surely spilling into Europe.

Voters in Switzerland overwhelmingly rejected three citizen-backed proposals to protect the country’s wealth by investing in gold, drastically limit immigration and eliminate a special tax that draws rich foreigners.

Top central banks are extending their arrangements to swap dollars and other currencies to make sure banks have the money they need.

Central banks from Tokyo to London checked their ammunition yesterday in preparation for turmoil from Greece’s election, with the ECB hinting at an interest rate cut and Britain set to open its coffers.

The head of Switzerland’s central bank Philipp Hildebrand has quit in the wake of a public uproar over his private currency deals.

The US Federal Reserve and European Central Bank along with four more of the world’s major central banks today announced a coordinated move to bolster the liquidity of the global financial system.

NOVARTIS is slashing 2,000 jobs in Switzerland and the US to keep costs under control in the face of growing price pressures and the strong Swiss franc, the Swiss drugmaker said yesterday.

A suspected rogue trader was being questioned today after Swiss banking giant UBS discovered €1.48bn worth of unauthorised deals.

A 31-year-old man was arrested in London today in connection with allegations of €1.48bn of rogue trading at Swiss banking giant UBS.

EUROPEAN Central Bank president Jean-Claude Trichet has said central bankers around the world are ready to support the banking system as the global economy slows.

THE Swiss franc plunged against the euro and dollar yesterday, after Switzerland’s central bank shocked markets by setting a floor for the euro/Swiss exchange rate in an effort to curb franc strength which has taken a toll on the economy.

The Swiss National Bank has intensified its measures against the strong franc by boosting the supply of the currency in the money markets.

The Swiss National Bank said it is pumping more Swiss francs into the market to combat the currency’s “massive overvaluation” against the US dollar and the euro.

Switzerland’s central bank is taking aggressive steps to lower the franc’s exchange rate, saying the currency is “massively overvalued” and threatening the Swiss economy.

The Swiss government has frozen any assets belonging to former Egyptian President Hosni Mubarak or his family in Switzerland.

The European Union and the International Monetary Fund pledged nearly one trillion US dollars to defend the embattled euro, hoping to turn back relentless attacks on the eurozone’s weakest nations and allow the continent to resume its hesitant economic recovery.

Japan’s central bank decided today to restart a temporary dollar-swap agreement with the US Federal Reserve, as part of a global effort to stabilise financial markets roiled by the European debt crisis.

The Swiss National Bank cut its key interest rate in half to 0.5% today – its fourth reduction since October.

Switzerland followed other countries today by announcing it would inject billions into its banking system.

Switzerland’s UBS today became the latest banking giant to agree a multi-billion government bail-out.

The decision of the European Central Bank, the Bank of England and the US Federal Reserve to cut interest rates is to be warmly welcomed. Other banks have followed suit, including the Bank of China, Bank of Japan, and Swiss National Bank.

An angst-ridden Wall Street tried but failed to find stability today, with investors trying to determine whether an emergency interest rate cut would end the paralysis in credit markets.

Central banks across the world co-ordinated emergency rate cuts in an attempt to stem market chaos today.

The Bank of England today said it would pump £22.3bn (€28bn) into money markets as part of a co-ordinated move by major central banks.

Wall Street finally found a reason for a huge rally today, after the Federal Reserve said it plans to pump 200 billion into the financial markets to help ease the strain from the credit crisis.

The Bank of England will today offer additional reserves to lenders as part of a global attempt to tackle the deepening credit crisis.

Central banks across the world have launched an unprecedented joint effort to tackle the deepening credit crisis.

The Swiss National Bank (SNB) said it has hiked interest rates by 25 basis points, as expected by economists.

THE Governor of Ireland’s Central Bank is paid at least 57% more than his US counterpart, Federal Reserve chairman Alan Greenspan.