Switzerland’s 26 cantons will receive 75% of the additional revenue from the minimum taxation of large companies, the government 25%. On Tuesday the House of Representatives agreed with the Senate on the proposal to tax all companies with a turnover of more than €750 million (CHF740 million) at 15%, in line with a reform decided by the OECD and the G20.

Many retirees in Switzerland can continue to put money aside, with a majority also willing to bequeath the money they have saved. Specifically, 34% of the people surveyed in Switzerland aged 65 and over are building up assets instead of reducing them, according to a Swiss Life survey published on Wednesday.

Credit Suisse is “definitely stable”, Chairman Axel Lehmann has told Swiss public television, SRF, adding that the embattled bank had seen a stabilisation in the outflows of client funds.

Swiss ski resorts are gearing up for their biggest winter season since the Covid-19 pandemic. But soaring power prices in the wake of the Ukraine war have resort managers scrambling to find ways to save energy.

Simon Bradley

Born in London, Simon is a multimedia journalist who has worked for www.swissinfo.ch since 2006. He speaks French, German and Spanish and focuses on science, technology and innovation issues.

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| English Department

The first ski slopes opened in the Swiss Alps in early November thanks to fresh snow in high-mountain regions.After two winters of Covid restrictions, tourism officials have expressed guarded optimism about this season. The number of hotel stays should rise by 1% compared to the pre-pandemic level thanks to the return of

Online media replaced television as the most influential media genre in Switzerland for the first time in 2021, according to a study. Large brands such as 20 Minuten and Swiss public radio and television, SRF, lost influence in favour of smaller titles.

Swiss bank Credit Suisse is looking for ways to accelerate cost cuts announced just weeks ago as client outflows and a slowdown in activity weigh on its revenue outlook, according to three people with knowledge of the talks.

The cost savings are likely to involve more job cuts than previously announced for the first wave of reductions, including in its mainstay wealth business, said the sources, who asked to remain anonymous because the discussions are private.Credit Suisse is cutting about 5% of its private banking headcount in the Asian financial hub of Hong Kong, two of the sources told the Reuters news agency, targeting mainly mid- and junior-level bankers, in cuts that go deeper than reductions outlined before.Credit Suisse declined to comment on job cuts in the Hong Kong

Construction workers and trade unions in Switzerland have reached an agreement in a long-running labour dispute. Builders will receive CHF150 ($158) more a month in effective wages from next year and minimum wages will increase by CHF100 a month.

The head of Credit Suisse’s Swiss division says that only a few clients are actually closing accounts at the bank. His comments after the troubled bank reported high customer fund withdrawals globally.

Some ski lift companies are charging up to 15% more for passes this winter as high energy prices bite, a survey by CH Media shows.

The world’s largest goods inspection and testing group SGS will shed 1,500 jobs worldwide in a cost saving drive.

In case of a shortage, households and businesses which heat with piped gas would be asked to lower temperatures to 20°C, the government has said.

The Swiss health authorities and the manufacturer AstraZeneca are at loggerheads over a nasal spray to vaccinate children and adolescents against influenza.

Economic researcher Jan-Egbert Sturm expects the Swiss economy to stagnate in the next few months. The director of the Swiss Economic Institute (KOF) at Federal Institute ETH Zurich, said Switzerland had been been quite resilient in the current economic environment.

A pear-shaped 18-carat pink diamond billed as a rarity has sold at a Geneva auction for CHF28.4 million ($28.8 million), including fees and taxes.

Police have searched two branches of Swiss bank UBS in Germany in connection with alleged money laundering by a Russian businessman, according to German officials and media.

Stock markets this year have been heading steadily downhill. With Swiss pension funds feeling the impact, future retirement payments are only barely guaranteed.

Switzerland has made progress in reforming tax rates for multinational companies but still has work to do when it comes to turning a blind eye to tax avoidance.

A court in Zurich has rejected an appeal by the renowned Swiss art collector and financier Urs Schwarzenbach in two cases of tax evasion in connection with the import of works of art.

The embattled Swiss bank Credit Suisse plans to shed 540 jobs in Switzerland by the end of the year, Chief Executive Officer Ulrich Körner told the NZZ am Sonntag newspaper. In the interview he gave more details on last week’s restructuring announcement.

Swiss hotels and holiday apartments are raising their prices by around 5% this winter, largely due to higher energy prices. Ski passes are also likely to go up by a similar amount, a newspaper reports.

Swiss bank Credit Suisse has returned to the Middle East to shore up its finances amid mounting losses and a deteriorating balance sheet.

The coronavirus pandemic will have a lighter impact on Swiss state finances than previously feared but will still put the country’s budget in the red, the finance ministry forecasts.

Swiss bank Credit Suisse is shedding thousands of jobs, selling off parts of its business and raising billions in extra capital in a bid to reverse a downward spiral in fortunes.

The Swiss government has pledged to install solar panels on as many federal buildings as possible to help boost the production of energy from renewable sources.

The inhabitants of Vernier, a municipality in Geneva, are set to have their say on banning advertising billboards.

The Swiss government has proposed amending the Tobacco Act to introduce a new tax for electronic cigarettes.

Credit Suisse Group and the French financial prosecution office have agreed to settle a tax fraud and money laundering case in France with a €238 million (CH234 million) payment to the state, a French court heard on Monday.

Ticket prices for Swiss public transport will remain stable for 2023 for the seventh consecutive year. Only “a few tourist businesses” are planning to adjust their fares for next year, says the SwissPass Alliance.

Swiss Economics Minister Guy Parmelin assumes the energy crisis will last several years. It is important, he says, not only to think about the winter, but to do everything to ensure that Switzerland produces more energy – that means more renewable energies and greater efficiency.

A 48-year-old businessman in Geneva has been given a two-year suspended prison sentence for making a fraudulent claim for a Covid loan that was 100 times the correct amount. He was found guilty of fraud and forgery of documents.

Leading Swiss brands have withdrawn from Russia because of the war in Ukraine. However, research by a Swiss newspaper shows that while a company can leave a country, its products often remain on shelves.

Switzerland has launched an Energy Saving Alliance of companies, government, cantons, civil society and municipalities in an effort to preserve gas and electricity supplies over the winter.

Building large solar parks in high-mountain regions is arguably an effective way to produce more power in winter and accelerate the energy transition. But it remains controversial in Switzerland, where environmental groups have contested planned installations.

The Swiss government has put forward plans to create reserve power plants aimed at shoring up the country’s energy supplies during the winter.

Swiss International Air Lines (SWISS) is planning to expand its flight schedule next summer to offer 85% of its pre-pandemic capacity. To this end, it is now busy recruiting flight attendants.

Credit Suisse is preparing to sell parts of its Swiss domestic bank as it attempts to close a capital hole of around CHF4.5 billion, according to people briefed on the discussions.

Credit Suisse has agreed to pay $495 million (CHF496 million) to settle a case brought against it in the United States, the latest pay-out related to past blunders that have battered the Swiss bank’s reputation.

Dozens of taxi drivers staged a strike in Geneva to protest a decision by the authorities to allow the ride-hailing company to resume business in the Swiss city.

Cornelia Ritz Bossicard leads swissVR, an independent Swiss association of board members. She explains the role that boards of directors and their members play in steering businesses.

The Swiss government has asked the finance ministry to draft a bill to increase transparency of beneficial owners of legal entities to help tackle financial crime.

The United Nations’ Security Council goal was to ensure the collective security of humanity. Seventy years after its creation the five-member council needs a massive shakeup if it is to address today’s challenges argues Hassan Nafaa, professor of Political Science at Cairo University.

As daunting first weeks go, Dixit Joshi’s takes some beating. After a weekend of damaging speculation on social media about the impending collapse of Credit Suisse, Joshi started as the bank’s chief financial officer last Monday with its share price plumbing new lows and a gauge of default risk spiralling higher.

Five additional countries, including Nigeria, now benefit from an automatic exchange of banking information with Switzerland, taking the total to over 100 for the first time. 

The ride-hailing company says it will offer drivers the possibility of remaining independent or becoming official employees of a subcontractor firm.

The fluctuating price of bitcoin bears a repetitive hallmark: true believers hoard the vast majority of bitcoin in circulation and wait for the next wave of new disciples to push up the value by fighting for the scraps.

The KOF economic institute has joined other forecasting agencies to lower its predictions for the Swiss economy. However, the experts do not expect a recession for the time being.

Chief financial officers (CFOs) are more pessimistic about the economic outlook for Switzerland than they were six months ago, according to a survey conducted by Deloitte for the second half of 2022.

Agricultural income in Switzerland grew slightly in 2021 to reach an average of CHF80,700 ($81,765) per farm, according to latest statistics.

The energy crisis is causing electricity prices to soar across Europe, including in Switzerland. But the impact on the country is very unequal because of specific characteristics of its market.  

Senior Credit Suisse executives spent the weekend reassuring large clients, counterparties and investors about the Swiss bank’s liquidity and capital position in response to concerns raised about its financial strength.

Electricity consumption in Switzerland remained at normal levels last month despite a government appeal for households and industry to make savings.

The Swiss franc has hit an all-time high against the euro. Even though it trades at an unprecedented CHF0.95 to the euro, the strong franc no longer poses a threat to the Swiss economy. What has changed in the last ten years? 

Landlords and tenants are opposing government calls to reduce household heating to 19 degrees Celsius, warning it might spark a flurry of lawsuits.

Not one hacker managed to penetrate the Swiss Post’s e-voting system during a security test, according to Swiss Post. The system withstood 60,000 attacks.

The biggest two Swiss Banks have each been fined $200 million (CHF199 million) as part of a large-scale US investigation into the failure to preserve electronic communications.

Pensions in Switzerland should in future be topped up to fully account for the rising cost of consumer goods, parliament has agreed.

Troubled Swiss bank Credit Suisse has sought to quieten rampant speculation about its upcoming strategic revamp following leaks to the media and concerns of its staff.

While the pension reform, which raises the retirement age for women from 64 to 65, was narrowly accepted in Sunday’s vote, the Swiss Abroad were more strongly in favour. The majority of voting expats were also in favour of abolishing factory farming and withholding tax unlike resident citizens.

Pauline Turuban

My specialty is telling stories, and decoding what happens in Switzerland and the world from accumulated data and statistics. An expatriate in Switzerland for several years, I have also worked as a multimedia journalist for the Swiss national broadcaster.

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| French Department

Like their compatriots, the Swiss Abroad voted on Sunday in favour of both the pension reforms in Switzerland. But while the amendment to the law, which raises the

Voters in Switzerland’s biggest canton have overwhelmingly approved a new article to promote a cleaner and more efficient use of resources.

Voters have thrown out a decision by parliament to scrap withholding tax on interest from Swiss bonds. Final results show 52% of voters coming out against the reform, which was aimed at boosting investment in Switzerland as well as strengthening the country’s competitiveness and its finance industry.

By normal standards, interest rates of 0.5% are considered low. But Switzerland has just emerged from a long period of negative interest after the Swiss National Bank (SNB) raised rates from -0.25% to +0.5%.

The Swiss government has given the green light to begin the construction of a temporary reserve power plant due to be operational from February next year.

The world’s richest people saw their wealth expand last year as stock markets and real estate gained in value, according to Swiss bank Credit Suisse.

Swiss economic growth forecasts for 2022 and 2023 have been revised significantly downwards, amid uncertainty over energy supply and inflation.

The Swiss government lacks up-to-date information on national electricity production and consumption, according to the Swiss Federal Office of Energy. This is due to the lack of digitalisation of the electricity companies. The lack of information was a focal point of Sunday news report amid rising concerns over an energy crunch in Europe as Russia’s war in Ukraine drags on.

The Swiss competition commission (COMCO) has opened an investigation into suspected unlawful use of a patent to reduce competitive pressure by Swiss pharmaceutical giant Novartis.

Switzerland’s largest car importer, AMAG, plans to sell purely electric powered vehicles from 2040 and is diversifying into solar systems and heat pumps.

Despite being one of the world’s richest countries, Switzerland also faces the threat of an energy shortage in the coming months. The authorities are scrambling to prepare.

Switzerland’s House of Representatives has approved the purchase of new F-35 fighter jets from the United States. The decision clears the path for Bern to sign the purchase contract, even though an initiative to prevent the deal has not been voted on by Swiss voters.

A reform of the Swiss old age pension system has lost ground but is still likely to win a majority in a nationwide vote later this month, pollsters say. 

By reducing grid connection fees and municipal duties, the federal government could help to keep electricity bills down, Stefan Meierhans told Le Matin Dimanche newspaper. Meierhans said it is possible for the government to change the framework conditions that would allow a lowering of fees for using the grid.

Having two big players like UBS and Credit Suisse provides no “compelling” economic benefit for Switzerland, Sergio Ermotti has told the NZZ am Sonntag newspaper.

Swiss pharmaceutical company Novartis is investing $300 million ($288 million) in biotherapeutics development, which includes a new $100 million biologics hub at its home base in Basel.

As the world’s second-largest cocoa producer continues to lose swathes of farmland to illegal gold mining, Switzerland’s chocolate makers are waking up to the threat to their raw material supply.

Many Swiss dream of owning a single-family home in the countryside and passing it on to their children. For most, this dream is increasingly unrealistic.

The Swiss company behind the Russian gas pipeline Nord Stream 2 has received a four-month extension to try to repay its debts. 

Switzerland has returned as a popular destination for foreigners looking for work after two years of Covid-19 restrictions. Over 75,000 people have immigrated to Switzerland so far in 2022, driven largely by an economic boom and unemployment levels falling to a 20-year low.

The president of the Swiss National Bank (SNB), Thomas Jordan, says the inflation outlook is more uncertain than normal and it is premature to say prices have peaked. “You cannot say we have passed the zenith and now it is certainly heading lower,” Jordan told a Finanz and Wirtschaft financial conference on Thursday.“

Switzerland has a social security network that covers risks in many areas – work, health, family and old age. 

Switzerland’s economic output slowed to 0.3% between April and the end of June, compared to the first quarter of the year. The manufacturing, construction, trade and financial services sectors all showed signs of weakening in the face of energy shortages and rising inflation.

An innovative pilot project testing the potential of electric cars to stabilise the power grid has been launched in Switzerland.

Troubled cryptocurrency exchange BitMEX is charting its revival in Switzerland after the platform and its three co-founders were prosecuted in the United States.

Embattled Swiss bank Credit Suisse is planning to cut around 10% of its workforce as part of a major cost cutting drive, according to several media reports.

High energy prices have forced a steel mill in Switzerland to prepare for short-time working to avoid layoffs.   

Swiss digital assets bank Sygnum will open a branch in the metaverse to reach more clients seeking blockchain-based financial services. Sygnum was one of two banks that were awarded licenses in 2019 to connect traditional finance with cryptocurrencies and the blockchain. Blockchain and other Distributed Ledger Technology (DLT) databases provide a home for digital currencies and other assets, such as company shares, collectibles and art.

Fears of an electricity shortage in Switzerland appear to have had a positive effect on the expansion of solar energy. The Swiss Federal Office of Energy (SFOE) expects the market to grow by around 50% in 2022.

The cost of goods and services in Switzerland rose 3.5% in August compared to the same month last year, but the inflation rate still remains below that of many other countries.

The Swiss government has appealed to the population to save on household energy ahead of anticipated electricity and gas shortages this winter.

Swiss legislation is lagging behind in the fight against money laundering, and “seldom anticipates developments at international level”, the Swiss Federal Audit Office (SFAO) has warned.

Healthcare costs, the pension system and climate change are the top three burning issues for the Swiss, according to a survey published by the Tamedia group. Covid has slipped out of sight and mind.

The head of the Swiss Federal Electricity Commission (Elcom) reckons a winter energy crisis is virtually unavoidable. However, he said the cause of the problem – war in Ukraine – was also difficult to predict.

The GoldenPass Express (GPX) panoramic train, which will link Montreux to Interlaken without any station changes, will make its debut on December 11. 

Of the 1,400 job cuts announced by the pharma giant in Switzerland, up to half of them will involve staff in leadership positions, the company said on Monday. For these executive roles, the consultation process has been finalised, and the first individuals concerned will be informed “in the coming weeks”, said the head of Novartis Switzerland Matthias Leuenberger at a media event in Zurich.

Switzerland’s busiest airport has posted a CHF55 million ($57 million) net profit for the first six months of the year as post-pandemic air travel picks up.

The Swiss Federal Electricity Commission (Elcom) has laid out plans to hold back hydropower reserves to help compensate for anticipated energy shortages this winter.

Leading voices from business and politics have called on the Swiss government – and in particular economy minister Guy Parmelin – to do more about possible energy and gas shortages over the winter.

The threat of energy shortages in Switzerland this winter should not be over-dramatised, Economics Minister Guy Parmelin has said in response to growing calls at the weekend for government action.

The Andermatt Swiss Alps (ASA) company, majority owned by Egyptian financier Samih Sawiris, is to build a new 1,800-bed Alpine resort in the Sedrun region in southeast Switzerland.

The Swiss government and cantons are aiming to be prepared for “extreme scenarios” in the face of possible energy shortages this winter, a top cantonal security official says. For example, a power grid shutdown or blackout would have far-reaching consequences, Fredy Fässler, the president of the Conference of Cantonal Justice and Police Directors, said in an interview published in the tabloid Blick on Saturday.

Despite leading in latest polls, a proposed ban on factory farming in Switzerland has limited chances of success at the ballot box next month, pollsters say. A reform of the old age pension scheme enjoys more solid backing. 

Credit Suisse Group applied to the English High Court last week to initiate formal legal proceedings against Japan’s SoftBank Group Corp over a $440 million (CHF414 million) dispute, according to the Financial Times.

A large alpine solar power plant is to be installed on the dam wall of Lake Lei near Ferrera in southeastern Switzerland. The 1,800 square-metre plant is being built by the Zurich Electricity Company. Located at an altitude of 1,930 metres, the plant will comprise more than 1,000 solar units with a total output of 350 kilowatts, equivalent to the consumption of 160 households.

Swiss Foreign Minister Ignazio Cassis has met the foreign minister of the United Arab Emirates (UAE), Sheikh Abdullah bin Zayed Al Nahyan, in Ticino, southern Switzerland. The working lunch on the Brissago Islands in Lake Maggiore focused on the economy and finance, education, research and innovation, and sustainable development, the foreign ministry said in a statement on Thursday.

A bank client attaches her ‘non-fungible token’ personal identity to a digital wallet, containing both traditional money and cryptocurrencies, and accesses decentralised financial investments via the metaverse.

The Swiss Post’s e-vote system is opening itself to attacks by ethical hackers in an effort to weed out security flaws. The window for the test runs until September 2, during which time hackers will be able to launch attacks on the source code under realistic conditions, Swiss Post said on Monday.

The Swiss financial regulator (FINMA) has extended previously imposed protective measures at the Zurich-based subsidiary of Russian bank Sberbank.

A new survey has confirmed a growing role of debit and credit cards as popular payment method in Switzerland. Some 52% of respondents in a survey said either of the cards were absolutely indispensable for them, the independent online comparison service, moneyland.ch, said.

The energy crisis in Europe continues to make headlines in Switzerland. This was reflected in the Sunday press which focused on German pressure on Switzerland to implement a gas saving plan, a petition to speed up hydroelectric projects and a spike in Swiss demand for electric heaters in anticipation of a difficult winter.

Nearly two out of three Swiss (64%) believe that Swiss government members do not work smoothly together, according to a survey carried out by the Sotomo research institute.

The humanitarian charity Swiss Solidarity raised CHF126 million ($132.4 million) to help Ukrainian refugees and support local journalists. But Ukrainian authorities say they have yet to receive anything and appear to be getting impatient. 

Swiss air navigation service provider Skyguide says it is struggling to recruit air traffic controllers, especially in French-speaking Switzerland. Only five people are starting training in September, although there are 16 posts to be filled.

The Swiss National Bank (SNB) has taken a hit of CHF95.2 billion ($100 billion) for the first half of this year, mainly owing to losses on foreign currency positions.

Swiss exports of medicines to Russia have risen sharply since the start of the Ukraine war, according to an analysis by business news agency AWP.

The Swiss national carrier is cancelling around a dozen flights to Germany on Wednesday, owing to a one-day strike by ground staff at its German parent company Lufthansa.

Swiss retail banks make the most profit per customer among wealthy nations, according to an international ranking.

Switzerland could face electricity and gas shortages in winter despite sufficient supplies at the moment and considerable reserves, experts say.

Wealth manager Julius Bär has joined a growing list of Swiss banks that will no longer pass on the cost of negative interest rates to clients.

United Nations and Turkey-led negotiations with Moscow and Kyiv to allow Ukrainian grain exports to resume in the Black Sea are moving forward. But even if a deal is signed, its impact to alleviate the food crisis could take months.

Switzerland’s customs and border security authorities have seized more than 230 packages of illegally imported counterfeit medical products.

The ongoing war in Ukraine has been partly blamed for losses at a prominent Swiss asset management company. The entire Swiss industry suffered a dip in fortunes in the first six months of year as extreme market volatility reduced the value of investments and caused clients to play safe with their money.

Russia has threatened Swiss newspaper Neue Zürcher Zeitung with legal action after it published critical reports and a caricature of Russian President Vladimir Putin.

Six of the world’s biggest commodity traders have committed to help some of their largest indirect suppliers source soy sustainably in Brazil’s vulnerable Cerrado region.

Plant-based dairy products continue to gain in popularity in Switzerland, with sales of plant-based milk more than doubling since 2017. However, dairy substitutes still occupy a niche in the overall market.

Almost every second flight from Zurich Airport has been delayed since the beginning of June, with travellers facing more delays this summer.

The BAK Economics market research institute has confirmed its forecast for the Swiss economy this year, but it is more pessimistic about 2023.

The price of bitcoin has plummeted to a third of its peak value, an experimental cryptocurrency called Terra has crashed in spectacular fashion and several crypto companies have shed jobs or are faced with bankruptcy. Where does this leave the growing blockchain industry in Switzerland?

The Swiss interior minister, Alain Berset, on a private flight in neighbouring France has been forced to land by the French air force.

The price of bitcoin has been in freefall in recent weeks, but that doesn’t seem to bother the most conservative of financial institutions – the banking arm of the Swiss post office. PostFinance is stepping up its drive to grant customers access to cryptocurrencies within the next couple of years.

The word “cooperative” is everywhere in Swiss daily life. What’s often forgotten is that cooperatives were once at the forefront of a worldwide movement that advocated for consumer rights, affordable rents – and world peace.

Despite record public donations for Ukraine, four months since the start of the invasion by Russia, Swiss aid agencies have only been able to spend a small amount of the funds on humanitarian work.

France offered Switzerland a financial sweetener, worth an estimated CHF3.5 billion, to buy its Rafale fighter jets rather than US F-35A aircraft, according to a secret document seen by Swiss public broadcaster SRF. The document sheds light on background negotiations as Switzerland seeks to replace its ageing fleet of fighter jets.

Newspaper editors in Switzerland offered praise mixed with criticism on the two-day international conference in Lugano to support war-torn Ukraine with its reconstruction efforts.

More intense and frequent heatwaves have caused demand for air conditioning to skyrocket, even in temperate countries like Switzerland. But there is a catch: the cooler the buildings, the warmer the planet.

The Swiss economy has recovered well from the Covid-19 crisis, but despite the free movement of people agreement with the EU, some sectors are struggling to recruit qualified staff, says a government report.

The president of the Swissgas industry platform says Switzerland is not aware of how fragile the situation is and that “it would not take much” to lead to a winter shortage. André Dosé told the Neue Zürcher Zeitung (NZZ) newspaper on Thursday that looming gas shortages elsewhere in Europe and exploding prices amounted to a “huge problem” for Swiss supplies.

Switzerland will double its aid to Ukraine to CHF100 million ($104 million) by the end of 2023, Foreign Minister Ignazio Cassis announced at the Ukraine Recovery Conference in the Swiss city of Lugano.

The price of household goods for Swiss consumers rose 3.4% in June compared to the same month last year, led by the surging cost of fuel and heating oil. “Inflation, which has de facto been absent for more than a decade, is back with a vengeance,” said economic forecast group BAK Economics.

Ten years after it discovered the Higgs boson, the world’s biggest particle accelerator is poised to smash together protons at record energy levels at the CERN particle physics laboratory near Geneva, as scientists resume their search for clues to the origins of the universe.

Energy Minister Simonetta Sommaruga has warned of possible shortages of natural gas in Switzerland during the winter months

How to set Ukraine on the path to recovery will be the focus of a major international conference hosted by Switzerland in Lugano in early July. But that may be easier said than done with war still raging in parts of the country and lingering concerns about corruption.

An unexpected spike in Switzerland’s gold imports from Russia is under scrutiny as the leaders of the world’s wealthiest nations gear up to introduce a ban on the precious metal.

New technologies, developed to improve our society, are increasingly being used to wage war. Switzerland, which leads the development of autonomous drones, is very much affected by this phenomenon.

A group of Volkswagen dealers in southern Switzerland has been fined CHF44 million ($46 million) by the Federal Competition Commission (Comco). The seven cartel members, including car importer AMAG, had fixed the prices of new Volkswagen cars for years.

Switzerland’s central bank is buying lower volumes of foreign currencies to support the franc as it balances the needs of exporters with the rising cost of goods.

Negative costs on third parties caused by transport in Switzerland amounted to CHF14 billion ($14.7 billion) in 2019. The damage mainly affects the environment and climate, but also health.

Swiss pharmaceutical company Novartis is laying off more than one in ten employees in Switzerland over the next three years – 1,400 of 11,600 jobs will go. It also plans to cut 8,000 of 108,000 jobs worldwide.

Around 20 traders have reportedly increased their shipments of Russian oil since the war in Ukraine broke out. A third of these players have strong connections to Geneva, according to the newspaper Le Matin Dimanche.

Additional cancellations of SWISS flights are “unavoidable” because of staff shortages, a company spokesperson told the Keystone-SDA news agency on Sunday.

Switzerland will implement from 2024 the minimum tax rate for large multinational firms under a global tax deal. The federal government will get a quarter and regional and local authorities three-quarters of revenue, it said on Thursday, outlining how the deal would be implemented.

The government has presented plans for an upgrade of the country’s railway network, including an additional Alpine tunnel in western Switzerland. About CHF720 million ($745 million) have been set aside to upgrade the Lötschberg base tunnel and other regional projects near Zürich and Geneva in the next decade.

Refugees with a special legal status will be able to exchange a limited amount of Ukranian banknotes for Swiss francs. The Swiss government on Wednesday announced that adults with a protection S status may exchange one amount of up to 10,000 hryvnia – the equivalent of CHF300 ($310.50) at selected branches of the two main Swiss banks, UBS and Credit Suisse.

January used to be a big month for Swiss bankers and their Russian clients. Many of the Moscow elite had made a tradition of coming to the Alps for the orthodox new year, skiing with their families, then catching up with their financial consiglieri.

The Swiss Secretariat for Economic Affairs (SECO) has downgraded its economic growth forecast for 2022 to 2.6% due to the war in Ukraine and uncertainties in China.

Sanctions imposed on Russia have focused debate over the country’s long-cherished economic haven status. In the gleaming new Chipperfield extension of the Zurich Kunsthaus, all polished limestone and gold, is a room dedicated to expiating the moral debits of economic neutrality. The Bührle collection is one of the greatest privately-amassed troves of modern European art, and the pride of the new building.

Switzerland’s typically liberal mergers and acquisitions market might make an exception for such a national institution.

The US tax authority IRS wants further information from the Swiss authorities on account data at 26 financial institutions. The IRS has made numerous requests for information in the past.

Geneva-based Trafigura reported record half-year profits as volatility and disruption in commodity markets, exacerbated by the war in Ukraine, supercharged earnings for the world’s biggest traders.

Almost three-quarters (72%) of respondents to a Swiss survey are in favour of increasing the price of airline tickets for climate reasons.

Parliament has approved restrictions on online reservation platforms to protect the Swiss hotel sector.

Credit Suisse pushed for NSO Group to keep selling its Pegasus spyware to new customers just weeks after the US blacklisted the Israeli cyberweapon manufacturer, saying authoritarian regimes had used its hacking tool to silence dissent.

The Swiss are hosting a major international conference on reconstruction in Ukraine at the beginning of July. The agenda and a participants’ list are currently taking shape.  However, it’s unclear how much international enthusiasm this event – and its aims – will garner in the end.

The volume of sustainable investments in Switzerland increased by almost a third last year, reaching an all-time high of CHF1.98 trillion ($2 trillion). 

Swiss industrial firm Oerlikon has announced that it will hand over ownership of its business in Russia to local management. In a brief statement released on Thursday, the Oerlikon Group said it had entered into an agreement with the local management team to sell all its operations in Russia. “The business will continue to operate independently under the new owners,” said the company.

It’s easier to make lofty pledges about saving the world when the world isn’t battling multiple crises. The World Economic Forum’s programme last week included the word “crisis” 42 times. Throughout the four-day event, “crisis” was uttered on panels on climate change, in interviews on the war in Ukraine, and in conversations on food shortages held around lavish buffet tables.

The Ukrainian funds available to the Swiss Agency for Development and Cooperation (SDC) for 2022 will not affect projects elsewhere, an official said on Thursday. Before the Russian invasion in February, the SDC had earmarked CHF25 million ($26 million) for development and cooperation projects in Ukraine; parliament has since boosted this by CHF61 million, SDC director Patricia Danzi said on Thursday.

The Swiss authorities have vetoed Denmark’s request to send Swiss-made armoured personnel carriers to Ukraine. The State Secretariat for Economic Affairs (SECO) recently rejected Denmark’s bid to provide about  20 Piranha III infantry fighting vehicles to Ukraine, Swiss public television, SRF, said on Wednesday.

Switzerland wants to update its 2014 free trade agreement with China, but Beijing refuses to talk, owing to criticism of its human rights record, report the NZZ am Sonntag and SonntagsBlick newspapers.

The overwhelming majority of products with packaging designed to appeal to children contain too much sugar, salt or fat, report Le Matin Dimanche and SonntagsZeitung newspapers.

Switzerland is considering emergency stockpiling of plastic packaging as the Ukraine war brings a world shortage of packaging material, reports the NZZ am Sonntag.

While the gap between rich and poor has been steadily widening in many countries, the situation in Switzerland has remained stable over the past decades, according to recent statistics. Yet while income distribution in the Alpine nation is relatively egalitarian, wealth is more concentrated in the hands of the rich.

Swiss and German ministers have agreed to negotiate a solidarity agreement to help each other with gas supply issues in an emergency. The announcement was made on the side lines of the World Economic Forum (WEF) meeting taking place in Davos.

The global elite are gathering in the Alps this week for the World Economic Forum’s annual meeting. Journalist Peter Goodman, author of Davos Man, argues that these billionaires are a “separate species” who have become so powerful that they’re writing the rules for the rest of us.

The effectiveness of sanctions against Russia have again been called into question as it emerged that an oligarch transferred his stake in a fertilizer company to his wife. The move has apparently thwarted European Union sanctions that Switzerland also enforces.

Russia’s war of aggression against Ukraine is unacceptable, and wide-ranging international sanctions have rightly been imposed in response to it. The Swiss banks support these without reservation, and are implementing not only the sanctions ordered by the Swiss Federal Council, but also those of international and supranational authorities and bodies.

Switzerland has moved from third to second in an annual ranking of the worst global tax havens. Overall however, the country is going in the right direction, reports the Tax Justice Network.

A Paris appeals court has confirmed that the cement firm Lafarge must face charges of complicity in crimes against humanity over alleged payoffs to Islamic State group and other jihadist groups during Syria’s civil war. Lafarge is now part of the Swiss Holcim cement group, which says it will appeal the decision.

The Swiss government has outlined its plans to boost gas storage capacity in neighbouring countries to secure supplies ahead of winter. Gas makes up roughly 15% of Switzerland’s final energy consumption and is mostly used for heating and cooking. Around half of this comes from Russia.

German Chancellor Olaf Scholz and NATO Secretary General Jens Stoltenberg will be among the leaders at the annual World Economic Forum (WEF) meeting in Davos, which starts on Sunday after a two-year hiatus due to the Covid-19 pandemic.

Defence Minister Viola Amherd has held talks with United States government representatives on international security cooperation.

The Swiss electronic duo Yello – Dieter Meier and Boris Blank – will receive the Grand Prix Music 2022, presented by the Federal Office of Culture and worth CHF100,000 ($100,400).

Swiss opinion over the expansion of the 5G telecommunications network is still split down the middle, according to the latest survey on the subject. The Swiss government is convinced that the new technology poses minimal health risks and is committed to the rapid erection of 7,500 5G antennae.  

Erik Fyrwald, the CEO of the Swiss agrochemicals group Syngenta, has called for an end to organic farming to avoid a worsening food crisis. The president of the Swiss Small Farmers’ Association meanwhile dismissed his arguments as “grotesque”.

The Swiss National Bank (SNB) continues to beat off demands to fight inflation by raising interest rates and to distribute more reserves to cantons and other causes.

Tesla CEO Elon Musk has roots in a small, picturesque farming region in central Switzerland. Using genealogy websites and local archives, historians have been able to connect Musk with the Haldimann name, which is still present in the Emmental region today.

The number of reported suspicious financial transactions continued to rise in Switzerland in 2021, but at a lower rate than in the first year of the pandemic.

Consumers in Switzerland are much more pessimistic about the general economic situation, with households feeling the strain as prices continue to rise, a new survey shows.

There’s a well-worn Swiss bankers joke about the venality of a particular country. The actual country changes with the times but since this is April 2022, it starts like this: “Where is the capital of Russia?”

The Swiss National Bank (SNB) is very opaque by international standards. That has to change, says Yvan Lengwiler, professor of economics at the University of Basel. He explains his proposals in the latest Geldcast update.

The Swiss software Kiwix enables the user to copy entire websites so they can be accessible offline. Now that Wikipedia risks sanction in Russia because of its content on the Ukraine war, downloads of the free online encyclopaedia using Kiwix are off the charts. 

The Swiss government has set up a working group to examine whether measures are needed to relieve the burden on households caused by rising energy prices.

Trade unions say middle- and lower-income workers in Switzerland are facing a “shock” in 2022, with wages unable to offset rising inflation and health insurance costs.

The traditional Easter march has taken place in the Swiss capital, Bern. This year the “Walk for Peace” focused on issues including the climate and Russia’s invasion of Ukraine.

The contribution of Switzerland’s finance industry to the country’s gross domestic product (GDP) has decreased over the past ten years.

Switzerland will decide case by case whether to curtail traders’ purchases from Russia’s state-controlled companies under European Union sanctions. The State Secretariat for Economic Affairs (SECO) which is in charge sanctions confirmed the Swiss policy to follow in principle the EU measures, which aim to limit commodity deals to those deemed “strictly necessary” from mid-May.

The rapidly expanding Swiss blockchain industry is facing growing pains: a limited supply of qualified workers to fill the expanding number of job vacancies. Universities are stepping up to meet the challenge by designing new courses around blockchain and decentralised finance.

The Alpine nation consumed 2.4 million kilowatt hours (kWh) more electricity in 2021, equivalent to the annual consumption of 479,800 households. “In addition to the pandemic-related ‘compensatory effects’ in the second quarter, general economic development, the weather and population development increased consumption in 2021,” said the Swiss Federal Office of Energy (SFOE) on Thursday.

New rules of the game have consequences be they sanctions, laws, court rulings or even public opinion. The stakes have never been as high for multinationals when it comes to doing the right thing.  

The government has decided to prepare a bail-out plan for Switzerland’s main electricity companies to prevent an energy shortage.

The Covid-19 pandemic has failed to rattle the Swiss property market. Prices for apartment buildings have hit a record high. But now the war in Ukraine and rising interest rates threaten to turn the tide.

Western companies should end their business relations with Russia. It is their moral duty to contribute to peace-making by their actions, says a group of business ethicists in Switzerland and Austria.

A Swiss court has sentenced former Raiffeisen bank chief Pierin Vincenz to almost four years in prison for fraud, forgery of documents and criminal mismanagement. Judges on Wednesday handed down a jail sentence of 43 months as well as a suspended fine of CHF840,000 ($899,858). Vincenz was also ordered to refund CHF236,000.

Switzerland has narrowly missed its target of reducing greenhouse gas emissions by 2020 despite coronavirus lockdowns and an unusually warm winter.

Switzerland has so far frozen some CHF7.5 billion ($8 billion) in funds and assets under sanctions against Russians to punish Moscow’s invasion of Ukraine.

The organic food market in Switzerland experienced slower growth in 2021 than the previous year. However, consumers are spending more than ever on organic products.

Switzerland’s financial market supervisor FINMA says the Russian invasion of Ukraine isn’t a wide-scale threat to Swiss financial firms’ business ties to Russia.

Switzerland can cope with a large number of Ukrainian refugees, and their skills can benefit the economy, says migration expert Thomas Kessler. “The Ukrainian women will provide new impetus in this country,” he told the SonntagsBlick newspaper. “Especially in the IT sector, the Ukrainians are more advanced than Switzerland. In addition, it is normal in Ukraine for women to study natural sciences.”

The number of companies and individuals declaring bankruptcy rose 9.1% last year, which coincided with a gradual withdrawal of state-backed financial support during the Covid-19 pandemic.

Thousands of Ukrainian refugees are finding that Swiss banks are refusing to convert the cash they brought with them into francs.

Switzerland has signed a declaration along with six other European states in favour of pooling gas storage facilities.

Switzerland, Germany, Austria, Belgium, France, Luxembourg and the Netherlands signed the declarationExternal link on Wednesday, pledging to work towards coordinating storage efforts on a regional level.

The Swiss government on Friday adopted additional sanctions against Russia for its ongoing war in Ukraine but did not ban the Russian state TV channels Sputnik and Russia Today like the European Union.

A new poll shows that a majority of the Swiss population would be in favour of tougher sanctions against Russia for invading Ukraine, even if it results in higher energy costs in Switzerland.

Diaspora TV Switzerland launched a new service in Ukrainian on Sunday to help meet the information needs of refugees arriving from the war-torn country.

An advisor to Ukrainian President Volodymyr Zelensky says the Swiss should be more proactive in looking for Russian funds. But according to a legal expert, current regulations do not allow authorities or banks to do more active searches beyond what’s in their current registers.

Credit Suisse announced on Monday that Vice-Chair Severin Schwan would not stand for re-election. This follows a reported rebellion by large shareholder groups at the Swiss bank. “Severin Schwan, who joined the Board in 2014 and has acted as Vice-Chair and Lead Independent Director since 2017, has decided not to stand for re-election,” Credit Suisse said in a statementExternal link on Monday.

Switzerland plans to open negotiations with Qatar over the potential delivery of liquefied natural gas (LNG) supplies. The Alpine state is scouting for new energy suppliers, following the Russian invasion of Ukraine.

The war in Ukraine and consequent threat of energy insecurity is forcing many countries to reconsider their existing policies. The ripple effect has also reached Switzerland, which is already reassessing its gas supply for the coming winter. 

The United States wants to cut its dependence on Russian fuels. But Switzerland and Europe cannot completely do without Russian gas, says René Bautz, the CEO of Gaznat, which supplies high-pressure gas to western Switzerland, and president of the Global Gas Centre platform for the natural gas sector.

Against the backdrop of the war in Ukraine, the Swiss ambassador to NATO, Philippe Brandt, explains the importance of Switzerland’s partnership with the alliance, which he views as perfectly compatible with Swiss neutrality.

German-born Stefanie Hessler, 35, will head the Swiss art space starting in May. Her appointment is part of several rearrangements in institutions run by the pharma billionaire Maja Hoffmann.

Big consumer brands are leaving Russia in droves but for many Swiss companies untangling ties isn’t that easy.  Jessica covers the good, the bad, and the ugly when it comes to big global companies and their impact in Switzerland and abroad. She’s always looking for a Swiss connection with her native San Francisco and will happily discuss why her hometown has produced some of the greatest innovations but can’t seem to solve its housing crisis.

The Swiss economics ministry has downgraded its growth forecast for 2022 due to the war in Ukraine. But it still predicts a solid post-pandemic upswing.

Swiss banks hold between CHF150 billion and CHF200 billion ($160-$214 billion) in assets belonging to Russian clients, according to the Swiss Bankers Association.

Renouncing Russian oil and gas would have serious consequences for the Swiss economy, an expert from the KOF Swiss Economic Institute has told a Sunday newspaper.

The Swiss government has boosted its humanitarian support to victims of the war in Ukraine. On Friday it approved CHF80 million ($86 million) as an “expression of its solidarity with Ukrainians in need”.

Vladimir Putin’s invasion of Ukraine has led to an exodus of well-known western brands from Russia, but not every company has joined the rush.

The Swiss Post Office more than doubled profits to CHF457 million ($493 million) last year as it was less affected by pandemic restrictions.

Russia has drawn up a list of around 50 countries, including Switzerland, that have committed “unfriendly actions” against Russia, its companies and citizens, in the wake of severe economic sanctions over the war in Ukraine, the Russian state media agency TASS reports.

The Swiss parliament has decided to ease restrictions on genetic engineering in agriculture, while extending in principle a moratorium for genetically modified organisms (GMOs) until 2025.

The US, UK and EU have adopted sanctions aimed at freezing the assets of President Vladimir Putin and his foreign minister, Sergei Lavrov, in response to the war in Ukraine.

Around 35 tonnes of emergency aid, including medical equipment and tents, sent from Switzerland to help victims of the war in Ukraine have arrived in the capital, Kyiv.

Switzerland and the European Union have a complicated relationship. The recent decision by the Alpine nation to definitively shut the door on a framework agreement with the EU reaffirms its attachment to its independence. It shows that 30 years after refusing to join the EU, Switzerland’s stance has only been reinforced. We look at some of the main reasons why.

NFTs have hit the headlines with spectacular sakes of digital artworks, such as the wildly popular CryptoPunks. Keystone / Obs/4artechnologies

The latest blockchain phenomenon, the non-fungible token (NFT), has generated vast profits for artists and a raft of fraudulent scams. Several Swiss NFT projects have set out to prove that the technology can have a lasting impact beyond the spectacular headlines.
This content was published on March 5, 2022 – 09:00
March 5, 2022 – 09:00

Matthew Allen

When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch’s business correspondent can be found playing cricket on various grounds in Switzerland – including the frozen lake of St Moritz. 
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| English Department

swissinfo.ch

Luxury watch

Companies will no longer have to prove there are no Swiss job candidates in some sectors. Moves to cut red tape for non-EU foreign workers in Switzerland will not necessarily lead to more work visas being issued.
On Friday, the government announced measuresExternal link to make it easier to hire skilled workers from such countries as India, Britain, China and the United States.By making it simpler to award B and L work permits, Switzerland hopes that the “innovative power of the economy can be strengthened.”Companies are usually obliged to prove that there are no Swiss people who could fill a position before it is offered to a candidate

More than a million Ukrainians have fled their country since the Russian invasion.
Switzerland said it is activating sanctions against Russia on Friday, including a ban on many industrial exports and wide-ranging restrictions on financial activities, which includes cutting Russian banks from the SWIFT financial messaging system.

Legal expert Mark Pieth is amazed that Switzerland is taking its own problematic approach to international sanctions against Russia. When Russia invaded Ukraine, the US and the EU announced economic sanctions, whereas Switzerland announced that it would first have to analyse the new situation. The obvious question there is what has the Swiss Government been doing for the past few weeks, as tensions have been rising?

The Office of the Attorney General of Switzerland has demanded Credit Suisse be fined CHF5 million ($5.4 million) – the maximum provided for by law – for aggravated money laundering and subsidiary support of a criminal organisation.

Switzerland is facing calls to clean up its financial sector in the wake of the so-called “Suisse Secrets” controversy, which drew on leaked data from banking giant Credit Suisse. Many see the scandal as evidence of systemic shortcoming in the Swiss banking sector, which has undergone major reforms over recent years in a bid to shake off its image as a financial haven for criminals.

Other airlines in the Lufthansa Group also announced plans to halt flights to the country. © Keystone / Christian Beutler

Amid further escalations of the crisis in Ukraine, Swiss International Airlines has decided to temporarily suspend flights to Ukraine from next week. This affects flight connections in Kyiv.
This content was published on February 19, 2022 – 17:22
February 19, 2022 – 17:22

Keystone-SDA/jdp

All flights will be cancelled from Monday, February 21 until February 28, 2022, a SWISS spokesperson told the Keystone-SDA news agency on Saturday in response to a request. Flights on Sunday, February 20, would take place as planned to provide booked passengers a travel option between Kyiv and Zurich.“The safety of passengers and crew members is the top priority at all times,”

Glencore expects to resolve bribery and corruption investigations in the UK, US and Brazil this year and has set aside $1.5 billion (CHF1.4 billion) to cover potential fines and costs.

Many people dream of owning a mountain home, especially in Switzerland, where the Alps are within easy reach of major towns and cities. But few come on the market and, when they do, they can be quite expensive.

Swiss exports climbed to record levels in 2021, with chemicals and pharma driving much of the growth. Watches, especially luxury ones, also had a good year.

After working in finance in Geneva for 15 years, Olivier Santi emigrated to Dakar in 2017 to head a new bank founded by one of Senegal’s richest businessmen. His career to date demonstrates both the central role Switzerland plays in the finance and raw materials sectors, and the vitality of West Africa’s banking sector.

Despite the demise of many antiquarian bookshops in Switzerland, the trade is alive and well in the Alpine country. Dealers in Geneva, Basel and Zurich give a glimpse into this exclusive business, where a gentleman’s code still rules.

The proportion of women in leading positions at major European companies rose slightly last year but progress is slow, according to a new study that compares 19 countries. Switzerland was ranked near the bottom of the 2021 “Gender Diversity Index”.

The state-owned Swiss Post processed a record number of parcels last year, but the downward letter mail continued. Parcel deliveries increased by 9.6% to 202 million in 2021, according to the state-owned company.“

Entrepreneur Thomas Baillod has just launched a “Swiss Made” tourbillon watch for under CHF5,000 ($5,450), a marketing coup which shows that mid-range watches still have a place in a watch industry increasingly focused on ultra-luxury.

The number of new electric cars sold in Switzerland continues to accelerate – even faster than predicted, according to the Touring Club Switzerland (TCS) car association.

Administrators clearing up a CHF800 million ($877 million) collapsed pyramid scheme have managed to recover just CHF12.7 million from one of Switzerland’s largest fraud cases.

Swiss Finance Minister Ueli Maurer has hinted that cantons might lower income taxes for well-heeled executives as the country braces for the impact of a minimum corporate tax rate.

In 2021, global carbon pollution returned almost to 2019 levels, after a drop during the lockdowns of the pandemic year 2020. Copyright 2021 The Associated Press. All Rights Reserved

The production and trade of goods is at the heart of the globalised market and has a significant environmental impact. Yet there was little discussion at COP26 on how to make it more sustainable, the former director of the World Trade Institute (WTI) tells SWI swissinfo.ch.
This content was published on January 14, 2022 – 09:00
January 14, 2022 – 09:00

Sara Ibrahim

Writes about the impact of new technologies on society: are we aware of the revolution in progress and its consequences? Hobby: free thinking. Habit: asking too many questions.
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| Italian Department

The goods we

The Swiss government has pledged to implement from 2024 the minimum tax rate for large multinational companies under a global tax deal.

As businesses were gearing up for the COP26 climate summit in Glasgow last year, one of Europe’s larger banks released an update on how it planned to do its bit to combat global warming.

The Swiss National Bank (SNB) expects to post a profit of CHF26 billion ($28 billion) for 2021, a windfall made exclusively from its growing foreign currency holdings.

The majority of stranded Swiss people repatriated during the first pandemic wave have paid back their share of flight bills. But the foreign ministry has been forced to write off CHF210,000 ($230,000) and is still haggling over another CHF360,000.

The latest cantonal ruling on the US ride-hailing firm comes as a national framework to determine the status of gig economy workers in Switzerland is still lacking.

Shared e-scooters and e-bikes can have a negative effect on the climate, a Swiss study has found. This is because such services generally replace trips with normal bicycles, rather than cars.

The value of residential property in Switzerland continued to rise strongly in 2021 in the wake of Covid-19. Property prices are likely to rise further this year, according to an analysis.

Consumer prices in Switzerland increased by 0.6% on average last year, according to the Federal Statistics Office. and +0.4% respectively.The consumer price index fell by 0.1% in December

The Covid pandemic has hit Zurich Airport, one of the biggest employers in the region, hard. But CEO Stephan Widrig says there are sufficient financial resources to get through the crisis, including the Omicron variant.

The annual census of the Swiss watch industry labour force found that partial unemployment helped the industry weather the pandemic over the last year. The number of employees in the industry remained stable in 2021 while the share of high skilled staff increased.

Shortages of raw materials and logistics bottlenecks have made 2021 a tough year for Swiss manufacturers, and contributed to a downgrade in the government’s GDP growth forecast for the economy next year. 

The Credit Suisse bank has fired the managers overseeing a multi-billion-dollar fund strategy linked to the now-defunct Greensill Capital.

Every other month, the world’s most influential central bank governors gather in Basel to swap notes, reinforce personal ties and untangle the technical details of keeping money flowing around the world.

The Russian businessman extradited from Switzerland to the United States and four other Russians have been charged with carrying out a $82-million (CHF75 million) insider trading scheme using data stolen during hacks of US computer networks.

The Covid-19 pandemic has severely disrupted plans to hold the World Economic Forum’s (WEF) main annual meeting in Davos for a second year in a row.

Switzerland’s largest bank, UBS, says it will once again appeal a fine handed out by a French court for tax evasion offences.

Credit Suisse has hired the former chief executive of Australian finance group AMP to run its revamped wealth management division, as the Swiss lender tries to win market share from its domestic rival UBS.

A Swiss court has found the Zurich-based Falcon Private Bank guilty of money-laundering offences. The Federal Criminal CourtExternal link on Wednesday ordered the Abu Dhabi-owned bankExternal link to pay a fine of CHF3.5 million ($3.8 million) for failing to set up the necessary controls. It was the first time that a Swiss bank was taken to court over accusations of money laundering.

Parliament has approved a major reform of the Swiss pension system, including a controversial rise in the retirement age for women. The overhaul also foresees financial compensation – staggered over nine years for women directly affected by the change – as well as an increase in value-added tax.

The Swiss National Bank has decided to stick to its expansionary monetary policy, a day after the US Federal Reserve announced it was tightening monetary policies amid rising inflation.

The Swiss pavilion at the ongoing Universal Exposition in Dubai leads the visitor through Alpine landscapes in a show of light and shadows to showcase Swiss sustainability, urbanisation and innovation. It is a concept that seems to appeal to the public, despite the pandemic and the many contradictions that characterise the Gulf region.

Authorities, environmental groups, and energy providers have named 15 major hydropower projects that could help Switzerland achieve energy security and a green transition over the coming decades. The projects were chosen for their energy efficiency potential as well as their minimal impact on biodiversity and the landscape, the groups wrote in a joint declaration on Monday. It was the third time that the “round-table” had met since August 2020.

A major global corporate tax deal agreed by more than 130 countries in October aims to curb tax abuse by multinational companies, but many important details remain on how this will be implemented.

Every year from October to December more than 1.5 million tonnes of sugar beets grown in Switzerland are harvested to supply the country’s sugar industry – an industry being kept alive by massive government subsidies. SWI swissinfo.ch reports from Aarberg, home to the country’s largest sugar factory.  

New data on Swiss travel habits during the first year of the Covid-19 pandemic show fewer overnight stays, less air travel and a collapse in trips beyond the borders of Europe.

Swiss economic experts expect a significant economic slowdown as supply chain bottlenecks, inflation and pandemic restrictions persist in many parts of the world.

Switzerland’s largest trade union issued a statement on Saturday demanding a “massive reduction” of working hours with full wage compensation for lower and income earners.

Cyber-attacks are on the rise in Switzerland with 94 ransomware incidents reported in the first half of the year, according to the Sunday weekly Le Matin Dimanche.

Last year foreign workers in Switzerland loved the quality of life but moaned about how hard it is to settle in. Have they since cracked how to befriend the allegedly surly Swiss? The Expat City Ranking 2021 lists both praise and peeves of newcomers.

Research by investigative non-profit Public Eye has revealed that trading companies with a Swiss presence – or their subsidiaries – own over 550 plantations covering over 2.7 million hectares.

The European Commission has ended an investigation of five banks, including UBS and Credit Suisse, who colluded in a foreign exchange spot trading cartel.

They say a week is a long time in politics – last week we discovered it’s a long time in a pandemic as well. We started the week anxiously watching the rising Covid cases in Europe, and wondering what new restrictions might be heading our way for Christmas.

The launch of Swiss Post’s first “crypto” stamp has met with such high demand that the online shop was overwhelmed for several hours.

The average private household in Switzerland spent about 31% of its income on taxes, social security and health insurance premiums in 2019.

In a little over a year Play Suisse, the streaming service of the Swiss Broadcasting Corporation (SBC), has become a major player in the Swiss digital landscape, surpassing platforms like Disney+ and Amazon Prime Video. Critic Max Borg looks at the strengths and weaknesses of Play Suisse and its rivals.

The Australian central bank is being attacked by the markets and is losing control over interest rates. Something similar happened to the Swiss National Bank in 2015 with the minimum exchange rate for the euro. But what is behind this?

During the pandemic, some skiers have been doing just that. But does the romantic vision tally with the reality? It was in May, while hiking along the forest trails and waterfalls of La Tièche, with views towards the snow-dusted peaks of the Matterhorn and Mont Blanc, that fitness coach Jessica Z Christensen decided to spend more time in the Swiss mountains.

Swiss architects were swept up in the movement to build bubble houses out of concrete and plastic in the 1960s. While the bubble movement burst decades ago, many of the original structures are still standing to this day.

Driven by strong Chinese demand, Swiss watchmaking is recovering after suffering one of its biggest economic shocks in 2020. But the crisis has further widened the gap between the few brands that take the lion’s share of the profits and the rest of the industry.

The government seeks to renew its policy to support assistance measures by the International Monetary Fund (IMF). It asked parliament to approve plans to continue international monetary cooperation to the tune of CHF10 billion ($10.8 billion) by 2028.The existing legal basis expires in April 2023, according to officials.

Women make up half of the highly skilled workforce in Switzerland, but work fewer hours, according to a study published on Tuesday. One in three would like to work more, under certain conditions.

Companies come to Switzerland for tax reasons all the time. Should that be illegal? Jessica covers the good, the bad, and the ugly when it comes to big global companies and their impact in Switzerland and abroad.

The Swiss federal authorities can proceed with awarding a cloud computing contract to five US and Chinese companies, including Amazon, Microsoft and Alibaba, after Google dropped an appeal against the decision to leave it out of the project.

The holes were caused by tunneling work under the tracks carried out by a private company, which was working on a thermal energy project using water from Lake Geneva to heat an industrial zone not far from the train line. Keystone / Jean-christophe Bott

The main rail link between Geneva and Lausanne in southwestern Switzerland will not re-open until Friday morning, Swiss Federal Railways (SBB/CFF) has confirmed. The line has been suspended since Tuesday after land collapsed near the tracks.
This content was published on November 11, 2021 – 09:57
November 11, 2021 – 09:57

Keystone-SDA/sb

Holes that appeared between tracks at Tolochenaz, near Morges in canton Vaud, on Tuesday still require major work, which is proving more complicated than expected, the Federal Railways said.Two holes

The Swiss-based multinational has already set aside $187.5 million (CHF 171 million) to settle legal cases filed by farmers exposed to paraquat. But the total bill could run into billions as lawsuits pile up.

The widespread dioxin pollution uncovered in Lausanne has surprised many and raised concerns about the health consequences, clean-up costs and extent of the problem. The small Alpine nation may be well known for its stunning natural beauty, but thousands of sites contaminated with various other pollutants still need remediation.

Just a short hop from the Swiss border, the walled city of Besançon is a showcase of centuries of French watchmaking knowhow. Within its labyrinth of pristine streets are many secret courtyards, where, behind imposing doors, independent watchmakers carry forward its best-known traditions in what is considered France’s capital of watches.

Households and businesses across Europe are facing a huge rise in electricity and heating costs this winter. Price hikes in Switzerland have so far been comparatively cushioned, but there are warnings of a potential energy crunch in the next few years.

For years, central banks have been called upon to do more to combat climate change. Now a new monetary policy instrument is being discussed as a way forward.

The Credit Suisse Group says it will shrink its investment bank and shift more resources to the wealth management unit.

Switzerland has enough money and technology to drastically reduce emissions and become a leader in international climate negotiations. But it needs to be more ambitious, says Ludwig Luz, president of the Swiss Youth for Climate group. 

Four out of five firms surveyed by the Swiss Business Federation (economiesuisse) have complained of problems in getting hold of raw materials and essential parts for their goods.

A Mozambique public finance watchdog is demanding an estimated $2 billion (CHF1.8 billion) in full debt relief from Credit Suisse, that is ten times more than what Swiss banking giant is willing to write off.

Containers are piling up at ports, ships are waiting to offload cargo and store shelves are sitting empty. Are all the quick fixes enough to fix the real problems in our supply chains?

Some government departments and 13 other Swiss entities have signed a pact to increase energy efficiency, expand renewable energies and make their investments “climate compatible”.

The Swiss government has shared its vision for coping with major power outages in a brochure shared with thousands of companies, the weekly NZZ am Sonntag reported on Sunday. In the absence of an electricity agreement with the European Union, such a scenario is likely if large power plants fail in Switzerland or abroad.

Unlike other Western European nations, Switzerland is not at risk of a supply chain crisis due to a lack of truck drivers, according to the president of a major logistics and transport company.

Swiss private banks managed to increase their assets under management to CHF2.9 trillion ($3.15 trillion) last year, an increase of 2.8% on 2019.

If progress is not made on an electricity agreement with the European Union, at least at a technical level, Switzerland is likely to face a significant problem guaranteeing electricity in the short and medium term, especially in winter.

Quintet Private Bank says it is closing its Swiss arm just 16 months after opening. The Qatari-owned private bank took over Bank am Bellevue last year.

While most Swiss hotels and restaurants are critical of the need to show a Covid certificate, overall small and medium-sized enterprises (SMEs) do not perceive it as a disadvantage.

A Geneva-based foundation has created a tool mapping out major scientific breakthroughs that could help decision makers and civil society prepare for their impact.

Most Swiss residents would be in favour of a 30 kilometre (18 miles) per hour speed limit in urban areas, a survey has found.

It’s an economist’s conundrum: global capital, instead of flowing from rich countries to poor countries, actually moves in the other direction. Each year hundreds of billions of dollars leave developing countries and land in the coffers of rich countries like Switzerland.

The three-day Fantasy Basel festival for fans of films, games, comics, cosplay and manga has re-opened its doors after a two-year break.

Ransomware attacks by hackers continue to increase sharply, with some 2,700 Swiss firms falling victim over the past year, Beobachter magazine has reported.

A special public prosecutor has been named in connection with the Crypto spying affair involving manipulated encryption devices which the CIA and the German intelligence agency used to spy on half the world.

Switzerland is still number one in terms of wealth management internationally, despite the growth in new assets slowing in 2020, according to consulting firm Deloitte.

For the third year running, the Geneva International Motor Show will not take place in 2022 due to ongoing health concerns as well as supply shortages in the automotive sector.

A cross-party group has handed in signatures opposing a support package for the media passed by parliament in June.

Covid, the weather and the pig market were kind to farmers in 2020, with income increasing 6.7% compared with 2019. But this year is looking much bleaker.

Swiss police have raided the offices of Credit Suisse and seized documents relating to the collapse of its $10bn fund range linked to Greensill Capital.

A new set of leaked documents, dubbed the Pandora Papers, has again exposed the role of Swiss lawyers, accountants and consultants in managing the wealth of powerful clients.

After eight years of planning and billions of dollars in spending, the Middle East’s first World Fair has opened in Dubai. Switzerland is participating at Expo 2020 with its own pavilion.

Six people and a Swiss financial services firm have been charged in the United States with helping clients evade taxes on $60 million (CHF56 million) of assets.

Swiss bank UBS will have to wait until December 13 to see if its appeal against a French €4.5 billion (CHF4.9 billion) tax evasion penalty is successful.

Guy Parmelin, who holds the rotating Swiss presidency this year, has called for solidarity to tackle global environmental and trade issues.

The Swiss parliament has agreed new advertising and sponsorship regulations for tobacco products. However, the supporters of a total ban on tobacco advertising are unimpressed.

Campaigners seeking a ban on Swiss arms exports have withdrawn their initiative that aimed to stop weapons exports to countries in conflict.

Electric car manufacturers and other green energy companies are trying to get a grip on their mineral supply chains. In doing so, they are bringing commodity traders out from the shadows.

The global community is slipping in its efforts to tackle money laundering and terrorist finance, a Swiss corruption watchdog warned on Monday.

The risk of a housing bubble has increased in the last three months, but the Swiss National Bank (SNB) is unconcerned about a general inflationary threat.

A federal investigator has found “serious” technical failures at voluntary vaccination registry mesvaccins.ch, which was closed in May following data security concerns.

A new Swiss stock exchange has been awarded a license to trade digital assets using distributed ledger technology (DLT).

The Swiss company Climeworks has just opened in Iceland the world’s largest plant for the capture and permanent storage of carbon dioxide from the air. This technology is deemed essential for combating global warming, yet it raises some questions.

The Trade Union Federation has called for a blanket salary rise for all employees as the Swiss economy recovers from the Covid-19 crisis.

From 2024, large Swiss firms will be legally bound to report on their climate-related risks. The government has now published guidelines on which companies and which risks will be involved.

In a bid to grab a bigger slice of the chocolate pie, cocoa-producing countries Ivory Coast and Ghana are turning to China for funding and a new marketplace. The move could pose a threat to the Swiss chocolate industry’s profit margins and its supply of raw materials. 

Health Minister Alain Berset has urged companies to back the government’s Covid-19 vaccination campaign, arguing it is in the economy’s interest to get as many people vaccinated as possible.

A report by the leading Swiss bank UBS has found an increased risk of a real estate bubble forming in Switzerland’s housing market. The UBS Swiss real estate bubble index has risen from 1.78 to 1.90 points, in the second quarter of 2021, remaining in the ‘risk zone’, according to a report published on Tuesday.

We take a deep dive into what one country – Switzerland – is doing to honour the United Nations principles on business respects human rights.

The bank will face a trial over its role in Mozambique’s $2 billion (CHF1.8 billion) “tuna bonds” scandal, a fresh blow as it struggles to shake off a succession of crises that have plagued the group in recent years.

A majority (70%) of Swiss believe it’s important to avoid emissions in their everyday lives, although fewer are likely to back up their views with action, according to a survey.

Numbers engaging in outdoor activities like walking, cycling or mountain biking continued to rise in Switzerland in 2019, the Federal Office for Roads (ASTRA) has reported. This is also good news for the economy.

“How can we [ . . .] fight increased inequality?” railed Ralph Hamers in a recent interview. To be clear, Hamers is not the boss of Unicef, or Oxfam or the Social Mobility Foundation. He is chief executive of Swiss bank UBS, one of the biggest beneficiaries of the widening wealth gap.

The Swiss bank and its former top manager Iqbal Khan have agreed to end all pending criminal proceedings in a 2019 spying affair that toppled the company’s top brass. Speaking to the Reuters news agency, a spokesperson for Credit Suisse confirmed a report in the newspaper NZZ am Sonntag that, following an agreement between “all parties”, the matter was now closed.

The president of the national marketing body Switzerland Tourism says the year 2021 is on course to be even worse than 2020, with 5% fewer hotel stays expected. “This is not good news, because 2020 was the worst year in history” for the sector, Martin Nydegger told the newspaper SonntagsZeitung.

Google has appealed a recent Swiss decision to award a cloud-computing contract to five other digital firms. The tender process has also come under criticism by defenders of data sovereignty.

The short spring and wet summer means Swiss bees have produced ten times less honey than usual. As a result the price of honey is set to increase. After last year’s exceptional harvest, 2021 is looking very meagre: while a hive normally produces 15-20 kilos of honey, the current figure is 0-3 kilos, Swiss public radio, RTS, reported on Thursday.

Farmers in Ivory Coast – the world’s largest cocoa-producing nation – are getting less for their cocoa despite the introduction of a payment that aims to secure them a living wage.  

Lakes and rivers in central Swiss cantons such as Bern and Lucerne have reached dangerous levels, and more rain is forecast for Thursday and Friday. On Wednesday authorities in canton Bern said water levels on Lake Thun, Lake Biel and in the city of Bern would significantly exceed flood limits in the coming days.

Fans of Pablo Picasso will soon be able to own a share in one of his paintings for less than $6,000 (CHF5,500) – although that won’t actually buy them the right to see the work, which will be stored under lock and key in Switzerland.

Canton Bern expects water levels on Lake Thun, Lake Biel and in the city of Bern to significantly exceed flood limits in the coming days. On Lake Biel it’s possible the situation will be similar to the flood of the century in 2005.

Sub-Saharan Africa is a key region for Swiss foreign policyExternal link and digitisation will play a major role in that strategy. To this end, “Crypto Nation” Switzerland is throwing its weight behind a public-private partnership to find blockchain solutions to some of the challenges facing the continent.

The number of Swiss start-ups launched has risen significantly in the first six months of 2021 while the number of companies filing for bankruptcy has decreased, studies have shown. In the first half of 2021 over 26,000 new companies were added to Switzerland’s commercial register, an increase of over 20% compared to the year before, a new report by Dun & Bradstreet has found.

Health concerns over toxic metals in remote communities near a mining complex in the Peruvian Andes are gaining ground after the publication of several reports. Glencore which owns the mine, points at natural mineralisation of the environment.

The interests of small innovative countries must be taken into account in international corporate tax measures, says Swiss Finance Minister Ueli Maurer, who has been attending the G20 meeting in Italy. Tax was a key issue at the two-day meeting of finance ministers and central bankers from the group of 20 major economies, which wrapped up on Saturday.

Climate change is causing extreme weather, also in Switzerland. A climate taskforce – like the Covid 19 science task force – makes sense, a leading Swiss climate scientist says.

An organisation set up in Switzerland to prevent sport from harming society and athletes has been granted full association status in Geneva. The Centre for Sport and Human RightsExternal link was awarded the status of an independent non-profit association under Swiss law on Thursday. It has been running since 2018 under a different legal status.

Switzerland has again failed to meet its goals for reducing greenhouse gas emissions, prompting a rise in CO2 taxes. Last year emissions from fuel, including heating oil and gas, were 31% lower than 1990 levels, according to data released by the Federal OfficeExternal link for the Environment on Wednesday. This is unchanged from 2019 and falls short of the required 33%.

Single-use plastic items like straws and cups are no longer allowed in the 27 European Union countries. This isn’t the case in non-member Switzerland, where retailers and restaurants are taking their own approach. The EU ban on certain plastic products took effect on July 3 and covers a range of everyday items from food packaging to wet wipes.

Climate change is forcing financiers to change the way they think and act. This could have a big impact on their balance sheets – and potentially their very survival. “Bankers are no longer purely financial specialists, but also connoisseurs of the environmental and social footprint of investments,” said Yves Mirabaud in his last speech as president of the Association of Swiss Private Banks in June.

The Swiss government wants to upgrade the country’s air defence system by buying 36 F-35A fighter aircraft from United States manufacturer Lockheed Martin and five Patriot surface-to-air missile units from another US firm Raytheon.

The operators of Germany’s main stock exchange have paid more than CHF100 million ($108 million) for a majority stake in Swiss cryptocurrency service provider Crypto Finance. The move reflects a growing trend of traditional financial institutions gearing themselves up for an anticipated growth in the trade of digital financial assets.

While the Covid-19 pandemic has caused existential hardship for many employees, CEOs and shareholders have “shamelessly helped themselves”, according to a union study. “The pay gap remains wide open at a very high level,” trade union Unia wrote in its annual pay gap studyExternal link published on Tuesday.

Swiss banks have some catching up to do when it comes to structural change and digitalisation, says Ralph Hamers, CEO of Swiss bank UBS. In his opinion structural change has taken place much faster in other countries and industries than in Switzerland.

Ahead of the Swiss government’s decision on a major fighter jet contract, Airbus has made an appeal to the Swiss government to choose a European firm after leaked information from the government revealed US firm Lockheed Martin was out ahead of competitors.

The risk to bees through pesticides and the ensuing effects on the world’s food crops have been the source of much debate. But do Swiss measures to support the domestic honeybee disadvantage the equally important wild bee?

After rejecting the framework agreement with the European Union last month, Switzerland must now choose the model for interacting with the bloc’s internal market, says the EU ambassador to Switzerland. In an interviewExternal link with Le Temps newspaper on Friday, Petros Mavromichalis warned that the status quo was not an option for the EU.

The creation of a global repository in Switzerland to store, analyse and quickly share viruses and pathogens among laboratories around the world will better prepare us for the next pandemic, says a biologist working at the future BioHub site.

The number of cross-border workers plying their trade in Switzerland has more than doubled since the mid-1990s. The rising trend continues, increasing by over 4% between 2019 and 2020. At the end of 2020, some 343,000 cross-border workers were employed in Switzerland, up from 329,000 in December 2019, the Federal Statistical Office (FSO) said on Thursday.

The use of debit cards continues to increase but cash remains the most popular payment method in Switzerland. A survey by the Swiss National Bank (SNB) found that 97% of respondents keep cash in their wallets or at home to cover day-to-day expenses, while 92% own a debit card and 78% hold a credit card, according to a press release External linkon Wednesday.

The Swiss consumed almost 11% less energy last year due to the Covid-19 pandemic and warmer weather, according to the Federal Office of Energy. In total, Swiss residents used up 747,400 terajoules (TJ) of energy in 2020 – a fall of 10.6% compared to 2019 – the office said in a statementExternal link on Monday.

The proposed 15% minimum corporate tax rate is an opportunity for Switzerland to unite its tax code for the better, says an organization representing Swiss cities. City finance directors have criticized cantons for trying to plug expected tax gaps unilaterally, rather than find a common approach nationwide.

Switzerland’s economy will be back to its pre-pandemic level as early as this year and does not need a stimulus package, says Sabine D’Amelio-Favez, director of the Federal Finance Administration. The Confederation has incurred debts of CHF30 billion ($33 billion) to stem the economic consequences of Covid-19, she said in an interview published on Saturday by newspapers of the CH Media group.

Credit Suisse’s disastrous Greensill and Archegos investments have highlighted the destructive side of banking. Regulators and politicians are asking what the Swiss bank did wrong and what can be done to protect investors from future risk-assessment failures.

This year Switzerland will provide more than CHF12 million ($13 million) in humanitarian aid to Venezuela and the region, it said at the Donors’ Conference in Solidarity with Venezuelan Refugees and Migrants.

Swiss banks have been able to strengthen their capital bases despite deteriorating economic conditions during the coronavirus pandemic, according to the Swiss National Bank (SNB). This applies to the two big banks, UBS and Credit Suisse, and also domestic banks.

Switzerland is lagging behind most European countries when it comes to solar and wind power. In terms of per capita production, it ranks second to last in comparison with surrounding countries, according to the Swiss Energy Foundation (SES).

Swiss banks might not be the most obvious allies for indigenous communities struggling to survive in Russia’s Far North. But their financial clout could drive multinationals to change their business practices, argue those affected by a major environmental disaster last year.

Swiss President Guy Parmelin has underlined the importance of bilateral relations after a “cordial” meeting with US President Joe Biden. Parmelin also called Wednesday’s US-Russia meeting a “sign of hope”. Biden arrived in Geneva on Tuesday afternoon, ahead of the summit with Russia’s Vladimir Putin.

Swiss International Air Lines will make fewer pandemic-related job cuts than feared following consultations with staff and trade unions. On Tuesday, SWISS said the number of intended layoffs has been reduced to 550 from the 780 announced last month. Of the 550 affected jobs, 58 employees have accepted a downgrade from their current positions so that they will remain with the company.

Voters decide Sunday on two separate initiatives aiming to ban or reduce the use of synthetic pesticides in the country. Polls suggest the proposals are on the back foot. Is Switzerland about to become an organic farming pioneer?

As a naughty young child bitcoin was viewed as too vacuous and devoid of prospects to warrant serious attention. At the grand old age of 22, the cryptocurrency is poised to be given a seat at the high table by the Bank for International Settlements (BIS).

They break up, they get back together, and then they break up again. The rift between Bern and Brussels over the framework agreement is causing frustration among Swiss researchers who depend on EU funding for their work. Universities, companies and start-ups fear that science and research will become “collateral damage” of a negotiation gone wrong.

Swiss-based multinationals such as commodities trader Glencore will receive subsidies and other incentives under plans Switzerland is drawing up to maintain its competitive tax rates, even as the country prepares to sign-up to the G7’s new plan for a global minimum tax on big businesses.

The world has witnessed the first rise in child labour in 20 years and the coronavirus crisis threatens to push millions more minors into the same fate, the United Nations said on Thursday. Swiss multinationals from food giant Nestlé to mining titans Glencore and Trafigura have struggled to eradicate child labour from their supply chains and the communities where they work.

The decision by the leading industrial nations (G7) to support a global minimum tax of 15% for large corporations is not good news for Switzerland, according to Swiss economists. Certain cantons in particular would come under pressure.

The Federal Electricity Commission (ElCom) has again voiced concern about Switzerland’s ability to secure sufficient power supplies in the coming years. While there is no immediate danger of shortfalls in the Alpine state, the electricity watchdog said on Thursday that more should be done to ensure domestic energy security in the mid to long term.

Business and human rights experts argue that Switzerland should seize the opportunity to require responsible sourcing of cobalt, an in-demand mineral whose risks to human rights are often overlooked. The government is holding consultations on a new law to hold companies accountable for the adverse impact of their operations on people after the Responsible Business Initiative failed at the ballot box last year.

Goods that are normally trucked on busy Swiss roads are a step closer to travelling underground on driverless vehicles after an ambitious cargo project got a first legislative go-ahead. The Cargo sous terrain (CST) project sounds like science fiction: a 500-kilometre network of tunnels to transport freight between Switzerland’s busiest cities.

The Swiss aviation sector, which includes Swiss International Air Lines and Zurich Airport, has pledged to slash CO2 emissions and make flying net zero by 2050.

In late 2014, David Solo lent A$12.2 million (CHF8.5 million) to a little-known supply-chain finance group with eye-catching claims. Greensill Capital, which was trying to muscle in on a corner of finance dominated for decades by banks, vowed to make “finance fairer” and declared that it would be “democratising capital”.

The Swiss Federal Audit Office says it is worried by a surge in fraud cases linked to the short-time working system, a key pillar of the country’s economic response to Covid-19. The office’s director Michel Huissoud told public radio SRF on Monday he was “shocked by the number of complaints, mistakes, and abuses” recorded to date.

Death threats, insults, posters vandalised or set on fire: the campaign for two initiatives against pesticides to be put to the vote on June 13 is extremely tense. This toxic climate highlights a deep malaise in the Swiss agricultural world.

In Brussels there was shock and anger. In Switzerland, quiet celebration and relief — but, for some, doubts about what exactly comes next. On Wednesday, Bern announced it was formally withdrawing from negotiations to codify future relations with the EU into a single overarching “framework agreement” — a back-and-forth exchange that has dominated an increasingly fraught relationship with Brussels since 2014.

The Swiss National Bank (SNB) can expand its balance sheet further if needed, says chairman of the board Thomas Jordan.

Switzerland and the World Health Organization (WHO) have agreed to launch the first WHO BioHub Facility. This will enhance the rapid sharing of viruses and other pathogens between laboratories and partners globally.

Swiss people’s trust in their country’s banks is at its highest in 20 years, boosted by Covid credits and a commitment to sustainability, according to a new survey. People from almost all political camps have a positive perception, with 75% describing their attitude towards Swiss banks as positive or very positive, found the survey conducted by gfs.bern for the Swiss Bankers Association (SBA).

In the latest version of the Bloomberg Billionaires Index, eight Swiss or Swiss-resident names figure among the 500 richest people in the world. The richest of the Alpine-based billionaires is Geneva-based Ernesto Bertarelli, who according to his own self-description is a “Swiss entrepreneur active in the fields of business, finance, sport and philanthropy”.

Switzerland used to be a place where the rich came with their money to escape the world’s problems, not to confront them. These days, the private banks that dot the pristine streets of Zurich and Geneva are no exception when it comes to the wave of enthusiasm that has broken over the asset management world for better environmental, social and governance standards.

Switzerland’s largest insurance company Swiss Life has agreed to pay CHF70 million ($77.4 million) and enter a deferred prosecution agreement in the United States to resolve accusations it conspired to help wealthy Americans to avoid taxes.

Let me state from the outset, you won’t get a discount if you mention to your travel agent that you read this article when you book your trip to Switzerland this summer. But it will be nice to have you back; Switzerland – in line with much of Europe – is planning to open up to overseas visitors in a few short weeks. And since we haven’t seen you in a while, I expect you’ll be welcomed with open arms!

Anton “Toni” Piëch, co-founder of the Swiss electric car manufacturer Piëch Automotive, tells SWI swissinfo.ch why he chose Zurich and how he intends to make his mark in a highly competitive market with battery-powered cars for “purists who love technology”.

A system for issuing a forgery-proof Covid-19 certificate on request will be available by the end of June to anyone in Switzerland who has been vaccinated, has recovered from or has recently tested negative for coronavirus.

On Tuesday, the Federal Statistical Office (FSO) reported External linkthat in 2019 between 40-50% of people started receiving their pension from their so-called second pillar before the legal retirement age – 65 for men and 64 for women.

Millions of Roger Federer fans around the world might be salivating at the prospect of owning some mementos of the Swiss great’s incredible career after he announced he is auctioning off a collection of personal items this summer.

As Credit Suisse executives finalised an emergency $1.9 billion (CHF1.75 billion) fundraising from investors last week, a group of the bank’s prized super-rich clients from across Europe and Asia were on a separate Zoom call hosted by law firm Boies Schiller Flexner to plot a class-action suit against the lender.

Switzerland’s second biggest telecoms group, Sunrise UPC, says it will cut 600 jobs by the end of 2022, following UPC’s CHF6.8 billion ($7.4 billion) takeover of Sunrise Communications last year.

The director of the leading Swiss farmers’ organisation is deeply concerned about two initiatives to ban pesticide. Martin Rufer explains what voters’ approval would mean for Switzerland’s agriculture.

A former employee at the Swiss Federal Roads Office (FEDRO) and two board members of a vehicle exporter have been charged with fraudulently manipulating data to avoid CO2 emissions sanctions.

Switzerland’s Migros Bank has agreed to pay €2.4 million (CHF2.65 million) to clear up cross-border tax evasion issues with Germany. Migros is one of several Swiss banks that have shelled out a penalty to avoid prosecution in the neighbouring country. Other banks to have made such an arrangement in the past include UBS, Credit Suisse and Julius Bär.

The annual meeting of the World Economic Forum (WEF) is set to take place in the Swiss mountain resort of Davos again next year. However, reasonable hotel rates are a prerequisite and the Covid-19 situation is also a decisive factor, according to organisers.

The government has pledged CHF7.8 million ($8.5 million) over the next three years to help Swiss companies participate in major infrastructure projects abroad.

Five months before Greensill Capital’s collapse, Credit Suisse invited a special guest to present to its top ranks in Asia. The visitor was hailed as the sort of bold entrepreneur the bank wanted to do business with: Lex Greensill. “The tone was this is the exact kind of client the bank wants, tell the MDs to go out and find more guys like Lex,” said one senior manager who watched the November video conference.

A blockchain-inspired trading infrastructure, which links banks, companies and investors to cryptocurrencies and a new breed of digital securities, is nearing fruition in Switzerland.

Business, tourism and trade union leaders have put forward an action plan to get Swiss air transport back in action as the coronavirus pandemic drags on.

The pandemic looms over the Swiss documentary festival, but is far from being the main topic. Some films tackle the social effects of quarantine, such as Pacho Velez’s "Searchers", which explores how social networks helped to compensate for the loneliness of isolation. Visions du Réel

Swiss courts dealt with 52 major cases of economic crime last year that amounted to CHF355 million ($384 million) in losses, the consultancy firm KPMG said on Thursday. Public institutions were especially targeted by fraudsters.

The Swiss government has decided to allow outdoor tables in restaurants and bars again as of next Monday, following a four-month temporary closure. As part of its anti-Covid strategy, cultural and sports events will be open to the public under certain conditions, a government statement said. 

The Swiss government has approved an agreement with Britain on mutual recognition of companies with “AEO” customs security approval, designed to facilitate trade. This agreement is “intended to reduce technical barriers to trade and facilitate trade with the United Kingdom for companies with AEO status”, according to a government press release on Wednesday. The accord has yet to be ratified by Britain. 

Pressure is building on the Swiss government to ease restrictions imposed to contain the spread of the Covid-19 pandemic. The Federation of Small and Medium-sized Enterprises on Monday called for a review of the current situation, saying the government was focusing too much on health while failing to consider the economic and financial impact of the restrictions.

Elderly participants who trained regularly on a fitness device developed by a Swiss company showed improvements in cognitive skills, such as attention, concentration, memory and orientation. The study, carried out by an international team in two Belgian care homes, relied on a fitness game, known as “Exergame”, developed by a spin-off of the federal technology institute ETH Zurich.

The Swiss pharmaceutical company is recruiting workers to join its new plant in southern Switzerland, where three production lines have been set up to manufacture an active ingredient of Moderna’s Covid-19 vaccine.

Switzerland has remained an attractive location for foreign firms, creating more jobs last year than in 2019 – despite the economic effects of the coronavirus pandemic, Swiss public television SRF and RTS have reported.

Car-sharing company Mobility says it will electrify its entire fleet of 3,000 vehicles and build a network of e-charging stations by 2030.

As of this week, Switzerland can no longer import Covid vaccines from the European Union (EU) without a special license. Officials in Bern have asked to be granted an exception to the stricter conditions.

US President Joe Biden’s major infrastructure plan is raising high hopes for Swiss firms in the construction and building industry. Although first contracts are expected to go to local firms, experts believe Swiss firms could score opportunities thanks to their specialisation and presence in the US market.

The Swiss multinational is celebrating 100 years in Brazil but its poorest workers face food voucher cuts amid rising food prices caused by the pandemic. After a century of doing business in Brazil – Nestlé’s fifth largest market with CHF2.79 billion ($2.94 billion) in sales in 2020 – the Swiss food manufacturer faces the discontent of trade unions in the South American country. 

Economics Minister Guy Parmelin and the Director-General of the International Labour Organization (ILO), Guy Ryder, have concluded an agreement on development cooperation. Parmelin, who holds the rotating Swiss presidency this year, also announced that Switzerland had joined a global platform to combat child labour, forced labour and human trafficking, the government said on Thursday.

Major industry associations have joined forces with public agencies to combat free-riders who abuse the “Swiss brand” abroad. The association for Swissness enforcement is intended to foster coordinated action against the wrongful use abroad of Swiss indications of source.

Amid allegations of forced labour involving Uyghur and other minorities in the garment supply chain, the Swiss textile machinery sector faces thorny questions about its ties to and reliance on China. In 2014, the same year the Swiss-China free trade deal went into force, a group of industry colleagues including a representative of the Swiss firm Uster Technologies visitedExternal link cotton gins and spinning mills in Xinjiang, Western China.

Last year saw a surge in new electric vehicle (EV) sales worldwide and Switzerland was no exception. But the experience of frontrunner countries like Norway shows that some things will have to change if the Swiss electric car revolution is to keep pace in the years ahead and reduce carbon emissions.

Credit Suisse and Nomura have warned of large losses after a fire sale of about $20bn of Chinese and US stocks, as their client Archegos Capital Management was forced into a huge unwinding of assets.

The Swiss bank Credit Suisse says it may face a “highly significant” loss in the first quarter due to an unnamed American hedge fund client defaulting on margin calls. In a statement issued on Monday, the bank said: “While at this time it is premature to quantify the exact size of the loss resulting from this exit, it could be highly significant and material to our first quarter results”.

The Covid-19 pandemic has taken a heavy toll on the Swiss arts scene. Support measures have been introduced to “preserve cultural diversity” and some cantons have even launched monthly income support schemes for artists. But will these measures be enough?

Ticket sales at Swiss cinemas plummeted by two-thirds last year as venues were forced to close their doors. Of the films that could be shown, Swiss movies made up a greater share of the total offering.

Three of Switzerland’s “too big to fail” banks no longer threaten to cause a seismic shift in the economy should they collapse, says the financial regulator. Zurich Cantonal Bank, PostFinance and the Raiffeisen banking group are now deemed to have put into place credible plans for an orderly bankruptcy.

The Swiss parliament is currently debating tightening restrictions on advertising of tobacco products. This comes after a people’s initiative calls for a radical advertising ban to protect children.

The cost of paying off spiralling national debt in the United States and Switzerland is rising as interest rates increase. This makes the financing of pandemic expenditure more expensive. That’s not a problem in Japan where the central bank is holding interest rates in check. Would the Japanese recipe also be something for Switzerland?

Cryptocurrency firm Bitcoin Suisse has withdrawn its application for a banking license, in part because it failed to meet the anti-money laundering requirements of the Swiss financial regulator.

UN economist Ian Richards argues that Swiss voters’ fears of a proposal for an e-ID may be swept away as more countries see the benefits of digitising documents, including vaccine passports.

Metalor, one of the world’s biggest gold refiners, has developed a way to quickly confirm where gold had been mined, potentially stopping illegal gold from entering supply chains. 

Swiss authorities on Monday confirmed a police raid at the home of a Swiss hacker who took credit for helping to break into a US security-camera company’s online networks, part of what the hacker cited as an effort to raise awareness about the dangers of mass surveillance.

The Covid-19 pandemic cost the state-owned Swiss postal service CHF139 million ($150 million) last year, which was largely responsible for driving down profits by 30%. Swiss Post delivered a record 182.7 million parcels in 2020, up nearly a quarter in volume from the previous year.

Rare earth metals like cerium and gadolinium, which are used in industry and hospitals, are increasingly being detected at Swiss wastewater plants, new research shows.

After a weak start to the year, Switzerland’s economy should recover rapidly from a heavy coronavirus-driven slump to grow by 3% in 2021, the government said on Thursday. Gross domestic product will fall “significantly” in the first quarter of this year, after Covid-19 restrictions last December, the State Secretariat for Economic Affairs (Seco) said in a statement.

The Swiss narrowly voted in favour of a free trade deal with Indonesia on Sunday. Will future agreements also have to win popular support? Jessica covers the good, the bad, and the ugly when it comes to big global companies and their impact in Switzerland and abroad.

More than half of adults in rich countries will still be waiting to receive a first dose of coronavirus vaccine in 15 months’ time, the head of a logistics group distributing jabs has warned. Detlef Trefzger, chief executive of Kuehne+Nagel, one of the world’s largest haulage companies, said: “This already is fast. This sounds shocking for some people, but we have to be realistic.”

The Swiss government has rejected calls to allow voters and cantons to set conditions for weapons exports. A people’s initiative collected enough signatures in 2019 to force a nationwide vote on the issue.

The proportion of women in Swiss company boardrooms and management ranks continues to rise, according to an annual survey of the largest employers in both private and public sectors.

Covid-19 has accelerated the transition to online teaching, raising questions about the role of robots in classrooms. Switzerland is rolling out its own robot learning programs, but it’s still a long way off before they will replace teachers.

The Swiss National Bank (SNB) recorded a profit of CHF20.9 billion (almost $23 billion) in 2020, less than half of the CHF48.9 billion it made in 2019.

Former Swiss National Bank (SNB) chairman, Philipp Hildebrand, has pulled out of the race to become the next secretary-general of the Organisation for Economic Co-operation and Development (OECD).

Is the government showing some backbone or being cowardly by keeping to its gradual pandemic reopening plans? The Swiss media can’t agree. For the German-speaking Neue Zürcher ZeitungExternal link broadsheet, the government – which confirmed its measures on Wednesday – is simply being obstinate.

The head of the Switzerland Tourism organisation reckons the decision to open ski resorts in the country this winter has – so far – proven to be a good one.

Cash has lost its appeal among the Swiss population as the coronavirus pandemic led more people to pay by bank card, mobile app or online, a recent survey has found. 

Several cantons have called for restaurants to be re-opened a month earlier than the official nationwide plan presented by the government earlier this week.

As a fresh covering of snow brought ideal skiing conditions to the Alpine resort of Piani di Bobbio last weekend, facilities manager Massimo Fossati eagerly anticipated the arrival of the first visitors in nearly a year.

The eID is billed as a long-overdue key to the digital world, a single access point for services provided by a range of public and private-sector organisations. But the model proposed by Switzerland – being put to a nationwide referendum in March – is far from watertight.

Switzerland is the best equipped country for online shopping, according to a United Nations comparison of more than 150 states.

With the exception of a few organisations and institutions that continue to operate in person, such as the UN Human Rights Council, which is currently conducting its Universal Periodic Review process, the Office of the UN High Commissioner for Human Rights, the WHO and some permanent missions to the United Nations, most day-to-day business and multilateral activities are conducted online.

The competition authority suspects the global credit card firm of using its position to prevent the rollout of a new, more uniform, ATM system across Switzerland.

Residential property prices in Switzerland rose sharply in the final quarter of 2020, and by an average 2.5% for the year as a whole, according to the Federal Statistics Office. 

What’s it like to move back to – or away from – Switzerland during a pandemic? What does gold mined in Peru have to do with Switzerland? Did you know that “nostalgia” is a Swiss invention?

The share of foreign investment in Swiss commercial real estate fell from 15% before 2011 to 5% between 2017 and 2019, according to new research. The issue of foreigners buying cheap Swiss property during the Covid-19 pandemic is being discussed in Bern.

Consumers spent 11.3% more on food and beverages in brick-and-mortar shops last year than they did in 2019, helping the food retail trade to pull in a record turnover of nearly CHF30 billion ($33.7 billion).

A third of Swiss people chose not to travel on holiday last year as the coronavirus pandemic gripped the world, according to automobile association Touring Club Switzerland (TCS).

Lawyer and parliamentarian Sibel Arslan explains why she is against the proposed new law on digital identity (eID) and why rejecting it would be an opportunity for digitisation. 

The unemployment rate in Switzerland rose again in January, reaching 3.7% – the highest level since April 2010. 

The federal government spends CHF4 million (around $4.4 million) a year to minimise the damage caused by predators like wolves and lynx.

Novartis has said it wants everyone in the world to be able to access its products, even multi-million-dollar gene therapies. Can its experiment work?

Switzerland has announced that companies will be able to deduct multi-million dollar fines incurred abroad from their tax bill. Critics argue it rewards bad behaviour.

Swiss private bank Julius Baer has benefitted from rising global markets over the past year, but can it keep it up the momentum?

Britain argues that Brexit will make British agriculture greener. SWI Swissinfo.ch looks at how successful EU agricultural policies have been, and how they compare with Switzerland’s approach.  

A free trade agreement between Switzerland and Indonesia has been challenged to a nationwide vote. The controversy focuses on the production and imports of palm oil.

With Brexit done, Switzerland is hoping it can restart negotiations on its framework agreement with the European Union. The experience of other non-member states offers some valuable lessons on how it can engage with Brussels, though no blueprint exists.  SWI swissinfo.ch looks at how five other non-member states have negotiated with the EU.

Covid-19 has been blamed for a 17.8% decline in car registrations in Switzerland last year. The number of motor vehicle sales fell even further – by nearly a quarter.

American pharma group Johnson & Johnson (J&J) is to transfer four of its canton Neuchâtel-based subsidiaries to other locations – including abroad. The move is expected to result in the loss of up to 320 jobs by mid-2023.

Britain and Switzerland will press on with plans to strike a trade deal for their vast financial services industries, UK Chancellor of the Exchequer Rishi Sunak said on Wednesday ahead of talks with his Swiss counterpart.

The diaries of Bruno Manser, a Swiss environmental and human rights activist, have been donated to the Museum der Kulturen in Basel.

More than CHF2 billion of venture capital flowed into young Swiss companies for the second year in a row, a sustained rate of funding that defied the economic destruction wreaked by the pandemic last year.

The Swiss Covid-19 vaccination campaign is up and running with two approved vaccines available to accelerate the fight against the virus, and others set to follow. How do the vaccine technologies work and compare, and can people choose which one they get?

The coronavirus pandemic left its mark on mergers and acquisitions (M&A) in Switzerland last year. The volume of transactions halved, and the number of deals was also down. Overall, the number of transactions with Swiss participation fell from 402 to 363. At $63.1 billion (CHF56 billion), the transaction volume was only half what it was in 2019 – mainly owing to the absence of mega-deals, consultants KPMG said on Thursday.

The World Economic Forum should put global leaders in the audience to listen to social workers, virologists and reporters, argues Simon Kuper.

Former Julius Bär CEO Boris Collardi has had his knuckles rapped by the Swiss Financial Market Supervisory Authority (FINMA) following an investigation into money laundering.

Our analysis of what the biggest global companies in Switzerland are up to. This week: corporate funding in politics, diamond billionaire on trial and high hopes for the economy.

The Swiss attorney general’s office has requested legal assistance from Lebanon in the context of a probe into "aggravated money laundering" and possible embezzlement tied to the Lebanese central bank, Reuters reports from Beirut.

Infectious diseases, extreme weather events and cybersecurity problems pose key threats to society in the next two years, the World Economic Forum (WEF) warns. The Covid-19 pandemic looks set to have a lasting impact in the next ten years.

The closures will affect 44 of the bank’s 239 branches in the country, mainly smaller ones, UBS confirmed on Tuesday. The bank plans to continue beefing up its online offers.

Half of all hotel and restaurant businesses in Switzerland will go bankrupt by the end of March if they do not receive immediate financial compensation for the effects of coronavirus restrictions, warns the sector’s umbrella organisation.

Several security bodies in Switzerland have been targeted by emails that appear to come from official organisations such as banks or the police and contain a password for a zip file. When this file is opened, the computer becomes infected with a trojan called Emotet.

A floating solar power plant and a transport project using renewable hydrogen are among the winners of the 2021 Watt d’Or prize. 

For many foreign exchange traders, the US Treasury’s decision to designate Switzerland as a currency manipulator last month comes nearly six years too late and with a good dose of irony.

A Swiss fund that supports small businesses in alpine regions bailed out 100 firms last year that were affected by the coronavirus pandemic. Schweizer Berghilfe (Swiss Mountain Aid) doled out an extra CHF2 million ($2.26 million) to support Covid-hit enterprises.

The Swiss automobile industry registered its worst result in over 40 years, as the number of new cars hitting the road in 2020 fell by a quarter compared to the previous year.

The Swiss automobile industry registered its worst result in over 40 years, as the number of new cars hitting the road in 2020 fell by a quarter compared to the previous year.

Former Swiss National Bank Chairman Philipp Hildebrand has been nominated by Switzerland to lead the Organisation for Economic Cooperation and Development (OECD), whose Secretary General Angel Gurria is leaving in May 2021.

Swiss cantons are still trying to identify tourists from the UK and South Africa who are staying in their resorts or who fled to escape Covid quarantine. Canton Valais, home to many popular ski resorts such as Verbier and Zermatt, is struggling.
This content was published on December 30, 2020 – 14:03
December 30, 2020 – 14:03

Keystone-SDA/ts

At the weekend an estimated 200 British tourists crept out of Verbier during the night, with hotel owners only realising what was going on when they saw breakfast trays outside room doors. The tourists face fines of up to CHF10,000 ($11,280).
On December 20 Switzerland halted all flights from Britain and South Africa because a new variant of the coronavirus, thought to be more infectious, had

British Prime Minister Boris Johnson announces a deal on December 24 Paul Grover
Britain has finally negotiated a deal with the European Union. The European Court of Justice will not act as a court of arbitration. Some Swiss voices are now calling for Switzerland to get the same deal.

The UK and the EU managed to agree on a last-minute trade deal after all. It will come into force provisionally on January 1. This will prevent customs duties being imposed on exports and imports in the new year.Free trade without EU membership: that sounds like what British Prime Minister Boris Johnson was after, and something he’ll try to sell as a victory at home. The British have also managed to

Have the Swiss and European Union economies already been through the worst, or will the pandemic cause more damage in 2021? Keystone / Martin Ruetschi

Lockdown, home office, travel bans. The pandemic has shaken up the economy, but its disruptive power is having a selective effect. While the pharmaceutical industry is sailing through the crisis unscathed, the watch industry is being hit harder than any time since the last world war. What is the future of Switzerland as a location for business, work and research? 
This content was published on December 30, 2020 – 11:00
December 30, 2020 – 11:00

Relocation of the global villageTraditionally, the Swiss economic year would start with a bang in January, with the World Economic Forum (WEF) annual meeting in Davos. Last year, the WEF was

Digitalisation is increasing pressure on state authorities, with almost three-quarters of Swiss expecting more digital services from the authorities, according to a survey by consultants Deloitte.
Whether it’s paying parking fines or obtaining motorway toll stickers, Swiss want to be able to deal with such services online. A third of those surveyed could even imagine getting married via video conferencing.A large majority of the population would like to see harmonised digital solutions throughout Switzerland, for example for the electronic transmission of tax data, registration and deregistration at their

In an interview with Swiss public television, SRF, Health Minister Alain Berset has acknowledged that Switzerland made mistakes in managing the coronavirus outbreak.

Even good drivers might struggle to fit their cars into the allotted parking spaces in Switzerland. Yet Swiss cities don’t necessarily want to provide larger spaces.

Gérard Brudi, who rents two apartments to winter workers in the popular French ski resort of Val Thorens, has not had a single booking this year.

Switzerland has joined other European countries in suspending flights from the United Kingdom and South Africa after reports of a fast-spreading new coronavirus strain.

The chief executive of Credit Suisse has vowed the bank will start 2021 with a “clean slate” after a torrid year that began with a damaging corporate spying scandal and was punctuated by embarrassing fallout from legacy compliance and lending failures.

Swiss health regulator Swissmedic has approved the coronavirus vaccine from Pfizer/BioNTech. According to the Swiss authorities, the level of protection is over 90% a week after the second dose.

The latest United Nations Human Development Report has found that countries, including Switzerland, still struggle to achieve high levels of human development without straining the planet.

Switzerland is among the countries best equipped to withstand the effects of the global pandemic, although no nation has emerged unscathed, according to the World Economic Forum (WEF). 

An agreement that secures reciprocal, facilitated market access for service providers from Switzerland and Britain from January 1 has been signed by Economics Minister Guy Parmelin and Liz Truss, the British Secretary of State for International Trade.

Swiss hotels, restaurants and shops are counting up the cost of the World Economic Forum’s (WEF) flagship event moving to Singapore next year. This year’s 50th annual meeting realised a net gain of around CHF80 million ($90 million) for the Swiss economy.

The coronavirus pandemic has forced the World Economic Forum (WEF) to relocate its flagship event to Singapore next year. It will be only the second time in 50 years that it will be staged outside of the Swiss mountain resort of Davos.

Former Swissair bosses have been ordered to pay CHF2.75 million ($3 million) almost 20 years after the national airline carrier went bust. The bill has been presented to 14 former managers after many years of legal wrangling and court battles.

Overnight hotel stays fell by more than 40% during the summer as Switzerland locked down against coronavirus. The pandemic has also battered the finances of the airline industry, but most smaller companies have retained some optimism for the future.

Swiss banks and retirement funds are still investing enormous sums in fossil fuel companies and thereby contributing to global warming. This is the conclusion of a government climate compatibility test. The Swiss National Bank (SNB) didn’t even take part in the test – and is lagging far behind foreign institutions in climate protection.

Here is an overview of the most important Swiss-related coronavirus data and graphs, which are updated automatically.

The battle over the responsible business initiative is now over. The way the campaign was managed and how the issue was eventually decided says a lot about Switzerland.

High-profile Kremlin critic and investor Bill Browder has threatened Credit Suisse and UBS with legal action for breaching US sanctions if they unfreeze accounts belonging to three Russian clients accused of a huge tax fraud against his investment company.

The market for second-hand luxury watches is booming. But for the average consumer, it is not easy to tell a fake from the genuine article and determine the real value of a particular timepiece. Certificates based on blockchain technology could provide more transparency.

From tip-top transport in Basel to housing headaches in Geneva, foreign residents share what they love and loathe about the four Swiss cities featured in the Expat City Ranking 2020.
This content was published on November 26, 2020 – 09:00
November 26, 2020 – 09:00

Thomas Stephens

Born in London, Thomas was a journalist at The Independent before moving to Bern in 2005. He speaks all three official Swiss languages and enjoys travelling the country and practising them, above all in pubs, restaurants and gelaterias.
More about the author
| English Department

Of the 66 cities in the latest list, published by InterNations on Thursday, Basel rates highest (24th), ahead of Lausanne (28th), Zurich (37th) and Geneva (48th).The Expat City Ranking 2020The Expat City Ranking is based on the

At an international conference in Geneva to source funding for Afghanistan, Switzerland has renewed its annual CHF26 million ($28.48 million) pledge for another four years.

In summer 2019 the social partners agreed on a reform of the Swiss occupational pension scheme. The government on Wednesday adopted this compromise unchanged; the ball is now in parliament’s court.

Swiss speciality chemicals firm Clariant has announced further job cuts amid a series of divestments.

The Federal Court has dismissed the appeal of a former employee of two Swiss nuclear power plants who was diagnosed with bladder and prostate cancer. The man took legal action after the national accident insurance fund refused benefits for an occupational illness.

Big multinationals in Switzerland have been nearly unanimous in their rejection of an initiative to make companies more accountable for their actions abroad. What are they afraid of?

Tidjane Thiam, who resigned as CEO of Swiss bank Credit Suisse in February, has been tasked with using his connections to build up the Rwandan capital Kigali as an international business location, according to Swiss business newspaper Handelszeitung.

Faced with considerable public scepticism towards a Covid-19 vaccine, the Federal Office of Public Health is preparing an information campaign about vaccinations. However, the country’s top hospital hygienist thinks offering incentives is a better way to make people get a jab.

A proposal to make Swiss-based multinationals accountable for their business practices abroad is tabled for a nationwide vote on November 29. An initiative aimed at restricting investments in the arms industry is the second issue on the ballot sheet. 

Building a 500-km tunnel network to transport goods under Central Switzerland is the ambitious aim of the “Cargo Sous Terrain” project. The vision has moved closer to reality since the Swiss government brought forward enabling legislation last month.

Artificial intelligence (AI) is gaining ground in our societies, posing a threat to jobs and increasingly invading our private lives. A new centre for AI research at the federal technology institute ETH Zurich wants to put people at the centre of its work.

Home to big players in the raw materials, food and chemicals industries, Switzerland boasts one of the world’s highest concentrations of multinational headquarters.

Raiffeisen, Switzerland’s third-largest banking group, says it will leave the Swiss Bankers Association (SBA) at the end of March 2021. It intends to represent its interests independently.

The Swiss financial market invests too much in oil and coal production, according to a review of nearly 200 financial institutions.

Shareholders in Switzerland want a rethink on how managers are paid and demand that priorities regarding corporate governance, sustainability and corporate social responsibility (CSR) be redefined, a survey has found.

The Zurich public prosecutor has accused the ex-CEO of Swiss bank Raiffeisen Pierin Vincenz of fraud, embezzlement and bribery following a two-year criminal investigation.

The biotech company and the pharmaceutical giant want to develop and market a drug with a unique approach for the prevention and treatment of Covid-19.

The Swiss government has nominated Philipp Hildebrand, a former head of the country’s central bank, to lead the Organisation for Economic Co-operation and Development (OECD).

No less than 98% of people polled by a consumer protection alliance are in favour of a labelling system that evaluates the repairability of electronic and household appliances. Most of them were also prepared to pay more for a product that offered specific repair guarantees.

Canton Geneva has made the biggest jump in the annual Credit Suisse ranking of attractive business locations, moving up ten spots to sit just behind Zurich.

Swiss drug firm Roche says it is to launch a new Covid-19 antigen test before the end of the year, allowing faster, higher-volume testing. One of the most potent use cases could be at airports to ease the severe restrictions on air transport.

A recent story from the New York Times implied that the resignation of Ivory Coast-born Tidjane Thiam at the helm of Credit Suisse earlier this year had racist undertones, and he was the only Black CEO among the world’s biggest banks. How does the banking world – especially Credit Suisse – address the issue of diversity among its ranks?

Swiss authorities have returned about CHF36.6 million ($40 million) in funds frozen in Swiss bank accounts amid football corruption investigations into the South American football confederation CONMEBOL.

Swiss economic output will shrink by 3.8% this year, a less bad coronavirus-triggered slump than previously expected, the State Secretariat for Economic Affairs (SECO) said on Monday.

The Swiss aerospace and armament company, Ruag, says it will shed up to 150 jobs by the end of next year due to the coronavirus crisis.

Swiss hotels are predicting a worsening outlook, as newspapers warn thousands of jobs could be lost in the sector. According to the latest survey by sector association HotellerieSuisse  at the beginning of this month, more than a third of hotels (37%) say they will have to lay off staff in the coming months.

In a rare interview, PX Precinox CEO Philippe Chave defends his company’s record in Peru and says abandoning artisanal miners is not the way to achieve more sustainable and transparent mining practices.

The Swiss Financial Market Supervisory Authority (FINMA) has found that Banca Credinvest “seriously violated money-laundering regulations” in its handling of Venezuelan client relationships.

Faced with lower demand and with no recovery expected anytime soon, EasyJet Switzerland is withdrawing two of its 12 planes stationed in Basel. Seventy jobs will be lost. 

Unidentified cybercriminals have managed to siphon off employee salary transfers from at least three Swiss universities, including the University of Basel.

Despite the easing of Covid-19 measures, remote working is still widespread in Switzerland, with almost a third of service sector employees still working from home.

The Alpine nation has slipped one place to sixth in the “World Digital Competitiveness ranking” compiled by the Lausanne-based IMD business school.

The Swiss National Bank (SNB) spent CHF90 billion ($97.8 billion) in the first half of the year, more than it has spent in the past three years combined, to hold down artificially the value of the wealthy alpine state’s currency.

A mineral water from Greenland glaciers sold by Swiss retail chain Manor has been dubbed worst climate offender in this year’s “Devil’s Stone” award by the Swiss Alpine Initiative. 

Researchers in Zurich have developed a filter membrane made of whey proteins and activated carbon that can clean contaminated radioactive water. They hope to deploy their invention at the site of the Fukushima nuclear disaster in Japan.

Switzerland is the home of many major multinational companies, many of which date back to the late 19th century, the high tide of colonialism. But is there a link between the rise of great Swiss corporate names and European colonial expansion? The issue turns out to be a complex one.

German airline Lufthansa will introduce rapid tests before certain flights to detect Covid-19 in passengers. If the trial, set to start in October, is successful, it will be expanded to Lufthansa subsidiaries Swiss International Air Lines (SWISS) and Edelweiss.

Government economists say the impact of the pandemic in Switzerland is slightly less severe than previously feared. This is partly thanks to the mix of industries in Switzerland and the decision to rapidly lift coronavirus restrictions, according to the State Secretariat for Economic Affairs (SECO).

Over the past five years, various kinds of autonomous vehicles, including buses, have popped up on Swiss roads. But though testing continues, a driverless future might yet be some years away.

The Swiss financial market regulator FINMA has reprimanded Bank Syz for breaching money laundering rules involving a business relationship with an Angolan client.

Swiss pharmaceutical company Roche plans to launch a test that can detect the coronavirus in 15 minutes. Could tests like this become the norm?

Britain’s controversial Internal Market Bill has prompted Switzerland’s former chief negotiator with the EU, Michael Ambühl, to examine the thorny issue of sovereignty in EU talks.

Measures put in place by the federal government to help manage the coronavirus crisis can be officially extended thanks to a decision by parliament.

The World Economic Forum’s (WEF) flagship summit may not take place in Davos next year, businesses in the alpine town have been warned. The pandemic had already forced organisers to postpone the event from its usual January slot to a potential early summer date.

The former head of Switzerland’s anti-money laundering office says the country is failing to pull its weight in the fight against large scale corruption. Daniel Thelesklaf is convinced that billions of dollars are still being laundered through Swiss banks, largely unchecked.

The authors of a popular initiative to limit immigration to Switzerland from the 27-nation European Union say a “yes” vote will not affect Swiss businesses’ access to the EU market. A fact check shows the claim to be misleading.

Switzerland doesn’t need two weeks of paternity leave, says Radical-Liberal politician Yasmine Bourgeois. The mother of three says if the proposal is accepted on September 27, left-wing groups will keep asking for more and more.

Carcinogenic toxins have seeped into the groundwater at the Blausee in the Bernese Oberland, killing thousands of fish, say the owners of the lake’s fish farm. They point the finger at companies renovating the Lötschberg summit tunnel and the authorities.

Shares of Credit Suisse and UBS moved to the top of SMI stocks on Monday morning after a media report said the Swiss banks were planning a merger.

For a decade, wind energy in Switzerland has been stalled. Opponents have used every possible means to stop projects. At the end of September, one community will vote on the future of this kind of energy.

Foreign visitors from Covid-19 high risk countries should be able to travel to Switzerland with negative corona tests and not have to go into quarantine, say tourism officials. Under Swiss regulations, anyone entering Switzerland from one of the high risk coronavirus countries on a list regularly updated by the Federal Office of Public Health must go into quarantine for ten days to help curb the spread of Covid-19, or risk a fine.

Credit Suisse is taking on so-called challenger banks with a new digital service for customers, including a debit card with no foreign transaction fees. The bank is closing down branches across Switzerland and is converting others into a “digital bar” concept.

Government credits and employment support measures have helped stave off a wave of bankruptcies, but they could rise over the longer term, says a survey. 

Swiss lender Credit Suisse is set to launch an overhaul of its digital banking offering, as it uses the coronavirus crisis as a springboard to accelerate the push from bricks-and-mortar branches to online services.

The Swiss-based Valcambi refinery has rejected accusations about gold dealings with a controversial company in the United Arab Emirates.

People arriving in Switzerland from Belgium, Mexico and Luxembourg will no longer have to go into quarantine for ten days.

Campaigners are urging the Swiss government to renegotiate a six-year-old free trade agreement with China to try to improve human rights and labour conditions for its Uighur Muslim minority.

The Ceneri Base Tunnel has been officially opened, with the first freight train passing through the tunnel in the southern Swiss canton of Ticino shortly after 11:30am. Passengers will have to wait for the new national rail timetable in December.

The Swiss financial supervisor FINMA says it has opened enforcement proceedings against Credit Suisse into the 2019 spying affair that toppled the bank’s leadership and tarnished its reputation.

The Swiss government is easing the pressure on the automotive industry to reduce CO2 emissions, reports Sunday newspaper Le Matin Dimanche.

The boom in gold prices during the Covid-19 pandemic has kept Swiss refineries in business but has also boosted illegal mining, imperiling lives and the environment.

A consortium of investors has agreed a €800 million (CHF860 million) bailout of Chinese-owned airport services company Swissport. Revenues at the company have nosedived since the onset of the coronavirus pandemic.

Geneva Airport officials say the shockwaves of the Covid-19 pandemic will reverberate into next year, with the number of passengers flying to and from the airport expected to be down by almost a quarter compared with pre-coronavirus levels, according to Swiss public radio, RTS.

While Covid-19 has been wreaking havoc on the economy, many banks and trading platforms have recorded bumper results. Profits were boosted by elevated trading activity, but future prospects are mixed depending on the type of financial player.

Liechtenstein transport companies are claiming CHF35 million ($38.7 million) in damages against Switzerland’s state-owned PostBus over alleged unfair business practices.

Companies that netted their best-ever earnings during the coronavirus crisis should be subject to extra tax, finds one of Switzerland’s top economists.

The Swiss private banking sector saw a resurgence in fortunes last year but faces an uncertain future as the Covid-19 pandemic continues to play havoc with financial markets. Favourable market conditions in 2019 allowed the 84 banks surveyed by KPMG to grow client assets by 14%, according to a recently published report by the audit firm.

Next year the train connections from Switzerland to Germany and Italy will be faster. On Wednesday the Swiss Federal Railways unveiled the timetable for 2021. In addition to various inland tweaks, the new schedule brings swifter links from Zurich to Milan (3:17) and Munich (ca. 4hrs). From Zurich there will be ten direct trains to Milan; from Basel, five.

The investigation by federal prosecutors is at the information-gathering stage, looking for evidence of money laundering and whether the Swiss bank acted as an illegal financial intermediary, a spokesman for the prosecutors said on Monday. However, no formal charges have been brought.

The world’s first skydive off the solar-powered electric plane SolarStratos has been completed successfully in western Switzerland. SolarStratos took off from the aerodrome in Payerne at 7:40am on Tuesday with two people on board: test pilot Miguel Iturmendi and co-pilot Raphaël Domjan.

You might have experienced it first-hand, or even just heard the legendary tales: Switzerland is eye-wateringly pricey. But do the people earning a Swiss wage see these sky-high costs the same way? Get this question and many others answered in this episode of ‘Switzerland Explained’ by SWI swissinfo.ch.

Basel City has become the first German-speaking canton to require customers to wear face masks in shops to combat the spread of the coronavirus.

Our regular analysis of what the biggest global companies in Switzerland are up to. This week: dubious gold origins, luxury watch straps, and vaccine deals. Gold refineries are under scrutiny for sourcing gold from Dubai traders with questionable ties to illegal mines in Africa. But is it fair to lump all refineries into one basket of bad apples?