Category Archive: 3) Swiss Markets and News

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SWISS plans more flight cancellations into autumn

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

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Higher federal tax deductions for health insurance announced

The cost of Swiss health insurance has risen sharply over the years. However, the amount that can be deducted from income to calculate federal taxes has remained comparatively low. This week, Switzerland’s parliament voted in favour of closing the gap between the standardised health insurance tax deductions and what people actually pay, reported RTS.

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Switzerland details revenue split for global corporate tax rate

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.

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Alpine rail tunnel and suburban train services to get boost

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.

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Switzerland to ease exchange of Ukrainian currency in line with EU

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.

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The Swiss army: your questions answered Part 1

In Switzerland, all able-bodied men complete compulsory military service, while others opt for a civilian service. But how useful is a conscript army in light of what Russia did to Ukraine? This is one of many questions SWI readers sent to us. Daniel Reist, head of media relations for the Swiss armed forces, takes a shot at answering them. Our first question is can a small army be effective? More questions and answers are to follow in the coming...

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Long shadow of Russian money raises tricky questions for Swiss bankers

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.

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Swiss lower economic growth forecasts due to war and inflation

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.

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Ukraine war forces Swiss business to make choices on neutrality

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.

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Foreign suitors for Credit Suisse face high hurdles

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

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US tax authority asks Switzerland for client data from 26 institutions

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.

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Trafigura posts record half-year profit as commodities volatility intensifies

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.

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Switzerland adopts latest round of EU sanctions against Russia

On 10 June 2022, Switzerland’s government adopted the latest set of EU sanctions against Russia and Belarus, including an embargo on crude oil and certain refined petroleum imports from Russia.

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Tax on airline tickets wins sky-high public support

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

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Hotel booking platforms to face legal restrictions

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

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Credit Suisse pushed for spyware sales at NSO despite US blacklisting

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.

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Switzerland wants to play key role in rebuilding Ukraine

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.

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Sustainable investments boom in Switzerland

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). 

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Meet Yello, the techno aliens from Zurich outer space

Hailed as pioneers of techno music and still filling halls in the wake of a career spanning four decades, the Zurich duo has just won the Swiss Grand Award for Music. Speaking to SWI swissinfo.ch, they explain the secret to success: not to care about success at all. Boris Blank is the musical brains, but he confesses that he can’t read a score. Dieter Meier is the singer who learned how to sing on the job. Together they are Yello, probably the...

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Swiss government changes solar electricity rules

On 2 June 2022, Switzerland’s parliament adopted two motions to accelerate the adoption of solar panels.

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