Category Archive: 3.) Investec

Poverty in Switzerland has more to do with age than any other factor

A recent report classifies 570,000 people in Switzerland as poor. This number represents 7% of the population, and relates to 2015. In 2014, the same percentage was 6.6%. The report, which looks only at income, defines as poor a single person with income less than CHF 2,239 per month or a family of four with income below CHF 3,984 per month.

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Swiss authorities concerned about health impact of certain chemicals

A pilot bio-monitoring project in Switzerland will measure traces of pollutants and micronutrient and endocrine disruptors in organic samples. According to 20 Minutes, the impact of certain chemical products worries the authorities. The pilot project was launched last week by the executive branch of Switzerland’s government, known as the Federal Council.

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Strong Swiss franc could be over reckons currency strategist at UBS

Tribune de Genève. After more than two years of a highly overvalued franc, relative to the euro, the currency should ease in the near term reckons Thomas Flury, senior currency strategist at UBS. He expects a euro to be worth 1.14 francs in 6 months and 1.16 within a year.

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6 Swiss regions in Europe’s 10 most prosperous

Six Swiss regions make the top ten most prosperous regions of Europe measured in terms of GDP per person, according to an analysis by the University of Lausanne. The six Swiss regions are Zurich (3rd), Ticino (4th), Basel (5th), the region around Zug (6th), Bern-Solothurn (7th) and Suisse romande, Switzerland French-speaking region (8th).

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New 20 Swiss franc note officially launched

The Swiss National Bank is the process of issuing new bank notes. A new 50 franc note hit the streets last year. Now it is the new 20 franc note’s turn. Officially launched today, it will enter circulation on 17 May 2017.

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Easyjet expands in Geneva adding a new aircraft

On Friday, Easyjet added a 14th aircraft to its Geneva-based fleet. The new Airbus A320 will allow it to add new destinations. The new aircraft will create 36 new jobs on top of the current 500 at the airline’s Geneva base, Thomas Haagensen, Easyjet’s director of northern Europe, told Le Matin Dimanche.

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Unemployment benefit scam rocks Vaud

Last week, the regional newspaper 24 Heures, uncovered a fraudulent scheme allegedly involving two workers from the union Unia, which may have cost Vaud’s social security system as much as CHF 3 million. The alleged fraud is centred on the construction industry, where bosses of small businesses along with two staff from the union Unia managed to deceive the canton’s unemployment fund.

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Thousands of cross-border workers risk big bills for health insurance

Thousands of cross-border workers working in the canton of Geneva, who have not yet formally sorted out their health insurance situation, risk getting a big bill. This week the canton made a final call to those living in France and working in Geneva to make a formal choice between the French and Swiss health systems, something which must be done before the final deadline on 30 September 2017.

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New Swiss company tax reform plan well received in Brussels

The Swiss government’s company tax reform plans have been reborn after the last plan met with defeat in a popular vote on 12 February 2017. The new plan, dubbed “Tax proposal 17”, aims to avoid issues that bedeviled the last project.

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Euro gains against Swiss franc on French election result

The official French presidential election results place Emmanuel Macron (23.8%) and Marine Le Pen (21.5%) in first and second places in the first round of the French presidential race. The run off between these two will take place on 7 May 2017, when most forecasters expect Macron to win and become France’s next president.

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Big bonuses contrast big losses at Credit Suisse, despite bonus haircuts

The management of Credit Suisse Credit Suisse reduced their bonuses by 40% after severe criticism from shareholders. The reduction amounts to around CHF 20 million. Some are still outraged. The group made a loss of CHF 2.7 billion in 2016 and one of CHF 2.9 billion in 2015.

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Swiss employers continue to discriminate against over 50s

Travail Suisse, an association representing Swiss employees, highlights once more the age discrimination faced by those over 50 in the Swiss job market. In March 2017, 26.8% of unemployed in the this age group had been without work for more than a year, compared to 2.3% of those between 15 and 24 and 14.1% of those aged 25 to 49.

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Close to a fifth of Swiss workers think corruption widespread, says survey

A survey conducted by the advisory firm EY shows a rise in perceived corruption in the workplace in Switzerland. 18% of workers surveyed by the firm in Switzerland now think bribery and corruption are widespread in the country. While high this figure is well below the 33% average for Western Europe and the 51% average across all of the 41 countries in Europe, Africa, the Middle East and India that the survey covered.

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Swiss federal tribunal refuses to help French tax authorities

The French tax authorities will not get Swiss help to investigate tax payers identified in data taken by Hervé Falciani from HSBC private bank in Geneva. HSBC, owner of the private bank in Geneva, which became part of HSBC in 1999 when it was acquired from Republic National Bank, a group run by Lebanese-born financier Edmond Safra, described the data taken from the bank in 2008, as stolen, reported the BBC.

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Swiss chef wins world’s best restaurant award

A Swiss chef from Aargau came first in this year’s ranking of the world’s 50 best restaurants. Daniel Humm, co-owner of the restaurant Eleven Madison Park, comes from Strengelbach in Switzerland, and earned his first Michelin star at 24. In 2003, he moved to the United States to become a chef at Campton Place in San Francisco. Three years later, he moved to New York to Eleven Madison Park.

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Paris says no to sand from Swiss company that bid for Trump wall

The French-Swiss group, described as “disreputable” by the Ville de Paris, will not be supplying sand to the city of Paris this summer. Paris Plages (Beaches), a project that creates temporary beaches of sand along the banks of the river Seine every summer, said it would take no more sand from LafargeHolcim because of its willingness get involved in Donald Trumps’s disastrous Mexican wall project.

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The real reason Swiss drugs are so expensive

In Switzerland, a 16-pack of 500mg Dafalgan Odis (Paracetamol) costs CHF 8.60. A comparable French product, Doliprane, costs 1.12 euros for a box of 12 tablets the same size. 12 tablets of 500 mg of Algifor (Ibuprofen) costs CHF 9.90 compared to 2.50 euros for a similar box of Advil in France.

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Swiss Post to start delivering with drones this summer

Swiss post has said it will deliver the first packages by air this summer. The first deliveries will be made between two medical laboratories on the southern side of the Alps. Test flights were conducted in the canton of Bern last year. Now Swiss Post is ready to make commercial deliveries starting in Lugano.

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The Swiss Franc Hits its Lowest Since December

According to some experts, the weaker franc can be partly explained by the market activities of the Swiss National Bank (SNB). The cantonal bank of Thurgau said that the SNB appeared to be targeting a weaker franc ahead of the Dutch elections on Wednesday. Adding that they think an exchange rate of around 1.085 against the euro is possible.

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Vaud Discusses Extending Winter School Holiday to 2 Weeks

In Switzerland, this ski season has been disappointing, particularly if you have school aged children. During the Vaud school holiday this season, the fourth week of February, there was limited snow. Even at high resorts like Verbier, snow conditions were fairly average across the week. The week before there was good snow. But then everyone was still at school. A two-week school holiday in February would increase the chances of striking good snow.

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