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Category Archive: 3) Swiss Markets and News

Main Author Investec
Investec
Investec is a distinctive Specialist Bank and Asset Manager. We provide a diverse range of financial products and services to a niche client base in three principal markets, the United Kingdom, South Africa and Australia, as well as certain other geographies. Investec’s strategic goals are motivated by the desire to develop an efficient and integrated business on an international scale through the active pursuit of clearly established core competencies in the group’s principal business areas.
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Switzerland to ease exchange of Ukrainian currency in line with EU

2022-06-23

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2022-06-23

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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Long shadow of Russian money raises tricky questions for Swiss bankers

2022-06-21

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2022-06-21

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

2022-06-16

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2022-06-16

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

2022-06-16

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2022-06-16

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

2022-06-15

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2022-06-15

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

2022-06-15

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2022-06-15

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

2022-06-14

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2022-06-14

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

2022-06-13

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2022-06-13

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

2022-06-13

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2022-06-13

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

2022-06-12

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2022-06-12

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

2022-06-11

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2022-06-11

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

2022-06-10

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2022-06-10

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

2022-06-09

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2022-06-09

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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Swiss government changes solar electricity rules

2022-06-07

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2022-06-07

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

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Swiss salaries shrink for men and rise for women in 2021

2022-06-06

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2022-06-06

Overall, in 2021, Swiss salaries shrunk by 0.2% in nominal terms and by 0.8% in real terms, given an annual rate of inflation of 0.6% across the year, reported the Federal Statistical Office (FSO) this week.

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Oerlikon to sell Russia business to local owners

2022-06-05

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2022-06-05

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.

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The world is at a turning point, but it was business-as-usual in Davos

2022-06-04

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2022-06-04

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.

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Swiss set aside CHF100 million in Ukraine development funding

2022-06-03

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2022-06-03

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.

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Swiss block re-export of armoured vehicles to Ukraine

2022-06-02

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2022-06-02

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.

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China stalling on trade talks with Switzerland, say papers

2022-05-31

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2022-05-31

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.

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