Category Archive: 3) Swiss Markets and News

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UBS, Desperate To Retain Talent, Now Offering $40,000 Bonuses To Newly Promoted Associates

2021-05-11

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2021-05-11

Not in Labor Force, 1994 - 2020
It looks like the hiring (and retention) shortage isn't just for rank-and-file minimum wage jobs.UBS has now said that, amidst historic competition and a "retention crisis" in the investment banking world (which we noted weeks ago), it is going to pay a one time $40,000 bonus to its global banking analysts when they are promoted.

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Electric Car maker feels the power of Switzerland

2021-05-11

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2021-05-11

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”.

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Credit Suisse Hires Former Prime Brokerage Head To Restore Business After Archegos Blowup

2021-05-09

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2021-05-09

Hires Former Prime Brokerage
After firing a raft of senior employees including its head of risk, Lara Warner, Credit Suisse has been struggling to move past a series of major risk-management failures that together could cost the bank $10 billion, or more, though the final tally of losses from the Archegos blowup isn't yet known as the bank weighs whether it should cover some client losses associated with the "low risk" trade-finance funds that collapsed earlier this year.

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Why foreign banks’ forays on Wall Street have gone wrong—again

2021-05-08

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2021-05-08

May 8th 2021THE IMPLOSION of Archegos Capital, a New York-based investment firm, in April splashed egg on many faces. Banks that had lent it vast sums to bet on volatile stocks have revealed over $10bn in related losses in recent weeks. America’s leading investment banks, barring Morgan Stanley, were largely absent from the big casualties, though. Instead the grim league table featured foreign champions. Most notable, because of its huge loss of...

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Latest poll shows majority support for Swiss anti-pesticide votes

2021-05-07

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2021-05-07

With five weeks to go before Swiss vote on two initiatives aimed at drastically cutting the use of pesticides, more than 50% appear to be in favour of both initiatives, according to RTS. © Dusan Kostic | Dreamstime.comOne of these initiatives, the clean drinking water initiative, aims to tie access to Switzerland’s generous farm subsidies to forgoing pesticide (and antibiotic) use. The second aims to ban the use of synthetic pesticide use...

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Covid: new cases trend down with vaccine progress

2021-05-07

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2021-05-07

This week, saw 10,639 new Covid-19 cases in Switzerland, down 21% from a week before (13,465) continuing the slow down in growth of new numbers experienced last week (-5%). The 7-day average is currently 1,519.

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Swiss consumer sentiment nearly back to pre-crisis level

2021-05-07

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2021-05-07

The primary reason for the rise in consumer sentiment is a significant improvement in expectations regarding general economic development. This sub-index climbed from -18 points in January to +3 in April, the highest value recorded since autumn 2018, indicating that consumers are expecting the economic recovery to continue over the coming twelve months.

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Swiss to develop Covid-19 certificate by end of June

2021-05-07

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2021-05-07

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.

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Almost half of Swiss workers choose early retirement

2021-05-04

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2021-05-04

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.

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Gold Is Laughing At Powell

2021-05-03

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2021-05-03

Authored by Matthew Piepenburg via GoldSwitzerland.com,Recently, my colleague, Egon von Greyerz, and I had some unabashed yet blunt fun calling out the staggering levels of open hypocrisy and policy desperation unleashed by former Fed Chairman, Alan Greenspan.Poor Alan was an easy target of what I described as the “patient zero” of the reckless interest rate suppression and unbridled monetary expansion policies of the Fed which have always led to...

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What Switzerland and North Korea have in common

2021-05-03

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--- In both North Korea and Switzerland, the omnipresence of high mountains most probably affects the national psyche. An exhibition at the Alpine Museum in Bern investigates the similarities and differences between the two mountain nations, focusing not on politics but on people. swissinfo.ch is the international branch of the Swiss Broadcasting Corporation (SBC). Its role is to report on Switzerland and to provide a Swiss perspective on...

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The $3 Trillion Hidden Exposure Behind The Archegos Blowup

2021-05-02

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2021-05-02

Authored by Nick Dunbar of Risky FinanceWhen the family office Archegos Capital abruptly imploded in late March, prompting $50 billion in block trades and $10 billion in losses at Credit Suisse, Nomura, UBS and Morgan Stanley, many bank analysts were taken by surprise. Last week, many of these analysts sounded frustrated listening to Credit Suisse’s earnings call in which senior management skirted round without giving any real detail about the...

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Covid: 13,465 new cases in Switzerland this week

2021-05-02

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2021-05-02

This week, saw 13,465 new Covid-19 cases in Switzerland, down 5% from a week before (14,110) continuing the 5% slow down in growth of new numbers experienced last week. © Andrii Kozlytskyi | Dreamstime.comThe 7-day average is currently 1,924, dipping below the level of 2,000 for the first time since 11 April 2021. By 30 April 2021, 10.8% of Switzerland’s population was fully vaccinated, up from 9.6% a week earlier. This week, the...

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Real Swiss salaries up most in 5 years

2021-05-02

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2021-05-02

On 30 April 2021, Switzerland’s Federal Statistical Office released salary data for 2020 which showed a 1.5% rise in real salaries compared to 2019. © Suwat Supachavinswad | Dreamstime.comIn 2020, a 0.8% rise in nominal salaries was boosted by inflation of -0.7% bringing the total increase in the real average Swiss salary to 1.5%. The last time salaries rose this much was in 2015 when the real increase was 1.5%. In both 2015 and 2020...

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Federer to auction clothes, rackets and other gear for charity

2021-05-01

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2021-05-01

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.

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“Read My Lips…” – FedSpeak Exposed

2021-04-30

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2021-04-30

Authored by Egon von Greyerz via GoldSwitzerland.com,“Read my lips: No New Taxes” Bush Sr said in his acceptance speech for his nomination in 1988 when he promised no tax rises. As most politicians, he didn’t keep his word. In the 1992 campaign Clinton made a devastating attack on Bush’s pledge and the rest is history.

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Credit Suisse plots comeback after ‘costly mistakes’ took it to the brink

2021-04-29

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2021-04-29

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.

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Telecoms company Sunrise to axe 660 jobs

2021-04-28

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2021-04-28

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.

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Switzerland fears impact of minimum corporate tax rate

2021-04-27

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2021-04-27

Switzerland may have to find alternative ways to welcome foreign companies to Switzerland. Keystone / Peter Klaunzer This content was published on April 27, 2021 - 09:00 April 27, 2021 - 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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Main Swiss farmers’ group alarmed by proposed pesticide ban

2021-04-27

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2021-04-27

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.

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