Category Archive: 3.) Swissinfo Business and Economy

Inflation ‘back with a vengeance’ in Switzerland

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.

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Large Hadron Collider primed to hit record energy levels

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.

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Swiss minister pushes for renewable energy to replace gas imports

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

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Rebuilding Ukraine. How much can the Lugano summit achieve?

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.

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Swiss gold imports come under scrutiny as G7 targets Russia

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.

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War and peace: dual-use technologies divide

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.

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Cartel fined for fixing price of Volkswagens

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.

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Foreign currencies going off Swiss central bank menu

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.

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‘Hidden’ costs of transport total CHF14 billion

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.

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Novartis to cut 1,400 jobs in Switzerland

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.

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The Swiss army: your questions answered Part 2

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?

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Traders with Swiss links continue to buy and sell Russian oil

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.

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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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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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Ukrainian students adjust to life in Switzerland

The Lucerne School of Art and Design has taken in 29 Ukrainian students as exchange students rather than refugees. This means their time in Switzerland counts towards their degree. The 29 students come from the Lviv National Academy of Arts, a partner university. They came by bus via Warsaw, Poland, and then through Germany and on to Lucerne shortly after the war started in Ukraine. Monika Gold, head of the Bachelor’s Programme in Graphic Design,...

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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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