Category Archive: 3.) Swissinfo Business and Economy

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The James Webb Space Telescope prepares to launch

2021-12-21

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The James Webb Space Telescope, the biggest, most powerful space telescope in history, is set to launch into space this Christmas. It has been developed by NASA together with the European Space Agency (ESA) and the Canadian Space Agency (CSA). Swiss scientists have been closely involved in the project and some Swiss technology is on board. The orbiting infrared observatory is the successor to the Hubble Space Telescope. With a much bigger primary...

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UBS bank appeals French tax evasion fine a second time

2021-12-21

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2021-12-21

Switzerland’s largest bank, UBS, says it will once again appeal a fine handed out by a French court for tax evasion offences.

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Credit Suisse hires former AMP chief to lead wealth management

2021-12-19

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2021-12-19

Credit Suisse has hired the former chief executive of Australian finance group AMP to run its revamped wealth management division, as the Swiss lender tries to win market share from its domestic rival UBS.

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Falcon bank fined for money laundering, ex-CEO acquitted

2021-12-18

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2021-12-18

A Swiss court has found the Zurich-based Falcon Private Bank guilty of money-laundering offences. The Federal Criminal CourtExternal link on Wednesday ordered the Abu Dhabi-owned bankExternal link to pay a fine of CHF3.5 million ($3.8 million) for failing to set up the necessary controls. It was the first time that a Swiss bank was taken to court over accusations of money laundering.

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Pension reform passes in parliament but set to be challenged to vote

2021-12-18

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2021-12-18

Parliament has approved a major reform of the Swiss pension system, including a controversial rise in the retirement age for women. The overhaul also foresees financial compensation – staggered over nine years for women directly affected by the change – as well as an increase in value-added tax.

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Swiss National Bank maintains loose monetary policy

2021-12-17

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2021-12-17

The Swiss National Bank has decided to stick to its expansionary monetary policy, a day after the US Federal Reserve announced it was tightening monetary policies amid rising inflation.

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Expo 2020 Dubai: Swiss pavilion focuses on sustainability and innovation

2021-12-16

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2021-12-16

The Swiss pavilion at the ongoing Universal Exposition in Dubai leads the visitor through Alpine landscapes in a show of light and shadows to showcase Swiss sustainability, urbanisation and innovation. It is a concept that seems to appeal to the public, despite the pandemic and the many contradictions that characterise the Gulf region.

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Switzerland outlines 15 Alpine hydro projects for the future

2021-12-15

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2021-12-15

Authorities, environmental groups, and energy providers have named 15 major hydropower projects that could help Switzerland achieve energy security and a green transition over the coming decades. The projects were chosen for their energy efficiency potential as well as their minimal impact on biodiversity and the landscape, the groups wrote in a joint declaration on Monday. It was the third time that the “round-table” had met since August 2020.

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‘The definition of a tax haven is changing’

2021-12-14

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2021-12-14

A major global corporate tax deal agreed by more than 130 countries in October aims to curb tax abuse by multinational companies, but many important details remain on how this will be implemented.

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Balancing sports and studies in Switzerland: Alina Meier explains

2021-12-14

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Swiss Alina Meier is a 25-year-old cross-country skier, born and raised in canton Graubünden. The three-time Swiss champion decided to start studying in 2020, thanks to the move many universities made towards virtual learning. Even so, the dual career of a top-level athlete and student is particularly challenging for her because her sport has a seasonal focus. The coming semesters will be particularly intense for her, because in addition to her...

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UBS fails to overturn French tax evasion guilty verdict

2021-12-13

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2021-12-13

An appeal court in Paris has confirmed that Swiss bank UBS is guilty of having assisted French tax evaders - but reduced the penalty from €4.5 billion (CHF4.7 billion) to €1.8 billion.

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Arm wrestling over the control of money

2021-12-12

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2021-12-12

The Swiss National Bank (SNB) is doing its best to keep up with the fast-evolving world of cryptocurrencies and decentralised finance.

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Why Switzerland props up its ailing sugar industry

2021-12-11

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2021-12-11

Every year from October to December more than 1.5 million tonnes of sugar beets grown in Switzerland are harvested to supply the country’s sugar industry – an industry being kept alive by massive government subsidies. SWI swissinfo.ch reports from Aarberg, home to the country’s largest sugar factory.  

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Swiss tourists stayed close to home in 2020

2021-12-10

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2021-12-10

New data on Swiss travel habits during the first year of the Covid-19 pandemic show fewer overnight stays, less air travel and a collapse in trips beyond the borders of Europe.

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Supply chain bottlenecks and Omicron hamper Swiss economic recovery

2021-12-09

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2021-12-09

Swiss economic experts expect a significant economic slowdown as supply chain bottlenecks, inflation and pandemic restrictions persist in many parts of the world.

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Underwater archaeology reveals buried secrets of a Swiss lake

2021-12-07

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The prehistoric past of the city of Lucerne is still largely unknown. However, the lake that surrounds it could yet harbour some clues. Archaeologists have long suspected that pile dwelling settlements existed around the lake by the city, but it was only during construction work in March 2020 that remains of a settlement were dug up from the bottom for the first time. This autumn, in view of the possible construction of an underground railway...

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Swiss trade union demands shorter work week

2021-12-07

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2021-12-07

Switzerland’s largest trade union issued a statement on Saturday demanding a “massive reduction” of working hours with full wage compensation for lower and income earners.

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Ransomware attacks on the rise in Switzerland

2021-12-06

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2021-12-06

Cyber-attacks are on the rise in Switzerland with 94 ransomware incidents reported in the first half of the year, according to the Sunday weekly Le Matin Dimanche.

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The highs and lows of living and working in Switzerland

2021-12-05

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2021-12-05

Last year foreign workers in Switzerland loved the quality of life but moaned about how hard it is to settle in. Have they since cracked how to befriend the allegedly surly Swiss? The Expat City Ranking 2021 lists both praise and peeves of newcomers.

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Swiss commodity traders control 2.7 million hectares of land worldwide

2021-12-04

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2021-12-04

Research by investigative non-profit Public Eye has revealed that trading companies with a Swiss presence – or their subsidiaries – own over 550 plantations covering over 2.7 million hectares.

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