Tag Archive: Business

Complicity in crimes against humanity: court upholds charge against Lafarge

A Paris appeals court has confirmed that the cement firm Lafarge must face charges of complicity in crimes against humanity over alleged payoffs to Islamic State group and other jihadist groups during Syria's civil war. Lafarge is now part of the Swiss Holcim cement group, which says it will appeal the decision.

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Swiss central bank rejects ‘creative’ demands to change course

The Swiss National Bank (SNB) continues to beat off demands to fight inflation by raising interest rates and to distribute more reserves to cantons and other causes.

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Covid loan claims fuel rise in suspected fraud cases

The number of reported suspicious financial transactions continued to rise in Switzerland in 2021, but at a lower rate than in the first year of the pandemic.

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The riddle of Russian money in Switzerland

There’s a well-worn Swiss bankers joke about the venality of a particular country. The actual country changes with the times but since this is April 2022, it starts like this: “Where is the capital of Russia?”

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Geldcast update: calls for a more transparent Swiss National Bank

The Swiss National Bank (SNB) is very opaque by international standards. That has to change, says Yvan Lengwiler, professor of economics at the University of Basel. He explains his proposals in the latest Geldcast update.

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Swiss trade unions sound alarm about rising cost of living

Trade unions say middle- and lower-income workers in Switzerland are facing a “shock” in 2022, with wages unable to offset rising inflation and health insurance costs.

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Easter march through Bern addresses war in Ukraine

The traditional Easter march has taken place in the Swiss capital, Bern. This year the “Walk for Peace” focused on issues including the climate and Russia's invasion of Ukraine.

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Impact of Swiss finance sector on country’s GDP waning

The contribution of Switzerland’s finance industry to the country’s gross domestic product (GDP) has decreased over the past ten years.

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Swiss to decide individually on Russian commodity deals

Switzerland will decide case by case whether to curtail traders' purchases from Russia's state-controlled companies under European Union sanctions. The State Secretariat for Economic Affairs (SECO) which is in charge sanctions confirmed the Swiss policy to follow in principle the EU measures, which aim to limit commodity deals to those deemed "strictly necessary" from mid-May.

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Swiss bail-out plan aims to prevent electricity crunch

The government has decided to prepare a bail-out plan for Switzerland’s main electricity companies to prevent an energy shortage.

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Swiss property market faces bleak future despite record values

The Covid-19 pandemic has failed to rattle the Swiss property market. Prices for apartment buildings have hit a record high. But now the war in Ukraine and rising interest rates threaten to turn the tide.

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New Swiss bank pitches itself as digital, but not robotic

Switzerland’s shrinking banking universe has been bolstered by a new wealth management entrant, Alpian, which is aiming for the sweet spot between digital and human-centric services. Alpian has just secured a Swiss banking license along with a CHF19 million ($20.5 million) capital boost from the Italian banking group Intesa Sanpaolo.

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Ukraine war no threat to Swiss banks, says financial watchdog

Switzerland’s financial market supervisor FINMA says the Russian invasion of Ukraine isn’t a wide-scale threat to Swiss financial firms’ business ties to Russia.

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Bankruptcies rise as coronavirus bail-outs phase out

The number of companies and individuals declaring bankruptcy rose 9.1% last year, which coincided with a gradual withdrawal of state-backed financial support during the Covid-19 pandemic.

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Ukraine refugees struggle to exchange cash into Swiss francs

Thousands of Ukrainian refugees are finding that Swiss banks are refusing to convert the cash they brought with them into francs.

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Switzerland backs European plans for joint gas storage

Switzerland has signed a declaration along with six other European states in favour of pooling gas storage facilities. Switzerland, Germany, Austria, Belgium, France, Luxembourg and the Netherlands signed the declarationExternal link on Wednesday, pledging to work towards coordinating storage efforts on a regional level.

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Most Swiss would support tougher sanctions against Russia

A new poll shows that a majority of the Swiss population would be in favour of tougher sanctions against Russia for invading Ukraine, even if it results in higher energy costs in Switzerland.

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Swiss web TV channel to broadcast in Ukrainian

Diaspora TV Switzerland launched a new service in Ukrainian on Sunday to help meet the information needs of refugees arriving from the war-torn country.

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Ukraine urges Switzerland to clamp down on Russian money

An advisor to Ukrainian President Volodymyr Zelensky says the Swiss should be more proactive in looking for Russian funds. But according to a legal expert, current regulations do not allow authorities or banks to do more active searches beyond what’s in their current registers.

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Switzerland sounds out Qatar over gas supplies

Switzerland plans to open negotiations with Qatar over the potential delivery of liquefied natural gas (LNG) supplies. The Alpine state is scouting for new energy suppliers, following the Russian invasion of Ukraine.

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