Tag Archive: Business

Why some wealth managers hate wealth

“How can we [ . . .] fight increased inequality?” railed Ralph Hamers in a recent interview. To be clear, Hamers is not the boss of Unicef, or Oxfam or the Social Mobility Foundation. He is chief executive of Swiss bank UBS, one of the biggest beneficiaries of the widening wealth gap.

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Credit Suisse reaches deal with former employee in spying case

The Swiss bank and its former top manager Iqbal Khan have agreed to end all pending criminal proceedings in a 2019 spying affair that toppled the company’s top brass. Speaking to the Reuters news agency, a spokesperson for Credit Suisse confirmed a report in the newspaper NZZ am Sonntag that, following an agreement between “all parties”, the matter was now closed.

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Tourism sector will take decades to recover from pandemic

The president of the national marketing body Switzerland Tourism says the year 2021 is on course to be even worse than 2020, with 5% fewer hotel stays expected. "This is not good news, because 2020 was the worst year in history" for the sector, Martin Nydegger told the newspaper SonntagsZeitung.

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Quantitative Easing: A Boon or Curse?

Central banks’ massive Quantitative Easing (QE) programs have come under scrutiny many times since the central banks fired up the printing press and began quantitative easing programs en masse after the 2008-09 Great Financial Crisis. However, the increase in central bank assets due to quantitative easing programs during the crisis pale in comparison to the QE programs during the Covid pandemic. As economies recovered after the...

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Google challenges Swiss data cloud contract decision

Google has appealed a recent Swiss decision to award a cloud-computing contract to five other digital firms. The tender process has also come under criticism by defenders of data sovereignty.

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Has a new price premium on cocoa really helped struggling African farmers?

Farmers in Ivory Coast - the world’s largest cocoa-producing nation - are getting less for their cocoa despite the introduction of a payment that aims to secure them a living wage.  

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Swiss ‘Crypto Nation’ supports African blockchain ambitions

Sub-Saharan Africa is a key region for Swiss foreign policyExternal link and digitisation will play a major role in that strategy. To this end, “Crypto Nation” Switzerland is throwing its weight behind a public-private partnership to find blockchain solutions to some of the challenges facing the continent.

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Swiss Start-Ups Show Resilience Despite Covid-19 Pandemic

The number of Swiss start-ups launched has risen significantly in the first six months of 2021 while the number of companies filing for bankruptcy has decreased, studies have shown. In the first half of 2021 over 26,000 new companies were added to Switzerland’s commercial register, an increase of over 20% compared to the year before, a new report by Dun & Bradstreet has found.

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Swiss to keep Sipping from Single-Use Plastics as EU Ban takes Effect

Single-use plastic items like straws and cups are no longer allowed in the 27 European Union countries. This isn’t the case in non-member Switzerland, where retailers and restaurants are taking their own approach. The EU ban on certain plastic products took effect on July 3 and covers a range of everyday items from food packaging to wet wipes.

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Banks Urged to think Green or Face Extinction

Climate change is forcing financiers to change the way they think and act. This could have a big impact on their balance sheets - and potentially their very survival. “Bankers are no longer purely financial specialists, but also connoisseurs of the environmental and social footprint of investments,” said Yves Mirabaud in his last speech as president of the Association of Swiss Private Banks in June.

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Swiss Government Sets Sights on F-35A Fighter Jet Fleet

The Swiss government wants to upgrade the country’s air defence system by buying 36 F-35A fighter aircraft from United States manufacturer Lockheed Martin and five Patriot surface-to-air missile units from another US firm Raytheon.

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German Stock Exchange Snaps up Swiss Cryptocurrency Firm

The operators of Germany's main stock exchange have paid more than CHF100 million ($108 million) for a majority stake in Swiss cryptocurrency service provider Crypto Finance. The move reflects a growing trend of traditional financial institutions gearing themselves up for an anticipated growth in the trade of digital financial assets.

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Steady increase of cross-border workers continued in 2020

The number of cross-border workers plying their trade in Switzerland has more than doubled since the mid-1990s. The rising trend continues, increasing by over 4% between 2019 and 2020. At the end of 2020, some 343,000 cross-border workers were employed in Switzerland, up from 329,000 in December 2019, the Federal Statistical Office (FSO) said on Thursday.

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Swiss turning to new payment methods, but cash is still king

The use of debit cards continues to increase but cash remains the most popular payment method in Switzerland. A survey by the Swiss National Bank (SNB) found that 97% of respondents keep cash in their wallets or at home to cover day-to-day expenses, while 92% own a debit card and 78% hold a credit card, according to a press release External linkon Wednesday.

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Credit Suisse carnage brings financial risk for banks into focus

Credit Suisse’s disastrous Greensill and Archegos investments have highlighted the destructive side of banking. Regulators and politicians are asking what the Swiss bank did wrong and what can be done to protect investors from future risk-assessment failures.

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Swiss Banks Boost Capital Bases Despite Coronavirus Crisis 

Swiss banks have been able to strengthen their capital bases despite deteriorating economic conditions during the coronavirus pandemic, according to the Swiss National Bank (SNB). This applies to the two big banks, UBS and Credit Suisse, and also domestic banks.

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Bitcoin Upgraded from Vacuous Child to Rebellious Adult

As a naughty young child bitcoin was viewed as too vacuous and devoid of prospects to warrant serious attention. At the grand old age of 22, the cryptocurrency is poised to be given a seat at the high table by the Bank for International Settlements (BIS).

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Switzerland plans subsidies to offset G7 corporate tax plan

Swiss-based multinationals such as commodities trader Glencore will receive subsidies and other incentives under plans Switzerland is drawing up to maintain its competitive tax rates, even as the country prepares to sign-up to the G7’s new plan for a global minimum tax on big businesses.

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Cobalt must be included in Swiss responsible business legislation

Business and human rights experts argue that Switzerland should seize the opportunity to require responsible sourcing of cobalt, an in-demand mineral whose risks to human rights are often overlooked. The government is holding consultations on a new law to hold companies accountable for the adverse impact of their operations on people after the Responsible Business Initiative failed at the ballot box last year.

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Futuristic underground cargo project moves a step closer to reality

Goods that are normally trucked on busy Swiss roads are a step closer to travelling underground on driverless vehicles after an ambitious cargo project got a first legislative go-ahead. The Cargo sous terrain (CST) project sounds like science fiction: a 500-kilometre network of tunnels to transport freight between Switzerland’s busiest cities.

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