Tag Archive: Business

Online shopping breaches CHF10 billion mark

Swiss shoppers spent more than CHF10 billion ($11 billion) online last year, an increase of 8.4% from 2018, according to a study of retail habits. Electronics and fashion goods dominated orders. Food accounted for just 2.8% of the total goods consumed (up from 1.8% in 2018), but the report’s authors expect orders to increase this year with people reluctant to go to supermarkets in view of the coronavirus outbreak.

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No ‘ghost flights’ to Zurich airport, authorities say

With passenger numbers down due to Covid-19, some airlines want authorities to loosen rules maintain that airport landing slots are lost unless fully used. “Use it or lose it”: regulations state that when an airline is allocated a landing slot, it must use it at least 80% of the time planned, or else risk being stripped of it the following year.

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Roche tells all Spanish staff to work remotely

Swiss pharma giant Roche said on Tuesday it would send all of its 1,200 Spanish employees home starting from Wednesday to work remotely amid the coronavirus outbreak. “The company will maintain its normal activity and will guarantee, as until now, the supply of medicines to hospitals,” Roche said in a statement.

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Swiss hotels poised for big losses after record 2019

The Swiss hotel industry could lose out on up to half a billion francs in 2020 due to the impact of Covid-19, the boss of the country’s tourism body has said. Martin Nydegger of Switzerland Tourism said on Monday that he expects the virus to account for some 2.1 million fewer overnight stays in Swiss hotels this year compared with 2019, amounting to financial losses of CHF532 million ($574 million).

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Chinese economic disruption hits Swiss supply chains

China’s sharp contraction in economic activity over the past month due to the coronavirus epidemic is sending shockwaves across the globe. Switzerland is one of the top ten countries exposed to Chinese supply disruptions, a United Nations report reveals.

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Red Bull profits from Swiss sugar subsidies

The makers of sweet products benefit from the federal subsidies paid to sugar beet farmers in Switzerland. The price of sugar in Switzerland has been on the decline for years. As a result, 400 farmers have quit producing it in recent years. Sugar beet producers receive annual subsidies amounting to CHF36 million ($38 million).

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Swiss business takes on global waste

Mr. Green, a recycling subscription service with a social mission, has been a big hit with busy families and businesses in cities in Switzerland. But can it work in Africa? Swiss entrepreneur Keiran Smith had no connection with Kenya before starting Mr. Green Africa.

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Swiss parliament assumes control of Crypto probe

The Swiss parliament has insisted that it will take control of and merge the ongoing investigations into the Crypto spying affair that has rocked the Alpine nation. On Wednesday, members of the parliamentary control delegation decided to immediately take over the direction of investigation launched by the Federal Council (executive branch) on February 11.

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Should rail commuter data be monetised through advertising?

Swiss Federal Railways is coming under fire for using the personal data of commuters for advertising purposes. The data commissioner and a watchdog group have sounded the alarm bell as the volume of data being harnessed grows.

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Who wins and who loses because of negative interest rates?

The Swiss National Bank’s negative interest rates, introduced five years ago, are having an increasingly significant economic and social impact. But despite criticism, the SNB does not want to remove them. It considers the measure necessary to stop the Swiss franc appreciating too much.

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Crypto investigator still needs permission to view files

The man tasked with investigating the Crypto spying affair for the Swiss government doesn’t have direct access to all the relevant documents. Niklaus Oberholzer, formerly a federal judge, must ask the federal authorities whenever he wants to access sensitive files.

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Swiss digital stock exchange offers partners ownership stake

The Swiss stock exchange is offering strategic partners a stake of up to 30% in its new digital assets trading platform. The SDX digital exchange hopes to launch by the end of this year, trading digital shares, bonds and other assets on a distributed ledger technology (DLT) platform.

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Ermotti’s UBS record: solid but not all plain sailing

Sergio Ermotti arrived at UBS in 2011 during a dark chapter in the history of Switzerland’s largest bank. He will depart in November, nine years later, with a reputation for injecting greater stability but not for stamping out controversy. Ironically, UBS arguably faces some greater challenges than cross-town rival Credit Suisse, where earlier this month former CEO Tidjane Thiam was forced to step down unceremoniously following an internal spying...

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Car emissions rising due to imported guzzlers, says report 

New cars imported into Switzerland have not been respecting the prescribed norms on CO2 emissions, with emission levels actually rising in 2017 and 2018, says a report published on Tuesday. Nearly half of importers failed to meet compulsory targets in 2018, according to the Federal Office of the Environment’s report for parliament. 

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Clariant to cut up to 600 jobs as profit falls

The Swiss specialty chemicals firm Clariant says it will cut up to 600 jobs to save money after a drop in profit in 2019. The firm expects the slow economic situation this year to continue to affect demand. “For 2020, given the current sluggish economic environment and continued adverse foreign exchange conditions, growth will be more limited and additional efficiency measures have been defined for each of the businesses to support the margin...

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Thiam ‘proud’ of his record as he departs Credit Suisse

Outgoing Credit Suisse chief executive Tidjane Thiam said he was proud of what he has achieved at the bank as it delivered strong 2019 results and a promising start to this year. Thiam handed in his resignation last week after losing the confidence of the board following a spying scandal that had seriously damaged the bank’s reputation. Thursday was Thiam’s last day in office.

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Credit Suisse chairman hopeful to see out term

The chairman of the Credit Suisse bank says he does not expect to be voted out of office before his term ends next year following the departure of the bank’s CEO on Friday amid a surveillance scandal. Urs Rohner says he has received “clear responses” from shareholders that they back the company board policy to accept CEO Tidjane Thiam decision to step down.

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Central banks weigh up response to Libra and bitcoin

Central banks are contemplating a response to alternative money systems, such as bitcoin or Libra, with new digital versions of their own currencies. They go by the name of Central Bank Digital Currencies, or CBDCs. Libra’s stablecoin project launched in Geneva last year was a “watershed” moment that “kicked everyone in the pants”, Michael Sung, a professor at Fudan University, told the recent Crypto Finance Conferenceexternal link (CfC) in St...

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Switzerland spends more than the EU on education

Switzerland’s public finances rose by 1.7% in 2018 to CHF232.6 billion ($238.8 billion) compared with 2017. As a percentage of the total, Switzerland spent more on education and less on defence than the European Union. The largest budget item remained social protection, costing almost CHF92 billion or 39.4% of the total, the Federal Statistical Office (FSO) said on Thursday.

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Credit Suisse falls back on Swiss roots to restore order

Credit Suisse’s board has defied the wishes of several major shareholders with the surprise axing of chief executive Tidjane Thiam. He has been replaced with Swiss national, and current head of the bank’s domestic operations, Thomas Gottstein.

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