Tag Archive: Business

Russia sanctions list: What the West imposed over the Ukraine invasion

2022-03-08

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2022-03-08

The US, UK and EU have adopted sanctions aimed at freezing the assets of President Vladimir Putin and his foreign minister, Sergei Lavrov, in response to the war in Ukraine.

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Switzerland triggers wide range of sanctions against Russia

2022-03-04

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2022-03-04

More than a million Ukrainians have fled their country since the Russian invasion. Switzerland said it is activating sanctions against Russia on Friday, including a ban on many industrial exports and wide-ranging restrictions on financial activities, which includes cutting Russian banks from the SWIFT financial messaging system.

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Ukraine: What Swiss sanctions-busters need to consider

2022-02-27

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2022-02-27

Legal expert Mark Pieth is amazed that Switzerland is taking its own problematic approach to international sanctions against Russia. When Russia invaded Ukraine, the US and the EU announced economic sanctions, whereas Switzerland announced that it would first have to analyse the new situation. The obvious question there is what has the Swiss Government been doing for the past few weeks, as tensions have been rising?

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Credit Suisse client data leak sparks political storm

2022-02-22

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2022-02-22

Switzerland is facing calls to clean up its financial sector in the wake of the so-called “Suisse Secrets” controversy, which drew on leaked data from banking giant Credit Suisse. Many see the scandal as evidence of systemic shortcoming in the Swiss banking sector, which has undergone major reforms over recent years in a bid to shake off its image as a financial haven for criminals.

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Glencore sets aside $1.5bn to settle UK, US and Brazil probes

2022-02-16

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2022-02-16

Glencore expects to resolve bribery and corruption investigations in the UK, US and Brazil this year and has set aside $1.5 billion (CHF1.4 billion) to cover potential fines and costs.

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After pandemic slump, Swiss exports boomed in 2021

2022-01-28

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2022-01-28

Swiss exports climbed to record levels in 2021, with chemicals and pharma driving much of the growth. Watches, especially luxury ones, also had a good year.

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The Swiss banker managing Senegal’s first private bank

2022-01-24

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2022-01-24

After working in finance in Geneva for 15 years, Olivier Santi emigrated to Dakar in 2017 to head a new bank founded by one of Senegal’s richest businessmen. His career to date demonstrates both the central role Switzerland plays in the finance and raw materials sectors, and the vitality of West Africa’s banking sector.

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Is the luxury watch market facing a democratic revolution?

2022-01-20

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2022-01-20

Entrepreneur Thomas Baillod has just launched a “Swiss Made” tourbillon watch for under CHF5,000 ($5,450), a marketing coup which shows that mid-range watches still have a place in a watch industry increasingly focused on ultra-luxury.

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Swiss cantons mull lower taxes for wealthy executives

2022-01-17

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2022-01-17

Swiss Finance Minister Ueli Maurer has hinted that cantons might lower income taxes for well-heeled executives as the country braces for the impact of a minimum corporate tax rate.

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Why governments need to tackle the impact of trade on climate change

2022-01-16

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2022-01-16

In 2021, global carbon pollution returned almost to 2019 levels, after a drop during the lockdowns of the pandemic year 2020. Copyright 2021 The Associated Press. All Rights Reserved The production and trade of goods is at the heart of the globalised market and has a significant environmental impact. Yet there was little discussion at COP26 on how to make it more sustainable, the former director of the World Trade Institute (WTI) tells SWI...

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Swiss central bank forecasts CHF26bn annual profit

2022-01-11

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2022-01-11

The Swiss National Bank (SNB) expects to post a profit of CHF26 billion ($28 billion) for 2021, a windfall made exclusively from its growing foreign currency holdings.

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Swiss crypto industry unfazed by New Year bitcoin crash

2022-01-10

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2022-01-10

The New Year has started with a sharp fall in the price of bitcoin – and some intriguing stories surrounding the Swiss cryptocurrency scene.

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Zurich court rules Uber drivers are not ‘independent workers’

2022-01-08

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2022-01-08

The latest cantonal ruling on the US ride-hailing firm comes as a national framework to determine the status of gig economy workers in Switzerland is still lacking.

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Annual consumer price inflation hits 0.6 percent

2022-01-05

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2022-01-05

Consumer prices in Switzerland increased by 0.6% on average last year, according to the Federal Statistics Office. and +0.4% respectively.The consumer price index fell by 0.1% in December

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Watchmaking workforce remains stable despite pandemic

2021-12-28

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2021-12-28

The annual census of the Swiss watch industry labour force found that partial unemployment helped the industry weather the pandemic over the last year. The number of employees in the industry remained stable in 2021 while the share of high skilled staff increased.

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In global supply chain crisis, even Swiss skis are counting the cost

2021-12-27

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2021-12-27

Shortages of raw materials and logistics bottlenecks have made 2021 a tough year for Swiss manufacturers, and contributed to a downgrade in the government’s GDP growth forecast for the economy next year. 

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Credit Suisse sacks managers over Greensill scandal

2021-12-26

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2021-12-26

The Credit Suisse bank has fired the managers overseeing a multi-billion-dollar fund strategy linked to the now-defunct Greensill Capital.

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How a secretive central bankers’ club responds to crises

2021-12-24

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2021-12-24

Every other month, the world’s most influential central bank governors gather in Basel to swap notes, reinforce personal ties and untangle the technical details of keeping money flowing around the world.

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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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