Tag Archive: Latest news

Parliament agrees on division of minimum tax revenues

Switzerland’s 26 cantons will receive 75% of the additional revenue from the minimum taxation of large companies, the government 25%. On Tuesday the House of Representatives agreed with the Senate on the proposal to tax all companies with a turnover of more than €750 million (CHF740 million) at 15%, in line with a reform decided by the OECD and the G20.

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Third of pensioners can continue to save in old age

Many retirees in Switzerland can continue to put money aside, with a majority also willing to bequeath the money they have saved. Specifically, 34% of the people surveyed in Switzerland aged 65 and over are building up assets instead of reducing them, according to a Swiss Life survey published on Wednesday.

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Credit Suisse business is stable, claims chairman

Credit Suisse is “definitely stable”, Chairman Axel Lehmann has told Swiss public television, SRF, adding that the embattled bank had seen a stabilisation in the outflows of client funds.

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Online replaces TV as most influential form of media

Online media replaced television as the most influential media genre in Switzerland for the first time in 2021, according to a study. Large brands such as 20 Minuten and Swiss public radio and television, SRF, lost influence in favour of smaller titles.

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Credit Suisse looks to speed up cuts as revenue outlook worsens

Swiss bank Credit Suisse is looking for ways to accelerate cost cuts announced just weeks ago as client outflows and a slowdown in activity weigh on its revenue outlook, according to three people with knowledge of the talks. The cost savings are likely to involve more job cuts than previously announced for the first wave of reductions, including in its mainstay wealth business, said the sources, who asked to remain anonymous because the...

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Solution found in construction labour dispute

Construction workers and trade unions in Switzerland have reached an agreement in a long-running labour dispute. Builders will receive CHF150 ($158) more a month in effective wages from next year and minimum wages will increase by CHF100 a month.

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Credit Suisse says only a few customers are closing accounts

The head of Credit Suisse’s Swiss division says that only a few clients are actually closing accounts at the bank. His comments after the troubled bank reported high customer fund withdrawals globally.

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Vivid pink diamond auctioned for CHF28.4 million

A pear-shaped 18-carat pink diamond billed as a rarity has sold at a Geneva auction for CHF28.4 million ($28.8 million), including fees and taxes.

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UBS raided in money-laundering probe of Russian

Police have searched two branches of Swiss bank UBS in Germany in connection with alleged money laundering by a Russian businessman, according to German officials and media.

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Switzerland should do more on tax avoidance, says EU parliamentarian

Switzerland has made progress in reforming tax rates for multinational companies but still has work to do when it comes to turning a blind eye to tax avoidance.

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Credit Suisse to cut 540 jobs in Switzerland by 2023

The embattled Swiss bank Credit Suisse plans to shed 540 jobs in Switzerland by the end of the year, Chief Executive Officer Ulrich Körner told the NZZ am Sonntag newspaper. In the interview he gave more details on last week’s restructuring announcement.

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The energy crisis is about to make your Swiss ski holiday more expensive

Swiss hotels and holiday apartments are raising their prices by around 5% this winter, largely due to higher energy prices. Ski passes are also likely to go up by a similar amount, a newspaper reports.

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Swiss municipality to vote on banning adverts in streets

The inhabitants of Vernier, a municipality in Geneva, are set to have their say on banning advertising billboards.

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Public transport will not cost more in 2023

Ticket prices for Swiss public transport will remain stable for 2023 for the seventh consecutive year. Only “a few tourist businesses” are planning to adjust their fares for next year, says the SwissPass Alliance.

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Energy crisis ‘will last many years’, says economics minister

Swiss Economics Minister Guy Parmelin assumes the energy crisis will last several years. It is important, he says, not only to think about the winter, but to do everything to ensure that Switzerland produces more energy – that means more renewable energies and greater efficiency.

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Man convicted for fraudulently claiming massive Covid loan

A 48-year-old businessman in Geneva has been given a two-year suspended prison sentence for making a fraudulent claim for a Covid loan that was 100 times the correct amount. He was found guilty of fraud and forgery of documents.

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Swiss companies ‘trapped’ in Russia

Leading Swiss brands have withdrawn from Russia because of the war in Ukraine. However, research by a Swiss newspaper shows that while a company can leave a country, its products often remain on shelves.

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SWISS expands capacity for summer flight schedule

Swiss International Air Lines (SWISS) is planning to expand its flight schedule next summer to offer 85% of its pre-pandemic capacity. To this end, it is now busy recruiting flight attendants.

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Credit Suisse pays $495 million to settle legacy case

Credit Suisse has agreed to pay $495 million (CHF496 million) to settle a case brought against it in the United States, the latest pay-out related to past blunders that have battered the Swiss bank’s reputation.

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Switzerland shares bank details with Nigeria for first time

Five additional countries, including Nigeria, now benefit from an automatic exchange of banking information with Switzerland, taking the total to over 100 for the first time. 

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