by Booking.com says it levies a 12% fee on reservations made over its online platform for a variety of services including promotion. © Keystone/Gaetan Bally Parliament has approved restrictions on online reservation platforms to protect the Swiss hotel sector. Senators on Wednesday came out in favour of a legal reform to fight unfair competition. In line with the House of Representatives, the Senate approved proposals to allow hotel websites to undercut prices and other conditions offered by booking platforms. Supporters said the reform would help smaller hotels in Switzerland against increasing international competitors, including the market leader, booking.com. Opponents tried to thwart the amendment, saying the restrictions were not justified and hampered
Topics:
Swissinfo considers the following as important: 3) Swiss Markets and News, 3.) Swissinfo Business and Economy, Business, Featured, newsletter
This could be interesting, too:
Martin Hartmann writes Save-the-Dates
Lance Roberts writes Election Outcome Presents Opportunity For Investors
Philipp Bagus und Bernardo Ferrero writes Zu Mileis Verteidigung
Nachrichten Ticker - www.finanzen.ch writes MultiSig statt Hardware-Wallet: Buterin erklärt seine Krypto-Sicherheitsstrategie
Booking.com says it levies a 12% fee on reservations made over its online platform for a variety of services including promotion. © Keystone/Gaetan Bally
Parliament has approved restrictions on online reservation platforms to protect the Swiss hotel sector.
Senators on Wednesday came out in favour of a legal reform to fight unfair competition.
In line with the House of Representatives, the Senate approved proposals to allow hotel websites to undercut prices and other conditions offered by booking platforms.
Supporters said the reform would help smaller hotels in Switzerland against increasing international competitors, including the market leader, booking.com.
Opponents tried to thwart the amendment, saying the restrictions were not justified and hampered innovative firms.
During the debate, Economics Minister Guy Parmelin warned of imposing too many conditions for booking platforms active in the hotel sector.
The CEO of booking.com, Glenn Fogel, rejected allegations that the online platform demanded excessive fees for its customer services provided, including promotion.
Hotels which pushed for restrictions were acting shortsightedly, and they would not benefit from the amendment, he told the Neue Zürcher Zeitung newspaper earlier this week.
You Might Also Like
Swiss to decide individually on Russian commodity deals
2022-04-20
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.
Ukraine urges Switzerland to clamp down on Russian money
2022-03-28
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.
Russian clients have up to CHF200 billion in Swiss banks
2022-03-16
Swiss banks hold between CHF150 billion and CHF200 billion ($160-$214 billion) in assets belonging to Russian clients, according to the Swiss Bankers Association.
Switzerland triggers wide range of sanctions against Russia
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.
Credit Suisse client data leak sparks political storm
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.
Glencore sets aside $1.5bn to settle UK, US and Brazil probes
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.
The Swiss banker managing Senegal’s first private bank
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.
Tags: Business,Featured,newsletter