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Switzerland’s strong currency and the widespread influence of the administration on many prices means the country has escaped much of the recent inflation afflicting many nations. But increasingly, inflation is entering the scene. This week, Swisscom announced it plans to change its general terms and conditions to make it possible to increase the price of existing contracts, reported RTS. © Marlon Trottmann | Dreamstime.comSwisscom recently warned customers that it was changing its terms...

Electric bike theft has tripled in Switzerland since 2019, reported RTS. Photo by alex on Pexels.comRecent police statistics show rising levels of theft across the country with rates rising most sharply in Basel and Geneva, two cities bordering on neighbouring countries. In 2022, 2,000 electric bikes were reported stolen, a figure double the number in 2021. Zurich, Switzerland’s largest city, reported the greatest number of thefts, followed by Geneva and Basel. On a per capita...

According to a report published this week, 40% of employees in Switzerland are predicted to regularly work from home within the next 10 years. Photo by Justin Neal on Pexels.comIn 2001, less than 1% of Switzerland’s employees did more than half of their work from home. By 2019, the same figure was 25%. Then Covid-19 struck. During the first lockdown in spring of 2020, 50% of workers worked from home, 20% partially and 30% exclusively. Since then many have returned to the office. But...

On 31 August 2022, when an energy shortage loomed, Switzerland’s federal government launched a campaign to cut the nation’s energy consumption. Targets were set to cut gas consumption by 15% and electricity use by 10%. Photo by Pixabay on Pexels.comData published this week showed cuts to gas consumption exceeded the voluntary target set, while cuts to electricity were well below, reported RTS. Gas consumption in Switzerland fell by nearly 18%, well in excess of the 15% target. Electricity...

When a bank run started at Credit Suisse in mid-March 2023, a rushed acquisition deal involving UBS, the Swiss National Bank and Swiss federal government was agreed. The deal, which includes CHF 109 billion of federal government guarantees, was agreed by the Federal Council, Switzerland’s executive. This week Switzerland’s parliament rejected the CHF 109 billion federal government guarantee included in the deal. © Zkk600 | Dreamstime.comThe rushed deal included the federal government...

From 10 December 2023, average Swiss train prices are set to rise by an average of 4.3%, reported RTS. © SBB CFF FFSHowever, not everyone will feel the same level of pain. Those travelling on second class AG passes will be particularly hard hit, according to the Alliance Swiss Pass, an organisation that creates travel passes covering different Swiss transport networks. The coming price rise is the first since 2016, said the Alliance on Tuesday. First class ticket prices are expected...

Vehicles imported into Switzerland are subject to a 4% tax, with the exception of electric vehicles that attract none. This week, the government decided to end the exception from the beginning of next year. Photo by Hyundai Motor Group on Pexels.comThe import tax, along with fuel and other taxes, is used to build and maintain roads. Given current federal budget pressures, and the logic of charging all road users, the federal government has decided to tax the importation of electric cars...

During the Covid pandemic, to reduce the risk of businesses failures, the Swiss government back stopped around CHF 17 billion of Covid loans granted to 138,000 businesses by 125 banks between 26 March and 31 July 2020. Photo by Nikita Belokhonov on Pexels.comThere were rules around which businesses qualified for these loans and restrictions on how much they could borrow. The required information was faked by thousands of applicants. Typically turnover numbers were falsified or businesses...

During a meeting on 5 April 2023, Switzerland’s Federal Council decided to axe or cut the bonuses of around 1,000 people at Credit Suisse. © Octavian Lazar | Dreamstime.comThe move follows a rushed acquisition deal involving UBS and the Swiss authorities after a bank run threatened Credit Suisse’s solvency in mid-March. Switzerland’s Banking Act allows the Swiss government to impose remuneration-related measures if a systemically important bank is directly or indirectly granted state...

When a bank run started at Credit Suisse in mid-March 2023, UBS already had a secret plan for a potential takeover of its competitor, according to Bloomberg. © Denis Linine | Dreamstime.comWhen UBS chairman Colm Kelleher joined UBS in 2022 he inherited a plan put together by the bank’s former chairman as early as 2020 on how Credit Suisse could be taken over. Kelleher built on the plan with help from a small group of bankers from Morgan Stanley, his former employer. According to...