by Despite some businesses being opened up again from lockdown, most are still counting the cost of Covid-19. Keystone / Laurent Gillieron Overnight hotel stays fell by more than 40% during the summer as Switzerland locked down against coronavirus. The pandemic has also battered the finances of the airline industry, but most smaller companies have retained some optimism for the future. Official statistics revealed on Monday that Swiss hotels had 9.3 million fewer overnight stays between May and October than for the same period in 2019. While more people living in Switzerland booked into hotels, the number of foreign guests fell by three quarters. Overnight stays have been put at 10.2 million
Topics:
Swissinfo considers the following as important: 3) Swiss Markets and News, 3.) Swiss Business and Economy, Business, Featured, newsletter
This could be interesting, too:
Vibhu Vikramaditya writes Navigating the Slippery Slope: How Hoover’s Interventions Paved the Way for the Great Depression
Ryan McMaken writes Frédéric Bastiat Was a Radical Opponent of War and Militarism
Douglas French writes Millennials: In Costco We Trust
Vasil Georgiev writes Luftfahrtindustrie: Rückblick auf 2023 und Prognose für 2024
Despite some businesses being opened up again from lockdown, most are still counting the cost of Covid-19. Keystone / Laurent Gillieron[/caption]
Overnight hotel stays fell by more than 40% during the summer as Switzerland locked down against coronavirus. The pandemic has also battered the finances of the airline industry, but most smaller companies have retained some optimism for the future.
Official statistics revealed on Monday that Swiss hotels had 9.3 million fewer overnight stays between May and October than for the same period in 2019. While more people living in Switzerland booked into hotels, the number of foreign guests fell by three quarters. Overnight stays have been put at 10.2 million for the summer months. Last week Zurich airport said it was losing CHF1 million ($1.1 million) a day as passenger numbers fell to a trickle. Despite the dire situation, the airport last month went ahead with opening its flagship ‘Circle’ conferencing, leisure and retail centre, which had been many years in the planning. Swiss International Air Lines (SWISS) says it is losing up to CHF2 million a day as quarantine restrictions throughout the world continue to put people off flying. SWISS CEO Thomas Klühr says future prospects will only look up when vaccines start to roll out among populations. But not all companies are facing such difficulties. Nearly 60% of small and medium-sized enterprises (SMEs) in Switzerland are holding out hopes for improved conditions, according to a recent survey. This makes Swiss firms among the most positive in Europe, according to the joint study by Facebook, the World Bank and the OECD. A quarter of Swiss SMEs surveyed said they were able to generate at least half of their income through digital channels. This puts Switzerland in the middle field of digital sales success in Europe. Smaller companies in Ireland and Britain have the most efficient means of raising income through digitisation, the report concludes. However, 54% of all companies surveyed by the ‘Global State of Small Business Report’ worldwide said sales were significantly down so far this year. The number of bankruptcies in Switzerland is a fifth lower than normal, according to Creditreform, the Swiss association of creditors. But this is only as a result of emergency credit guarantees and deferrals on companies’ social security payments that has helped them through the early stages of the pandemic.You Might Also Like
Swiss sustainable finance: world leader or wishful thinking?
2020-07-06
The Swiss financial centre wants to take a lead in ethical investing. NGOs, however, fear the banks are more interested in cashing in than saving the planet. One thing everyone agrees on is the need for a universal definition of sustainable finance and measures to oversee the sector.
Tour group blames coronavirus for 70 Swiss job cuts
2020-07-10
German tour operator TUI is to close eight of its 62 branches in Switzerland with the loss of around 70 jobs, owing to the effects of the coronavirus crisis.
Julius Baer to offer private equity to ultra-wealthy clients
2020-07-14
Julius Baer has poached a senior executive from rival Swiss wealth manager UBS to set up a new division offering private equity and debt investments to its ultra-wealthy clients. The move illustrates how a prolonged period of low interest rates has forced the likes of UBS and Credit Suisse to prioritise offering illiquid private investments to their super-rich clients, who agree to forgo access to their capital in the hope of achieving higher returns.
Swiss International Air Lines’ turnover halved due to coronavirus
2020-08-07
The economic repercussions of the coronavirus have caused turnover at SWISS to fall by 55% in the first half of 2020. With a turnover of CHF1.17 billion ($1.28 billion) between January and the end of June, the carrier suffered an operating loss of CHF266.4 million in the first half of the year, following an operating profit of CHF245.3 million a year earlier.
Families face large differences in tax rates across Switzerland
2020-08-18
A comparison of tax rates across different cantons and cities found that Zug – home to many multinational companies – offers the most attractive tax regime for families.
Pandemic speeds up push to digital as bank branches close
2020-09-11
Swiss lender Credit Suisse is set to launch an overhaul of its digital banking offering, as it uses the coronavirus crisis as a springboard to accelerate the push from bricks-and-mortar branches to online services.
Swiss regulator censures Bank Syz over money laundering
2020-09-26
The Swiss financial market regulator FINMA has reprimanded Bank Syz for breaching money laundering rules involving a business relationship with an Angolan client.
Roche poised to launch mass Covid testing
2020-10-17
Swiss drug firm Roche says it is to launch a new Covid-19 antigen test before the end of the year, allowing faster, higher-volume testing. One of the most potent use cases could be at airports to ease the severe restrictions on air transport.
Tags: Business,Featured,newsletter