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Home / Tag Archives: 3) Swiss Markets and News

Tag Archives: 3) Swiss Markets and News

Swiss medicine sales to Russia hit 30-year high

Pharmaceutical exports in nominal terms increased by 40% since the Ukraine war began. However, export volume increased only slightly. © Keystone / Christian Beutler Swiss exports of pharmaceuticals to Russia, which are not subject to sanctions, reached a 30-year record last year, buoyed by high prices. Roche, Novartis and the other Swiss pharma companies brought in CHF2.1 billion ($2.3 billion) from the export of pharmaceuticals to Russia in 2022. In 2021 the Swiss...

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Why can’t the Swiss National Bank go bankrupt?

Reuters The Swiss National Bank (SNB) will make a loss of CHF132 billion in 2022, and distribution of profits to the confederation and the cantons will be suspended. What does this mean for the stability of the SNB and what would happen if it faces another large loss? The SNB still has money. However, not quite as much as at the beginning of last year. Because of last year’s loss, its equity capital has fallen from CHF198 billion to CHF66 billion. In the event of...

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China-Switzerland flights struggle to resume after three years

The return of Chinese tourists to Switzerland is not expected just yet. Keystone / Mark R. Cristino Geneva airport was expected to see the return of direct flights from China next week, but the scheduled Air China flights of January 26 and February 2 have been cancelled due to lack of passengers, reports Swiss public broadcaster RTS. China reopened its borders on January 8 after three years of tough pandemic restrictions. However, there were not enough bookings to...

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Electricity prices could rise more in 2024, suggests head of Swiss regulator

At a meeting in Bern on 19 January 2023, Werner Luginbühl, the head of Elcom, Switzerland’s electricity regulator, called on the sector to be careful to manage consumer expectations, reported RTS. Photo by SHVETS production on Pexels.comAccording to Luginbühl, many consumers are confused by Switzerland’s rising electricity prices. Some think the electricity consumed in Switzerland comes from hydro and nuclear production where production costs have been unaffected....

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Three Swiss firms ranked among top 100 family businesses

Pharmaceuticals giant Roche, whose towers dominate the Basel skyline, is the top ranked Swiss company in this listing. © Keystone / Michael Buholzer Swiss pharmaceuticals group Roche, logistics company Kühne+Nagel and luxury goods group Richemont are among the world’s top 100 family businesses, according to a study by EY Switzerland. Sixteen Swiss-based family businesses are among the world’s top 500, a figure that has remained stable over the past two years,...

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Crypto crash fails to deliver death blow to Swiss ambitions

The crypto sector appears to be suffering an existential crisis, shedding jobs, client funds and credibility. Switzerland looks to have escaped with a glancing blow – if industry data is anything to go by. The collapse of the Terra stablecoin and the FTX crypto exchange last year sent negative ripples across the globe. Big name crypto firms such as the Coinbase and Huobi exchanges, Silvergate bank and Genesis are laying off large chunks of staff. That’s to avoid the...

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WEF: Oxfam urges windfall tax on food companies

Food and energy are among the industries dominated by a small number of players that have effective oligopolies, and the lack of competition allows them to keep prices high, Oxfam says Keystone / Alessandro Della Bella Food companies making big profits as inflation has surged should face windfall taxes to help cut global inequality, anti-poverty group Oxfam said on Monday as the annual meeting of the World Economic Forum (WEF) gets underway in the Swiss mountain...

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UBS eyes US and China expansion

Kelleher spent 30 years at US bank Morgan Stanley before joining the UBS board in April 2022. Keystone/gaetan Bally UBS chairman Colm Kelleher says Switzerland’s largest bank needs to expand its wealth management business in the US to compete with the big Wall Street banks. “Wealthy Americans like to be with a bank like UBS,” Kelleher told the Neue Zürcher Zeitung in an interview. “UBS has a phenomenal reputation in wealth management.” Kelleher was elected UBS...

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Switzerland and US sign deal on pharmaceutical supply chain

The agreement comes as the complexities in global pharmaceutical supply chains increase, making them more burdensome to monitor. Keystone / Martin Ruetschi US and Swiss authorities have agreed to share inspection documents on pharmaceutical manufacturing facilities in a move to improve efficiency and safety in the drug supply chain. According to the Office of the US Trade Representative, the Good Manufacturing Practice Mutual Recognition Agreement signed on Thursday...

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Swiss unemployment lowest in 20 years

On 9 January 2023, Switzerland’s State Secretariat for Economic Affairs (SECO) published the latest figures for the Swiss labor market in 2022 showing unemployment at its lowest rate for 20 years. Photo by Anamul Rezwan on Pexels.com2022 saw the development of a labour market increasingly characterised by a shortage of workers and an unemployment rate of 2.1%, said SECO. The unemployment rate fell 0.5 percentage points from 2.6% in 2021 to its lowest in 20 years....

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