Tag Archives: 3) Swiss Markets and News

(KEYSTONE/GAETAN BALLY) The Swiss Federal Court has ruled that cannabis – the legal, low-THC version – should not be subject to the tobacco tax. Responding to the complaints of three cannabis production companies, the court found that there was no legal basis for a 25% tobacco tax on the sales price of cannabis. The tax will be dropped immediately. In Switzerland, cannabis with a tetrahydrocannabinol (THC) content of less than 1% is legal. It is sold as oil, tea or...

Car sales are still rising in Switzerland.  (Keystone) New cars imported into Switzerland have not been respecting the prescribed norms on CO2 emissions, with emission levels actually rising in 2017 and 2018, says a report published on Tuesday. Nearly half of importers failed to meet compulsory targets in 2018, according to the Federal Office of the Environment’s report for parliament. Total sanctions ordered against them came to CHF31.7 million ($32.3 million) in...

[caption id="attachment_414651" align="alignleft" width="400"] © Tomas1111 | Dreamstime.com[/caption] Recently, the government of Portugal said it was looking at introducing a tax on foreigners residing in the country on special tax holidays, according to the magazine Bilan. Currently, foreigners moving to Portugal who spend at least 180 days a year in the country pay no income tax for a period of 10 years under a scheme that was launched 11...

© Kent Johansson | Dreamstime.com Recently, the private bank Pictet, based in Geneva, announced plans to eliminate all of its investments in companies actively associated with the production and extraction of fossil fuels, according to a press release. The bank defines companies actively associated with the production and extraction of fossil fuels as those generating more than 25% of their revenue from activities with high carbon emissions. At the end on December...

© Daniel127001 | Dreamstime.com Earlier this week, Switzerland’s Federal Office for the Environment (FOEN) announced it had contacted the cantons at the end of January 2020, informing them it had not set a date for switching on 5G networks. However, mobile networks plan to continue installing 5G equipment after rolling out more than 2,000 antenna last year – a map showing where the new antenna are can be viewed here. FOEN says it needs more time to test the potential...

© Marekusz | Dreamstime.com It will come as little surprise to many that Switzerland has been ranked the world’s most expensive country. Put together by the magazine CEO World, the ranking pulls cost of living data on accommodation, clothing, taxi fares, utilities, internet, groceries, transport, and dining out, from a number of other studies. Norway ranks second, followed by Iceland, Japan, Denmark, Bahamas, Luxembourg, Israel, Singapore, and South Korea. The United...

Despite worries about personal data online, the majority see new technologies in general as an opportunity, particularly in education and the development of smart cities. (© Keystone / Ennio Leanza) A survey on digitalisation released this week shows people’s greatest concern revolves around the fate of their personal data, though just as many believe new technologies hold great promise, especially in the areas of medicine, education and smart cities. Nearly...

The Basel-based group currently employs around 17,200 people around the world. (© Keystone / Georgios Kefalas) The Swiss specialty chemicals firm Clariant says it will cut up to 600 jobs to save money after a drop in profit in 2019. The firm expects the slow economic situation this year to continue to affect demand. “For 2020, given the current sluggish economic environment and continued adverse foreign exchange conditions, growth will be more limited and additional...

Thiam gave no indication of which job he will next take. (Keystone / Ennio Leanza) Outgoing Credit Suisse chief executive Tidjane Thiam said he was proud of what he has achieved at the bank as it delivered strong 2019 results and a promising start to this year. Thiam handed in his resignation last week after losing the confidence of the board following a spying scandal that had seriously damaged the bank’s reputation. Thursday was Thiam’s last day in office. The bank...

In this staged photo, a debt adviser speaks to a client (Keystone) Net expenditure on social assistance in Switzerland increased by 1.3% in 2018 compared with the previous year. The government, cantons and municipalities paid out a total of CHF8.4 billion ($8.6 billion). Each recipient of social assistanceexternal link received an average of CHF10,379, the Federal Statistical Office said in a statement on Tuesday. This is an increase of 2.4% on 2017. Expenditure per...