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Tag Archives: 3) Swiss Markets and News

Slowdown in Middle Eastern tourists to Switzerland

The growth in tourism from the Middle East has been driven by Saudi Arabia and the Emirates After almost tripling in the last decade, the number of tourists to Switzerland from the Middle East is slowing down, with the slowdown expected to be particularly marked this summer.   The growth rate of tourists from the Gulf will be zero this summer, according to forecasts by Oxford Economics and the Swiss tourist board....

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House Prices Down in Verbier but Up in Some other Swiss resorts

A recent report published by UBS shows real estate price changes in european mountain resorts. ©-Tatiana-Vasilieva-_-Dreamstime.com_ - Click to enlarge Over the last year, Verbier (-3.2%) and Crans Montana (-3.0%) experienced the largest price declines, while Saas Fee (+14.3%) and St. Moritz (+7.4%) climbed the most. Prices rises in the Jungfrau region (+4.8%) Gstaad (+1.5%), Flims/Laax (+2.8%), Andermatt (+1.5%),...

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Pay in Zurich and Geneva highest in the world

A survey of the cost of living in 77 cities, by UBS, ranks Zurich (1st) and Geneva (2nd) as the most expensive. But while these cities are the most expensive, their workers are also the highest paid. In Zurich, less than five days pay affords an iPhone X. In Geneva, the same device requires less than six days of labour. Los Angeles (6.3 days) and Miami (6.5 days) complete the top four. At the other end of the ranking, a...

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Over 1,000 jobs threatened by OVS liquidation

Italian fashion brand OVS has 140 stores across the country. (Keystone) The Sempione Retail company, owner of the OVS fashion stores in Switzerland, has begun bankruptcy proceedings. Some 140 outlets will close their doors, with 1,150 workers affected. The Italian clothes brand announced in a statement on Wednesday evening that it had reached a financial dead-end. It did not go into specific details, but said that it...

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Swiss Bank to Drop Iranian Business

The sanctions against Iran are affecting the banking industry there. (Keystone) A Swiss lender is suspending new transactions with Iran following US President Donald Trump’s withdrawal from the nuclear deal with Tehran. Banque de Commerce et de Placements (BCP)external link announced on Tuesday that it was wrapping up its activity in Iran in response to the US pulling out of the Iranian nuclear accord earlier this...

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Nestlé to cut up to 500 jobs in Switzerland

“Nestlé remains fully committed to its home base in Switzerland”, wrote the company in a press release. Swiss food giant Nestlé plans to cut as many as 500 computer-service jobs in Switzerland as part of a restructuring plan to increase profitability, the company announced on Tuesday. Nestlé will be outsourcing the IT jobs to Spain, according to a press release published on the company’s website. “We understand that...

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Crowdfunding Platforms Boom in Switzerland

This crowd backed a winner: Bernese football fans gather outside parliament on May 20 after their team, Young Boys, won the Swiss league (Keystone) Swiss crowdfunding platforms dealt with CHF375 million ($377 million) in 2017, almost three times as much as the previous year. Some 160,000 people supported a crowdfunding project. Over the past eight years, more than half a billion francs have been collected via the...

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Switzerland second hardest working nation in Europe

© Makasanaphoto | Dreamstime.com Recent statistics show that the average full-time employee in Switzerland worked 42.6 hours a week. This is slightly less than an average Icelander (42.9) – the longest working – but 13% longer than the average in leisurely France (37.4), the european nation putting in the fewest hours. Switzerland also came second on a broader measure: average hours worked per week by everyone 15 or...

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Record restaurant closures blamed on strong franc

More than three times as many pubs and restaurants disappeared in Switzerland last year as the year before. The catering industry points the finger at the strong franc, responsible for more bankruptcies (+4.4%) and fewer new openings (-25%). A plastic chef attracting/scaring off customers in front of a restaurant in Lucerne Some 2,220 places to eat were removed from the trade registry and 684 went bust in 2017,...

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High Swiss Drug Prices – Campaign Presents a Solution to Swiss government

This week, the Swiss NGO Public Eye, launched a campaign for more affordable medicine in Switzerland under the slogan: protect patients, not patents. ©-Penchan-Pumila-_-Dreamstime.com_ - Click to enlarge The NGO says high prices, of cancer drugs in particular, is not only an issue affecting developing nations but wealthy ones too. It says that cancer treatments in Switzerland often cost over CHF 100,000 a year. Public...

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