Many people have struggled to make ends meet during the pandemic © Keystone / Christian Beutler A 48-year-old businessman in Geneva has been given a two-year suspended prison sentence for making a fraudulent claim for a Covid loan that was 100 times the correct amount. He was found guilty of fraud and forgery of documents. “You expressly deceived the authorities in connection with the coronavirus pandemic,” the judge at Geneva Criminal Court said on Friday. “Your...
Read More »Swiss companies ‘trapped’ in Russia
Swiss Army knives are very popular in Russia, the fifth-largest market for manufacturer Victorinox © Keystone / Gaetan Bally Leading Swiss brands have withdrawn from Russia because of the war in Ukraine. However, research by a Swiss newspaper shows that while a company can leave a country, its products often remain on shelves. “It’s a mass exodus. Since Russia invaded Ukraine in February, thousands of foreign companies have left the country. Some with grand...
Read More »Swiss companies and towns join forces to save energy
Switzerland continues to look for ways to save on electricity and gas this winter. © Keystone / Gaetan Bally Switzerland has launched an Energy Saving Alliance of companies, government, cantons, civil society and municipalities in an effort to preserve gas and electricity supplies over the winter. The Alpine state is among many European countries facing power shortages following Russia’s decision to cut off gas supplies. Swiss Energy Minister Simonetta Sommaruga and...
Read More »Two votes launched against Swiss tax and pension mariage penalty
In Switzerland, it pays not to be married. Married couples pay higher taxes and receive lower state pensions than unmarried couples. Two referenda were launched this week to change this, reported RTS. [caption id="attachment_948338" align="alignleft" width="400"] Photo by Mikhail Nilov on Pexels.com[/caption] Across much of the world, individuals and couples pay the same tax and receive the same welfare payments regardless of whether they are...
Read More »Mountaintop solar farms spark tensions in Switzerland
Building large solar parks in high-mountain regions is arguably an effective way to produce more power in winter and accelerate the energy transition. But it remains controversial in Switzerland, where environmental groups have contested planned installations. Born in London, Simon is a multimedia journalist who has worked for www.swissinfo.ch since 2006. He speaks French, German and Spanish and focuses on science, technology and innovation issues. More from...
Read More »Swiss state employee pay and numbers should be cut, argues party
[caption id="attachment_949458" align="alignleft" width="400"] © Guenter Purin | Dreamstime.com[/caption] The Swiss People’s Party (UDC/SVP) argued this week that the CHF 6 billion spent on state employees should be cut, reported 20 Minutes. Since 2007, the amount spent on state employees has risen by around a third from CHF 4.5 billion to more than CHF 6 billion. In 2021, there were close to 40,000 people working for the Swiss state, a number...
Read More »Switzerland sets out power contingency plans for winter
Energy Minister Simonetta Sommaruga presents Switzerland’s winter power reserve plans. ©keystone/peter Schneider The Swiss government has put forward plans to create reserve power plants aimed at shoring up the country’s energy supplies during the winter. The proposal to create a network of reserve plants was presented on Wednesday for a period of public consultation that will end on November 23. This follows other measures, such as increasing capacity at...
Read More »SWISS expands capacity for summer flight schedule
Swiss International Air Lines (SWISS) is planning to expand its flight schedule next summer to offer 85% of its pre-pandemic capacity. To this end, it is now busy recruiting flight attendants. In the summer timetable, which runs from March 26 to October 28, 2023, SWISS will serve a total of 112 destinations from Zurich and Geneva, it said in a statement on Tuesday. “On the intercontinental front, the emphasis will be on the destinations in North America which are in...
Read More »Credit Suisse prepares Swiss business sales to raise capital
Credit Suisse is preparing to sell parts of its Swiss domestic bank as it attempts to close a capital hole of around CHF4.5 billion, according to people briefed on the discussions. With less than two weeks until the lender is due to present plans for a radical strategic revamp, executives are also in the final stages of plotting a heavy round of job cuts, which could affect up to 6,000 of the group’s 50,000 global employees. Ulrich Körner was installed as Credit...
Read More »Credit Suisse pays $495 million to settle legacy case
The Swiss bank said it had reached a final settlement with the New Jersey Attorney General © Keystone / Michael Buholzer Credit Suisse has agreed to pay $495 million (CHF496 million) to settle a case brought against it in the United States, the latest pay-out related to past blunders that have battered the Swiss bank’s reputation. Credit Suisse said it would make the pay-out to settle claims brought by the New Jersey Attorney General related to the bank’s...
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