Tag Archives: 3) Swiss Markets and News

The official retirement age for women will be put at 65 in line with that of men in Switzerland under the reform approved by parliament but opposed by trade unions and the political left. Keystone/Gaetan Bally Parliament has approved a major reform of the Swiss pension system, including a controversial rise in the retirement age for women. The overhaul also foresees financial compensation – staggered over nine years for women directly affected by the change – as well...

The bank said it was willing to intervene in the foreign exchange market “as necessary” to mitigate upward pressure on the franc. Keystone / Peter Klaunzer The Swiss National Bank has decided to stick to its expansionary monetary policy, a day after the US Federal Reserve announced it was tightening monetary policies amid rising inflation. On Thursday, the SNB announcedExternal link it was keeping the monetary policy rate at -0.75%. In doing so the bank wrote in a...

A view of the Alps inside the Swiss pavilion at Expo 2020 Dubai. Www.sebastiencrettaz.com The Swiss pavilion at the ongoing Universal Exposition in Dubai leads the visitor through Alpine landscapes in a show of light and shadows to showcase Swiss sustainability, urbanisation and innovation. It is a concept that seems to appeal to the public, despite the pandemic and the many contradictions that characterise the Gulf region. With an investment of CHF16.5 million...

The hydroelectric dam at Zervreila, canton Graubünden. Keystone / Gian Ehrenzeller Authorities, environmental groups, and energy providers have named 15 major hydropower projects that could help Switzerland achieve energy security and a green transition over the coming decades. The projects were chosen for their energy efficiency potential as well as their minimal impact on biodiversity and the landscape, the groups wrote in a joint declaration on Monday. It was the...

US President Joe Biden called Switzerland a tax haven during his State of the Union address in April Copyright 2021 The Associated Press. All Rights Reserved A major global corporate tax deal agreed by more than 130 countries in October aims to curb tax abuse by multinational companies, but many important details remain on how this will be implemented. When US President Joe Biden called Switzerland a tax haven earlier this year, Swiss authorities promptly rejected...

Keystone / Sebastian Gollnow An appeal court in Paris has confirmed that Swiss bank UBS is guilty of having assisted French tax evaders – but reduced the penalty from €4.5 billion (CHF4.7 billion) to €1.8 billion. Switzerland’s largest bank systematically helped French clients evade taxes between 2004 and 2012 by enticing them to hide their money in Switzerland, the appeal court said on Monday. In 2019, UBS was originally fined €3.7 billion and ordered to pay...

The Swiss National Bank (SNB) is doing its best to keep up with the fast-evolving world of cryptocurrencies and decentralised finance. Switzerland’s central bank has again showcased the capabilities of its fledgling digital franc – an example of a central bank digital currency (CBDC). The SNB has revealed that last month it clubbed together with the Bank of France and mainstream financial companies to pull off a cross-border trade using CBDCs on a distributed ledger...

In less than a decade the surface area dedicated to growing sugar beets in Switzerland has dropped from 20,000 hectares to 16,500 hectares Thomas Kern/swissinfo.ch Every year from October to December more than 1.5 million tonnes of sugar beets grown in Switzerland are harvested to supply the country’s sugar industry – an industry being kept alive by massive government subsidies. SWI swissinfo.ch reports from Aarberg, home to the country’s largest sugar factory....

Hiking, and biking, were rare winners in the pandemic. Keystone / Arno Balzarini New data on Swiss travel habits during the first year of the Covid-19 pandemic show fewer overnight stays, less air travel and a collapse in trips beyond the borders of Europe. In 2020 the Swiss resident population made a total of 15.1 million trips which included at least one night away from home, according to a report published by the Federal Statistical Office (FSO) on Wednesday....

The pandemic has created major challenges at ports delivering goods around the world. Copyright 2021 The Associated Press. All Rights Reserved Swiss economic experts expect a significant economic slowdown as supply chain bottlenecks, inflation and pandemic restrictions persist in many parts of the world. On Thursday, the State Secretariat for Economic Affairs (SECO) announcedExternal link that the economic expert group has lowered the growth forecast for Switzerland...