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Home / Tag Archives: 3) Swiss Markets and News (page 5)

Tag Archives: 3) Swiss Markets and News

What the Ukraine war means for Switzerland’s energy policy

The war in Ukraine and consequent threat of energy insecurity is forcing many countries to reconsider their existing policies. The ripple effect has also reached Switzerland, which is already reassessing its gas supply for the coming winter. As the largest exporter of oil and gas combined worldwide, Russia represents a critical piece of the global energy puzzle. The invasion of Ukraine by Russia and the sanctions which followed have already impacted where oil and...

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Swiss exports reach all-time high

Data published on 17 March 2022 showed a 15.4% jump in Swiss exports in February 2022. The sharp rise in exports when combined with a 2.9% fall in imports led to a monthly trade balance of CHF 5.7 million. This is the first time in history that Switzerland’s monthly trade balance has exceeded CHF 5 million. Photo by RODNAE Productions on Pexels.comIn February 2022, Switzerland exported CHF 24.0 billion worth of products while importing CHF 18.3 billion, creating a...

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‘Swiss neutrality is one of the foundations of our partnership with NATO’

Against the backdrop of the war in Ukraine, the Swiss ambassador to NATO, Philippe Brandt, explains the importance of Switzerland’s partnership with the alliance, which he views as perfectly compatible with Swiss neutrality. SWI swissinfo.ch: Has your role as head of the Swiss mission to NATO changed since the outbreak of the war in Ukraine? Philippe Brandt: We are living through a very intense time. Our role as a mission hasn’t fundamentally changed. We are closely...

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Swiss Institute in New York appoints new director

German-born Stefanie Hessler, 35, will head the Swiss art space starting in May. Her appointment is part of several rearrangements in institutions run by the pharma billionaire Maja Hoffmann. Last October, the Swiss Institute, a non-profit contemporary art space in New York, announced that board chair Maja Hoffmann, one of the heiresses of the Roche pharmaceutical company, had been elected president of the board of trustees. Soon afterwards, in November, the former...

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Swiss companies’ balancing act with Russia

Big consumer brands are leaving Russia in droves but for many Swiss companies untangling ties isn’t that easy. Last week Swiss chocolate maker Lindt & Sprüngli joined a chorus of brands like McDonald’s closing shops and suspending deliveries to Russia after its invasion of Ukraine. The decision by Lindt & Sprüngli took some by surprise. The company’s CEO, Dieter Weisskopf, had said during its annual results call a day before, that it was planning to keep...

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Swiss economic prospects for 2022 dampened but not decimated

The Swiss economics ministry has downgraded its growth forecast for 2022 due to the war in Ukraine. But it still predicts a solid post-pandemic upswing. After a couple of years impacted by Covid-19, 2022 should yet see Swiss gross domestic product (GDP) grow by 2.8%, the State Secretariat for Economic Affairs (Seco) said on MondayExternal link in a quarterly assessment – down from the 3% predicted last December. While the war will have an impact, Swiss economic ties...

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Russian clients have up to CHF200 billion in Swiss banks

The Swiss banks are hit by European Union sanctions against Russian clients. © Keystone/Christian Beutler Swiss banks hold between CHF150 billion and CHF200 billion ($160-$214 billion) in assets belonging to Russian clients, according to the Swiss Bankers Association. The president of the associationExternal link, Marcel Rohner, made the estimate at the group’s annual news conference on Tuesday. Overall in 2020, Swiss banks had assets under management totaling...

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Experts warn of hit to economy without Russian oil and gas

“No natural gas, no war” protestors in the capital Bern on Saturday ©keystone/peter Schneider Renouncing Russian oil and gas would have serious consequences for the Swiss economy, an expert from the KOF Swiss Economic Institute has told a Sunday newspaper. If imports were to be cut off, for example in the wake of tougher sanctions against Russia, Swiss gross domestic product (GDP) would fall by 3-4 percentage points, spread over two years, according to calculations...

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Switzerland approves CHF80 million in emergency aid for Ukraine

The Swiss government has boosted its humanitarian support to victims of the war in Ukraine. On Friday it approved CHF80 million ($86 million) as an “expression of its solidarity with Ukrainians in need”. “Around 12 million people are dependent on emergency aid because of Russia’s ongoing military intervention in Ukraine. With this contribution, Switzerland is expressing its solidarity with Ukrainians in need,” the government said in a statementExternal link on...

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Stay or go? Western consumer brands wrestle with Russian dilemma

A supermarket in St Petersburg: multinationals that supply Russians with daily necessities face tough decisions. Keystone / Anatoly Maltsev Vladimir Putin’s invasion of Ukraine has led to an exodus of well-known western brands from Russia, but not every company has joined the rush. As Apple has suspended sales and BP hurriedly announced its exit over the past two weeks, those multinationals that manufacture products that Russians rely on for daily life, from food...

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