Tag Archives: 3) Swiss Markets and News

The potential loss is the latest blow to Credit Suisse, which was hit by the recent Greensill scandal. © Keystone / Gaetan Bally The Swiss bank Credit Suisse says it may face a “highly significant” loss in the first quarter due to an unnamed American hedge fund client defaulting on margin calls. In a statementExternal link issued on Monday, the bank said: “While at this time it is premature to quantify the exact size of the loss resulting from this exit, it could be...

The Covid-19 pandemic demands the creative management of public funds but some authorities are finding this difficult. (Image: Cildo Meireles, ‘Zero Dollar’, 1978-84) Cildo Meireles Cildo Meireles The Covid-19 pandemic has taken a heavy toll on the Swiss arts scene. Support measures have been introduced to “preserve cultural diversity” and some cantons have even launched monthly income support schemes for artists. But will these measures be enough? These have been...

Fewer people were able to attend cinemas during the pandemic year of 2020. © Keystone / Thomas Delley Ticket sales at Swiss cinemas plummeted by two-thirds last year as venues were forced to close their doors. Of the films that could be shown, Swiss movies made up a greater share of the total offering. Official statistics out on Tuesday revealed the economic impact of Covid-19 on Switzerland’s 263 cinema theatres. Income fell from CHF193 million ($208 million) in...

Savings deposits, loans and jobs could be threatened if a major Swiss bank were to collapse. © Keystone / Gaetan Bally Three of Switzerland’s “too big to fail” banks no longer threaten to cause a seismic shift in the economy should they collapse, says the financial regulator. Zurich Cantonal Bank, PostFinance and the Raiffeisen banking group are now deemed to have put into place credible plans for an orderly bankruptcy. The trio focus primarily on the domestic...

© Germana Marengo | Dreamstime.com As Switzerland’s population ages the number of people paid state pension is rising relative to the number of workers funding it. Since 2014, more has been paid out than has been paid in. The most effective way to fix this imbalance is to raise the pension age. If the average life expectancy of a retiree is 15 years, then raising the pension age by one year will cut the cost by nearly 7%. Switzerland is one of a few countries that...

Some 27% percent of the population over the age of 15 smokes in Switzerland. © Keystone / Melanie Duchene The Swiss parliament is currently debating tightening restrictions on advertising of tobacco products. This comes after a people’s initiative calls for a radical advertising ban to protect children. Parliament is currently discussing whether to tighten Switzerland’s current tobacco laws, which are some of the most liberal in the world. The draft bill would...

Japan’s central bank is keeping down the cost of national debt – but is their a hidden price? Keystone / Katsumi Kasahara The cost of paying off spiralling national debt in the United States and Switzerland is rising as interest rates increase. This makes the financing of pandemic expenditure more expensive. That’s not a problem in Japan where the central bank is holding interest rates in check. Would the Japanese recipe also be something for Switzerland? The US...

Bitcoin Suisse has spent heavily on advertising, as on this city tram, but has failed to convince the regulator of its credentials to become a bank. / Karin Hofer Cryptocurrency firm Bitcoin Suisse has withdrawn its application for a banking license, in part because it failed to meet the anti-money laundering requirements of the Swiss financial regulator. “The application process has shown the need for further reviews of the anti-money laundering framework and...

UN economist Ian Richards argues that Swiss voters’ fears of a proposal for an e-ID may be swept away as more countries see the benefits of digitising documents, including vaccine passports. A week ago the Swiss public voted overwhelmingly to reject a digital identity scheme that would have given each Swiss citizen and resident an official login and password to open bank accounts, vote, or buy train tickets and ski passes online. The login would be certified,...

Zurich, 16 March 2021 – Art Basel and UBS announced today the publication of the fifth Art Basel and UBS Global Art Market Report, authored by renowned cultural economist Dr Clare McAndrew. The report integrates insight from a recent survey of 2,569 high-net-worth (HNW) collectors, conducted by Arts Economics and UBS Investor Watch, across ten markets: the United States, United Kingdom, France, Germany, Italy, Hong Kong, Taiwan, Singapore, Mexico, and for the first...