Tag Archives: 3.) Swissinfo Business and Economy

swissinfo.ch Swiss citizens look set to vote on a people’s initiative to try to ensure their economy never becomes cashless. What do the campaigners behind the idea really want? More from this author Cash is widely used in Switzerland, much more so than in many other countries. In Sweden, only 9% of people still pay with notes and coins; in the United States the figure is around 60%. Meanwhile, 97% of people in Switzerland still keep some cash at home or...

© Keystone / Christian Beutler The president of the Swiss Employers’ Association wants to increase the potential workforce in Switzerland by 300,000 people. To achieve this, women, young people, the elderly and refugees must be integrated into the labour market or be given more work, said Valentin Vogt on Swiss public radio SRF on Saturday. “The lack of labour is the biggest obstacle to the growth of the Swiss economy,” he warned. According to him, if this...

Widespread analysis of what went wrong at Credit Suisse converges on a constant theme: an international bank that lost touch with its Swiss roots, led by people who put profits ahead of prudence. This has resulted in massive financial losses and a restructuring drive that will see 9,000 staff lose their jobs. Credit Suisse CEO Ulrich Körner is leading a major restructuring of the bank. © Keystone / Michael Buholzer What happened? Credit Suisse has lurched from...

[caption id="attachment_994215" align="alignleft" width="400"] The Swiss commodities trader is taking legal action. Keystone / Martial Trezzini[/caption] Swiss commodities trading company Trafigura says it has been defrauded to the tune of $577 million (CHF530 million) by fake nickel shipments. The firm has launched legal action against a Dubai-based metals trader and the group of companies he runs out of the Middle East emirate. “The fraud...

Demonstrators in Lausanne on February 9: Vaud is the third-largest (by population) of Switzerland’s 26 cantons. © Keystone/ Valentin Flauraud Around 3,500 public sector workers in the western Swiss canton of Vaud took part in a strike on Thursday. They are calling for wage indexation to keep up with inflation and rising living costs. Thursday’s demonstration in Lausanne is the fourth in two months by public sector workers. It comes after an even bigger gathering in...

Won’t go to waste: but plastic in Switzerland is not always so well recycled. Keystone / Urs Flueeler The Federal Audit Office says there needs to be more transparency around the various fees and taxes which fund Switzerland’s recycling system. The auditors wrote on Wednesday that CHF176 million ($192 million) in recycling taxes and fees were collected in 2019: these included state-organised prepaid disposal fees on glass and batteries, and voluntary, private...

SWISS will again operate regular flights to Shanghai from March 3 and boost services to Hong Kong. © Keystone/Christian Beutler Swiss International Air Lines (SWISS) says it will resume passenger flights to the Chinese city of Shanghai early next month following an easing of travel restrictions. In a first step, the national flag carrier will schedule one flight a week before increasing the frequency to three flights a week in April. SWISS stopped operating...

The Swiss National Bank (SNB) booked a CHF132 billion ($143 billion) loss in 2022 and suspended profit-sharing transfers to the Confederation and cantons. What does that mean exactly? And how does the SNB fare in international comparison? Last year, the SNB lost more money than ever before. And it is not alone: central banks around the world also recorded heavy losses. As a consequence, money from central banks in many countries ceased to flow to governments. Have...

Illustrative photo taken at the Nestlé Shop in Kemptthal, Switzerland. swissinfo.ch/Dominique Soguel In response to Russia’s war on Ukraine, the Swiss multinational Nestlé announced that it would reduce its range of product in Russia to “essential” goods such as baby milk. But supermarket shelves in Moscow paint a different picture, according to the NZZ. The world’s largest food and beverage company continues to sell and produce a wide range of food products, as well...

© Keystone / Ennio Leanza Switzerland’s largest telecommunications operator, Swisscom, is changing its approach to data disclosure in order better protect its customers. The operator reserves the right, after examination, to “seal” the electronic correspondence (e-mails) of its customers until a court has decided otherwise, the NZZ am Sonntag newspaper reported. To date, the public prosecutor’s office in Switzerland can access the emails of suspects without the...