Tag Archives: 3.) Swissinfo Business and Economy

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in Russia, the fifth-largest market for manufacturer Victorinox © Keystone / Gaetan Bally Leading Swiss brands have withdrawn from Russia because of the war in Ukraine.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...

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...

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...

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...

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...

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...

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...

Uber’s activities in Switzerland have sparked legal disputes. © Keystone / Christian Beutler Dozens of taxi drivers staged a strike in Geneva to protest a decision by the authorities to allow the ride-hailing company to resume business in the Swiss city. The strike follows months of dispute and failed negotiations over the conditions of Uber drivers and the legal status of the American company. On Friday, the Geneva authorities decided to suspend a ban on Uber...

Cornelia Ritz Bossicard leads swissVR, an independent Swiss association of board members. She explains the role that boards of directors and their members play in steering businesses. A director of the board for several companies, Bossicard became president of swissVR in 2018. The aim of swissVR is to strengthen the skills of Swiss boards by offering a forum for sharing experiences, organising company visits, publishing surveys and reports, and providing...

Switzerland has been criticised for turning a blind eye to legal advisors and others who allow wealthy people to hide their money. © Keystone / Gaetan Bally The Swiss government has asked the finance ministry to draft a bill to increase transparency of beneficial owners of legal entities to help tackle financial crime. The bill should introduce a central register for identifying beneficial owners and new obligations when it comes to risks of financial crime, the...