Tag Archives: 3.) Swissinfo Business and Economy

Since the start of the war in Ukraine, many Russian internet users have been using the Swiss software Kiwix to download Wikipedia fearing that it will soon be banned. © Keystone / Christian Beutler The Swiss software Kiwix enables the user to copy entire websites so they can be accessible offline. Now that Wikipedia risks sanction in Russia because of its content on the Ukraine war, downloads of the free online encyclopaedia using Kiwix are off the charts. Wikipedia...

The issue of rising energy and fuel prices is ‘on the government’s radar’, according to Energy Minister Simonetta Sommaruga © Keystone / Christian Beutler The Swiss government has set up a working group to examine whether measures are needed to relieve the burden on households caused by rising energy prices. “[The government] is observing the development very closely in order to clarify whether support is needed to cushion hardship cases,” said Energy Minister...

Prices in Switzerland are on the rise, albeit less drastically than in the EU and the US. © Keystone / Christian Beutler Trade unions say middle- and lower-income workers in Switzerland are facing a “shock” in 2022, with wages unable to offset rising inflation and health insurance costs. With inflation currently over 2% in Switzerland, the cost of living is going up, and workers need a salary boost to offset this, said the country’s biggest trade union group on...

Peace marchers head towards the centre of Bern on Monday © Keystone/peter Schneider The traditional Easter march has taken place in the Swiss capital, Bern. This year the “Walk for Peace” focused on issues including the climate and Russia’s invasion of Ukraine. Up to 1,000 people, waving rainbow-coloured peace flags, gathered by the River Aare on Monday. They walked along the river, within sight of the Ukrainian embassy at Helvetiaplatz, into the city and ended in...

Switzerland’s finance industry: a little less important than a decade ago, but still a big plank of the economy. Keystone / Gian Ehrenzeller The contribution of Switzerland’s finance industry to the country’s gross domestic product (GDP) has decreased over the past ten years. The share of GDP accounted for by financial and insurance services was 9% last year, down from 10% in 2011, the State Secretariat for International Finance (SIF)External link said in a report...

It is estimated that about a third of the oil traded globally is bought and sold in Switzerland. Keystone/Sergey Ponomarev Switzerland will decide case by case whether to curtail traders’ purchases from Russia’s state-controlled companies under European Union sanctions. The State Secretariat for Economic Affairs (SECO) which is in charge sanctions confirmed the Swiss policy to follow in principle the EU measures, which aim to limit commodity deals to those deemed...

Students and expanding companies are demanding more blockchain courses at Swiss universities. © Keystone / Christian Beutler The rapidly expanding Swiss blockchain industry is facing growing pains: a limited supply of qualified workers to fill the expanding number of job vacancies. Universities are stepping up to meet the challenge by designing new courses around blockchain and decentralised finance. Blockchain is the digital system that powers bitcoin and other...

Nuclear plants fell short by 19.4% because of maintenance work carried out at the Leibstadt plant over several months. © Keystone / Alexandra Wey The Alpine nation consumed 2.4 million kilowatt hours (kWh) more electricity in 2021, equivalent to the annual consumption of 479,800 households. “In addition to the pandemic-related ‘compensatory effects’ in the second quarter, general economic development, the weather and population development increased consumption in...

A few years ago, during a bitcoin price rally, a colleague relayed a story about her husband attending a university lecture. He noticed several students glued to their smartphones. Peering over a few shoulders he saw they were more focused on crypto profits than the lecture. Roll on five years and bitcoin has now become the central subject of lectures in several Swiss universities. A study by blockchain start-up incubation company CV VC and PwC has identified 20...

New rules of the game have consequences be they sanctions, laws, court rulings or even public opinion. The stakes have never been as high for multinationals when it comes to doing the right thing. The war in Ukraine has tested the moral compass of big firms worldwide. Sanctions against Russia came with little notice along with heavy penalties for those who don’t toe the line. Low profile industries can suddenly no longer operate under the radar. Take Swiss steel...