Tag Archives: 3.) Swissinfo Business and Economy

MOB – GoldenPass The GoldenPass Express (GPX) panoramic train, which will link Montreux to Interlaken without any station changes, will make its debut on December 11. The train will link three popular tourist destinations: Montreux, Gstaad and Interlaken, Montreux Oberland Bernois Railway Company (MOB) said in a statement on Thursday. The journey will take three hours and 15 minutes and passengers can choose between three classes (First, Second and Prestige). The...

Under construction: the new Novartis Pavilion in Basel. Keystone / Georgios Kefalas Of the 1,400 job cuts announced by the pharma giant in Switzerland, up to half of them will involve staff in leadership positions, the company said on Monday. For these executive roles, the consultation process has been finalised, and the first individuals concerned will be informed “in the coming weeks”, said the head of Novartis Switzerland Matthias Leuenberger at a media event in...

Retail and hospitality infrastructure helped drive revenues at Zurich airport. © Keystone / Christian Beutler Switzerland’s busiest airport has posted a CHF55 million ($57 million) net profit for the first six months of the year as post-pandemic air travel picks up. By comparison, Zurich airport made a CHF45 million loss in the corresponding period of 2021, but the newly reported profits still fall well short of the CHF143 million booked in the first six months of...

Hydropower accounts for around 60% of total Swiss electricity production. Keystone / Gian Ehrenzeller The Swiss Federal Electricity Commission (Elcom) has laid out plans to hold back hydropower reserves to help compensate for anticipated energy shortages this winter. Elcom wants hydropower operators to hold back up to 666 gigawatt hours of electricity that would normally be sold on the open market. That’s enough to power 150,000 households for a year. The reserves...

Streetlights in Zurich © Keystone / Gaetan Bally Leading voices from business and politics have called on the Swiss government – and in particular economy minister Guy Parmelin – to do more about possible energy and gas shortages over the winter. The energy shortage is “imminent”, Roger Nordmann from the left-wing Social Democratic party told the SonntagsBlick. “The war in Ukraine is causing acute gas shortages. Half of the nuclear power plants in France are at a...

Parmelin says every effort must be made to avoid imposing energy restrictions. ©keystone/peter Schneider The threat of energy shortages in Switzerland this winter should not be over-dramatised, Economics Minister Guy Parmelin has said in response to growing calls at the weekend for government action. A number of business groups and left-leaning political groups voiced concerns in last weekend’s newspapers, with some taking aim at the government for a perceived lack...

The region offers skiing in winter and mountain hiking in summer. © Keystone / Urs Flueeler The Andermatt Swiss Alps (ASA) company, majority owned by Egyptian financier Samih Sawiris, is to build a new 1,800-bed Alpine resort in the Sedrun region in southeast Switzerland. The complex in an undeveloped area of Dieni village will include 13 buildings, including several hotels, residential buildings, shops, restaurants and leisure facilities, the company said on Friday....

Electricity pylons and power supply lines in central Switzerland (archive picture) Keystone / Alessandro Della Bella The Swiss government and cantons are aiming to be prepared for “extreme scenarios” in the face of possible energy shortages this winter, a top cantonal security official says. For example, a power grid shutdown or blackout would have far-reaching consequences, Fredy Fässler, the president of the Conference of Cantonal Justice and Police Directors, said...

Yes or No: Swiss voters have the final say on several issues as part of the system of direct democracy. (The picture shows a display ballot box) Keystone/Ennio Leanza Despite leading in latest polls, a proposed ban on factory farming in Switzerland has limited chances of success at the ballot box next month, pollsters say. A reform of the old age pension scheme enjoys more solid backing. The slim margin between supporters and opponents of a factory farming ban in...

Credit Suisse is trying to recoup hundreds of millions of dollars on behalf of its wealthiest clients © Keystone / Michael Buholzer Credit Suisse Group applied to the English High Court last week to initiate formal legal proceedings against Japan’s SoftBank Group Corp over a $440 million (CHF414 million) dispute, according to the Financial Times. The claims are related to Credit Suisse’s Greensill-linked supply chain finance funds lent to SoftBank-backed Katerra, a...