Tag Archives: 3.) Swissinfo Business and Economy

in 2021, about 40% of gas consumed in the European Union came from Russia. EU states accuse Russia of squeezing supplies in retaliation for Western sanctions over Moscow’s war in Ukraine. Keystone / Jens Buettner The energy crisis in Europe continues to make headlines in Switzerland. This was reflected in the Sunday press which focused on German pressure on Switzerland to implement a gas saving plan, a petition to speed up hydroelectric projects and a spike in Swiss...

Federal Councillors’ trip at Schloessli Woerth in Neuhausen am Rheinfall in Schaffhausen, Thursday, June 30, 2022. Keystone Nearly two out of three Swiss (64%) believe that Swiss government members do not work smoothly together, according to a survey carried out by the Sotomo research institute. The Swiss government consists of the Federal Council which comprises seven members, each of whom heads a ministry. There are clear tensions and rivalries in the executive...

Ukrainians receive humanitarian aid from the Worldwide Food Program (WFP) at a school building damaged by recent shelling in Kharkiv, Ukraine, July 15, 2022. Keystone / Sergey Kozlov The humanitarian charity Swiss Solidarity raised CHF126 million ($132.4 million) to help Ukrainian refugees and support local journalists. But Ukrainian authorities say they have yet to receive anything and appear to be getting impatient. The foundation explains it works on a long-term...

Skyguide has doubled wages for first-year trainees from CHF2,000 to CHF4,000 a month © Keystone / Martial Trezzini Swiss air navigation service provider Skyguide says it is struggling to recruit air traffic controllers, especially in French-speaking Switzerland. Only five people are starting training in September, although there are 16 posts to be filled. “This is a general trend in Europe, but it is particularly pronounced in western Switzerland,” said Skyguide boss...

High losses had been expected, but the figure is higher than economists had predicted. © Keystone / Peter Klaunzer The Swiss National Bank (SNB) has taken a hit of CHF95.2 billion ($100 billion) for the first half of this year, mainly owing to losses on foreign currency positions. After a loss of CHF32.8 billion in the first quarter, another CHF62.4 billion was added in the second quarter. High losses had been expected, but the figure is higher than economists had...

Swiss pharma sales to Russia hit an all time high in June this year. © Keystone / Gaetan Bally Swiss exports of medicines to Russia have risen sharply since the start of the Ukraine war, according to an analysis by business news agency AWP. This analysis, based on government foreign trade data, shows Swiss pharma generated record revenue of over CHF330 million ($342 million) in June alone from sales to Russia. Russia has been subject to numerous sanctions owing to...

SWISS flights to Germany are affected by the one-day strike at Lufthansa on Wednesday. © Keystone / Gaetan Bally The Swiss national carrier is cancelling around a dozen flights to Germany on Wednesday, owing to a one-day strike by ground staff at its German parent company Lufthansa. Swiss International Air Lines (SWISS) has cancelled flights from Geneva to Frankfurt (three return flights) and Zurich to Düsseldorf (also three return flights), airline spokeswoman Karin...

© Keystone / Walter Bieri Swiss retail banks make the most profit per customer among wealthy nations, according to an international ranking. The Swiss banks are followed at a respectable distance by their Australian and Belgian competitors, according to a study by consulting firm Pricewaterhouse Coopers (PwC) published on Wednesday. According to the study, Swiss retail banks will have earned an average of CHF546 ($559) per customer by 2021, compared with CHF299 for...

The reservoir with the elegant dam near Château-d’Oex is one of more than 50 artificial lakes in the Swiss Alps. Keystone/Alessandro Della Bella Switzerland could face electricity and gas shortages in winter despite sufficient supplies at the moment and considerable reserves, experts say. “We’re witnessing the first global energy crisis, with Europe at the centre,” the head of the Federal Office of Energy, Benoît Revaz, told a news conference on Wednesday. He said...

Julius Bär has been charging negative interest on Swiss franc, euro and Danish krona deposits. Keystone / Ennio Leanza Wealth manager Julius Bär has joined a growing list of Swiss banks that will no longer pass on the cost of negative interest rates to clients. The decision to scrap charges from August 1 on Swiss francs, euros and Danish kroner follows an interest rate rise by the European Central Bank this week and a similar move by the Swiss National Bank (SNB) in...