Tag Archives: 3.) Swissinfo Business and Economy

Switzerland and the European Union have a complicated relationship. The recent decision by the Alpine nation to definitively shut the door on a framework agreement with the EU reaffirms its attachment to its independence. It shows that 30 years after refusing to join the EU, Switzerland’s stance has only been reinforced. We look at some of the main reasons why. For years Bern and Brussels have been working to recast their long-term relationship. In the...

Companies will no longer have to prove there are no Swiss job candidates in some sectors. Moves to cut red tape for non-EU foreign workers in Switzerland will not necessarily lead to more work visas being issued. On Friday, the government announced measures to make it easier to hire skilled workers from such countries as India, Britain, China and the United States. By making it simpler to award B and L work permits, Switzerland hopes that the “innovative power of...

More than a million Ukrainians have fled their country since the Russian invasion. Switzerland said it is activating sanctions against Russia on Friday, including a ban on many industrial exports and wide-ranging restrictions on financial activities, which includes cutting Russian banks from the SWIFT financial messaging system. The Swiss government also confirmed it is freezing the assets of people and companies with connections to Russian President Vladimir...

Legal expert Mark Pieth is amazed that Switzerland is taking its own problematic approach to international sanctions against Russia. This content was published on February 26, 2022 - 11:00 February 26, 2022 - 11:00 Opinion by Mark Pieth Mark Pieth, Criminal Law Professor, University of Basel When Russia invaded Ukraine, the US and the EU announced economic sanctions, whereas Switzerland announced that it would first have to analyse the new situation. The...

Credit Suisse has rejected all allegations in this case as meritless © Keystone / Christian Beutler The Office of the Attorney General of Switzerland has demanded Credit Suisse be fined CHF5 million ($5.4 million) – the maximum provided for by law – for aggravated money laundering and subsidiary support of a criminal organisation. Switzerland’s second-largest bank is a defendant in a trialExternal link, which began on February 7, involving millions of euros that were...

Switzerland is facing calls to clean up its financial sector in the wake of the so-called “Suisse Secrets” controversy, which drew on leaked data from banking giant Credit Suisse. Many see the scandal as evidence of systemic shortcoming in the Swiss banking sector, which has undergone major reforms over recent years in a bid to shake off its image as a financial haven for criminals. The calls for reform have come from at home and abroad. In Switzerland, the left...

Other airlines in the Lufthansa Group also announced plans to halt flights to the country. © Keystone / Christian Beutler Amid further escalations of the crisis in Ukraine, Swiss International Airlines has decided to temporarily suspend flights to Ukraine from next week. This affects flight connections in Kyiv. This content was published on February 19, 2022 – 17:22February 19, 2022 – 17:22 Keystone-SDA/jdp All flights will be cancelled from Monday, February 21...

Glencore says that the market is deteriorating for lead smelters with no active mine. (Image of Sudbury nickel smelter.) Courtesy of Glencore. Glencore expects to resolve bribery and corruption investigations in the UK, US and Brazil this year and has set aside $1.5 billion (CHF1.4 billion) to cover potential fines and costs.   Neil Hume, Financial Times News of the provision came as the London-listed miner and commodity trader announced record earnings on the...

This old farm building in the Valais has been converted into a holiday home. Hallenbarter AG Many people dream of owning a mountain home, especially in Switzerland, where the Alps are within easy reach of major towns and cities. But few come on the market and, when they do, they can be quite expensive. Trained as a picture journalist at the MAZ media school in Lucerne. Since 2000 she has worked as a picture editor in various media concerns and as a freelancer....

[caption id="attachment_858217" align="alignleft" width="400"] Exporting, or perhaps importing, on the Rhine in Basel. © Keystone / Gaetan Bally[/caption] Swiss exports climbed to record levels in 2021, with chemicals and pharma driving much of the growth. Watches, especially luxury ones, also had a good year. Exports came to a total value of CHF259.5 billion ($284.5 billion) in 2021, marking a 15.2% increase on the pandemic year 2020 and a 7% increase on...