Tag Archives: 3.) Swissinfo Business and Economy

Children working at a brick factory on the outskirts of Kabul, Afghanistan, in 2019. Switzerland has joined a global platform to combat child labour, forced labour and human trafficking. Copyright 2019 The Associated Press. All Rights Reserved. Economics Minister Guy Parmelin and the Director-General of the International Labour Organization (ILO), Guy Ryder, have concluded an agreement on development cooperation. Parmelin, who holds the rotating Swiss presidency this...

Last year a government report indicated that the law on Swissness contributes more than CHF1.4 billion ($1.48 billion) a year to the Swiss economy. © Keystone / Gaetan Bally Major industry associations have joined forces with public agencies to combat free-riders who abuse the “Swiss brand” abroad. The association for Swissness enforcement is intended to foster coordinated action against the wrongful use abroad of Swiss indications of source. It comprises 13 members,...

Most of the big Swiss textile machinery companies have local production in China and only export high-end components from Switzerland. © Keystone / Gaetan Bally Amid allegations of forced labour involving Uyghur and other minorities in the garment supply chain, the Swiss textile machinery sector faces thorny questions about its ties to and reliance on China. My specialty is telling stories, and decoding what happens in Switzerland and the world from accumulated...

Switzerland has 5,700 public charging points dotted around cities, towns and villages. But charging infrastructure is regularly cited as the country’s Achilles heel. © Keystone / Christian Beutler Last year saw a surge in new electric vehicle (EV) sales worldwide and Switzerland was no exception. But the experience of frontrunner countries like Norway shows that some things will have to change if the Swiss electric car revolution is to keep pace in the years ahead...

Credit Suisse is embroiled in its second collapsed deal in a matter of weeks. Keystone / Urs Flueeler Credit Suisse and Nomura have warned of large losses after a fire sale of about $20bn of Chinese and US stocks, as their client Archegos Capital Management was forced into a huge unwinding of assets. Nomura could face a total wipeout of its profits for the second half of the financial year, while Credit Suisse has warned the sell-off could have a “highly significant...

The potential loss is the latest blow to Credit Suisse, which was hit by the recent Greensill scandal. © Keystone / Gaetan Bally The Swiss bank Credit Suisse says it may face a “highly significant” loss in the first quarter due to an unnamed American hedge fund client defaulting on margin calls. In a statementExternal link issued on Monday, the bank said: “While at this time it is premature to quantify the exact size of the loss resulting from this exit, it could be...

The Covid-19 pandemic demands the creative management of public funds but some authorities are finding this difficult. (Image: Cildo Meireles, ‘Zero Dollar’, 1978-84) Cildo Meireles Cildo Meireles The Covid-19 pandemic has taken a heavy toll on the Swiss arts scene. Support measures have been introduced to “preserve cultural diversity” and some cantons have even launched monthly income support schemes for artists. But will these measures be enough? These have been...

Fewer people were able to attend cinemas during the pandemic year of 2020. © Keystone / Thomas Delley Ticket sales at Swiss cinemas plummeted by two-thirds last year as venues were forced to close their doors. Of the films that could be shown, Swiss movies made up a greater share of the total offering. Official statistics out on Tuesday revealed the economic impact of Covid-19 on Switzerland’s 263 cinema theatres. Income fell from CHF193 million ($208 million) in...

Savings deposits, loans and jobs could be threatened if a major Swiss bank were to collapse. © Keystone / Gaetan Bally Three of Switzerland’s “too big to fail” banks no longer threaten to cause a seismic shift in the economy should they collapse, says the financial regulator. Zurich Cantonal Bank, PostFinance and the Raiffeisen banking group are now deemed to have put into place credible plans for an orderly bankruptcy. The trio focus primarily on the domestic...

Some 27% percent of the population over the age of 15 smokes in Switzerland. © Keystone / Melanie Duchene The Swiss parliament is currently debating tightening restrictions on advertising of tobacco products. This comes after a people’s initiative calls for a radical advertising ban to protect children. Parliament is currently discussing whether to tighten Switzerland’s current tobacco laws, which are some of the most liberal in the world. The draft bill would...