Thursday , January 28 2021
Home / Tag Archives: Business

Tag Archives: Business

Swiss multinationals draw blurry political lines in the sand

Our analysis of what the biggest global companies in Switzerland are up to. This week: corporate funding in politics, diamond billionaire on trial and high hopes for the economy. The siege at the US Capitol has caused Swiss companies to think twice about their associations with political parties in the US. But it isn’t the only place where Swiss companies are being dragged into politics and forced to choose between values and their bottom line. Earlier this week,...

Read More »

UBS to close a sixth of its Swiss branches

Probably not on the chopping list: UBS headquarters in Zurich. © Keystone / Gaetan Bally The closures will affect 44 of the bank’s 239 branches in the country, mainly smaller ones, UBS confirmed on Tuesday. The bank plans to continue beefing up its online offers. The announcement, which had been rumoured for a few months already, was confirmedExternal link by UBS Switzerland director Axel Lehmann to the Neue Zürcher Zeitung newspaper on Tuesday. Lehmann said the...

Read More »

Two globally pioneering technologies among Swiss energy prize winners

The water on which the power plant floats helps cool the solar panels thus improving their efficiency. Keystone / Valentin Flauraud A floating solar power plant and a transport project using renewable hydrogen are among the winners of the 2021 Watt d’Or prize. Awarded annually by the Swiss Federal Office of Energy since 2007, the goal of the Watt d’Or is to “showcase outstanding products or services in the energy sector”. The 2021 winners, selected from 64 projects,...

Read More »

Swiss franc shrugs off being put on the naughty step by US

Switzerland was named a currency manipulator by the US Treasury in December 2020. © Keystone / Gaetan Bally For many foreign exchange traders, the US Treasury’s decision to designate Switzerland as a currency manipulator last month comes nearly six years too late and with a good dose of irony. The Swiss National Bank threw currency markets into full-blown chaos in January 2015 when it unexpectedly abandoned its cap on the franc’s value, within days of a senior...

Read More »

Covid-19 drives new car sales down to historic low

In a bleak year for the car industry, there was one bright spot: an unprecedented rise in the number of alternative propulsion vehicles sold, including electric cars and hybrid models. © Keystone / Martial Trezzini The Swiss automobile industry registered its worst result in over 40 years, as the number of new cars hitting the road in 2020 fell by a quarter compared to the previous year. A total of 236,828 new cars were sold last year, the import association Auto...

Read More »

Credit Suisse chief vows a ‘clean slate’ in 2021

Thomas Gottstein became the new CEO at Credit Suisse in February 2020. Keystone / Ennio Leanza The chief executive of Credit Suisse has vowed the bank will start 2021 with a “clean slate” after a torrid year that began with a damaging corporate spying scandal and was punctuated by embarrassing fallout from legacy compliance and lending failures. Thomas Gottstein, who replaced the ousted Tidjane Thiam in February as head of Switzerland’s second-largest lender, told...

Read More »

Swissair liquidator extracts CHF2.75 million from former bosses

Former Swissair bosses have been ordered to pay CHF2.75 million ($3 million) almost 20 years after the national airline carrier went bust. The bill has been presented to 14 former managers after many years of legal wrangling and court battles. Swissair’s liquidator announced the agreed settlement on Friday, having failed last year to hold the executives liable for the much larger sum of CHF280 million. The grounding of the 71-year-old national airline in 2001 was...

Read More »

Covid continues to stress Swiss economy

[caption id="attachment_603928" align="alignleft" width="400"] Despite some businesses being opened up again from lockdown, most are still counting the cost of Covid-19. Keystone / Laurent Gillieron[/caption] Overnight hotel stays fell by more than 40% during the summer as Switzerland locked down against coronavirus. The pandemic has also battered the finances of the airline industry, but most smaller companies have retained some optimism for the future. ...

Read More »

Five lessons from the Swiss ‘responsible business’ vote

The coronavirus pandemic has made people more conservative with their voting. Keystone / Peter Klaunzer The battle over the responsible business initiative is now over. The way the campaign was managed and how the issue was eventually decided says a lot about Switzerland. On November 29, 50.7% of Swiss voters backed an initiative to extend liability over international human rights abuses and environmental harm caused by major Swiss companies and the firms they...

Read More »

French blockchain firms offer tracing for Swiss watches

The online purchase of a second-hand luxury watch is becoming ever more popular. Andrew Poplavsky The market for second-hand luxury watches is booming. But for the average consumer, it is not easy to tell a fake from the genuine article and determine the real value of a particular timepiece. Certificates based on blockchain technology could provide more transparency. Watch fans who want to get the new diving watch by Rolex had better be patient. The official...

Read More »