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Tag Archives: Business & Economy

Zurich world’s most expensive city (again)

According to the Economist’s annual ranking of cities, Zurich came out top in the report published on 29 November 2023. Photo by Ömer Gülen on Pexels.comTied in first place this year were Singapore and Zurich. Singapore is no stranger to the top spot: it has ranked as the priciest place to live in nine of the past 11 years. Groceries, alcohol and clothing in the international business hub can cost a small fortune, wrote the Economist. The cost of a certificate needed to own a car (which...

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Swiss deficit: federal government discusses higher taxes

Switzerland, a nation with a reputation for well managed finances, like much of the world is struggling to cover rising costs. Projected spending on the military and state pensions are key challenges. Spending on refugees and healthcare are additional head winds. The federal government has been looking hard for savings. However, this week talk turned to the possibility of higher taxes, reported RTS. © J0hnb0y | Dreamstime.comAt around 17% of GDP, Switzerland federal debt is relatively low...

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Electric vehicles to be taxed next year in Switzerland

From 1 January 2024, electric vehicles (EV) will be taxed like their petrol and diesel equivalents, announced Switzerland’s Federal Council this week, reported RTS. Photo by Kindel Media on Pexels.comCars imported into Switzerland suffer a 4% tax. EVs are currently exempted from this tax. From the beginning of next year all cars including EVs will be taxed. The exemption, introduced in 1997, was designed to increase the rate of uptake of electric cars. However, on Wednesday the Federal...

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Swiss finance minister wins 2023 obfuscation award

Every year, investigativ.ch, an association of investigative journalists, bestows an award on the public figure it deems to have exercised the lowest levels of transparency during the year. This year the award went to Karin Keller-Sutter, Switzerland’s minister of finance, for the secret decision making process surrounding the fire sale of the bank Credit Suisse to UBS, another Swiss bank. The arrangement was backstopped by the federal government, and ultimately taxpayers, and stripped...

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Switzerland increases federal spending forecast

Every quarter, Switzerland publishes updated spending forecasts for the current year. On 25 October 2023, it raised the 2023 spending forecast by CHF 300 million to 81.6 billion, an increase of 0.4% on the previous quarter, but still below the original budget. Swiss Budget © Marekusz | Dreamstime.comThe revision takes the ordinary budget deficit from an original CHF -700 million to -900 million, a figure 300 million above the late quarterly estimate of -600 million. At the same time,...

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Documents reveal Swiss train fares hike due to government pressure

Train and other public transport fares in Switzerland are set to rise 3.7% on average from 10 December 2023. This week it was revealed that the hike was pushed by the federal government, reported Swiss broadcaster SRF. © Hai Huy Ton That | Dreamstime.comThe decision to increase fares came after the federal government put pressure on Swiss Rail to push the amount it charges passengers higher. Switzerland’s price watchdog Stefan Meierhans said he was shocked. Internal documents revealed...

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Rent disputes multiply in French-speaking Switzerland

The costs of mortgages and building maintenance are rising. Rents are following. In French-speaking Switzerland tenant arbitration organisations are receiving a deluge of complaints and requests for help from tenants, reported RTS. Copyright Akara Kittipadimakun | Dreamstime.comIn Switzerland, it is common for rental agreements to contain a clause that allows rents to be adjusted up or down based on a reference interest rate, which is calculated based on the average cost of mortgage...

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Swiss National Bank holds interest rates at current level

This week, the Swiss National Bank (SNB) surprised many investors by leaving its benchmark interest rate on hold at 1.75%. The decision to hold mirrors decisions this week by the US Fed and Bank of England not to raise rates. By contrast Norway and Sweden lifted rates this week. Thomas Jordan, head of the SNBIn addition, like central bankers in the US and England, the SNB refused to rule out future hikes. And like Sweden the SNB signalled that it would continue to support the currency by...

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Swiss may get to vote on whether to nationalise UBS

A popular initiative has been launched in Switzerland to vote on partially nationalising the UBS Group. For a popular initiative to reach the voting stage 100,000 signatures need to be collected within 18 months. © Andersastphoto | Dreamstime.comThe banks initiative aims to change the Swiss constitution to require large banks and insurance companies of systemic importance to be managed as joint stock companies with the federal government as majority shareholder, a set up described as a...

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Swiss workers report fewer health risks compared to rest of Europe

A recently published survey shows 23% of employees in Switzerland reported a risk to safety or health due to their work in 2021, compared to a European average of 34%. Photo by Life Of Pix on Pexels.comIn 2021, 23% of employees in Switzerland identified a risk to safety or health due to their work. The rate across Europe this was significantly higher at 34%. Key areas of concern in Switzerland were work related strain on the musculoskeletal system (55%) and stress from a high work...

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