Tag Archives: Business

NGOs argue that developing nation debt is borne by the world’s poorest populations. (Keystone / Nic Bothma) A group of 11 NGOs has called on Swiss banks and government ministries to consider offering relief on billions in debt owed by developing nations. The consortium says that the coronavirus pandemic has increased economic pressure on the poorest countries. The NGOs in question are Alliance Sud, Swissaid, Fastenopfer, Bread for All, Helvetas, Terre des Hommes...

The Swiss town of Davos, awaiting the arrival of the 2020 WEF. (Keystone / Gian Ehrenzeller) The World Economic Forum has vowed to hold its annual meeting in Davos in January, testing the willingness of a globetrotting elite to resume the high-powered networking that has been frozen by the coronavirus pandemic. Such events have been cancelled around the world since the pandemic began, with many chief executives expressing doubt that they will return to the conference...

Urs Rohner is Chairman of the Board of Directors at Credit Suisse (Keystone / Ennio Leanza) Major Swiss bank Credit Suisse has issued 15,400 emergency loans totaling CHF2.8 billion ($2.9 billion) during the coronavirus crisis, says board chairman Urs Rohner. The numbers are similar at competitor UBS. On March 25 the Swiss government announcedexternal link a scheme to provide cash-strapped small and medium-sized companies with emergency loans to get through the...

Sika has more than 300 plants worldwide (Keystone) The French building materials and distribution group Saint-Gobain has announced the sale of its 10.75% stake in the capital of the Swiss chemical manufacturer Sika. Saint-Gobain said in a press releaseexternal link on Tuesday that it would dispose of “of its entire stake in Sikaexternal link of approximately 15.2 million shares, representing 10.75% of Sika’s share capital”, without mentioning any financial amount....

This year’s car show was cancelled four days prior to its opening due to the coronavirus outbreak, costing an estimated loss of CHF11 million for the organisers of Switzerland’s largest event. (Keystone / Salvatore Di Nolfi) The 2021 edition of the Geneva International Motor Show remains touch and go after the organisers rejected the terms surrounding a state rescue loan. This year’s car show was cancelled four days prior to its opening due to the coronavirus...

Watches were among the poorest performing Swiss exports in April. (© Keystone / Gaetan Bally) Swiss watch exports slumped by over 80% last month, recording sales of just CHF329 million ($339 million) – compared with CHF1.76 billion in April 2019. Both exports and imports in all industries endured a predictably dire performance as Covid-19 resulted in national lockdowns. Figures from the Federal Customs Administrationexternal link on Tuesday revealed the gravity of...

While demand for public transport collapsed during Switzerland’s partial lockdown, bicycle usage soared across the country. But greater acceptance of cycling nationwide will depend on further political decisions and transport planning. Ernst Leuthold, the owner of a bike shop in Bern, can’t believe his eyes. “It’s amazing to see all these people who haven’t been on a bike for years and then suddenly feel the need to do so,” he declared. Daniel Schärer, director of...

The future of tourism? A couple of hikers by the Seealpsee in northeastern Switzerland on May 17 (Keystone) Going on holiday in one’s own country and in the countryside, in smaller groups and sometimes with restrictions – this is the new reality to which the tourism industry must adapt, according to a study by the University of St Gallen. Mobility and socialising: both are undesirable in times of Covid-19. The tourism industry was therefore the first to be affected...

Zurich Airport, as pictured in mid-March (Keystone / Ennio Leanza) The head of a major Swiss travel agency has complained that Swiss International Air Lines (SWISS) is not helping to reimburse clients fast enough. In the event of cancellations such as those prompted by the Covid-19 pandemic, Swiss package tour operators are legally obliged to provide refunds. But according to Thomas Stirnimann, the chief executive officer of Hotelplan, SWISS is not repaying the...

Efforts are underway in Switzerland to accelerate the  development of sustainable aviation fuel. The aviation industry is a top greenhouse gas emitter. (Keystone) The Lufthansa Group has entered a partnership with the Swiss solar fuel developer Synhelion. The Swiss start-up is working to produce a fuel that emits 50% less CO2 by 2022 and plans to market a 100% renewable fuel in 2030. “We really have something here that demonstrates in a solid way that there is an...