Tag Archives: Business

Car sales are still rising in Switzerland.  (Keystone) New cars imported into Switzerland have not been respecting the prescribed norms on CO2 emissions, with emission levels actually rising in 2017 and 2018, says a report published on Tuesday. Nearly half of importers failed to meet compulsory targets in 2018, according to the Federal Office of the Environment’s report for parliament. Total sanctions ordered against them came to CHF31.7 million ($32.3 million) in...

The Basel-based group currently employs around 17,200 people around the world. (© Keystone / Georgios Kefalas) The Swiss specialty chemicals firm Clariant says it will cut up to 600 jobs to save money after a drop in profit in 2019. The firm expects the slow economic situation this year to continue to affect demand. “For 2020, given the current sluggish economic environment and continued adverse foreign exchange conditions, growth will be more limited and additional...

Thiam gave no indication of which job he will next take. (Keystone / Ennio Leanza) Outgoing Credit Suisse chief executive Tidjane Thiam said he was proud of what he has achieved at the bank as it delivered strong 2019 results and a promising start to this year. Thiam handed in his resignation last week after losing the confidence of the board following a spying scandal that had seriously damaged the bank’s reputation. Thursday was Thiam’s last day in office. The bank...

Rohner speaking at a news conference last October, following the discovery that the Credit Suisse management spied on former executives including wealth manager Iqbal Kahn.   (Keystone/Ennio Leanza) The chairman of the Credit Suisse bank says he does not expect to be voted out of office before his term ends next year following the departure of the bank’s CEO on Friday amid a surveillance scandal. Urs Rohner says he has received “clear responses” from shareholders...

Creating money may soon look entirely different in the digital age. (Keystone / Lm Otero) Central banks are contemplating a response to alternative money systems, such as bitcoin or Libra, with new digital versions of their own currencies. They go by the name of Central Bank Digital Currencies, or CBDCs. Libra’s stablecoin project launched in Geneva last year was a “watershed” moment that “kicked everyone in the pants”, Michael Sung, a professor at Fudan University,...

A primary school class in Aargau, northern Switzerland (Keystone) Switzerland’s public finances rose by 1.7% in 2018 to CHF232.6 billion ($238.8 billion) compared with 2017. As a percentage of the total, Switzerland spent more on education and less on defence than the European Union. The largest budget item remained social protection, costing almost CHF92 billion or 39.4% of the total, the Federal Statistical Office (FSO) said on Thursdayexternal link. This is...

Thiam lost out in a Credit Suisse power battle, much to the surprise of many observers. (Keystone / Walter Bieri) Credit Suisse’s board has defied the wishes of several major shareholders with the surprise axing of chief executive Tidjane Thiam. He has been replaced with Swiss national, and current head of the bank’s domestic operations, Thomas Gottstein. The bank appears to be going back to its Swiss roots in a bid to re-stabilise its business and reputation...

The aisles of Baselworld have been deserted by many watchmakers, who consider the concept of the event to be outdated (© Keystone / Georgios Kefalas) As Baselworld continues to face difficulties, the Swiss watch-making industry needs a new platform to showcase its know-how. With watchmakers going it alone with separate initiatives, one industry expert is pushing for a more collaborative effort to keep the industry thriving. Up until recently, early springtime for...

Where to now for Thiam? (© Keystone / Ennio Leanza) Credit Suisse chief executive Tidjane Thiam has resigned from his post following a highly damaging spying scandal that has rocked Switzerland’s second largest bank. Thiam’s departure is nevertheless a surprise as most media expected chairman Urs Rohner to depart. Thiam will leave the bank on February 14 when he will be replaced by Thomas Gottstein, who is currently CEO of Credit Suisse’s Swiss operations. The news...

Relations between Thiam and Rohner appear to have been deteriorating. (Keystone / Walter Bieri) Credit Suisse’s top shareholders have thrown their support behind chief executive Tidjane Thiam and called on chairman Urs Rohner to quit, in a high-stakes power struggle at the Swiss bank following a spy scandal last year. Relations between Mr Rohner and Mr Thiam have been increasingly strained since revelations that Credit Suisse hired a corporate espionage company to...