Tag Archives: Business

Are Switzerland’s millionaires going to have to put the bubbly on ice? After seven years of growth, both the number of high-net-worth individuals (HNWIs) around the world and their total wealth declined in 2018, according to the latest World Wealth Reportexternal link by consultants Capgemini. This trend was also seen in Switzerland. The total assets of HNWIs – defined by Capgemini as people with investable assets of at...

Tracks at La Plaine in canton Geneva buckled due to recent hot weather, preventing TGV trains from running between Geneva and France. The international TGV rail link between Geneva and France, which had been affected by the hot weather, has been repaired. Trains have been running since 5am on Sunday. Hot weather had buckled the tracks at La Plaine in canton Geneva, requiring repair work on Saturday, the Swiss Federal...

Quantum Global founder Jean-Claude Bastos was released from an Angolan jail last March after reaching a confidential settlement with the Angolan sovereign fund. The Angolan authorities dropped all charges against him. The Office of the Attorney General has closed an investigation into events surrounding the Zug-based asset manager Quantum Global and its founder Jean-Claude Bastos, the firm says. Bastos has been in the...

For the third year running, newly registered cars in Switzerland have failed to meet the national CO2 emissions target, largely due to the growth in the number of 4x4s and fall in diesel cars, the Federal Office of Energy has warned. Car importers had to pay CHF30 million ($30.4 million) in fines into a national road fund after failing to meet vehicle CO2 emission objectives in 2018, the federal office said in a...

Start-ups in ICT, biotech, medtech and fintech raised the most investment Venture capital investment in Swiss start-ups doubled during the first half of 2019 to exceed CHF1 billion ($1.01 billion). After record investment in 2018, the venture capital market has stayed strong in 2019, according to dataexternal link published on Tuesday by Swiss company Venturelabexternal link. It shows equity investments rose to CHF1.02...

[caption id="attachment_281116" align="alignleft" width="400"] Schaffhausen Cantonal Bank says the fine will not affect results as it had already put money aside to cover the penalty.[/caption] The Schaffhausen Cantonal Bank has settled a tax evasion dispute with the German state of North Rhine-Westphalia with a €3.9 million (CHF4.3 million) payment. The penalty clears the bank for all damages in Germany. The...

In 2018 Vitol boasted growth of 26.8% for a total turnover of CHF226 billion Commodity trader Vitol has taken the top spot in the ranking of the largest companies in Switzerland by total turnover, relegating Zug-based Glencore to second place. According to the rankingexternal link published in the Handelszeitung on Thursday, in 2018 Vitol boasted growth of 26.8% for a total turnover of CHF226 billion ($231 billion)...

The Swiss banking industry continues to turn in a profit despite low interest rates. Swiss commercial banks achieved higher profits last year, mortgage loans tipped the CHF1 trillion ($1.02 trillion) mark and costs were saved by reducing headcounts. These are the findings of an annual report from the Swiss National bank (SNB). The SNBexternal link’s “Banks in Switzerlandexternal link” annual report shows combined Swiss...

The Swiss central bank produces paper money for general use, but will only contemplate digital currencies for specific industry use cases. The Swiss stock exchange wants the country’s central bank to issue a form of cryptocurrency to settle payments on its new digital securities trading platform. If the Swiss National Bank (SNB) agrees, it would represent a departure from its cautious policy on digital currencies. Stock...

The Swiss Foundation for Consumer Protection accuses Swiss influencers of not correctly labelling certain Instagram posts as advertising. A Swiss consumer protection organisation has filed a complaint against Swiss tennis star Roger Federer and several other celebrity “influencers”, accusing them of “stealth advertising” on Instagram and other social media sites. The Swiss Foundation for Consumer Protectionexternal link...