Tag Archives: Business

Johann Gevers was an early pioneer of the Swiss blockchain scene with his payments firm Monetas. Bankruptcy proceedings have been reignited against troubled Swiss digital payments company Monetas more than a year after the enterprise hit serious financial difficulties. Efforts to find a new buyer appear to have come to nothing as the firm goes into liquidation. An entry in the Swiss commercial registerexternal link...

Global investors have greatly expanded their power at major Swiss banks and companies. Global financial institutions are increasingly dominating the shareholders of major Swiss companies, according to the Sunday editionexternal link of the Neue Zürcher Zeitung (NZZ). The German-language newspaper points to Swiss banking giant Credit Swiss as a prime example of a financial institution where traditional shareholder...

A FINMA stress test of 18 banks found that 70% of their investment property loans were at risk if conditions deteriorate. (© Keystone / Christian Beutler) The Swiss financial regulator has warned banks that rules on mortgage lending may be further tightened if they fail to control their appetite for dishing out real estate credit. Loans tipped the one trillion franc mark in 2017 and continue to swell, particularly in...

Switzerland would like to attract more Googles and fewer brass plate companies. (© Keystone / Christian Beutler) Switzerland attracted 282 foreign firms to set up shop in the alpine state, creating 899 jobs last year, according to cantonal economic chiefs. That’s an increase of 37 companies from 2017. Switzerland is in the throes of revamping its corporate tax system to keep it line with the competition rules of the...

The Raiffeisen bank branch in Ernen, canton Valais, Switzerland in 2018 Switzerland’s third-largest bank says it will cut up to 200 jobs to save CHF100 million ($100 million) this year. Raiffeisen is reorganising and undertaking a cost-cutting programme. This follows a recent fraud allegation scandal involving its former chief executive. The co-operative bank said in a statement on Thursdayexternal link: “In addition to...

In 2019, Swiss growth is expected to be subdued due to a combination of factors, including subdued domestic demand, a sustained regional slowdown, global trade tensions and Brexit The Swiss economy is likely to slow in 2019, with gross domestic product growth expected to hit 1.1%, followed by a “moderate” recovery in 2020, the International Monetary Fund said on Monday. The IMF said in a concluding statement, published...

Stadler’s first US order dates back to 2002 Swiss railway vehicle manufacturer Stadler Rail has won a $600 million (CHF597 million) order in the United States. The Metropolitan Atlanta Rapid Transit Authority (MARTAexternal link) on Friday announced its decision to award Stadlerexternal link the contract for 127 Metro (underground) trains with two options of 25 additional trains each. For Stadler, which has been present...

The Swiss export industry is expected to suffer from worsening international conditions. Worsening international conditions will have a negative impact on Switzerland’s export-driven economy, prompting the Swiss Economic Institute (KOF) to lower its forecast for this year. KOF on Wednesday announced it had revised its growth forecast down from 1.6% to 1% for Switzerland’s gross domestic product. However, the latest...

On board the Gotthard Panorama Express (Keystone) Foreign visitors spent 6.4% more on Swiss Travel System tickets in 2018 than in the previous year. Sales rose to over CHF130 million ($131 million). 2018 is thus the sixth record year in a row, the Swiss Federal Railways saidexternal link on Tuesday. Chinese guests were the top foreign users of public transport, with sales of CHF20.3 million, an increase of 14.9%. They...

© Astra490 | Dreamstime.com In 2018, Switzerland’s population consumed around 87,000 tonnes of chocolate. However, average chocolate consumption dropped from 10.5 kg per person in 2017 to 10.3 kg in 2018, a decline of roughly 2%. This decline reflects last year’s longer hotter summer, according to the industry association Chocosuisse. The fall in consumption of Swiss chocolate in Switzerland declined further, dropping...