Tag Archives: Business

Dixit Joshi ‘loves solving big, complex financial problems’, according to one acquaintance CS As daunting first weeks go, Dixit Joshi’s takes some beating. After a weekend of damaging speculation on social media about the impending collapse of Credit Suisse, Joshi started as the bank’s chief financial officer last Monday with its share price plumbing new lows and a gauge of default risk spiralling higher. The British-South Africa banker turned up to his first...

Uber’s disruptive model faces resistance from unions and authorities in various countries, not just Switzerland. Keystone / Caroline Brehman The ride-hailing company says it will offer drivers the possibility of remaining independent or becoming official employees of a subcontractor firm. The “dual model” will be extended gradually across the country – with the exception of Geneva – from October, Uber’s Swiss director Jean-Pascal Aribot told the Tribune de Genève...

Another factor for the slowdown is foreign trade, which according to the forecast will weaken significantly next year. © Keystone / Gaetan Bally The KOF economic institute has joined other forecasting agencies to lower its predictions for the Swiss economy. However, the experts do not expect a recession for the time being. The Swiss Institute for Business Cycle Research at the Federal Institute of Technology (ETH) in Zurich is now forecasting growth in gross domestic...

Agricultural income in Switzerland grew slightly in 2021 to reach an average of CHF80,700 ($81,765) per farm, according to latest statistics. The 1.9% average rise in 2021 came despite a “mixed year” for farmers and farming in Switzerland, said the federal centre of agricultural research Agroscope on Tuesday. While the price of beef and milk rose that year, the situation for pork was more complicated due to oversupply, the research centre said. The weather was also...

Senior Credit Suisse executives spent the weekend reassuring large clients, counterparties and investors about the Swiss bank’s liquidity and capital position in response to concerns raised about its financial strength. Executives hit the phones after spreads on the bank’s credit default swaps, which offer protection against a company defaulting, rose sharply on Friday, indicating investor worries over its financial health. “The teams are actively engaging with...

The Swiss franc has hit an all-time high against the euro. Even though it trades at an unprecedented CHF0.95 to the euro, the strong franc no longer poses a threat to the Swiss economy. What has changed in the last ten years? More from this author On September 6, 2011, at 10am, the then president of the Swiss National Bank (SNB) Philipp Hildebrand made an important announcement to the media: “With immediate effect, the SNB will no longer tolerate a...

Landlords and tenants are opposing government calls to reduce household heating to 19 degrees Celsius, warning it might spark a flurry of lawsuits. The Swiss Real Estate Association, which represents landlords, warns that turning down the heating in rented accommodation could result in a legal backlash. The 19 degree heating target was a specific measure contained in a voluntary energy saving campaign launched by the government in August. But legal experts point...

The biggest two Swiss Banks have each been fined $200 million (CHF199 million) as part of a large-scale US investigation into the failure to preserve electronic communications. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) said in separate statements on Tuesday that they had fined 16 financial firms a combined total of $1.8 billion after staff had discussed deals on their personal devices and apps. Beyond the two...

Troubled Swiss bank Credit Suisse has sought to quieten rampant speculation about its upcoming strategic revamp following leaks to the media and concerns of its staff. The bank is due to announce restructuring details when it announces its third quarter earnings results on October 27. On Monday Credit Suisse took the unusual move of issuing a statement ahead of its planned strategic review update next month, mentioning a “high level of media and market...

By normal standards, interest rates of 0.5% are considered low. But Switzerland has just emerged from a long period of negative interest after the Swiss National Bank (SNB) raised rates from -0.25% to +0.5%. When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch’s business correspondent can be found playing cricket on various grounds in Switzerland – including the frozen lake of St Moritz. More from this author | English...