Tag Archives: Business

© Keystone / Gaetan Bally High energy prices have forced a steel mill in Switzerland to prepare for short-time working to avoid layoffs. The Stahl Gerlafingen steel plant in the canton of Solothurn has been granted permission to resort to short-time working from October to December as a preventive measure. The mill consumes as much electricity as 70,000 households and is expecting a bill of CHF45 million for October, writes the NZZ am Sonntag. This is more than the...

Sygnum bank is extending its reach into Web3 and decentralised services by launching in the Decentraland metaverse. Sygnum Swiss digital assets bank Sygnum will open a branch in the metaverse to reach more clients seeking blockchain-based financial services. Sygnum was one of two banks that were awarded licenses in 2019 to connect traditional finance with cryptocurrencies and the blockchain. Blockchain and other Distributed Ledger Technology (DLT) databases provide a...

The strong franc only goes so far in protecting Switzerland from inflation. © Keystone / Gaetan Bally The cost of goods and services in Switzerland rose 3.5% in August compared to the same month last year, but the inflation rate still remains below that of many other countries. Prices for imported goods leapt 8.6%, according to the Federal Statistical Office (FSO), while domestic products went up 1.8%. Rising energy and fuel costs are the main drivers of inflation –...

Turning down heating in households could help stave off energy rationing, the government says. © Keystone / Gaetan Bally The Swiss government has appealed to the population to save on household energy ahead of anticipated electricity and gas shortages this winter. On Wednesday, the government launched a campaign entitled “Energy is scare, let’s not waste it” along with the formation of an Energy Saving Alliance. The plans are backed by cantons, business associations,...

Swiss sockets: currently waiting nervously for the winter ahead. © Keystone / Gaetan Bally The head of the Swiss Federal Electricity Commission (Elcom) reckons a winter energy crisis is virtually unavoidable. However, he said the cause of the problem – war in Ukraine – was also difficult to predict. Speaking to SRF public radio on Saturday, Werner Luginbühl said the “exorbitant rise in electricity prices” was already putting certain Swiss businesses into existential...

It is becoming increasingly clear that UN Nations are realising that it is very difficult to isolate a country that is already a global power. And not just a global power in terms of the military but also in terms of the world’s dependence on its energy exports. However, Russia’s energy exports are not the only thing the West benefits from. One little known fact about Russia is that its highest non-energy export is gold, exporting around $15 billion of gold bullion...

MOB – GoldenPass The GoldenPass Express (GPX) panoramic train, which will link Montreux to Interlaken without any station changes, will make its debut on December 11. The train will link three popular tourist destinations: Montreux, Gstaad and Interlaken, Montreux Oberland Bernois Railway Company (MOB) said in a statement on Thursday. The journey will take three hours and 15 minutes and passengers can choose between three classes (First, Second and Prestige). The...

Retail and hospitality infrastructure helped drive revenues at Zurich airport. © Keystone / Christian Beutler Switzerland’s busiest airport has posted a CHF55 million ($57 million) net profit for the first six months of the year as post-pandemic air travel picks up. By comparison, Zurich airport made a CHF45 million loss in the corresponding period of 2021, but the newly reported profits still fall well short of the CHF143 million booked in the first six months of...

Parmelin says every effort must be made to avoid imposing energy restrictions. ©keystone/peter Schneider The threat of energy shortages in Switzerland this winter should not be over-dramatised, Economics Minister Guy Parmelin has said in response to growing calls at the weekend for government action. A number of business groups and left-leaning political groups voiced concerns in last weekend’s newspapers, with some taking aim at the government for a perceived lack...

The metaverse is the latest technology frontier that banks are just starting to explore. Zuma Press, Inc. / Alamy Stock Photo A bank client attaches her ‘non-fungible token’ personal identity to a digital wallet, containing both traditional money and cryptocurrencies, and accesses decentralised financial investments via the metaverse. Despite the unfamiliar terminology, this is not science fiction. This is a new type of banking that is already active in conservative...