Tag Archives: Editor’s Choice

From 10 December 2023, average Swiss train prices are set to rise by an average of 4.3%, reported RTS. © SBB CFF FFSHowever, not everyone will feel the same level of pain. Those travelling on second class AG passes will be particularly hard hit, according to the Alliance Swiss Pass, an organisation that creates travel passes covering different Swiss transport networks. The coming price rise is the first since 2016, said the Alliance on Tuesday. First class ticket prices are expected...

Vehicles imported into Switzerland are subject to a 4% tax, with the exception of electric vehicles that attract none. This week, the government decided to end the exception from the beginning of next year. Photo by Hyundai Motor Group on Pexels.comThe import tax, along with fuel and other taxes, is used to build and maintain roads. Given current federal budget pressures, and the logic of charging all road users, the federal government has decided to tax the importation of electric cars...

During the Covid pandemic, to reduce the risk of businesses failures, the Swiss government back stopped around CHF 17 billion of Covid loans granted to 138,000 businesses by 125 banks between 26 March and 31 July 2020. Photo by Nikita Belokhonov on Pexels.comThere were rules around which businesses qualified for these loans and restrictions on how much they could borrow. The required information was faked by thousands of applicants. Typically turnover numbers were falsified or businesses...

During a meeting on 5 April 2023, Switzerland’s Federal Council decided to axe or cut the bonuses of around 1,000 people at Credit Suisse. © Octavian Lazar | Dreamstime.comThe move follows a rushed acquisition deal involving UBS and the Swiss authorities after a bank run threatened Credit Suisse’s solvency in mid-March. Switzerland’s Banking Act allows the Swiss government to impose remuneration-related measures if a systemically important bank is directly or indirectly granted state...

When a bank run started at Credit Suisse in mid-March 2023, UBS already had a secret plan for a potential takeover of its competitor, according to Bloomberg. © Denis Linine | Dreamstime.comWhen UBS chairman Colm Kelleher joined UBS in 2022 he inherited a plan put together by the bank’s former chairman as early as 2020 on how Credit Suisse could be taken over. Kelleher built on the plan with help from a small group of bankers from Morgan Stanley, his former employer. According to...

Data published this week by Switzerland’s Federal Statistical Office (FSO) showed a small slowdown in annual inflation. Photo by Sam Lion on Pexels.comThe consumer price index (CPI) increased by 0.2% in March 2023 compared with the previous month, and +2.9% compared with the same month of the previous year. This compares to an annual rate of 3.4% at the end of February 2023. The slowdown in price rises was mainly due to falling energy, some holiday accommodation and specific food...

As expected, this week, Switzerland’s left leaning political parties and unions announced the launch of a vote to strike down the work related pension reform plan accepted by the government last week, reported RTS. Photo by cottonbro studio on Pexels.comThe government plan, which reflects the challenging mathematics of funding pensions at their current level in the face of an ageing population, essentially requires most workers to pay more and receive less. It also forces some that...

On 8 March 2023, a case was brought against the boss and three employees of the Zurich office of Gazprombank in a Zurich court. The four faced charges of alleged money laundering linked to Russian president Vladimir Putin, reported RTS. © Cameracraft8 | Dreamstime.comOn 30 March 2023, the four men were found guilty and sentenced at a hearing at the Zurich district court. The four were found guilty of helping Sergey Roldugin, a concert cellist who has been dubbed “Putin’s wallet”, channel...

Sergio Ermotti, UBS’s former CEO from 2011 until 2020, will take over the running of Switzerland’s largest bank from Ralph Hamers, the current CEO in April 2023, reported RTS. Given the new reality and and risks associated with the integration of Credit Suisse, the long experience Ermotti has had at the helm of UBS, was a key part of the choice, said UBS chairman Colm Kelleher on Wednesday. The Swiss national from Ticino will take over from Dutch national Ralph Hamers, to whom Kelleher...

In Switzerland, basic welfare payments are only paid once an individual has spent almost all of their wealth supporting themselves. These requirements apply to everyone but are typically irrelevant for most refugees, who arrive in Switzerland with next to nothing. However, many arriving from Ukraine, a lower-middle income country, have wealth exceeding the limit, most visibly displayed in the vehicles some drive. Luxury cars in particular have raised eyebrows, although it cannot be assumed...