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Tag Archives: Latest News

Credit Suisse says only a few customers are closing accounts

The head of Credit Suisse’s Swiss division says that only a few clients are actually closing accounts at the bank. His comments after the troubled bank reported high customer fund withdrawals globally. “Some clients have withdrawn part of their funds, but only very few have actually closed their accounts,”  the CEO of Credit Suisse’s Swiss unit, André Helfenstein, said in an interview published in the SonntagsZeitung and Le Matin Dimanche. “We have only lost...

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Vivid pink diamond auctioned for CHF28.4 million

Christie’s said an unidentified Asian buyer snapped up the diamond. © Keystone / Martial Trezzini A pear-shaped 18-carat pink diamond billed as a rarity has sold at a Geneva auction for CHF28.4 million ($28.8 million), including fees and taxes. The “Fortune Pink” fancy vivid pink stone, said to be the largest of its kind and shape to go on the block, headlined Christie’s latest Geneva sale of jewellery. It had been expected to fetch between $25 million and $35...

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Switzerland should do more on tax avoidance, says EU parliamentarian

Switzerland has made progress in reforming tax rates for multinational companies but still has work to do when it comes to turning a blind eye to tax avoidance. In an interview in the French-language paper Le Temps, Paul Tang, who led a delegation of European parliamentarians visiting Bern last week, said that Switzerland had made more progress than the European Union when it came to bringing tax rates for multinational companies in line with other countries....

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Credit Suisse to cut 540 jobs in Switzerland by 2023

The embattled Swiss bank Credit Suisse plans to shed 540 jobs in Switzerland by the end of the year, Chief Executive Officer Ulrich Körner told the NZZ am Sonntag newspaper. In the interview he gave more details on last week’s restructuring announcement. “We will cut 2,700 jobs worldwide, including 20% in Switzerland, by the end of the fourth quarter of 2022,” Körner told the NZZ am Sonntag newspaper on October 30. On Thursday the bank unveiled major...

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The energy crisis is about to make your Swiss ski holiday more expensive

Swiss hotels and holiday apartments are raising their prices by around 5% this winter, largely due to higher energy prices. Ski passes are also likely to go up by a similar amount, a newspaper reports. According to a survey by the Hotelleriesuisse association, seen by NZZ am Sonntag, most Swiss hotels are planning to pass on the higher costs of electricity, gas and oil to their guests. Three-quarters of all hotels expect to raise prices this winter compared to the...

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Swiss municipality to vote on banning adverts in streets

Bling on the landscape? Voters in Geneva will be able to have their say on adverts like this © Keystone / Christian Beutler The inhabitants of Vernier, a municipality in Geneva, are set to have their say on banning advertising billboards. A referendum launched against a new law banning this form of communication has collected 2,300 signatures, the co-chairman of the referendum committee, said on Monday. A total of 1,921 valid signatures had been required. Last...

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Public transport will not cost more in 2023

Buying a train ticket with a bicycle will become easier; getting the bike onto the train won’t Keystone / Gaetan Bally Ticket prices for Swiss public transport will remain stable for 2023 for the seventh consecutive year. Only “a few tourist businesses” are planning to adjust their fares for next year, says the SwissPass Alliance. In addition, from December 11, when the new Swiss Federal Railways timetable comes into effect, there will be a customer group specific to...

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Energy crisis ‘will last many years’, says economics minister

Parmelin said that before the end of March next year the risk of a shortage was very small © Keystone / Jean-christophe Bott Swiss Economics Minister Guy Parmelin assumes the energy crisis will last several years. It is important, he says, not only to think about the winter, but to do everything to ensure that Switzerland produces more energy – that means more renewable energies and greater efficiency. In 2023 and 2024 Switzerland will still be dependent on oil...

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Man convicted for fraudulently claiming massive Covid loan

Many people have struggled to make ends meet during the pandemic © Keystone / Christian Beutler A 48-year-old businessman in Geneva has been given a two-year suspended prison sentence for making a fraudulent claim for a Covid loan that was 100 times the correct amount. He was found guilty of fraud and forgery of documents. “You expressly deceived the authorities in connection with the coronavirus pandemic,” the judge at Geneva Criminal Court said on Friday. “Your...

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Swiss companies ‘trapped’ in Russia

Swiss Army knives are very popular in Russia, the fifth-largest market for manufacturer Victorinox © Keystone / Gaetan Bally Leading Swiss brands have withdrawn from Russia because of the war in Ukraine. However, research by a Swiss newspaper shows that while a company can leave a country, its products often remain on shelves. “It’s a mass exodus. Since Russia invaded Ukraine in February, thousands of foreign companies have left the country. Some with grand...

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