Streetlights in Zurich © Keystone / Gaetan Bally Leading voices from business and politics have called on the Swiss government – and in particular economy minister Guy Parmelin – to do more about possible energy and gas shortages over the winter. The energy shortage is “imminent”, Roger Nordmann from the left-wing Social Democratic party told the SonntagsBlick. “The war in Ukraine is causing acute gas shortages. Half of the nuclear power plants in France are at a...
Read More »Developer invests CH170 million in new Swiss tourist resort
The region offers skiing in winter and mountain hiking in summer. © Keystone / Urs Flueeler The Andermatt Swiss Alps (ASA) company, majority owned by Egyptian financier Samih Sawiris, is to build a new 1,800-bed Alpine resort in the Sedrun region in southeast Switzerland. The complex in an undeveloped area of Dieni village will include 13 buildings, including several hotels, residential buildings, shops, restaurants and leisure facilities, the company said on Friday....
Read More »Credit Suisse pursues legal claim against SoftBank in $440m dispute
Credit Suisse is trying to recoup hundreds of millions of dollars on behalf of its wealthiest clients © Keystone / Michael Buholzer Credit Suisse Group applied to the English High Court last week to initiate formal legal proceedings against Japan’s SoftBank Group Corp over a $440 million (CHF414 million) dispute, according to the Financial Times. The claims are related to Credit Suisse’s Greensill-linked supply chain finance funds lent to SoftBank-backed Katerra, a...
Read More »Solar power plant to be built on Lake Lei dam
Lake Lei is located almost entirely on Italian territory. Only the dam is on Swiss soil. © Keystone / Gian Ehrenzeller A large alpine solar power plant is to be installed on the dam wall of Lake Lei near Ferrera in southeastern Switzerland. The 1,800 square-metre plant is being built by the Zurich Electricity Company. Located at an altitude of 1,930 metres, the plant will comprise more than 1,000 solar units with a total output of 350 kilowatts, equivalent to the...
Read More »Cassis discusses finance and innovation with UAE minister
Swiss Foreign Minister Ignazio Cassis (right) and UAE counterpart Sheikh Abdullah bin Zayed Al Nahyan arrive for their working lunch on the Brissago Islands in Lake Maggiore © Keystone – Ats / Ti-press Swiss Foreign Minister Ignazio Cassis has met the foreign minister of the United Arab Emirates (UAE), Sheikh Abdullah bin Zayed Al Nahyan, in Ticino, southern Switzerland. The working lunch on the Brissago Islands in Lake Maggiore focused on the economy and finance,...
Read More »Watchdog extends protective measures at Sberbank Switzerland
These measures, intended to mitigate a risk of liquidity problems at Sberbank (Switzerland), will remain in force until September 1 © Keystone / Michael Buholzer The Swiss financial regulator (FINMA) has extended previously imposed protective measures at the Zurich-based subsidiary of Russian bank Sberbank. These measures, intended to mitigate a risk of liquidity problems at Sberbank (Switzerland), will remain in force until September 1, 2022, FINMA said in a...
Read More »Swiss government seen as lacking team spirit
Federal Councillors’ trip at Schloessli Woerth in Neuhausen am Rheinfall in Schaffhausen, Thursday, June 30, 2022. Keystone Nearly two out of three Swiss (64%) believe that Swiss government members do not work smoothly together, according to a survey carried out by the Sotomo research institute. The Swiss government consists of the Federal Council which comprises seven members, each of whom heads a ministry. There are clear tensions and rivalries in the executive...
Read More »Swiss fundraising effort creates tensions with Ukraine
Ukrainians receive humanitarian aid from the Worldwide Food Program (WFP) at a school building damaged by recent shelling in Kharkiv, Ukraine, July 15, 2022. Keystone / Sergey Kozlov The humanitarian charity Swiss Solidarity raised CHF126 million ($132.4 million) to help Ukrainian refugees and support local journalists. But Ukrainian authorities say they have yet to receive anything and appear to be getting impatient. The foundation explains it works on a long-term...
Read More »Switzerland faces shortage of air traffic controllers
Skyguide has doubled wages for first-year trainees from CHF2,000 to CHF4,000 a month © Keystone / Martial Trezzini Swiss air navigation service provider Skyguide says it is struggling to recruit air traffic controllers, especially in French-speaking Switzerland. Only five people are starting training in September, although there are 16 posts to be filled. “This is a general trend in Europe, but it is particularly pronounced in western Switzerland,” said Skyguide boss...
Read More »Swiss National Bank reports massive losses
High losses had been expected, but the figure is higher than economists had predicted. © Keystone / Peter Klaunzer The Swiss National Bank (SNB) has taken a hit of CHF95.2 billion ($100 billion) for the first half of this year, mainly owing to losses on foreign currency positions. After a loss of CHF32.8 billion in the first quarter, another CHF62.4 billion was added in the second quarter. High losses had been expected, but the figure is higher than economists had...
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