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Tag Archives: Politics

Swiss parliament responds to initiative to raise retirement age

Switzerland’s ageing population is undermining the future financial health of its state pension system, a challenge facing much of the world. A number of Swiss politicians believe later retirement is the only way to meaningfully confront the issue. Andri Silberschmidt, a member of the PLR/FDP in Zurich, along with others, has launched an initiative to raise the retirement age by one year to 66 and index it to average life expectancy. This week, parliament discussed the plan. © Marekusz |...

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UBS gets 9 billion franc government guarantee for Credit Suisse deal

On 9 June 2023, UBS closed a deal with the Swiss government to cover 9 billion francs of potential losses it could incur from its takeover of Credit Suisse Group, reported Bloomberg. © Hector Christiaen | Dreamstime.comThe guarantee relates to a specific portfolio of Credit Suisse’s assets currently valued at CHF 44 billion, equivalent to roughly 3% of the banks total assets. Under pressure from the Swiss government, the management of UBS Group broadly agreed to a deal to acquire...

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Debt cancellation: the new panacea?

There is clearly a common denominator in the kind of “solutions” that the State comes up with to deal with the problems that it caused (and that’s most problems). Not only are these remedies worse than the disease, but they are always extremely simplistic, reductionist and they never, ever, take into account anything else apart from the political “optics” and the populistic value of each new measure or piece of legislation. There is no consideration about the impact down the line,...

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“Inflation it is not an act of God”

INTERVIEW WITH GODFREY BLOOM:  Over the last couple of years, the UK has been increasingly in the news – for all the wrong reasons. The cost of living crisis, in particular, has been monopolizing headlines at home and abroad. Of course, inflation is by no means unique to the country. To the contrary, it has been hovering at similar or higher levels in virtually all advanced economies for quite some time. What is unique to the UK though, is that mainstream...

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“Inflation it is not an act of God”

INTERVIEW WITH GODFREY BLOOM:  Over the last couple of years, the UK has been increasingly in the news – for all the wrong reasons. The cost of living crisis, in particular, has been monopolizing headlines at home and abroad. Of course, inflation is by no means unique to the country. To the contrary, it has been hovering at similar or higher levels in virtually all advanced economies for quite some time. What is unique to the UK though, is that mainstream analysts and numerous...

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No cost-of-living pay rise for Swiss parliamentarians

A 2.5% pay increase for Swiss parliamentarians to compensate for inflation was rejected this week by the Council of States, Switzerland’s upper house or senate, reported SRF. Bundeshaus – © Ocskay Mark | Dreamstime.comIn Switzerland, working as a member of parliament is a part time job, typically occupying 60% to 80% of an individual’s working hours. On average they are paid CHF 142,000 a year. This money covers pay and expenses. Expenses make up around 7% of the total. The rest is income...

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One day off work costs Switzerland 350 million francs

Last week, Switzerland’s federal parliament voted in favour of adding an annual public holiday to celebrate democracy. This week, the State Secretariat for Economic Affairs (SECO), said the extra day off would cost the economy CHF 350 million, reported RTS. Photo by Miraze Dewan on Pexels.comThe CHF 350 million sum was calculated by comparing the GDP in years when Christmas falls on a Sunday to years when it doesn’t. However, the cost doesn’t not fall evenly on all businesses. A...

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Switzerland’s cantons make bigger than expected profits in 2022

In 2022, together, Switzerland’s cantons were expected to spend CHF 1.1 billion more than they brought in from taxes. Instead, they made a collective profit of CHF 3.5 billion, a positive delta of CHF 4.6 billion, reported RTS. Photo by Nate Hovee on Pexels.comSwitzerland collects tax at three levels: municipal, cantonal and federal. Cantonal taxes are typically the largest slice. This money covers the cost of key services such as health, education and welfare. In 2022, a total of 16...

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“Bank walk”: The first domino to fall?

In early May, Reuters published a report that truly captured my attention. “European savers are pulling more of their money from banks, looking for a better deal as lenders resist paying up to hold on to deposits some feel they can currently live without,” the article reported. Over in the US, we see a very similar picture. As the FT also recently reported, “big US financial groups Charles Schwab, State Street and M&T suffered almost $60bn in combined bank deposit outflows in the...

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“Bank walk”: The first domino to fall?

In early May, Reuters published a report that truly captured my attention. “European savers are pulling more of their money from banks, looking for a better deal as lenders resist paying up to hold on to deposits some feel they can currently live without,” the article reported. Over in the US, we see a very similar picture. As the FT also recently reported, “big US financial groups Charles Schwab, State Street and M&T suffered almost $60bn in combined...

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