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 […]
66 percent of Swiss angered by Credit Suisse-UBS merger
The rapidly agreed plan hatched behind closed doors last weekend to merge Switzerland’s two largest banks has sparked widespread anger across Switzerland. A poll published this week showed that 66% of Swiss surveyed were either very (37%) or fairly (29%) angry about the merger, reported RTS. Late last week, a crisis in investor confidence in […]
Swiss Uber drivers not self-employed says court
On 22 March 2023, the Federal Tribunal, Switzerland’s highest court, decided that Uber drivers are employees and the companies that employ them must deduct and pay social security taxes, according to a press release. The decision concerns drivers for UberX, UberBlack, UberVan and UberPop working for Uber B.V. and Rasier Operations B.V. and the money […]
Swiss Green Party slides most in latest election poll
On 22 October 2023, Switzerland will hold its four-yearly parliamentary federal election. A poll published on 23 March 2023 suggests the biggest loser, compared to the last vote in 2019, could be the Green Party. The Swiss People’s Party (26.6%) and Socialist Party (17.8%), which continued to lead the poll, both progressed by 1 percentage […]
Swiss central bank hikes interest rate half a percent
On 23 March 2023, the Swiss National Bank (SNB) lifted its policy rate by 50 basis points (half a percent) to 1.50%. The SNB said that it was tightening its monetary policy further to counter the renewed increase ininflationary pressure. In addition it said that it could not rule out additional rises as part of […]
Swiss economic growth to be significantly below average in 2023
On 16 March 2023, Switzerland’s State Secretariat for Economic Affairs (SECO) published updated economic forecasts for the year. A team at SECO focused on business cycles largely reaffirmed its previous assessment. Growth for the Swiss economy is projected to come in significantly below average at 1.1% in 2023, rising to 1.5% in 2024. The energy […]
UBS and Credit Suisse both opposed to a tie up
It’s been a tough week for share and bond owners of Switzerland’s second largest bank. Shares in Credit Suisse Group started the week at CHF 2.46 and ended the week at CHF 1.86, a fall of 24%. However, at one point they were down 37% at CHF 1.56. On 15 March 2023, the Swiss National […]
Swiss rules to force removal of Matterhorn logo from Toblerone
Toblerone, the iconic Swiss chocolate brand, will soon be forced to remove the Matterhorn mountain peak logo from its branding, reported RTS. The Toblerone chocolate brand is owned by the US company Mondelez, which plans to move production of the product from Switzerland to Slovakia this year. Strict Swiss rules introduced in 2017 restrict the […]
Bankers in Zurich charged with helping to launder suspected Putin funds
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 face charges of alleged money laundering that may be linked to Russian president Vladimir Putin, reported RTS. The case has garnered international interest as it may provide insights into […]
Gruyère cheese can be made in America, rules US court
In Europe, Gruyère, the name of a cheese and a small picturesque Swiss town (Gruyères), is legally reserved for specific cheeses from parts of Switzerland and France made to strict recipes. However, in the US it is also applied loosely to a type of cheese that differs from the Swiss and French originals. European producers […]
