This week, Easyjet announced its first ever annual loss of nearly £1.3 billion, its only loss in 25 years of operating. As Covid-19 grounded the airline’s planes, revenue disappeared. Revenues for the year to 30 September 2020, were reduced to £3 billion, only 47% of the £6.4 billion earned the year before. Costs were cut […]
Swiss government promises one billion francs for Covid hit businesses
This week, Switzerland’s federal government decided to increase aid money to Covid hit businesses to CHF 1 billion. Before this announcement, Bern had already committed to providing CHF 400 million to struggling businesses. Funding for the first CHF 400 million is split 50-50 between cantonal and federal tax payers. The additional CHF 600 million will […]
Unemployment rises in third quarter of 2020 in Switzerland
Between the 3rd quarter 2019 and the 3rd quarter 2020, the number of people employed in Switzerland fell by 0.4% (–21 000). In addition, weekly hours worked per employee decreased by 2.7%. During the same period, the unemployment rate in Switzerland as defined by the International Labour Organisation (ILO) increased from 4.6% to 5.3%. At […]
Swiss economy to slide less than feared, according to new forecast
An updated forecast published this week by the Switzerland’s federal government is less negative than forecasters feared in the middle of the year. The new forecast expects Swiss GDP adjusted for sporting events to fall by 3.8% in 2020 and unemployment to average 3.2% across the year. The forecast in June 2020, predicted a 6.2% […]
Swiss National Bank intervenes heavily to weaken Swiss franc
Official data recently released by the Swiss National Bank (SNB) show it sold 51.5 billion Swiss francs while acquiring US dollar and euro-denominated assets in a bid to weaken the franc over the first quarter of 2020. The data followed comments by SNB President Thomas Jordan signalling that even larger interventions may be on the […]
Pandemic increases demand for second homes in Switzerland
Demand for second homes has risen since restrictions related to coronavirus were loosened, according to real estate company Wüest Partner. The option of remote working appears to be encouraging some to trade time in central city locations for more time in Alpine resorts, the countryside, commuter regions and smaller cities. The prices of second homes […]
Rising numbers struggling to pay rent in Switzerland
Nearly 44% of renters surveyed said that coming up with the money pay rent is now harder than it was before Covid-19, according to ASLOCA, a renters’ association. Following the survey the organisation is calling for more protection against the cancellation of rental contracts and moratoriums on evictions. The main reason cited for the current […]
Swiss offers staff choice between pay cuts or job cuts
Swiss, Switzerland’s flag airline, which is part of the Lufthansa group, has asked employees to accept a 15% pay cut. If they reject this offer the airline has said 1,425 jobs will be at risk, 15% of the workforce, according to a report by the newspaper Sonntags Zeitung. “Our goal is to get through the […]
Referendum: Swiss to vote on ending EU agreement
On 27 September 2020, Swiss voters have many decisions to make. This time the list of votes includes decisions on fighter jets, hunting, tax deductions for child care and paternity leave. Probably the most important among them is a decision on whether to accept a proposal to end the EU agreement on the free movement […]
Switzerland ranked 4th for economic come back, according to study
A report published this week places Switzerland fourth on a list of countries best positioned to make an economic rebound after the coronavirus downturn. The analysis looks at overall health resilience, pre-existing structural strengths and weaknesses in 122 countries. The top four nations are Finland, Norway, Germany and Switzerland. These countries combine world class governance […]
