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 […]
Swiss government confirms first underlying deficit since 2005
On 15 February 2023, Switzerland’s federal government published finalised figures showing it spent CHF 4.3 billion more than it received in 2022. Excluding extraordinary expenses related to the Covid pandemic left an underlying operating deficit of CHF 1.9 billion, the first shortfall of this kind since 2005. Switzerland’s federal government is required to operate under […]
Corruption report: nepotism and conflicts of interest should be Switzerland’s focus
The 2022 Corruption Perceptions Index (CPI), published on 31 January 2023, shows that most countries are failing to stop corruption. The CPI ranks 180 countries and territories around the world by their perceived levels of public sector corruption, scoring on a scale of 0 (highly corrupt) to 100 (very clean). The global average remains unchanged […]
Unclaimed Swiss pensions reach 5.6 billion in 2022
When workers in Switzerland change employers they typically take their salary-based pensions with them. However, if they leave the country without making any pension transfer arrangements, after six months, their pension money ends up with the Substitute Occupational Benefit Institution, a kind of backstop holding place for forgotten pensions. At the the end of 2022, […]
Switzerland has too many pigs, leading to animal welfare concerns
After slaughtering and freezing 12,000 pigs, Switzerland still has 50,000 more pigs than it can digest, reported RTS. With Swiss pig farms so full, vets are concerned animal welfare may be compromised. During the Covid pandemic when movements across national borders were restricted, Swiss farmers increased the number of pigs. When restrictions eased and imports […]
