The World Economic Forum in Davos, which opens on 23 January 2018, has been running since 1971 but who started it? It is the brainchild of German-born Klaus Schwab. Schwab, born in Ravensburg Germany in 1938, trained as an engineer at the Swiss Federal Institute of Technology (ETH) in Zurich, before training as an economist […]
Basel airport might be saved from French taxes
Last week in Davos, French foreign minister Laurent Fabius and Swiss Federal Councillor Didier Burkhalter agreed a way forward on discussions over the taxing of Swiss businesses at Basel-Mulhouse-Freiburg airport. The airport is a French-Swiss public sector body based on French soil and governed by a convention agreed in 1949. Over the years France has […]
Anti-austerity party Syriza set to win Greek election
The latest exit polls show the radical leftist party Syriza in the lead with over 35% of the votes. Syriza has talked of halting austerity and renegotiating the country’s debt which stands at 175% of GDP. In addition, the right-wing Golden Dawn party could possibly take third place. Some market commentators have said that if Syriza […]
Switzerland ranked the world’s most affordable country
In a survey of 119 countries, Switzerland ranked at the top of the Local Purchasing Power Index with a score of 147. The 2015 index was calculated recently by Numbeo the world’s largest database of user-contributed data about cities and countries. Someone in Switzerland on an average wage can buy 47% more typical goods and […]
Solar Impulse 2 announces around world flight path
The Swiss pilots of Solar Impulse 2 unveiled the flight path they plan to take on their 35,000 kilometre around the world journey ahead of take-off from Abu Dhabi. Solar Impulse 2 will take-off from Abu Dhabi, capital of the United Arab Emirates, in late February or early March and return by late July or early […]
Big losses for the Swiss National Bank
After the recent increase in value of the Swiss franc, foreign currencies held by the Swiss National Bank (SNB) will now be worth less in Swiss franc terms. In the case of Euros around 17% less than before. This decline in value will drive a loss. It is not possible to calculate the actual figure, however […]
Here’s something 250% more expensive in Switzerland
For those British expats in Switzerland that haven’t been able to make the transition from Weetabix to Bircher muesli, buying your favourite brand of cereal across the boarder just got even cheaper after the Swiss National Bank scrapped the CHF-EUR exchange rate cap. Some price differences just leave you scratching your head. This is one […]
Swiss National Bank scraps exchange rate cap
In a surprise move the Swiss National Bank shocked the world today when it announced that it would stop managing the Swiss franc to an exchange rate of CHF 1.20 to 1.00 Euro. At the same time, it announced that it is lowering the interest rate on sight deposit account balances by 0.5 percentage points, to […]
Tax and the Swiss National Bank in 2014
To the joy of taxpayers, every year the Swiss National Bank (SNB) pays dividends to the cantons as well as the Confederation. At least this is what happened for every year from 1907 until 2012. In 2013 the SNB made a loss of CHF 9 billion and was in no position to pay. Payments were […]
Former Swiss president Didier Burkhalter wins a second vote
Last weekend the former Swiss president was elected Swiss of the year in an RTS Two Swiss television broadcast on Saturday. According to RTS he received 46% of the public votes made by the public by telephone and SMS. Last year’s winner was the Swiss tennis star Stan Wawrinka.
