Data published this week by Switzerland’s Federal Statistical Office (FSO) showed a small slowdown in annual inflation. The consumer price index (CPI) increased by 0.2% in March 2023 compared with the previous month, and +2.9% compared with the same month of the previous year. This compares to an annual rate of 3.4% at the end […]
Left and unions launch referendum against Swiss pension reform
As expected, this week, Switzerland’s left leaning political parties and unions announced the launch of a vote to strike down the work related pension reform plan accepted by the government last week, reported RTS. The government plan, which reflects the challenging mathematics of funding pensions at their current level in the face of an ageing […]
Four Swiss-based bankers found guilty of Putin money laundering
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 faced charges of alleged money laundering linked to Russian president Vladimir Putin, reported RTS. On 30 March 2023, the four men were found guilty and sentenced at a hearing […]
New low cost passes for under 25s on Swiss trains
On 28 March 2023, SwissPass launched three new train passes for those under 25. The first is the “AG Night Pass”. This costs CHF 99 a year and allows the holder to make unlimited journeys on the Swiss Rail network after 7 pm. It is also valid on trains before 7 am at the weekends. […]
Switzerland implements 10th round of sanctions against Russia
On 29 March 2023, Switzerland’s federal government announced the implementation of further sanctions against Russia. In response to Russia’s ongoing military aggression against Ukraine and its continued destabilising actions that undermine Ukraine’s territorial integrity, sovereignty and security, the EU adopted new measures against Russia on 25 February 2023 in a tenth package of sanctions, said […]
UBS to get a new CEO
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 […]
Roger Federer and Trevor Noah star in new Swiss advertisement
On 30 March 2023, Swiss Tourism published a new advertisement for Switzerland starring the two half Swiss half South African stars. The two start off with a well organised plan to film a promotional video. However, unfortunately (fortunately) things do not go entirely to plan. The pair are advertising the Grand Train Tour of Switzerland […]
Switzerland to apply welfare wealth limits to Ukrainian refugees
In Switzerland, basic welfare payments are only paid once an individual has spent almost all of their wealth supporting themselves. These requirements apply to everyone but are typically irrelevant for most refugees, who arrive in Switzerland with next to nothing. However, many arriving from Ukraine, a lower-middle income country, have wealth exceeding the limit, most […]
New pollution rules could force 20% of diesel cars off Swiss roads
From 1 January 2023, diesel vehicles must be tested to see if their particulate filters are working. As a result an estimated 20% of the diesel vehicles on Switzerland’s roads may not pass roadworthiness tests, reported RTS. Vehicles that fail these tests can no longer legally by driven. According to Patrick Schnelli, an expert in […]
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 […]
