When a bank run started at Credit Suisse in mid-March 2023, a rushed acquisition deal involving UBS, the Swiss National Bank and Swiss federal government was agreed. The deal, which includes CHF 109 billion of federal government guarantees, was agreed by the Federal Council, Switzerland’s executive. This week Switzerland’s parliament rejected the CHF 109 billion federal […]
Price of Swiss train tickets to rise in December
From 10 December 2023, average Swiss train prices are set to rise by an average of 4.3%, reported RTS. However, not everyone will feel the same level of pain. Those travelling on second class AG passes will be particularly hard hit, according to the Alliance Swiss Pass, an organisation that creates travel passes covering different […]
Switzerland to tax electric vehicles from 2024
Vehicles imported into Switzerland are subject to a 4% tax, with the exception of electric vehicles that attract none. This week, the government decided to end the exception from the beginning of next year. The import tax, along with fuel and other taxes, is used to build and maintain roads. Given current federal budget pressures, […]
Covid loan fraud could reach more than 300 million francs
During the Covid pandemic, to reduce the risk of businesses failures, the Swiss government back stopped around CHF 17 billion of Covid loans granted to 138,000 businesses by 125 banks between 26 March and 31 July 2020. There were rules around which businesses qualified for these loans and restrictions on how much they could borrow. […]
New Swiss driving licence from mid-April
From 15 April 2023, Switzerland will begin issuing a new higher security driving licence. The new licence will contain a number of improvements. Like current Swiss identity cards it will be made of polycarbonate. In addition, it will include security features embossed on the surface and different colours and information displays depending on the viewing […]
Swiss government axes Credit Suisse bonuses
During a meeting on 5 April 2023, Switzerland’s Federal Council decided to axe or cut the bonuses of around 1,000 people at Credit Suisse. The move follows a rushed acquisition deal involving UBS and the Swiss authorities after a bank run threatened Credit Suisse’s solvency in mid-March. Switzerland’s Banking Act allows the Swiss government to […]
Swiss population living abroad reaches 800,000
On 6 April 2023, Switzerland’s Federal Statistical Office (FSO) published figures on Swiss citizens living abroad. According to the report, in 2022, the number of Swiss citizens residing abroad exceeded 800,000, up 1.5% on 2021 and up 34% on 2002. By 2022, 10.9% of Swiss citizens lived outside Switzerland. In Western Europe, Switzerland ranks highly […]
UBS had secret plan to takeover Credit Suisse
When a bank run started at Credit Suisse in mid-March 2023, UBS already had a secret plan for a potential takeover of its competitor, according to Bloomberg. When UBS chairman Colm Kelleher joined UBS in 2022 he inherited a plan put together by the bank’s former chairman as early as 2020 on how Credit Suisse […]
Swiss inflation slows slightly in March
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 […]
