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 […]
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 […]
