A report published this week by WSL, the Swiss Federal Institute for Forest Snow and Landscape Research, calculates Switzerland could double the amount of energy it gets from burning biomass to 97 peta joules (PJ) a year, with 50 PJ coming from wood combustion. In 2019, Switzerland generated 41 PJ of energy burning wood. This […]
Switzerland’s first female minister dies
On 14 April 2023, the death of Elisabeth Kopp, the first woman appointed to the Federal Council, Switzerland’s cabinet, was announced. Elisabeth Kopp, died on Good Friday at the age of 86 after a long illness, reported SRF. The Zurich native was the first female member of the Federal Council after being elected on 2 […]
Swiss efforts to cut energy consumption deliver mixed results
On 31 August 2022, when an energy shortage loomed, Switzerland’s federal government launched a campaign to cut the nation’s energy consumption. Targets were set to cut gas consumption by 15% and electricity use by 10%. Data published this week showed cuts to gas consumption exceeded the voluntary target set, while cuts to electricity were well […]
Credit Suisse: Swiss parliament rejects 109 billion government backstop
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
