EconomyLoop
where regional business news becomes global to everyone

Oil trader slams “defamatory” NGO report

Commodities trading company Vitol has taken legal action against “inaccurate and defamatory” allegations made by the Swiss NGO Public Eye in the wake of the Paradise Papers revelations. Public Eye issued a press release and report on November 10 acc... read more

 SWISS INFOYesterday

     
Swiss still richest, according to Credit Suisse

The Credit Suisse 2017 Global Wealth Report, shows total global wealth rose 6.4% to USD 280 trillion in 2016, taking it to the its highest level since 2007, before the financial meltdown in 2008. Globally, average wealth per adult was USD 56,540. In ... read more

 LE NEWSYesterday
One in five Swiss residents can’t pay an unexpected bill

Despite its high standard of living, Switzerland is home to many who would struggle to finance a week’s getaway or a large bill.  Last year, 21.5% of Swiss residents lived in a household that would have been unable to pay a bill for CHF2,500 ($2,518... read more

 SWISS INFO2 days ago
Paradise Papers fuel Swiss better business initiative - for now

The "Paradise Papers", which have shed light on the offshore dealings of some of the world’s richest people and biggest companies, are increasing conversations around a people’s initiative, on which Swiss citizens are set to vote in the next couple o... read more

 SWISS INFO2 days ago
Should Swiss vote hackers be rewarded with cash?

In order to ensure the security of online voting systems used in Switzerland, the government needs to issue a challenge to the worldwide hacker community, offering rewards to anyone who can “blow holes in the system”, says a computer scientist in par... read more

 SWISS INFO2 days ago
Swiss government stays mum on EU negotiations strategy

The seven-member Federal Council has refused to reveal its position on future negotiations with the European Union over CHF1 billion (little over $1 billion) in voluntary ‘cohesion’ payments destined for central and eastern European countries.  On W... read more

 SWISS INFO3 days ago
Rules to be set for Swiss online identification system

The government has presented plans for a voluntary electronic identification system for online users of e-commerce and government services.  The digital IDs will be issued by certified private providers in close cooperation with the justice ministry... read more

 SWISS INFO3 days ago
Switzerland should be more productive

The Swiss economy is sluggish finds a report by the Organisation for Economic Co-operation and Development (OECD), which suggests reforms to restore productivity growth.  According to the latest OECD Economic Survey of Switzerland, “the Swiss econom... read more

 SWISS INFO4 days ago
Swiss HSBC settles French tax fraud dispute

With a payment of €300 million (CHF350 million), the Swiss subsidiary of British bank HSBC has settled its tax fraud dispute with the French authorities. Investigations by the French government revealed that many French taxpayers had hidden their as... read more

 SWISS INFO4 days ago
‘Your money is safe,’ Tezos broker tells investors

The cryptocurrency exchange platform Bitcoin Suisse says it will protect Tezos investors’ money in the face of an acrimonious falling-out between the project’s founders, Arthur and Kathleen Breitman, and the foundation set up to house and spend Tezos... read more

 SWISS INFO4 days ago
LafargeHolcim office searched over Syria business

The Franco-Swiss cement giant LafargeHolcim has confirmed that its Paris offices were searched on Tuesday by investigators seeking information on financial links to jihadist groups in Syria.  “French investigators are in the process of investigating... read more

 SWISS INFO4 days ago
Is 5G mobile wireless a health risk?

The Swiss government has revised the allocation of frequencies, clearing the way for 5G, or fifth generation mobile wireless, but critics are warning it could be bad for our health. (SRF/swissinfo.ch) 5G is 100 times faster than 4G. It’s a wireless ... read more

 SWISS INFO4 days ago
Stadler Rail makes US inroads

After 15 years of doing business in the United States, Swiss railway vehicle manufacturer Stadler Rail is finally getting a foothold in the country. It has broken ground on a factory in Utah – a production site that could help take the company’s US o... read more

 SWISS INFO4 days ago
Swiss top global wealth ranking

The average fortune of a Swiss adult is $537,600 (CHF528,000), according to the 2017 Credit Suisse Global Wealth Report. Switzerland continues to top the Credit Suisse global list for wealth per adult, followed by Australia ($402,600), the United S... read more

 SWISS INFO4 days ago
Credit Suisse fined $135 million by US for malpractices

The Credit Swiss bank has been ordered to pay a fine of $135 million to US authorities after an enquiry into the Swiss bank’s practices in the currency market. The figure was reached in a consultation between both parties. The bank confirmed the fin... read more

 SWISS INFO5 days ago
In ten years, Swiss agriculture reduces antibiotics usage by half

The use of antibiotics in the Swiss agriculture sector has been cut down by almost half over the past decade, claims the Swiss Farmers’ Union (SFU). Although work remains to be done, they called Monday for similar efforts in the human medical realm. ... read more

 SWISS INFO5 days ago
Stories making the Swiss Sunday papers

??????? The following stories were reported in Switzerland’s Sunday press on November 12, 2017. A major South American rail deal The SonntagsBlick newspaper reports that Bolivian President Evo Morales will head to Switzerland on December 14 to s... read more

 SWISS INFO6 days ago
Switzerland asked to aid Mauritian inquiry into Basel-based Dufry

Switzerland’s federal prosecutor’s office is handling a request for mutual assistance in an investigation involving the Basel-based duty-free group Dufry.  The request was sent by the government of Mauritius, which according to reports in two Swiss ... read more

 SWISS INFO6 days ago
Swiss justice minister calls for commodities crackdown

Following revelations in the so-called “Paradise Papers” of questionable deals done by Swiss-based commodities companies in Africa, Switzerland’s justice minister has said that the country – historically hands-off in regulating the sector – needs new... read more

 SWISS INFO6 days ago
Substantial salaries, swimming songbirds, and a Swiss surfer

Here are the stories we’ll be following the week of November 13. Monday Swiss salaries can seem downright luxurious to people living in other countries. But when you look closely at typical Swiss expenses, do the paycheques of residents still ... read more

 SWISS INFO6 days ago
Statisticians create model to help protect marine species

University researchers in Switzerland, Canada and Australia have developed a new statistical model, which they believe can help fishermen reduce the amount of protected marine life that becomes unintentionally caught in their nets.  At sea, protecte... read more

 SWISS INFO7 days ago
Village time stands still

The clockface on the tower of the Protestant church in Möriken is shining again. For the past few months the village was without time - without numerals, hands and ringing bells. The customary glance at the church clock on the way to the train statio... read more

 SWISS INFO7 days ago
How important are food banks?

Can saving food that’s headed for the bin help lift people out of poverty?... read more

 SWISS INFO8 days ago
Intrepid Swiss increasingly enjoy travelling abroad

On average, Swiss residents took three trips with overnight stays last year, of which two were to other countries, the latest travel statistics show. According to a survey of 3,000 Swiss aged six years and older, nine out of ten (90.6%) packed their... read more

 SWISS INFO8 days ago
BMW must pay multimillion-franc fine, Swiss court rules

Switzerland's highest court has confirmed a CHF157 million ($158 million) fine against German luxury carmaker BMW for uncompetitive activities. The fine was originally levied on BMW by Switzerland’s Competition Commission (COMCO) in May 2012 for pre... read more

 SWISS INFO8 days ago
Washington state leaders learn from Swiss career training

The governor of the US state of Washington and a delegation of nearly 50 business and education leaders are in Switzerland this week to learn about the country’s vocational training system. They hope to make more apprenticeships available to younger ... read more

 SWISS INFO8 days ago
Switzerland moves closer to female board quotas

This week, Switzerland moved closer to requiring minimum percentages of women on company boards and management teams. A parliamentary commission came out in support of the Federal Council's plan to require greater gender balance in the boardrooms of ... read more

 LE NEWS9 days ago
Switzerland less attractive to European migrants

Fewer people are moving to Switzerland from elsewhere in Europe. Between January and September this year, immigration from European Union states was down by 26%, compared to the same period last year. (RTS/swissinfo.ch)  For example, according to Sw... read more

 SWISS INFO9 days ago
Can fintech save Swiss private banking?

Has the future of banking already arrived? A growing number of financial technology start-ups is trying to shake up the industry, but not all traditional players are convinced. “Fintech is not a silver bullet for the industry but it is absolutely ne... read more

 SWISS INFO9 days ago
Baselworld exhibitors set to halve

Baselworld, the biggest watch and jewellery fair in the world, is slowing down. No more than 600-700 exhibitors will be showing off their wares in 2018, down from 1,300 this year.  Although the fair’s exhibition space would be a third smaller, the m... read more

 SWISS INFO10 days ago
Former justice minister hit by Paradise Papers fall-out

Ruth Metzler, who was Swiss justice minister from 1999-2003, has stood down with immediate effect from the advisory board of the Swiss-based Quantum Global Group, following revelations in the so-called Paradise Papers, a massive trove of leaked offsh... read more

 SWISS INFO10 days ago
No more than CHF8 billion for new fighter jets

Switzerland will spend no more than CHF8 billion ($8 billion) on new fighter jets and missile defences, the Federal Council said on Wednesday. The government remains undecided on whether Swiss voters will be able to have the final say, saying it want... read more

 SWISS INFO10 days ago
Swiss prosecutors won’t pursue Polanski rape case

Swiss prosecutors say they are ending an investigation of Polish-French film director Roman Polanski over allegations by a German woman that he raped her when she was a teenager 45 years ago.  Prosecutors in Bern said on Wednesday that the statute o... read more

 SWISS INFO10 days ago
Who the Swiss like (and who not)

Every year, the Public Value Atlas reveals which companies and organisations are held in the highest and lowest esteem by the Swiss people, based on their perceived contribution to society. This year, the Swiss Air Rescue Service Rega has attracted ... read more

 SWISS INFO10 days ago
Trust in online content takes a big hit

Internet users in Switzerland rate their computer skills as good, but trust in online news content has dropped significantly, according to a survey by the University of Zurich. An overwhelming majority (83%) of users stated they can easily distingui... read more

 SWISS INFO10 days ago
Self-driving buses gain high user acceptance in pilot

Passengers seem to like the driverless bus idea. For the past year, two Swiss Post buses have been picking up and dropping off passengers in Sion, canton Valais, all without a driver. The autonomous vehicles also made a test appearance in the capital... read more

 SWISS INFO10 days ago
Crowds flock to (second) largest shopping centre

The second-largest shopping centre in Switzerland opened in Ebikon, canton Lucerne, on Wednesday morning to great fanfare. A long queue formed outside as hundreds of people waited their turn to be one of the first to step through the doors. The ribb... read more

 SWISS INFO10 days ago
Blockchain start-up embraces ‘passion investors’

Have you ever dreamed of driving a vintage Ferrari or calling an expensive oil painting your own but could never afford it? A Swiss blockchain start-up plans to democratise luxury for people who dream of investing in their passions. Marco Abele, for... read more

 SWISS INFO10 days ago
Glencore revelations increase pressure on commodities industry

Anti-corruption pressure groups have repeated calls for stronger regulation of the commodities extraction sector following “Paradise Papers” revelations of how the industry does business in Africa. The International Consortium of Investigative Journ... read more

 SWISS INFO11 days ago
How ski resorts hold on to their snow

In the face of climate change, Swiss ski resorts are coming up with novel ways to keep their snow and even to create more. (SRF/swissinfo.ch) The ski season has become shorter over the last 45 years, according to a 2016 study from the WSL Institute ... read more

 SWISS INFO11 days ago
Coding boot camps take off in Switzerland

Coding academies – private, intensive computer programming courses that quickly train participants for the job market – are cropping up in Switzerland. They can be a fast track to in-demand jobs and attract people from all walks of life, from refugee... read more

 SWISS INFO11 days ago
Swiss industries announce series of offshoring moves

The ABB electronics group announced on Monday the offshoring of up to 150 positions from its Geneva production centre, while Roche is cutting 235 people in Canton Aargau. Employees and trade unions reacted angrily. Rumoured to be in the works for s... read more

 SWISS INFO12 days ago
Swiss government launches platform to ease red tape for business

The Swiss government has launched an online portal aimed at bundling together in one place various bureaucratic procedures that companies face. The EasyGov.swiss platform was unveiled in Bern on Monday by the economics minister, Johann Schneider-Am... read more

 SWISS INFO12 days ago
Swiss Abroad reject ‘No Billag’ licence fee initiative

The Organisation of the Swiss Abroad (OSA) has rejected a so-called “No Billag” initiative to scrap the compulsory Swiss television and radio licence fee. The country will vote on the issue on March 4.  Like parliament and the Federal Council, the O... read more

 SWISS INFO12 days ago
Big Swiss names surface in ‘Paradise Papers’

Politicians, business directors and companies in Switzerland are among those connected to the so-called Paradise Papers, a massive trove of leaked offshore investment documents. There is currently no evidence of any legal wrongdoing.  One of the mos... read more

 SWISS INFO12 days ago
Laura Scholl: How I became a ‘homesick Japanese’

After living in Japan for several years as a student, Laura Scholl decided to emigrate to the island state. The 34-year-old has now returned to Switzerland to do her postgraduate diploma. Feeling like a homesick Japanese, she wistfully looks back at ... read more

 SWISS INFO13 days ago
The piggy bank goes digital

For years children have used moneyboxes, often in the form of piggy banks, to learn the virtues of saving. But as traditional forms become more digital and connected, keys and hammers are less necessary to get at the stash. (RTS, swissinfo.ch) The ... read more

 SWISS INFO14 days ago
Switzerland will ‘kick back strongly’ against robot revolution

The backlash against the impact of globalisation, artificial intelligence and automation on jobs and communities is likely to grow as technologies become more disruptive. Switzerland, a very settled and structured society, will “kick back strongly”. ... read more

 SWISS INFO15 days ago
Swiss solar sector feels the heat from China

The number of workers in the Swiss photovoltaic industry has almost halved in the past five years. China, which now has 80% of the global market share, continues to undercut the European market.  On Thursday, Meyer Burger, a Swiss solar equipment ma... read more

 SWISS INFO15 days ago
Online fraudsters use well-known company names to spread malware

Cybercrimes are increasingly perpetrated under the disguise of well-known companies or even state agencies, according to the latest semi-annual briefing of the Swiss Reporting and Analysis Center for Information Assurance (MELANI). The report, relea... read more

 SWISS INFO16 days ago