Swiss voters to decide on three issues on November 30
Compulsory service for all, a tax on million-dollar inheritances, more indirect subsidies for media publishers: the Swiss electorate can vote on these three national issues on November 30, the government said on Tuesday.
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The popular initiative “For a social climate policy – fairly financed through taxation (Initiative for a future)” by the youth section of the Social Democratic Party (JUSO) is likely to be the most talked about in the referendum campaign. It calls for a tax of 50% on estates of over CHF50 million ($63 million). The revenue should go to the federal government and cantons and be invested in climate protection.
In addition, it is calling for measures to prevent tax avoidance, particularly in relation to emigration. The fact that the tax would be due immediately after a yes vote had already triggered lively discussions about emigration from Switzerland a year ago.
The bill did not stand a chance in parliament. There are widespread fears that the high tax would make succession in family businesses more difficult or impossible. Opponents also warned of losses in income and wealth tax because the new tax could drive away the wealthiest.
+ Inheritance tax referendum spooks Swiss super-rich
Hot voting autumn
The popular initiative “For a committed Switzerland”, which the government and parliament are recommending be rejected, will also be put to the vote at the end of November without a counter-proposal. The petition for a referendum aims to oblige Swiss citizens to do voluntary work for the general public and the environment.
If the 50,000 signatures required are obtained by the middle of next week, the electorate will finally be able to express its opinion on the indirect press subsidy increased by Parliament on November 30. A non-partisan committee centred on Team Freiheit launched a referendum against the bill to amend the Postal Services Act at the end of April.
The government had already decided earlier that voters would decide on the electronic ID Act and the abolition of the imputed rental value – or the creation of a property tax on second homes – on September 28. A referendum was held against both bills.
The FDP Women’s Tax Fairness Initiative and the indirect counter-proposal for the introduction of individual taxation, against which the referendum was announced, will be put to the vote next year. Other popular initiatives, such as the SBC initiative, are also likely to be put to the ballot box in 2026.
Translated from German by DeepL/ts
We select the most relevant news for an international audience and use automatic translation tools to translate them into English. A journalist then reviews the translation for clarity and accuracy before publication.
Providing you with automatically translated news gives us the time to write more in-depth articles. The news stories we select have been written and carefully fact-checked by an external editorial team from news agencies such as Bloomberg or Keystone.
If you have any questions about how we work, write to us at english@swissinfo.ch
Stocks Halt Rally as Job Openings Lift Bond Yields: Markets Wrap
(Bloomberg) — A rally that drove stocks to all-time highs lost steam and bond yields rose as an unexpected increase in job openings dimmed the outlook for Federal Reserve rate cuts, with Chair Jerome Powell reiterating his wait-and-see stance amid the threat of tariffs.
Following back-to-back record closes, the S&P 500 fell. That’s after the gauge hit its most-overbought level in a year, with a recent increase in bullish flows fueling profit-taking. Megacaps led losses, with Tesla Inc. down 5% as President Donald Trump threatened to withdraw subsidies from Elon Musk’s companies and examine the billionaire’s immigration status. Nvidia Corp. halted a six-day surge.
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Short-dated Treasuries, which are more sensitive to imminent Fed moves, underperformed longer maturities. The dollar wavered.
US job openings hit the highest level since November, largely fueled by leisure and hospitality, and layoffs declined. Powell and other policymakers have consistently characterized labor-market conditions as solid in recent weeks, as they wait to assess the impact from Trump’s policies, including tariffs, on the economy.
Speaking Tuesday during a panel in Portugal, Powell said he expects the impact of tariffs to show up in inflation data in coming months, while acknowledging that uncertainties remain. Still, he added, policymakers are prepared to learn the impact could be “higher or lower, or later or sooner than we expected.”
“Federal Reserve interest rate policy is likely on hold for now,” said Josh Hirt at Vanguard. “If the labor market remains on the trajectory we expect, the Fed can afford to be patient. We anticipate the Fed will be able to make two more rate cuts later this year in this environment.”
Meantime, Senate Majority Leader John Thune said his chamber will soon vote on passage of Trump’s tax and spending bill after securing enough support to pass the legislation. The Senate worked through the night on Trump’s $3.3 trillion tax and spending package, with Republican leaders still negotiating Tuesday morning with key GOP holdouts.
Corporate Highlights:
- Tesla Inc. Chief Executive Officer Elon Musk has assumed oversight of sales in Europe and the US, leaving deputy and senior vice president Tom Zhu over Asia, following the high profile departure of Omead Afshar, people familiar with the matter said.
- Boeing Co. said Stephen Parker will oversee the defense, space and security unit on a permanent basis, as Chief Executive Officer Kelly Ortberg molds his top leadership team, including the appointment of a new chief financial officer.
- More than two weeks after the deadly crash of an Air India plane that killed all but one of the 242 people on board, investigators and the airline are studying possible dual engine failure as a scenario that prevented the Boeing Co. 787 jet from staying airborne.
- AMC Entertainment Holdings Inc. said it reached an agreement with creditors to end litigation that resulted from the movie theater chain’s debt restructuring last year.
- Wolfspeed Inc., a chipmaker caught in President Donald Trump’s push to reshape Biden-era tech subsidies, filed bankruptcy to enact a creditor-backed plan to slash $4.6 billion in debt.
- UnitedHealth Group Inc. and Memorial Sloan Kettering Cancer Center resolved a contract dispute that threatened to interrupt treatment for thousands of cancer patients in the New York City area.
- Macau’s monthly gaming revenue rose 19% in June, exceeding analyst expectations as visitors poured in to the world’s biggest gambling hub for Cantonese pop concerts and other entertainment offerings.
- Merck KGaA is still scouting for acquisition targets after the German drug-to-semiconductor group completed its $3.9 billion takeover of SpringWorks Therapeutics Inc. on Tuesday.
- BYD Co. registered its best month for car sales this year in June, after slashing prices across its range in a move that drew criticism from government authorities and industry groups.
Some of the main moves in markets:
Stocks
- The S&P 500 fell 0.3% as of 10:48 a.m. New York time
- The Nasdaq 100 fell 0.8%
- The Dow Jones Industrial Average rose 0.5%
- The Stoxx Europe 600 fell 0.3%
- The MSCI World Index fell 0.2%
Currencies
- The Bloomberg Dollar Spot Index was little changed
- The euro was little changed at $1.1781
- The British pound fell 0.1% to $1.3713
- The Japanese yen rose 0.4% to 143.44 per dollar
Cryptocurrencies
- Bitcoin fell 1.6% to $105,916.93
- Ether fell 3.5% to $2,416.67
Bonds
- The yield on 10-year Treasuries advanced three basis points to 4.26%
- Germany’s 10-year yield declined four basis points to 2.57%
- Britain’s 10-year yield declined five basis points to 4.44%
Commodities
- West Texas Intermediate crude rose 0.3% to $65.28 a barrel
- Spot gold rose 1.3% to $3,346.63 an ounce
©2025 Bloomberg L.P.
Dollar falls to lowest level against franc in 14 years
The weakness of the dollar in recent weeks continues. The greenback hit new lows for the year against both the franc and the euro on Tuesday.
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Against the franc, the dollar is currently at its lowest level in 14 years. Against the euro, the US currency is at its weakest since 2021.
The dollar reached a daily low of CHF0.7872 around midday. The euro, on the other hand, rose to 1.1832. Meanwhile, the franc also strengthened somewhat against the euro. With a low of CHF0.9307, the euro is targeting the CHF0.93 mark.
+ The world’s strongest currency is also super-competitive
As Deka-Bank writes in a recent statement, this current dollar movement is mainly due to the interest rate differential between the US and the eurozone. On the other hand the greenback’s first bout of weakness at the beginning of April following US President Donald Trump’s “Liberation Day” was mainly driven by asset shifts out of the US.
Commerzbank adds that the euro has recently appreciated against the dollar for eight days in a row. The next three days will see a series of data on the US labour market. The highlight will be the government’s major labour market report on Thursday. According to Commerzbank, it is not entirely clear how the market will react to a strong labour market in particular.
A good labour market report would not necessarily be dollar-positive. “If the market continues to expect the Fed to cut interest rates despite a good labour market, this should weigh significantly on the dollar. The market would then start to price in a political Fed that will cut interest rates regardless of the data.”
Meanwhile, central bankers are meeting at the European Central Bank’s monetary policy forum in Sintra, Portugal. Fed Chairman Jerome Powell’s speech is eagerly awaited. Among other things, the monetary policy strategy will be a topic, but possibly also the political attempts to exert influence.
Translated from German by DeepL/ts
We select the most relevant news for an international audience and use automatic translation tools to translate them into English. A journalist then reviews the translation for clarity and accuracy before publication.
Providing you with automatically translated news gives us the time to write more in-depth articles. The news stories we select have been written and carefully fact-checked by an external editorial team from news agencies such as Bloomberg or Keystone.
If you have any questions about how we work, write to us at english@swissinfo.ch
Picture of the day
Switzerland is sweltering under an intense ongoing heatwave. All means are being used to cool off, as shown here at a public fountain in the centre of Basel.
Switzerland Today
Dear Swiss Abroad,
The Swiss Broadcasting Corporation has officially entered a period of cost reductions. Following yesterday’s announcement of restructuring and a savings plan, concrete cost-cutting measures were unveiled on Tuesday.
Also on today’s Swiss news agenda: a new biometric identity card, the opening of an investigation into the purchase of F-35 fighter jets, and a tree that could become a valuable ally in the fight against the heatwave.
Enjoy your read.
Big cuts are on the table at the Swiss public broadcaster, RTS. The French-speaking arm of the Swiss Broadcasting Corporation (SBC) announced on Tuesday a series of measures designed to save CHF16.5 million ($20.87 million) by 2026. This includes the elimination of 60 to 70 full-time equivalent posts, resulting in approximately 20 redundancies.
The situation is also difficult in the German-speaking part of the country. The Swiss public broadcaster, SRF, has announced cost-cutting measures and further job cuts: 66 full-time jobs will be eliminated by the end of the year, according to a press release. The cost-cutting measures will primarily affect production and technology. Programming, on the other hand, will not be directly affected. With these measures, SRF aims to save a further CHF12 million.
In Bern, SBC management confirmed on Tuesday that it will vacate its headquarters on Giacomettistrasse – also to cut costs. This impressive complex, situated near the motorway, was sold in 2012 and is currently leased by SBC. The SBC head office will vacate the premises by the end of 2026, moving to the former German-language radio studios on Schwarztorstrasse, where Swissinfo is based.
These measures follow Monday’s presentation of a comprehensive restructuring plan. SBC aims to save CHF270 million by 2029, a response to the gradual reduction in TV licence fees and the dramatic decline in advertising revenue.
Swiss parliamentarians have decided to investigate the government’s controversial purchase of American F-35 fighter jets. On Tuesday, the House of Representatives management committee announced it would open an inquiry.
In a press release, the committee confirmed that it had “decided to investigate the authorities’ handling of the F-35A fixed-price issue”. The inquiry aims to determine whether any shortcomings can be identified in the government’s management of the contract negotiations.
Switzerland is set to purchase 36 F-35 fighter jets for CHF6 billion ($7.6 billion). The Federal Council has always maintained that this was a fixed price. However, the US says the notion of a “fixed price” is a “misunderstanding” and is now demanding a higher price due to inflation-related cost overruns. The final bill could exceed the original estimate by between $650 million and $1.3 billion (CHF822 million to CHF1.6 billion). With the purchase budget for the new fighter jets narrowly approved by Swiss voters, these cost overruns are causing a stir in Switzerland.
This issue is also being closely followed in various European countries, where the purchase and maintenance costs of American aircraft are a source of controversy. Several countries that have opted for the F-35, including Germany, Belgium and Italy, are directly affected. Last March, the Portuguese defence ministry indicated it would forgo the F-35 in favour of the French Rafale for cost reasons, although the matter remains unsettled.
A new biometric Swiss identity card (ID) is expected to be available by the end of 2026. The Federal Office of Police (Fedpol) and its federal and cantonal partners are working on the new ID card, which will feature an electronic chip.
Like the current biometric passport, the new identity card will include a chip containing two fingerprints and a facial image. These biometric documents offer enhanced security, which is essential in preventing identity theft, forgery and other abuses, according to Fedpol.
Additionally, the new card will allow Switzerland to comply with new European Union standards. In 2019, the European Parliament and the Council of the EU adopted a regulation requiring member states to issue biometric identity cards exclusively from 2021. The new Swiss card will ensure that Swiss citizens can continue to travel freely within the EU.
Swiss citizens who have concerns about digital data will still be able to obtain chip-free ID cards, but these will be valid only within Switzerland. Traditional identity cards issued before the introduction of the new biometric card will remain valid within the EU for their full period of validity (ten years).
The extremely hot weather in Switzerland and across Europe is a major talking point right now. And the conclusion seems to be the same everywhere: the climate is warming, and we need to adapt. A new study from Switzerland suggests a possible solution.
Vegetation in cities is known to alleviate the oppressive heat. A study carried out in canton Geneva by the Swiss Federal Institute for Forest, Snow, and Landscape Research WSL, together with the Federal Institute of Technology Lausanne (EPFL), has identified the plane tree as particularly effective at cooling the air.
In hot weather, trees cool the air by evaporating water from their leaves. However, this process usually halts when temperatures rise above 30 to 35° degrees Celsius to avoid excessive water loss. Surprisingly, the study found that even at temperatures exceeding 39°C, plane trees continued to evaporate significantly more water than expected. This cooling effect intensified as the temperature increased.
These surprising results suggest that plane trees could play a crucial role in maintaining the quality of life in cities during hot spells. The next phase of research will focus on the transpiration efficiency of other tree species exposed to extreme heat.
Translated from French using DeepL/amva/sb
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News from Switzerland
Swiss and French presidents discuss US tariffs
Swiss President Karin Keller-Sutter met French President Emmanuel Macron at the Élysée in Paris on Tuesday to discuss the EU treaties and geopolitical challenges. US tariffs were also part of the bilateral talks.
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Macron assured Finance Minister Keller-Sutter, who holds the rotating Swiss presidency this year, that he would endeavour to ensure that Switzerland is spared any trade policy reactions from the EU to the US customs policy, the Swiss finance ministry said on Tuesday.
Both the EU and Switzerland are currently negotiating a trade agreement with the US.
+ What is a tariff? A quick guide
They also discussed the war in Ukraine and the situation in the Middle East and Iran, according to the statement. Keller-Sutter reaffirmed Switzerland’s willingness to offer good offices and engage in the search for peace solutions.
The G7 summit in Évian was also discussed. France is planning to organise the high-level meeting in June 2026 in the municipality on the French shore of Lake Geneva. Cooperation in the area of security was also discussed.
Translated from German by DeepL/ts
We select the most relevant news for an international audience and use automatic translation tools to translate them into English. A journalist then reviews the translation for clarity and accuracy before publication.
Providing you with automatically translated news gives us the time to write more in-depth articles. The news stories we select have been written and carefully fact-checked by an external editorial team from news agencies such as Bloomberg or Keystone.
If you have any questions about how we work, write to us at english@swissinfo.ch
Swissquote Ordered by Regulator to Reduce Suspicious Activity
(Bloomberg) — Switzerland’s financial watchdog has stepped up pressure on trading platform Swissquote Group Holding SA to do more to curb suspicious activity amid a surge in attempted fraud and hacks.
In an annual assessment letter earlier this year, Finma told Switzerland’s biggest consumer trading platform to do more to reduce the number of reports it has to submit to the country’s money laundering reporting office, according to Swissquote CEO Marc Buerki.
Particular emphasis was put on financial-services app Yuh, which Swissquote operates in cooperation with state-owned lender PostFinance AG, Buerki said, adding that systems belonging to Swissquote itself hadn’t been compromised by reported suspicious activity.
“The amount of attacks and fraud attempts on our systems has particularly increased with the rise of AI,” Buerki said. In 2025 so far, “we had to take action against more than 600 websites impersonating Swissquote or using fake login pages,” he said.
Finma and PostFinance declined to comment on the matter.
The Swiss regulator has repeatedly warned of the increased risks cyber-crime poses to financial institutions, with reports about successful or partly successful attacks increasing by 30% compared with the prior year. UBS Group AG last month saw data of more than 130,000 staff published on the darknet following a cyber attack on procurement service provider Chain IQ.
Buerki said much of the suspicious activity directed at his firm is executed from abroad, making it harder to control it.
Elsewhere in Europe, the European Central Bank has also warned that some banks aren’t doing enough to tackle cyber risks. ABN Amro NV and Banco Santander both suffered data breaches following hacks at external suppliers last year.
Swissquote rose to popularity among retail investors because of its early offering of cryptocurrencies and lower fees than incumbent players. The stock is one of Europe’s best-performing this decade and its market capitalization has by now surpassed seasoned Swiss wealth managers such as EFG International AG or Vontobel Holding AG.
©2025 Bloomberg L.P.
Swiss to Vote on 50% Inheritance Tax for Super-Rich in November
(Bloomberg) — Swiss voters will decide in November if the country should inflict a large inheritance tax on the estates of very rich people.
The Young Socialists are pushing for a plan to let the state take half of all assets above 50 million francs ($63 million) passed on after death. A group known as Juso collected 100,000 signatures in favor of the proposal, which aims to use the proceeds to fund measures combating climate change.
While parliament and the government are against it, the rules of Swiss direct democracy now require that a plebiscite must be held on the plan. This will take place on Nov. 30, the government said on Tuesday.
Switzerland has long been known as a haven for the world’s rich, and has recently seen an influx of affluent individuals fleeing the UK’s crackdown on preferential treatment for so-called non doms and Norway’s wealth taxes.
Critics of the Swiss initiative fear a reversal of that dynamic if it wins enough votes, setting up the country for the loss of high-contributing taxpayers. An alliance of parties from the middle to the right of the political spectrum is campaigning against the plan.
“The brutal 50% inheritance tax threatens the existence of family businesses and causes high economic costs,” said that group in a statement. “It’s a setback for everyone.”
–With assistance from Levin Stamm.
©2025 Bloomberg L.P.
Wetlands in Switzerland in poor condition
Swiss moors and floodplains are in a poor state. Researchers from the Swiss Federal Institute for Forest, Snow and Landscape Research (WSL) emphasised in a new report that further efforts are needed to preserve these biotopes in the long term.
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A number of habitats are particularly important for Swiss biodiversity, explained the WSL in a press release accompanying the report on Tuesday. These include floodplains, raised bogs and fens, dry meadows and pastures and amphibian spawning grounds.
They are home to numerous typical and endangered animal and plant species that have become rare in Switzerland’s intensively utilised landscape. These so-called biotopes of national importance – the most valuable protected areas in Switzerland – are protected accordingly. The WSL analyses how they are developing on behalf of the federal government.
+ The Swiss Alps are beautiful, but are they biodiverse?
Positive and negative developments
There have been positive and negative developments in all five biotopes analysed since 2019. The protection measures are showing initial success, for example in dry meadows, where typical and endangered plant species are increasing. Populations have also stabilised in amphibian spawning areas.
The trend in wet habitats such as moors and floodplains is much worse. Raised bogs continue to dry out, habitat specialists are disappearing and their area has shrunk by 6.5%. In floodplains, invasive species are on the increase and natural processes such as flooding are declining.
According to the WSL, additional efforts are needed to preserve biotopes of national importance in the long term, especially in the face of climate change. These include further renaturalisation.
Translated from German by DeepL/ts
We select the most relevant news for an international audience and use automatic translation tools to translate them into English. A journalist then reviews the translation for clarity and accuracy before publication.
Providing you with automatically translated news gives us the time to write more in-depth articles. The news stories we select have been written and carefully fact-checked by an external editorial team from news agencies such as Bloomberg or Keystone.
If you have any questions about how we work, write to us at english@swissinfo.ch
Drones banned during the three Euro games in St Gallen
The authorities in St Gallen have issued a temporary ban on flying drones around the city’s football stadium. The measure will apply on the three match days of the women’s Euro football tournament, which starts on Wednesday.
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An “absolute flight ban for unmanned aircraft weighing up to 25 kilos” has been imposed, according to a press release issued by the St Gallen cantonal police on Tuesday. It applies on July 4, 9 and 13, when matches of Euro 2025 will take place in St Gallen.
The ban applies to the airspace above the football stadium in the west of the city of St Gallen with a radius of two kilometres. Violations would be reported. Drones could be stopped and seized.
However, due to the nearby Rega base, the football arena is already located in a zone where “unmanned aircraft weighing 250 grams or more” are banned from flying all year round.
Translated from German by DeepL/ts
We select the most relevant news for an international audience and use automatic translation tools to translate them into English. A journalist then reviews the translation for clarity and accuracy before publication.
Providing you with automatically translated news gives us the time to write more in-depth articles. The news stories we select have been written and carefully fact-checked by an external editorial team from news agencies such as Bloomberg or Keystone.
If you have any questions about how we work, write to us at english@swissinfo.ch
