Switzerland Today
Dear Swiss Abroad,
The fatal shooting at the rave in Aarau is on everyone's mind, including me. I grew up in Aargau and spent a lot of time in Aarau.
The police are remaining tight-lipped about the shooting until the press conference scheduled for tomorrow. The media is dissecting the decision of the investigators to stay silent for 48 hours after the arrest of a suspect - and how the rave organiser assesses the security measures at the event.
Best regards
After the fatal shooting at a rave in Aarau, a Swiss man was arrested under “strong suspicion”. The police remain silent until the planned press conference on Wednesday afternoon. The organiser of the rave defends the security measures put in place.
A 22-year-old woman was killed and five other people were injured when the shots were fired on the grounds of the Schachen racecourse. The police assume a lone perpetrator, but continue to investigate the course of events and motive. Cartridge casings of different calibers were found in two places.
A 43-year-old Swiss national was arrested on Monday night. The fact that the authorities have barely shared any information since then is justified by experts on the grounds of criminal tactics and legal reasons. The suspect must be questioned, traces evaluated and a possible involvement of other people must be ruled out. An urgent suspicion of a crime does not yet mean proof of the identity of the perpetrator.
Olivier Grein, co-founder of the Urban Agency Events AG that organised the rave praised the security forces. They had acted selflessly and had broken open emergency exits and treated the injured during the shooting. However, Grein does not see an armed attack from outside the site as something that organisers could have prevented. For the future, he called for a political debate on the security of major events.
In the dispute over stricter capital regulations, the Senate committee responsible has opted for a compromise. It wants to tighten the capital rules for UBS, but not as much as proposed by the Federal Council.
In future, half of the foreign investments of systemically important banks are to be covered by Common Equity Tier 1 capital . Newly designed AT1 bonds (Additional Tier 1) are to be sufficient for the other half. The Federal Council had demanded full backing with Common Equity Tier 1 capital.
The Committee for Economic Affairs and Taxation of the Senate (WAK-S) speaks of a compromise that is intended to make the Swiss financial centre safer and at the same time maintain competitiveness. For UBS, the proposal means more leeway for its international business. Critics, on the other hand, warn that in the event of a crisis, risks could continue to lie with the state and thus with taxpayers.
The bill is now to be debated in the Senate before the House of Representatives takes up the issue. UBS’s concerns could then possibly meet with less understanding there. After all, both chambers must agree on the amendment to the law. Final capital rules are not expected until the end of 2026 at the earliest, but the process is likely to drag on until next year.
The insurance company Swiss Life will cut around 600 jobs by the end of 2028 – about one in 20 jobs. At the same time, the insurer’s net profit increased by 8% in the first half of the year. The reduction will mainly affect the back office and is to be largely carried out through natural turnover of employees.
Swiss Life justifies the reduction by looking beyond the current strategy programme and with efficiency gains through digitalisation and artificial intelligence. Around half of the jobs will be lost in Switzerland, the other half mainly abroad.
In the first half of the year, operating profit rose by 7% to CHF967 million, while net profit rose by 8% to CHF649 million. In addition, Swiss Life will launch a share buy-back programme of CHF250 million in October.
The job cuts despite good business figures raise questions about the future of the insurance industry. In addition to increasing automation, consolidation is also likely to increase the pressure on jobs.
Last Friday’s severe thunderstorm caused millions in damage in large parts of Switzerland. Thousands of cars, houses and other buildings were damaged. Insurance companies receive tens of thousands of claims, while tradesmen are fully booked for days or weeks.
The extent of the damage is not yet conclusively known. Several insurers report an unusually high number of reports. To speed up the investigations, they are setting up special hail drive-ins. Building insurance companies are also under great pressure.
The hail hit northeastern Switzerland particularly hard. Front and side windows of vehicles were broken, and car bodies were covered with dents. For many car owners, this means long waiting times for inspection and repair. In the case of severely damaged vehicles, there is also the question of a total loss.
Roofers, carpenters and other trades are also busy. According to the insurance association, the thunderstorm was not an extraordinary event of the century. Rather, the high amounts of damage are also a consequence of increased prosperity: because houses and vehicles are more valuable today, the losses in the event of a severe storm are correspondingly higher.
Translated from German, sub-edited by Anand Chandrasekhar
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