Switzerland Today
Greetings from Lausanne!
Here are the latest news and stories from Switzerland on Monday.
In the news: annual crime statistics, Andermatt-Sedrun ski resort and the “MoonSwatch”.
- Swiss bank Credit Suisse has reportedly stopped pursuing new business in Russia and is cutting its exposure to the country after the invasion of Ukraine.
- Switzerland saw a significant increase in the number of reported cyber–crime incidents last year, according to annual statistics. In the same period, the rate of murders and burglaries fell, while e-bikes became one of the favourite targets of thieves.
- The American company Vail Resorts Inc has agreed to take a majority stake in Andermatt–Sedrun Sport AG, which controls and operates the mountain resort (see photo above) in southeast Switzerland. It plans to invest CHF149 million to develop “guest experience” at the Uri resortExternal link, which has been revitalised by Egyptian billionaire Samih Sawiris.
- Swatch Group AG shares were up early today after the release of MoonSwatch, a low-priced Swatch version of the Omega Speedmaster Professional timepiece worn by US astronauts, which caused stores to be mobbed over the weekend with long queuesExternal link.
- Meanwhile, Russian agents seized millions of dollars worth of Audemars Piguet luxury watches in Moscow in an apparent retaliation for Swiss sanctions banning luxury goods exports, it was reported at the weekendExternal link.
- Swiss Defence Minister Viola Amherd visited Salzburg today for talks with her Austrian counterpart, Klaudia Tanner. Discussions focused on the Ukraine war and its impact on security policy in Europe, the situation in the Balkans and Mali, and military peacebuilding.
- A study publishedExternal link today shows that Switzerland saved 126,000 tonnes of CO2 in 2020 thanks to the recycling of PET plastic bottles. This corresponds to over 34 million litres of oil.
Most Swiss would support tougher sanctions against Russia.
Switzerland has adopted a series of sanctions against Russia in line with those of the European Union, which now extend to hundreds of individuals and dozens of companies as well as certain economic sectors.
A new poll published today shows that a majority (56%) of the Swiss population would be in favour of tougher sanctions against Russia for invading Ukraine, even if it results in higher energy costs in Switzerland.
The poll by the Institute Link found that 57% of people surveyed would support the freezing of all assets held in Switzerland by high-ranking Russian officials and government allies. Those questioned would also support de–linking Russian banks from the Swiss financial markets and controls on high–tech products and software exported to Russia.
In total, Switzerland has frozen around CHF5.75 billion ($6.17 billion) worth of Russian assets covered by sanctions, and that amount is likely to rise. Swiss banks hold between CHF150 billion and CHF200 billion ($160-$214 billion) in assets belonging to Russian clients, according to the Swiss Bankers Association.
Meanwhile, politicians from Ukraine and Poland, continue to urge Switzerland to do more to investigate and seize Russian assets in Switzerland held by sanctioned individuals and entities. Various Swiss politicians of different stripes also believe the authorities should be more proactive. Some call for the creation of a taskforceExternal link to investigate where oligarchs have hidden their money in Swiss institutions. But as Swiss media report, the room for manoeuvre may be limitedExternal link. Under current rules, banking institutions and cantonal authorities can only report what’s in their registers – looking into the origins of assets or connections between individuals is not permitted.
Gender wage gap barely moves in Switzerland.
Women earn on average 11% less than men for doing the same job in Switzerland, according to the latest official survey of wages.
Today the Federal Statistical Office reportedExternal link that the gender wage gap is narrowing, but only slowly. In 2016, there was a 12% disparity in wages, which fell to 10.8% in 2020.
The gap is more pronounced among the higher earning strata of the workforce. Female managers earn 16.8% less than male counterparts but the difference is 9.3% among jobs with less responsibility.
This slow progress is despite the introduction of legislation aimed at eroding discrimination. Last year, the government adopted a wide-ranging set of policies to improve conditions for women, called the National Strategy for Gender Equality.
The data published today reveals that in 2020, the median monthly wage across Switzerland was CHF6,665External link ($7,161) irrespective of gender.
People working in banks were the biggest earners, taking home CHF10,211 per month, compared to the CHF4,211 earned by hairdressers. The difference in earnings between the highest and lowest paid workers has remained constant in the last few years, the figures show.
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