Switzerland Today
Hello from Bern,
Where temperatures are high, and Sunday saw the summer’s first “Hitzetag” (“heat day”) – the rather unimaginative term used by forecasters here when the 30°C mark is reached. A “Tropennacht” (“tropical night”), when temperatures don’t fall below 20°C, is not yet on the cards thankfully. But enough weather news.
In the news: UBS set for hefty legacy bill.
- UBS faces hundreds of millions of dollars in penalties over Credit Suisse’s mishandling of Archegos Capital, the Financial Times reported on Monday. Britain’s regulator could impose a fine of up to 100 million pounds, while the US Federal Reserve could impose a penalty of up to $300 million, the newspaper said. UBS reportedly set aside $4 billion for potential lawsuits after taking over Credit Suisse in March.
- CHF11.45 billion ($12.75 billion) has been budgeted for Swiss international cooperation for the period 2025-2028 – slightly higher than the CHF11.25 billion for 2021-2024, authorities said today. Almost 59% is for development cooperation, 25% for humanitarian aid, 14% for the State Secretariat for Economic Affairs (Seco) and 2.5% for peace and human security. Specific focus will be placed on Ukraine and climate change.
- Switzerland has dropped to third in an annual World Competitiveness ranking, the Lausanne-based IMD business school announced today. The Alpine Nation, which bagged top spot in 2021, was ousted this year by Denmark and Ireland. As it was in previous editions, Switzerland was top of the pile when it came to efficiency of government and technical infrastructure.
The beginnings of a hangover for brewers.
After three booming decades, the party is over, at least temporarily. The Neue Zürcher Zeitung (NZZ) writes todayExternal link that the total number of beer breweries in the country fell last year for the first time in 30 years. They had previously ballooned from 32 in 1991 to 1,278 in 2021 – making Switzerland the European frontrunner for the number of breweries per capita. According to the newspaper, the current decline is explained by rising costs for hops and malt, due to the war in Ukraine, as well as increased energy prices. It’s not clear if Swiss drinking habits – which slowed a bit during the pandemic – had an impact.
Bikes slow down after pandemic boom.
Another sector facing mixed fortunes is that of bikes, RTS reportsExternal link. During the pandemic, as people searched for anti-social ways to get around, bicycle sales exploded. Over half a million were bought in 2020, and prices rose accordingly. But now, as retailers struggle to clear stocks, bargains abound. One shop owner told RTS that part of the issue were delayed deliveries of large orders placed with suppliers during the pandemic. On top of this, in 2022 and 2023, people are a bit poorer due to inflation. That said, in rich and climate-conscious Switzerland, sales of e-bikes – despite their hefty price-tags – have apparently not been affected.
Swiss pastries: the best in the world, locally.
How do you become best in the world at something? Easy: become best in the world at something nobody else in the world does! The World Championships of flûte-making were held in Tolochenaz (canton Vaud) at the weekend, to crown the world’s best baker of a pastry which, apparentlyExternal link, is more or less known only in Switzerland, and even here, mostly in canton Vaud. Fifty entrants (30 from Vaud) were whittled down to a top 10 (all from Vaud) and then to one world champion: Anthony Coudray from Vallorbe (Vaud). But it’s not as local as it sounds: “we also had an entry from German-speaking Switzerland, one from Italian-speaking Switzerland, and one from France”, reassured competition head Pascal Clément.
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