Switzerland Today

Dear Swiss Abroad,

Run, don’t walk to your nearest domain host! The new “.swiss” domain is now available for private individuals, artists and businesses. But there’s a catch (isn’t there always?).

Today, the UBS CEO had his more than CHF14 million salary approved by the shareholders, ten months after the Credit Suisse takeover. What does the board chairman have to say about this?

All this in today’s briefing. But first let’s take a look at the news.

Keystone

In the news: Amnesty International has criticised Switzerland for not fully respecting the right to peaceful protests, no decision on reinstating UNRWA funding and more UBS news.  

• EU ‘plans to prioritise international trains’, warns Swiss railway chief: the director of Swiss federal railways, Vincent Ducrot, fears that international rail will take precedence over Swiss rail at the end of negotiations with the European Union. The EU is considering giving international routes priority over domestic travel, he said.
• Switzerland violates right to protest, says Amnesty International: the civil rights watchdog has criticised Switzerland for not fully respecting the right of citizens to peacefully protest.
• Hedge fund joins list of entities suing Credit Suisse: hedge fund Appaloosa LP became the latest to sue over the $17 billion (CHF16 million) wipeout of high-risk bonds last year that was part of the deal to save Credit Suisse bank from a full-scale collapse.
• Switzerland delays UNRWA funding decision: the Swiss government plans to issue CHF56.2 million ($61.4 million) in loans for humanitarian aid projects in the Middle East as it delays a decision on whether to unfreeze its contribution to the UN Palestinian relief organisation UNRWA.
• Locarno Film Festival to honour Jane Campion: New Zealand filmmaker Jane Campion will be awarded the prestigious “Leopard of Honour” for outstanding cinematic achievements at the Locarno Film Festival’s 77th edition in August.
• 2024 ‘crucial year’ for UBS-Credit Suisse merger: UBS boss Sergio Ermotti already sees “a lot of progress” in the integration of Credit Suisse into UBS. However, significant restructuring measures and optimisations are still needed before the bank can fully exploit the advantages of the merger.
• UBS slams Swiss capital buffer plan: UBS Chair Colm Kelleher said the Swiss government’s proposal to require the bank to hold substantially more capital is the “wrong remedy” to the failings that brought down Credit Suisse over a year ago.

Keystone

New Swiss domain: .swiss

As of today, individuals can register website domains under “.swiss”. While the domain URL “.ch” has been available since 1987 exclusively for cantons, the “.swiss” domain will be available for companies as well as private individuals. What differentiates these two Swiss domains is the “.swiss” URL will be available to both businesses and individuals.

However, if you are thinking of a get-rich-quick scheme by becoming a domain squatter, you are out of luck. The Federal Office of Communications has implemented strict eligibility requirements in order for a business or individual to register a “.swiss” domain.

For private individuals, you must either be a Swiss citizen or live and work in the country. To verify your status in Switzerland, you will be asked to provide your old-age and survivors’ insurance (OASI) number at the time of purchasing the domain name. Businesses looking to register a domain must provide an IDE number, which is a company identification number registered to an office in Switzerland and not just a post-box.

Artist and trademarked names can also be used for the domain, but generic names or words such as “doctor.swiss” cannot be reserved.  

UBS CEO Sergio Ermotti Keystone / Georgios Kefalas

UBS board justifies CEO salary of more than CHF14 million

UBS CEO Sergio Ermotti has had his salary of CHF14.4 million ($16 million) approved at the UBS shareholders meeting this morning by 83.5%.

According to Board Chairman Colm Kelleher, Ermotti’s compensation was justified given the turbulent takeover of Credit Suisse. “The Board of Directors is honouring Ermotti’s outstanding performance in the most important year in UBS history. He has fulfilled probably the most difficult task in the industry.”

In a speech given by ErmottiExternal link at the board meeting, he stated that the risks that the bank undertakes are held by the shareholders and not by the Swiss taxpayers.

Kelleher reiterated that UBS is not “too big to fail”. In March UBS made it known that it was looking to close 85 Credit Suisse branches. The Credit Suisse locations directly next to a UBS branch are affected.

Have you got an opinion on the UBS takeover and how it has been handled? Take part in our debate!

Our front page has changed slightly! SWI swissinfo.ch

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This week our focus topic is on Switzerland’s drug prices: we have two in-depth article analyses on the worlds most expensive drug and Swiss drug price transparency, a video explainer on how drug prices are negotiated in Switzerland (and beyond) and an open question to you about how the rising cost of healthcare and medicine has affected you.

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