Switzerland Today
Dear Swiss Abroad,
A Swiss woman has been arrested in the Philippines with six kilograms of crystal meth in her luggage. She faces decades behind bars. Also, the Senate has cleared the way for tougher rules for systemically important banks, while new details have emerged about a possible move by UBS to the US.
A Swiss woman has been caught at Manila airport with six kilograms of methamphetamine. She now faces severe penalties in the Philippines. The Swiss foreign ministry has confirmed the arrest and is in contact with the authorities.
According to Philippine customs, the Swiss woman was noticed during a routine check – a drug detection dog and a spectrometer analysis later confirmed the find. The estimated market value of the seized drugs: over CHF500,000 ($633,000). The woman had previously travelled from Abu Dhabi.
The Swiss foreign ministry confirmed to Swissinfo that “the Swiss embassy in Manila is in contact with the relevant local authorities”. The woman is being supported as part of consular protection, for example with legal information or detention visits. The foreign ministry is not providing any further information for data protection reasons.
The consequences for the Swiss woman could be serious. According to Philippine drug law, possession of more than ten grams of methamphetamine is punishable by 20 to 40 years in prison – in the current case it is 600 times this amount. Figures from the consular directorate show that the foreign ministry was looking after 31 Swiss nationals in custody for drug offences at the end of 2024. In addition, 165 Swiss nationals were in prison for other offences.
The Senate has paved the way for stricter rules for systemically important banks. At the same time, new details about a possible departure of UBS become public. The big bank is even said to have held talks about a merger with a US financial institution.
My colleague Christian Raaflaub informed you here yesterday about the rumours of UBS moving to the US, including scenarios for a merger with a US bank. The background: the planned stricter capital adequacy requirements could cost UBS up to CHF26 billion.
Also yesterday, the Senate rejected a motion that sought to slow down the government’s introduction of stricter capital requirements for “too big to fail” banks. This clears the way for an initial package of measures that will primarily affect UBS, as reported by RTS. Finance Minister Karin Keller-Sutter said in the Senate: “Nobody would have sympathised with delaying the package of measures for the banks.”
Nevertheless, there was criticism, particularly from the Centre Party and the Radical-Liberal Party, which fears for the competitiveness of the Swiss financial centre. UBS itself has not commented on the speculation but, according to RTS, refers to CEO Sergio Ermotti’s statements to Bloomberg, according to which the new rules are “disproportionate” and “punitive”. In the end, however, the threat had no influence: both the Senate and the House of Representatives clearly backed the government’s course.
“World class”, “sensational”, a “magical Monday for Swiss sport”: the Swiss press celebrates Ditaji Kambundji from Bern. Her victory in the 100m hurdles in Tokyo yesterday meant she became the first Swiss woman ever to win a gold medal at a World Athletics Championships.
“One of the greatest moments in the history of Swiss sport,” raved Blick yesterday. Kambundji, 23, surprised everyone with a tactically perfect race, setting a new Swiss record of 12.24 seconds – 0.16 faster than her previous best.
According to the Neue Zürcher Zeitung (NZZ), Kambundji was victorious in one of the most fiercely contested disciplines: before the World Championship final, 12 athletes worldwide were registered faster – seven from the US. The Swiss-German press hasn’t held back with praise: “Simply world class,” writes the Tages-Anzeiger. CH Media also emphasises her mental strength and her ability to hit top form at the decisive moment. “When the pressure is at its maximum, Ditaji really gets going.”
The interview she gave to Swiss public television, SRF, after her victory was also very well received by the local press. “I just pegged it,” she explained in Bernese dialect (“I bi eifach schnäu gsecklet”) in what the Tages-Anzeiger described as a “cult interview”.
Switzerland remains the world champion of innovation: it has topped the innovation index of the World Intellectual Property Organization (WIPO) for more than ten years. The report warns of the effects of a slowdown in investment in innovation.
As in previous years, Switzerland occupies the top spot among more than 130 countries in the Global Innovation Index. Sweden is in second place ahead of the US. China enters the top ten for the first time.
Switzerland is in the top five in almost all categories, with the exception of human capital and research (sixth place). It remains the leader in access to technology, but China has overtaken it for the first time in the production of expertise.
At the same time, the report calls for vigilance: at 2.9%, growth in research fell to its lowest level in 15 years. Due to inflation, the actual additional expenditure by companies in this area was only 1%. However, companies active in new technologies increased their investments.
Translated from German by DeepL/ts
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