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Switzerland Today
Dear Swiss Abroad,
The federal government’s 2027 savings package appears to be shrinking by the day. In the Senate, several planned cuts were rejected, including the proposed reduction in federal funding for Swissinfo.
At the same time, the Senate intends to cut CHF400,000 ($502,000) from the Organisation of the Swiss Abroad (OSA). The House of Representatives will discuss the savings package next spring.
Best wishes from Bern
The federal government’s 2027 savings package has cleared its first parliamentary hurdle – and emerged significantly reduced. The Senate cut the package by around 35%, sparing Swissinfo in the process.
The government had proposed dozens of cost-cutting measures to stabilise federal finances. One of them was a reduction in funding for the Swiss Broadcasting Corporation’s (SBC) international mandate, which includes Swissinfo. However, the Senate narrowly rejected this cut on Wednesday.
The amount at stake was CHF19 million ($23.9 million), which finances Swissinfo, tvsvizzera.it and partnerships with the international broadcasters TV5Monde and 3sat. Senators voted 22 to 19 against cancelling the federal contribution.
The Senate also moved to protect Swiss schools abroad. The subsidy for the “Promotion of education for young Swiss Abroad”, which the government wanted to cut by CHF1.5 million, was preserved.
By contrast, the Senate upheld a planned cut of CHF400,000 to the Organisation of the Swiss Abroad (OSA). The savings package now moves to the House of Representatives, where it will be debated again in the spring.
Today, the Swiss Broadcasting Corporation (SBC) and Swiss Solidarity have organised a nationwide solidarity day for children affected by crises. Even before the official launch, donations had exceeded CHF870,000 ($1.09 million).
According to the Swiss public broadcaster SRF, the CHF1 million mark was passed before 10am, underlining Switzerland’s strong culture of solidarity. The focus on children in need appears to resonate particularly strongly with donors.
Funds raised will be distributed both at home and abroad. The campaign supports projects for children in Switzerland as well as humanitarian programmes abroad, including in Lebanon.
More than a fundraising effort, “Solidarity Day” brings together media, politics and civil society. Karin Keller-Sutter, who holds the rotating Swiss presidency this year, highlighted the importance of protecting children affected by violence. Donations can be made until 11pm Swiss time by phone (0800 87 07 07) or via the Swiss Solidarity website.
Switzerland is facing renewed pressure from Washington. The US government wants a legally binding tariff agreement in place by the end of March, or it may reconsider current tariff concessions.
According to a document from the US Trade Representative, reported by the Swiss public broadcaster RTS, the memorandum of understanding signed in November is expected to be swiftly converted into a binding bilateral agreement. The document appears in the Federal Register but has not yet been formally published.
If negotiations fail, the US could reassess the tariff rate applied to Swiss exports. This raises the possibility that the reduction from 39% to 15%, agreed last autumn, could be partially reversed.
While Washington had assured Bern of lower tariffs, this assurance was tied to concluding a binding agreement by the end of March. Switzerland is now under time pressure to avoid a potential trade setback.
Switzerland’s Competition Commission (ComCo) has fined several banks a total of CHF237.5 million ($298 million) after uncovering a global price-fixing network.
Over twelve years, ComCo investigated systematic collusion involving twenty banks, including UBS, Credit Suisse, Julius Baer and Zürcher Kantonalbank. Millions of documents revealed extensive information-sharing and evidence of serious market failures.
Between 2005 and 2013, traders exchanged sensitive data via chat rooms, phone calls and messaging services, Watson reports. The watchdog identified 20 separate cartels that appeared to be part of routine business practices.
The manipulations affected major markets, including foreign exchange, interest-rate derivatives and precious metals. According to ComCo, distorted competition in these areas can harm companies that rely on such products to hedge risks, raising broader concerns for confidence in the Swiss financial centre.
The Advent calendar of Swiss Oddities
Every day until December 24, our newsletter features a surprise article from our Swiss Oddities series – interesting, unusual and sometimes bizarre stories from Switzerland.
Translated from German using DeepL/amva/sb
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