Switzerland Today
Dear Swiss Abroad,
UBS will have to increase its equity capital so that Switzerland no longer has to dig so deep into its coffers the next time a bank fails. The specific proposal put forward by Finance Minister Karin Keller-Sutter targets foreign subsidiaries in particular – and is not only going down badly with the big bank, but also with several political parties in the country.
Best wishes from Bern
The Swiss government wants to make UBS more crisis-proof with stricter capital requirements. Politicians are divided: the centre-right warns against overly tough interventions, while the left calls the proposal the absolute minimum.
When I listened to the news this morning with one ear, there was constant talk of foreign subsidiaries – and it took me a while to realise they were referring to UBS’s overseas branches.
If Finance Minister Karin Keller-Sutter has her way, the big bank will have to build up CHF9 billion ($11.5 billion) in additional equity capital to reduce the risk for taxpayers in the event of a crisis – as was the case with the collapse of Credit Suisse. The minister was particularly firm on foreign subsidiaries: these must be fully backed by equity capital.
This does not go down well with centre-right parties. The “Lex UBS” goes too far, says Swiss People’s Party parliamentarian Thomas Aeschi, speaking to Swiss public broadcaster SRF. Voices within her own camp also say Keller-Sutter’s “compromise” is not yet the right one. UBS has said the proposal is extreme and would have far-reaching consequences for the Swiss economy.
For the leftwing Social Democratic Party and the Greens, however, the proposal is the “absolute minimum”, and they fear conservatives want to water it down, as Social Democratic Party co-president Cédric Wermuth says.
Who really represents US interests in Switzerland? In Bern, the impression is growing that it is not Ambassador Callista Gingrich calling the shots, but rather her politically experienced husband, Newt.
American President Donald Trump recently posted a photo from Bern on his social media platform, showing a demonstration in front of the US embassy where Iranian flags were waved and Trump was thanked. But there is something else noteworthy about the post: “From Newt Gingrich,” Trump wrote.
Newt Gingrich is the husband of the current US ambassador, Callista Gingrich, who has been stationed in Switzerland for six months. However, as Tamedia newspapers report, he is said to set the tone – which is causing irritation in Bern.
Newt Gingrich is a long-standing Republican politician and is considered a pioneer of the Trump era. He is also expected to continue acting like a political decision-maker in Bern. “He behaved as if he were the ambassador. He was always talking,” says an anonymous source after meeting the couple.
Ambassador Callista Gingrich, on the other hand, remains more reserved; interviews with media representatives are only possible in writing. While her husband takes political positions, the ambassador shares images of official meetings and trips around Switzerland on Instagram. The question of roles remains unresolved.
Religious freedom or neutrality? The debate about headscarves in schools is dividing politicians and those affected.
Should female teachers be allowed to wear headscarves in the classroom? This question is being hotly debated in Switzerland, with new initiatives at cantonal and national level calling for a ban. Currently, the situation varies from canton to canton, although many already have restrictions in place.
But not in Basel, where Swiss public broadcaster SRF’s programme Rundschau spoke to a Muslim teacher who wears a headscarf at work. This has never been a problem at her school, says Achoaq Cherif. “As a teacher, I am judged by my skills, not by my outfit,” she says.
Another teacher, Jasmin El-Sonbati, who is also Muslim, does not wear a headscarf. She believes teachers should refrain from wearing conspicuous religious symbols. The headteachers’ association shares this view, stating that restraint is required. Pupils, however, are allowed to wear headscarves, as freedom of religion applies.
From poorhouse to woodcarving hotspot: how woodcarving lifted the Brienz region out of poverty.
Do you have a carved wooden cow at home? In Swiss Abroad groups on social media, these animals often appear as popular reminders of home. If you have one, you may also know that the centre of woodcarving in Switzerland is Brienz.
Today, the Berner Zeitung looks at the origins of this craft, which once sustained the entire region. In the 19th century, the Oberland area was among the poorest in canton Bern. This changed when British tourists discovered the Alps. Farmers began carving souvenirs such as wooden spoons for visitors.
Specialised businesses soon emerged, benefiting from cheap labour. Everything was carved, from cows and nutcrackers to miniature chalets. At the turn of the century, almost everyone in Brienz was carving – or earning a living from it, says the owner of the Jobin company, which still produces carved music boxes today.
These wooden souvenirs helped the region prosper, but the two world wars ended the boom. Even so, woodcarving remains an important part of local identity.
Translated using AI/amva
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