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Swiss banks confident about future

This content was published on Jan 11, 2011 More than half of the 60 survey respondents said they had come out of the financial crisis in better shape. Two thirds forecast positive developments in the global financial markets in 2011. The Bank Barometer 2011, produced on Tuesday by consultancy firm Ernst & Young, tested the expectations and fears of the Swiss banking community…

Resorts cash in on sun and snow

This content was published on Jan 11, 2011 The Swiss tourist industry had feared a significant decline in bookings from European holidaymakers due to the strong Swiss franc, which has raised the price of a vacation here by more than ten per cent since last year’s Christmas period. Tourism is a key industry in Switzerland, ranked fourth in the export sector, generating an…

Nestlé defends its Nespresso capsules in court

This content was published on Jan 11, 2011 The decision is being seen as a success for the Swiss food multinational against cheaper competition. Denner, which is a subsidiary of retailer Migros, had since mid-December been offering the generic capsules at a price of SFr0.25 ($0.26) per capsule. Customers pay almost double for a Nespresso capsule. The St Gallen commercial court has provisionally…

Swiss banks deny currency speculation claim

This content was published on Jan 11, 2011 The Swiss Business Federation, economiesuisse, supported the banks’ argument that there is no need to renew a “gentleman’s agreement” with the central bank to prevent currency traders from betting against the euro. The strength of the safe haven Swiss franc continues to haunt exporters and the tourism industry as it reaches new heights against the…

A small but excellent vintage for Swiss wines

This content was published on Jan 10, 2011 Production sank 7.8 per cent to 1.03 million hectolitres last year, the Agriculture Office said in a statement. “The maturity of the harvest, the sugar concentration and the balance between alcohol and acidity are remarkable,” it said. “But the quantity of the harvest is less satisfactory.” The winter was hard but followed by a mild…

Direct Zurich-Beijing flights to restart

This content was published on Jan 10, 2011 The two airlines said on Monday that the flights would start on July 7 and end on October 14, provided they obtain the necessary rights. Swiss spokesman Jean-Claude Donzel told swissinfo.ch that the new flight is aimed chiefly at the tourist trade. Agreements had been made with Swiss and Chinese tourist agencies, but tickets will…

Credit Suisse restructures bonus system

This content was published on Jan 10, 2011 In a statement published on its website on Monday, it explains that a larger proportion of the bonuses will be subject to deferred payment, and there will be fewer cash payouts. It has also lowered the threshold for deferred bonus restrictions, with the result that more employees will be affected. The changes will apply to…

Swiss flights allowed back into Russian airspace

This content was published on Jan 9, 2011 The Swiss company confirmed reports that its aircraft are again allowed to enter Russian airspace since January 1 following an agreement between the aviation authorities of both countries. The ban had affected Swiss’ flights to Shanghai and Hong Kong, resulting in longer journeys and higher fuel costs. A year ago the Swiss finance ministry decided…

Thousands follow tax amnesty call

This content was published on Jan 7, 2011 The agency said 4,489 delinquent taxpayers in 21 cantons came forward last year. Five cantons did not reveal any details. Canton Zurich saw the greatest number of people owning up – around 1,400 – declaring SFr666 million ($690 million) of previously untaxed assets. In comparison, canton Geneva could win over only 293 people to the…

Bankruptcies reach record level

This content was published on Jan 7, 2011 However, more new companies were also registered, and the total number of companies in Switzerland increased. Company bankruptcies were up by 19.9 per cent against 2009, which was itself a record year. However, Creditreform explained that the rise could largely be attributed to a change in the law. The greatest increase in company bankruptcies was…

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