Inflation also accelerated in Switzerland in August, under the burden of rising energy costs worldwide caused by Russia’s invasion of Ukraine. In particular, prices in Switzerland rose at an annual rate of 3.5% in August, accelerating from 3.4% in July which was already the highest level in three decades. Adjusted to the European Union’s measurement […]
Tag: Switzerland
Switzerland: Group of politicians starts collecting signatures to keep nuclear power
A group of Swiss politicians has formed ‘Stop Blackouts’ which will begin collecting signatures for a petition to review the country’s energy policy to ensure adequate energy supplies and keep nuclear power in the mix. Switzerland plans to shut down its five nuclear reactors following a decision taken in 2017 due to safety concerns following […]
Although very rich, Switzerland fears power shortages this winter
Although very rich, Switzerland fears power shortages this winter if French nuclear reactors remain out of service and if Berlin, because of the war in Ukraine, limits exports of gas-fired electricity. In the summer, Switzerland, the water reservoir of Europe thanks to its hundreds of hydroelectric plants, exports electricity, but in the winter the opposite […]
Switzerland introduces voluntary 15% gas savings target
Switzerland has set a voluntary 15% gas savings target for the winter as Europe faces potential gas shortages as a result of the war in Ukraine, Reuters reported. As Switzerland is completely dependent on gas imports, a European shortage would have an immediate impact and make it more difficult to buy gas supplies from abroad, […]
Switzerland: Water levels in four large lakes are at their lowest levels for the month of August
Water levels in four of Switzerland’s major lakes are at their lowest for the month of August, after a year of scant rain, according to the federal environment ministry. These are the lakes of Constance, Four Cantons or Lucerne, Lugano and Valens. The volume of water flowing into the Rhine, which originates in the Swiss […]
Russia: Switzerland is no longer neutral, it cannot act as an intermediary with Ukraine
Russia said today it rejected a Swiss offer to represent Ukraine’s interests in Russia and Moscow’s interests in Ukraine because it no longer considers Switzerland a neutral country. Switzerland has a long diplomatic tradition of acting as an intermediary between countries with severed relations, but Foreign Ministry spokesman Ivan Netzaev said this was not possible […]
Switzerland: At a two-year low indicator-barometer for the economy
Switzerland’s KOF economic barometer’s index of future conditions fell to its lowest level in two years in July, data showed, pointing to sluggish growth in one of Europe’s traditionally strongest economies. The barometer, compiled by the KOF Institute at the Federal Institute of Technology in Zurich, fell 5.1 points to 90.1 in July, the third […]
Russian gold imports from Switzerland decreased in May
Switzerland imported 284 kilograms of gold from Russia in June, according to customs data, down from more than three tonnes it imported in May, sparking debate over whether accepting Russian gold helped finance Moscow’s war in Ukraine. Swiss gold imports from Russia fell to 284 kg in June from 3,089 kg in May. Russia is […]
Switzerland plans to raise interest rates by at least 0.5% in September
Switzerland’s central bank plans to raise interest rates by 50 or even 75 basis points at its next monetary policy meeting in September, a Swiss newspaper said, citing people familiar with the matter. As Reuters points out, Switzerland’s central bank last year raised interest rates for the first time in 15 years, with President Thomas […]
Switzerland: Billionaire and philanthropist Lili Safra has died
Billionaire Lily Safra, widow of banker Edmond Safra, died Saturday at the age of 87, the Edmond J. Foundation announced. Safra of which he was president. “For more than 20 years, Mrs. Safra faithfully supported the philanthropic legacy of her beloved husband, Edmond, supporting hundreds of organizations around the world,” the Foundation’s press release states. […]