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☆ German Lawmakers Move Closer to Legalizing Marijuana
▼ + stars: | 2024-02-23 | by ( Christopher F. Schuetze | ) www.nytimes.com time to read: 1 min

Lawmakers in Germany approved legalization of limited amounts of cannabis for recreational use on Friday, bringing the country a step closer to becoming one of the few European nations — and by far the largest — to do so. “By legalizing it, we are taking cannabis out of the taboo zone,” Karl Lauterbach, who as health minister is largely responsible for the law, said on public television before the vote. In the end, 407 lawmakers voted for the proposal, and 226 voted against the plan, which must be now approved by the Federal Council. Several other European countries, perhaps most notably the Netherlands, tolerate the use of cannabis, but legalization is rare: Within the European Union, only Malta and Luxembourg have gone that far. Medical marijuana has been legal in Germany since 2017.

Persons: ” Karl Lauterbach Organizations: Federal, European Union Locations: Germany, Netherlands, Malta, Luxembourg

The Swiss government on Wednesday selected Stefan Walter, a 59-year-old German national who was director-general of the European Central Bank for the last decade, to head the Swiss financial authority known as FINMA. Swiss authorities feared the collapse of such a major lending institution could further roil global financial markets following the failure of two U.S. banks last year. The troubles at Credit Suisse threatened to unhinge Switzerland's position as a leading financial market, and the takeover left the country with only one internationally important bank: UBS. Political Cartoons View All 253 ImagesA parliamentary panel created after the government-orchestrated merger has been looking into the origins of the deal. Walter, who has a master's degree in international banking from Columbia University in New York, will start the job on April 1, the Swiss government said.

Persons: Stefan Walter, Walter, Urban Angehrn, Angehrn, Mark Branson, Marlene Amstad, ” Amstad, SRF, FINMA Organizations: GENEVA, UBS, Credit Suisse, Swiss, European Central Bank, Federal Council, Columbia University Locations: Swiss, U.S, British, New York

☆ Ukraine says China needed for peace process after Davos meeting
▼ + stars: | 2024-01-15 | by ( ) www.cnbc.com time to read: +2 min

China needs to be involved in talks to end the war with Russia, Ukraine's top representative said after a high-level diplomatic meeting ahead of the World Economic Forum in Switzerland. Ukraine's presidential chief of staff Andriy Yermak said on Sunday it was important that Russian ally China was at the table when Kyiv convenes further meetings on its peace formula. Zelenskiy is due to arrive in Bern, Switzerland on Monday to meet the President of the Swiss Confederation Viola Amherd. We must find ways to work with China on this," Cassis said, adding that both Russia and Ukraine were not willing to make concessions. The role of the Global South in Ukraine's peace formula talks has come into focus in the lead up to Davos.

Persons: Volodymyr Zelensky, Andriy Yermak, Li Qiang, Volodymyr Zelenskiy, Li, Yermak, Viola Amherd, Ignazio Cassis, Cassis, Jamie Dimon, Vladimir Putin Organizations: Economic, Swiss, JPMorgan, Ukraine, Bloomberg News, Dimon, Cuban Missile, European Union, Kyiv, Global, United Nations Locations: Davos, China, Russia, Ukraine's, Switzerland, Ukrainian, Bern, Swiss, Ukraine, Brazil, India, South Africa, Africa, Latin America, East, Asia

Pre-election polls suggested that Swiss voters had three main concerns: Rising fees for the obligatory, free market-based health insurance system; climate change, which has eroded Switzerland’s many glaciers; and worries about migrants and immigration. The Socialists, in second, added two seats to reach 41 in that chamber, known as the National Council. In Switzerland, voters also participate directly in government decision making. The Swiss did line up with the EU in imposing sanctions against Russia over its war in Ukraine. The Federal Council is considering whether to join the EU and the United States in labeling Hamas a terror organization.

Persons: Pascal Sciarini, ”, “, ” Sciarini, —, Alain Berset, Viola Amherd Organizations: GENEVA, Swiss People’s Party, Swiss, Socialists, National Council, Christian, Democrat, Liberal, Greens, University of Geneva, “, SVP, Federal Council, Berset, Voters, European Union, —, Russia, Federal, EU, United Nations, Islamic, International Monetary Fund Locations: Europe, Greece, Sweden, Italy, Poland, Switzerland, Swiss, Brussels, Bern, Ukraine, United States

☆ Swiss shift rightwards in vote as immigration fears trump environment
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +3 min

The Swiss Parliament Building (Bundeshaus) is pictured in early autumn light in Bern, Switzerland October 11, 2021. The SVP cemented its place as the biggest group in parliament's lower house, increasing its share of the vote to 28.6%, according to data from the Swiss Federal Statistics Office. The SVP also highlighted the expense of the asylum system, while arguing that crime rates were rising because of immigration. Switzerland's second-biggest party, the left-leaning Social Democrats (SP) also slightly increased its share of the vote to 18%. The big loser in the election was the Green Party, whose support fell 3.8 percentage points, losing them five seats.

Persons: Denis Balibouse, Switzerland's, Cedric Wermuth, John Revill, Hugh Lawson Organizations: Swiss, Rights, Swiss People's Party, SVP, Swiss Federal Statistics Office, National Council, Social Democrats, Green Party, pollsters GFS, Thomson Locations: Bern, Switzerland, Ukraine, pollsters, pollsters GFS Bern

☆ Exit poll shows Swiss right-wing party bouncing back in parliamentary election as Greens lose ground
▼ + stars: | 2023-10-22 | by ( ) www.cnbc.com time to read: +4 min

Members of the National Council pose for a group picture on the last day of the legislature before national elections in October at the Swiss Parliament Building (Bundeshaus) in Bern, Switzerland on Sept. 29, 2023. Exit polls conducted for Switzerland's public broadcaster showed the country's right-wing populist party was set to further strengthen its position as the largest faction in parliament in a legislative election Sunday that saw the leading Green party lose ground. The Socialists edged up nearly a 0.5 percentage point, while the Greens lost more than 4 percentage points to fall under 10%, according to the exit poll. It appeared set to eclipse the free-market Liberal party in voter support, according to the exit poll conducted by the gfs.bern agency. The parliamentary vote is one of two main ways that Switzerland's 8.5 million people guide their country.

Persons: —, Claudine Juillard, Chatelenat, Alain Berset, Viola Amherd Organizations: National Council, Swiss, Switzerland's, Swiss People's, Socialists, Greens, of States, European Union, Swiss People's Party, Christian, Democrat, Liberal, Socialist, Alpine, Federal, EU Locations: Bern, Switzerland, Poland, Geneva, Carouge, Swiss, Russia, Ukraine, United States

☆ Switzerland projected to shift to right in national elections
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +2 min

[1/4] General view of the snow-covered mountains of the Bernese Alps, Eiger, Moench and Jungfrau, as seen from Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann Acquire Licensing RightsZURICH, Oct 22 (Reuters) - Switzerland looked set to shift to the right in its national elections on Sunday, as concerns about immigration and political correctness trumped fears about climate change and melting glaciers. Switzerland's second biggest party was poised to increase its share by 0.4 percentage points of the vote to 17.2%. In contrast, the Greens were expected to see their share of the votes fall by 4.1 percentage points to 9.1%. "The SVP has done well because it has raised fears about 'wokeness' and also focused on migration again,” said Hermann.

Persons: Arnd, pollsters GFS, Michael Hermann, ”, Hermann, John Revill, Cecile Mantovani, Barbara Lewis Organizations: REUTERS, Rights, Swiss People's Party, SRF, pollsters, Social Democrats, Greens, Federal Council, Thomson Locations: Bernese, Bern, Switzerland, Swiss, pollsters GFS Bern

☆ Switzerland tightens sanctions over Iranian drone deliveries to Russia
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: 1 min

A Russian drone is seen during a Russian drone strike, which local authorities consider to be Iranian made unmanned aerial vehicles (UAVs) Shahed-136, amid Russia's attack on Ukraine, in Kyiv, Ukraine October 17, 2022. REUTERS/Roman Petushkov/File Photo Acquire Licensing RightsBERLIN, Sept 29 (Reuters) - Switzerland adopted further sanctions in connection with Iran's drone deliveries to Russia, in line with European Union measures, the government said in a statement on Friday. The sale, supply, export and transit of components used for the manufacture and production of drones is now prohibited, and targeted financial and travel sanctions against persons and entities connected with support for Iran's drone programme are in place, added Switzerland's Federal Council. Writing by Miranda Murray; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Miranda Murray, Matthias Williams Organizations: REUTERS, Rights, Union, Federal, Thomson Locations: Russian, Ukraine, Kyiv, Switzerland, Russia

☆ Switzerland sees no major impact on labour market from Credit Suisse merger
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: 1 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsCompanies UBS Group AG FollowBERLIN, Aug 31 (Reuters) - The Swiss government expects no significant upheaval with regards to the labour market following the integration of Credit Suisse into UBS, Federal Councillor Guy Parmelin said on Thursday. "Possible redundancies are to be staggered. The labour market impact should therefore remain low, especially as the current labour market situation is generally very good," Parmelin said in a statement emailed to Reuters. Reporting by Noele Illien, Writing by Rachel More, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Guy Parmelin, Parmelin, Noele Illien, Rachel More, Friederike Heine Our Organizations: Credit Suisse, UBS, REUTERS, UBS Group, BERLIN, Federal, Reuters, Thomson Locations: Zurich Switzerland, Swiss

☆ UBS ends Credit Suisse's government and central bank protections
▼ + stars: | 2023-08-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The logos of Swiss banks Credit Suisse and UBS on March 16, 2023 in Zurich, Switzerland. UBS on Friday said that it has ended a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop that were put in place by the Swiss government when it took over rival Credit Suisse in March. UBS said the decision followed a "comprehensive assessment" of Credit Suisse's non-core assets that were covered by the liquidity support measures. "These measures, together with the intervention of UBS, contributed to the stabilization of Credit Suisse and financial stability in Switzerland and globally," UBS said in a statement. Credit Suisse has also fully repaid an emergency liquidity assistance plus (ELA+) loan of 50 billion Swiss francs obtained from the Swiss National Bank in March, as the lender teetered on the brink after a collapse in shareholder and investor confidence, UBS confirmed.

Organizations: Credit Suisse, UBS, Swiss National Bank, Confederation, Swiss Federal Council Locations: Zurich, Switzerland, Swiss

☆ Credit Suisse staff prepare to sue Swiss regulator over lost AT1 bonuses-FT
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

May 22 (Reuters) - Credit Suisse AG (CSGN.S) staff are preparing to sue the Swiss financial regulator over $400 million of bonuses that were canceled after the troubled lender's rescue by UBS Group AG (UBSG.S), the Financial Times reported on Monday. Quinn Emanuel and Pallas, law firms which are already suing Swiss regulator Finma on behalf of investors who owned AT1 bonds, have received multiple requests from senior managers at Credit Suisse to take legal action on their behalf, the report said. Credit Suisse declined to comment, while Law firms Quinn Emanuel, Pallas and Finma did not immediately respond to Reuters' request for comment. Following this, Switzerland's Federal Council instructed Credit Suisse to cancel or reduce all outstanding bonus payments for the top three levels of management and examine whether those already paid can be recovered. read moreUnder Swiss banking law, the Federal Council can impose bonus-related measures on a systemically important bank if it received state aid from federal funds.

Shareholders of Credit Suisse and UBS were not granted a vote on the deal that was sealed over one weekend in March. Officials for QIA, UBS, the Swiss finance ministry and Credit Suisse declined to comment. QIA's investment in Credit Suisse dates back to the global financial crisis of 2008. The sovereign wealth fund had increased its stake in Credit Suisse to just under 7%, only trailing largest shareholder Saudi National Bank's roughly 10% stake, according to a January filing. Among them, Middle Eastern backers which own more than 20% of Credit Suisse face the largest hit.

☆ Ukraine conflict: Kyiv says it stopped a missile Russia said was unstoppable
▼ + stars: | 2023-05-07 | by ( Tim Lister | ) edition.cnn.com time to read: +3 min

An air-launched ballistic missile, the Kh-47 has a range of some 2,000 kilometers (1,250 miles), so can be fired far from the battlefield. It travels at about 10 times the speed of sound and is derived from the shorter-range Iskander ballistic missile, which is ground launched. Ukrainian intelligence believes Russia has only a few dozen Kinzhal missiles in its arsenal – a claim which couldn’t be independently verified. In April, Ukraine’s Defense Ministry said Patriot systems had arrived from the US, Germany and the Netherlands. The Patriots provide a modern dimension to Ukraine’s air defense layers, as does the German IRIS-T system.

☆ Elisabeth Kopp, Swiss Politician Who Made History, Dies at 86
▼ + stars: | 2023-04-22 | by ( Neil Genzlinger | ) www.nytimes.com time to read: +1 min

She was 86. Her death was announced on April 14 by the federal chancellery, The Associated Press reported. The cause was not specified. Mrs. Kopp was one of the more left-leaning members of the conservative Radical Democratic Party, known for her work on environmental issues as well as for advancing women’s causes, and polls showed her to be popular. But the effort to elevate her to the council prompted her political enemies to stir up dirt on her husband, Hans Kopp, a lawyer.

☆ Swiss government reiterates financial commitment to Credit Suisse deal
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

[1/3] A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre AlbouyBERLIN, April 19 (Reuters) - The Swiss government said commitments to the Swiss National Bank and UBS to ease the takeover of Credit Suisse will not be affected by parliament's rejection of 109 billion Swiss francs ($121 billion) in emergency credits and guarantees. Switzerland's tradition of consensus politics has taken a battering after the government used an emergency law to push through a state-backed takeover of Credit Suisse (CSGN.S) by UBS (UBSG.S), side-lining parliament. "On the one hand, this applies to the negotiations with UBS on the guarantee contract," it said, adding: "But only to the extent that this does not jeopardise the takeover of Credit Suisse by UBS". ($1 = 0.8998 Swiss francs)Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

☆ Swiss finance minister sees no 'stumbling blocks' to UBS takeover of Credit Suisse
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +3 min

[1/2] Federal Councillor and chief of the finance federal department Karin Keller-Sutter attends a news conference on Credit Suisse after UBS takeover offer, in Bern, Switzerland, March 19, 2023. REUTERS/Denis BalibouseZURICH, April 8 (Reuters) - UBS's (UBSG.S) multi-billion state-sponsored takeover of Credit Suisse (CSGN.S) should proceed smoothly without political obstructions, Swiss Finance Minister Karin Keller-Sutter said in an interview published on Saturday. The Swiss parliament is due to hold an extraordinary session next week to discuss the emergency merger engineered by the Swiss authorities after Credit Suisse came close to collapse. "The primary goal of the Federal Council was to ensure the stability of the Swiss economy and the Swiss financial center and to prevent an international financial crisis," she said. The special parliamentary session next week was important, she added, and a welcome opportunity to get to the truth of the Credit Suisse debacle.

☆ Switzerland cuts bonus payouts for top Credit Suisse management
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

BERLIN, April 5 (Reuters) - Switzerland has instructed Credit Suisse (CSGN.S) to cancel or reduce all outstanding bonus payments for the top three levels of management and examine whether those already paid can be recovered, the Federal Council said on Wednesday. Under Swiss banking law, the Federal Council can impose bonus-related measures on a systemically important bank if it received state aid from federal funds, according to a statement. Bonus payments up to the end of 2022 will be cancelled for the Executive Board, and then halved for management one level below the board and reduced by 25% for those two levels below. The 2022 bonus pool for the Swiss bank's close to 50,000 employees had already gone down to 635 million Swiss francs from 2.76 billion, because of the drop in the bank's share price. At Credit Suisse's final annual general meeting held on Tuesday, shareholders took to the stage to voice their opposition to the pay Credit Suisse executives and board of directors received in the lead up to its demise.

☆ Swiss finance minister defends rushed banking takeover
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +1 min

"Credit Suisse would not have survived Monday," Karin Keller-Sutter said, explaining the need to find a swift solution for Credit Suisse's woes. Last Sunday it was announced that UBS (UBSG.S) had agreed to buy its rival Credit Suisse (CSGN.S) for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses in a merger engineered by Swiss authorities to prevent more market turmoil in global banking. Shareholders, for example, who would normally get a say in such a takeover were largely bypassed, which has angered some of them. Keller-Sutter said the Swiss government's executive Federal Council "only went as far as was absolutely necessary to achieve the goal of stabilisation". ($1 = 0.9199 Swiss francs)Reporting by Noele Illien Editing by Giles ElgoodOur Standards: The Thomson Reuters Trust Principles.

☆ Swiss CoCo litigation may have a broader payoff
▼ + stars: | 2023-03-23 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

LONDON, March 23 (Reuters Breakingviews) - Credit Suisse’s (CSGN.S) CoCos are shaping up to be the bondholder litigation case of the century. Investors are in uproar over the government’s decision to wipe out Credit Suisse’s Additional Tier 1 securities over the weekend, while preserving 3 billion Swiss francs for shareholders. They can argue that state support for Credit Suisse did not represent a viability event because the authorities injected liquidity but not capital. Credit Suisse’s AT1 bonds are currently trading at around 6% of par value, rather than the zero the Swiss authorities declared them to be worth. Some Credit Suisse AT1 bondholders are seeking legal advice.

☆ UBS to take over Credit Suisse, central banks act on liquidity
▼ + stars: | 2023-03-19 | by ( Reuters Staff | ) www.reuters.com time to read: +13 min

LONDON/NEW YORK (Reuters) -UBS sealed a deal to buy rival Swiss bank Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday. FILE PHOTO: The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. The reports that UBS is acquiring Credit Suisse will likely magnify Credit Suisse’s problems by moving them to UBS... The Credit Suisse issues are not new and needed to be resolved years ago. A legal challenge by Credit Suisse shareholders, who will claim that their property has been illegally confiscated, is guaranteed.

☆ Germany also wants Switzerland's Leopard 1 tanks - Swiss newspaper
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

ZURICH, March 4 (Reuters) - In addition to Leopard 2 tanks, German armaments company Rheinmetall wants to buy 96 Leopard 1 tanks from Swiss defence firm Ruag to send to Ukraine, the Swiss newspaper Tages- Anzeiger reported on Saturday. The deal involves used and non-operational Leopard 1 tanks, which Ruag bought in 2016 in Italy and which are still there. The deal could however still go through and is likely to be discussed by Switzerland's Federal Council. The predecessor to the Leopard 2, Leopard 1 tanks are lighter, with a smaller engine and a shorter firing range than their more modern counterpart, but are said to be able to hold up against Russian T-72 tanks. The Swiss and German governments said on Friday that Germany had asked Switzerland to sell back some of its mothballed Leopard 2 tanks, in a deal that could allow Western countries to increase military aid to Ukraine.

☆ Auto lobby slams Swiss plan to curb electric cars in power crunch
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

"Our members and their official brand dealers promote electric cars with great effort, from advertising to personalsales pitches. One draft rule would curb the private use of electric vehicles unless urgently needed for work, shopping, or visiting the doctor or religious ceremonies. The proposal is putting a chill on sales of electric cars, jeopardising the sector's prospects of reaching targets for reducing carbon emissions, auto-schweiz said. A survey among its members had shown the market share of electric cars and plug-in hybrids could rise to over 50% in 2025 from just under half now, it added. The government has said it could curb non-essential use of power, such as illuminating shop windows, using mobile heaters, or lighting at night.

☆ Swiss minister: economic situation means difficult years ahead
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 5 (Reuters) - The threat of recession in the euro zone and beyond, an energy supply squeeze and the eroding effect of inflation on purchasing power mean Switzerland faces difficult years ahead, Justice Minister Karin Keller-Sutter told the Neue Zuercher Zeitung. "I consider this mixed situation to be very difficult," she said in comments published on Saturday. In September, the Swiss government significantly cut its economic growth forecasts, citing growing risks from a "tense energy situation and sharp price increases". It now expects the country's economy to expand 2.0% this year, down from its June forecast for 2.6% growth. Writing by Paul Carrel; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

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