Switzerland Today

Greetings from Zurich!

Switzerland is another year older but has aged well since the last newsletter on Monday.

This content was published on August 2, 2023 - 18:00

1 minute

When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz. 

Mountains — © Keystone / Gian Ehrenzeller

In the news: National Day look-back, Credit Suisse and housing asylum seekers

Swiss National Day celebrationstook place up and down the country on Tuesday, studded with appearances from federal councillors.
UBS has taken the pruning shears to risky Credit Suisse loans issued by the now defunct bank to Asian clients.
Canton Bern is preparing additional shelters to house an expected 1,200 asylum seekers.

Raw materials

When one route is blocked, oil – like water – will simply find another path to flow. In this case, Russian oil prefers traders in Dubai to their counterparts in Geneva.

Switzerland’s commodities trading sector employs 35,000 people and contributes around 4% to the economy. Geopolitical upheaval and the imposition of sanctions on Russia looks to be changing that.

The trade of raw materials fell by a third in May compared to the same month in 2022, confirming a rising trend. Switzerland’s hold on 40% of the global oil trade looks in peril.