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Martin Pfister, the new Minister of Defence and Sport, takes office on April 1, marking Zug's return to the Federal Council after 43 years. The canton, known for its strong finances, will cover 99% of hospital costs over the next two years, significantly reducing premiums by an estimated 18% for policyholders. Additionally, residents can receive subsidies if their premiums exceed 8% of their qualifying income.
ABB's Peter Voser warns that new US car import tariffs could impact sales and supply chains, urging Europe to strengthen ties with Asia. UBS faces tensions with the Finance Minister over capital requirements, while Stadler Rail invests $70 million to expand its US operations. Migros reports a historic decline in cooperative membership, and Swiss Airlines aims for improved punctuality this summer amid record profits. Concerns about civilian protection in Switzerland highlight significant preparedness gaps in case of an attack.
UBS is contemplating relocating its headquarters from Switzerland if capital demands are not eased, potentially requiring an increase of around $25 billion. The bank's management argues that a rise in the core capital ratio from 14% to 20% would hinder its competitiveness against foreign banks. UBS views the proposed stricter capital requirements as detrimental, prompting discussions of moving abroad if these regulations are enforced.
The Swiss parliament's spring session will focus on key issues, including the election of a new Federal Council member to succeed Viola Amherd on March 12, and the repercussions of the Credit Suisse crisis, with proposed banking regulations under review. Debates will also cover individual taxation reforms, climate initiatives, asylum policies, military funding, and a citizen service initiative aimed at engaging youth in community service. Various laws and interventions, including a free-trade agreement with India and health insurance reforms, are also on the agenda.
Richard Dindo, the renowned Swiss filmmaker and documentary maker, passed away at the age of 80 in a Paris hospital, surrounded by family. His contributions to cinema have left a lasting impact on the industry. In other news, rents in Switzerland are on the rise, with a 0.2% increase in January and a 3.1% annual growth, driven by significant hikes in low-tax cantons.
Switzerland faces significant developments as SGS plans to relocate its headquarters from Geneva to Zug, citing high construction costs and better transport links. Meanwhile, UBS reports a surprising profit of $5.1 billion for 2024, following its acquisition of Credit Suisse, while Swiss Solidarity raised 34.4 million francs for various humanitarian efforts. In politics, the Center's all-male ticket for the Federal Council election has sparked criticism for its lack of gender diversity.
Martin Pfister
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