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The Council of States has approved a free trade agreement with India, presenting significant opportunities for Switzerland's export-driven economy, particularly in machinery, watchmaking, and pharmaceuticals. However, concerns arise over sustainability, patent law, and the trade of war materials, with critics questioning the adequacy of oversight and the commitment to ethical investment practices. The agreement includes a pledge of $100 billion to create one million jobs in India, but the source and conditions of this funding remain unclear.
The Swiss army will receive an additional CHF530 million for armaments investments after parliamentary approval, bringing the total to CHF2.7 billion for the upcoming year. This funding includes CHF200 million for longer-range air defense systems, as the government aims for military expenditure to reach 1% of GDP by 2030. Despite opposition from left-wing parties, the conservative majority emphasized the need for enhanced defense capabilities amid geopolitical tensions.
The trade agreement between Switzerland and India has passed through the Council of States unanimously, indicating a low risk of a referendum. While there is some opposition to the agreement with the EFTA countries, the current political climate suggests a shift towards prioritizing (re)distribution over prosperity.
King Charles and Prime Minister Keir Starmer hosted Qatar's emir, Sheikh Tamim bin Hamad Al Thani, for a state visit to Britain on Tuesday. The visit aims to strengthen the Gulf state's investment in the UK, highlighting the importance of international relations and economic collaboration.
The Swiss Senate has approved a CHF96.11 million credit to support the reconstruction of Ukraine, with funds directed to the European Bank for Reconstruction and Development (EBRD). This investment is expected to generate approximately €24 billion in loans for Ukraine by 2032. The House of Representatives will still need to provide its approval.
PLD Space has secured an €11 million ($11.6 million) loan from COFIDES to develop its Miura 5 rocket launch facility at the Guiana Space Center in French Guiana. The company plans to invest a total of €16 million in the site, which will include a launch pad, integration facility, and control center, with the inaugural launch expected in late 2025. This funding is part of a broader strategy to enhance European space capabilities, as PLD Space aims to develop additional launch vehicles and a crewed spacecraft.
The Swiss Senate has approved a free trade agreement between the European Free Trade Association (EFTA) and India, marking a significant step after 16 years of negotiations. The decision, made with a vote of 41 to 0 and three abstentions, will now proceed to the National Council. The agreement is expected to provide customs relief for 94.7% of Swiss exports to India, addressing the country's high import duties.
Switzerland is experiencing a surge in wealthy migrants, with an estimated 1,500 millionaires relocating by year-end, driven by geopolitical instability and tax changes in their home countries. The Alpine nation remains a favored destination due to its stable governance, scenic landscapes, and attractive tax incentives, despite increasing competition from countries like the UAE and Portugal. However, recent calls for higher taxes on the wealthy could threaten its appeal.
K.P. Sharma Oli, Nepal's veteran communist politician, has returned as prime minister for the fourth time and is set to visit China. His goal is to encourage Beijing to revitalize planned infrastructure projects during this days-long trip.
Thailand's central bank is set to implement a "robust" monetary policy to navigate the high uncertainties and unintended consequences in the global economy next year, as stated by Governor Sethaput Suthiwartnarueput. The bank's decisions will be based on outlook rather than solely on data, maintaining flexibility by limiting forward guidance.

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