Your Daily Scan of the New Global Economy


Intel Switzerland

  • ‘Stealth advertising’ complaint against Federer dismissed 

    The self-regulatory body for the Swiss advertising industry has dismissed complaints against tennis star Roger Federer and influencer Xenia Tchoumitcheva for “stealth advertising” on Instagram.   The Swiss Foundation for Consumer Protection had complained to the Swiss Fairness Commission against several celebrities including Federer, saying they should have labelled certain social media posts as advertising.    Federer had posted a video on Instagram in which, among other things, he could be seen putting on a Uniqlo headband in a close-up shot.    But the Fairness Commission wrote that in the sports world it is “well known that it is customary to present commercial brand logos”, and that this was not unfair advertising.    It also dismissed the complaint against Xenia Tchoumitcheva concerning an Instagram post on which brand jewellery could be seen. Tchoumitcheva said she had never received any money for the post. The Fairness Commission found that “the character of the …


  • 5G tests Switzerland’s limits on cybersecurity

    As more governments mull the risks of working with foreign vendors of 5G networks, eyes are on Switzerland as one of the technology’s early adopters. Will the Swiss take a heavier hand in restricting foreign providers like Huawei in the 5G supply chain or let the market decide? In a grim but not-so-far-fetched scenario, a hacker attacks a 5G antenna, sending malicious signals to millions of connected devices. It causes a breakdown in the transportation system and energy grid and brings cities to a standstill. This quickly spreads to other countries’ networks, causing a large-scale attack on the global internet. For all the benefits that the total connectivity enabled by 5G could bring, it also raises the stakes for security as this scenario illustrates. The EU-wide 5G cybersecurity risk assessment released last week reiterated this, stating that the dependence of critical services on 5G networks means a major disruption is likely to have particularly serious consequences. “Any …


  • Credit Suisse to charge wealthy clients negative interest rates

    Credit Suisse has joined the likes of UBS and Post Finance in charging rich clients to park their wealth in its vaults. It will pass on the cost of the central bank’s negative interest rates to both private individuals and corporate accounts above certain thresholds. From November 15, corporate clients will be charged -0.85% interest on cash holdings above CHF10 million ($10 million), Credit Suisse confirmed on Friday. Individuals will face -0.75% rates on savings accounts above CHF2 million, starting from January 1, 2020. “In line with the approach that has long been followed by other banks, Credit Suisse is now also introducing negative interest rates for clients with very large CHF cash holdings. The reason for this is the persistent negative interest rate environment,” the bank stated. This has come about because the Swiss National Bank (SNB) charges negative interest rates on money it holds on behalf of commercial banks. The Swiss Bankers Association says this costs …


  • Greens set for major gains in Swiss elections

    Voter concern about climate change could trigger a “green wave” in Switzerland’s elections on Sunday, possibly yielding unprecedented gains for parties that back bold action to protect the planet.


  • Should James Joyce's remains leave Switzerland?

    Irish writer James Joyce, who lived in Zurich during both world wars, died there in 1941 and was buried at the Fluntern cemetery. Now the officials in his hometown, Dublin, want his remains to be returned to his native city.


  • Swisscom CEO

    Swisscom CEO Urs Schaeppi responds to public concerns that Switzerland is moving too fast in adopting 5G technology.


  • Technology winning battle against banknote forgers

    Swiss banknotes are far more resistant to counterfeiters than in previous years, dramatically reducing the number of fake copies, say federal police. By contrast, far more counterfeit coins were seized last year, probably as a result of better detection methods. In 2018, a record low of 1,200 fake banknotes were discovered by police. Their combined face value amounted to just CHF208,140, far below the CHF65 million ($66 million) haul of 2001, the Federal Office of Police (Fedpol) told the Swiss News Agency Keystone-SDA on Friday. The reason for the drop in forged notes is advances in technology that make them harder to reproduce – typically by inkjet printers, which are no longer up to the job of producing convincing reproductions. In 2000, police estimated a total 17,654 fake copies of the largest Swiss banknote (CHF1,000) still in circulation. But fewer copies are now being detected as it becomes harder to make them. Last year, only 82 fake CHF1,000 notes were uncovered – a …


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