STOCK EXCHANGE EQUIVALENCE: It is possible that Swiss shares can be traded again on the London Stock Exchange as early as February. The Federal Department of Finance has confirmed corresponding reports in the “Financial Times” and “NZZ am Sonntag”. For the UK, this is the first significant departure from EU financial services policy since the end of the Brexit transition period. In Swiss diplomatic circles, according to “NZZ am Sonntag”, it is now assumed that London will confirm the equivalence of the Swiss legal system next week. Afterwards, Switzerland should take the necessary steps “without delay” so that trading in London can probably start in February. (NZZaS, p. 25; FT Online; see also separate report)
CORONA I: The Swiss economy should experience a strong recovery in 2021. As the chief economist of the federal government, Eric Scheidegger, predicts in an interview with the “NZZ am Sonntag”, it is likely to increase by 3 percent in the current and next year. In a positive scenario, even 4 percent are possible. The possible approval of the Moderna vaccine in Switzerland is likely to be granted as early as next week. In addition, the Swiss economy coped with the pandemic much better than neighboring countries in 2020, adds the economist. (NZZaS, p. 1; 21 ff)
CORONA II: In the coming week, Moderna should be the second pharmaceutical company to receive approval for its corona vaccine in Switzerland. As the “SonntagsZeitung” reports, it should be on Tuesday or Wednesday at the latest. She learned this from several sources. The scientific assessment of the vaccine has largely been completed. For the approval of the vaccine, which is produced by the Swiss manufacturer Lonza, an operating license is required. In total, the federal government has secured 7.5 million doses of the Moderna vaccine. (SoZ, p.4)
CORONA III: Switzerland is a hub in the global mask business. Accordingly, agents earn millions with the protective materials, reports the “NZZ am Sonntag”. However, the first experts are already warning of possible reputational damage. Because while there is hardly any other financial center with the same geopolitical stability, technical expertise and efficiency, money laundering risk is growing with increasing trade, warns money laundering expert Daniel Thelesklaf. Meanwhile, the “SonntagsZeitung” reports that the federal government has probably paid too much for protective masks. In spring 2020, Emix young entrepreneurs were paid 9.90 francs per mask. According to the VBS, the price was too high. Criminal charges are now pending. (NZZaS, p. 8; SoZ, p. 7)
CORONA IV: Consumers should be prepared for rising insurance premiums as a result of the Covid 19 pandemic. As the “SonntagsZeitung” writes, the premiums for accident insurance or legal protection, for example, are likely to rise significantly. The paper relies on figures from the two largest Swiss insurance companies, Zurich insurance and Axa. For example, higher premiums can be expected for accident insurance. Insurers are also being overrun in the area of legal protection. In the course of the lockdown measures, there were also upheavals, especially in the travel industry. According to the “SonntagsZeitung”, Axa received over 3,500 claims reports in March, in the record month of April there were four times more reports than in the previous year, and in October they were twice as high. At Zurich Insurance, according to the information, the claims reports for travel protection and assistance insurance were eight times higher than the average in the entire Corona year. (SoZ, p. 35, see also separate report)
SWISS / SBB: By night train there and back by plane. The planned cooperation between SBB and the airline Swiss could look like this. “Schweiz am Sonntag” quotes Armin Weber, head of international passenger transport at SBB, that one is no longer in a world where rail versus airlines is at stake. The two companies are currently pursuing a combination of both modes of transport for city trips. At SBB, boss Vincent Ducrot also speaks of “coopetition”. It is important that such an offer, which includes travel by plane and train, can also be booked in this combination and is perceived as an offer from a single source. (SaW, p. 13; see also separate message)
TRAVEL PROVIDER: While most tour operators are likely to tick off in 2020, the industry is hoping for a recovery in 2021 and, according to “Switzerland on the weekend”, is also in good spirits. For example, TUI boss Fritz Joussen said last week that he was expecting a “largely normal summer” despite the crisis. However, Europe’s largest tourism group will reduce its capacities to avoid oversupply. Other industry experts such as Walter Kunz, managing director of the Swiss Travel Association, consider TUI’s forecasts “very optimistic”. Kunz describes 50 percent as realistic compared to bookings as in previous years. The Migros subsidiary Hotelplan is also more cautious: the goal is 50 percent of sales compared to before the corona pandemic. Swiss seems to confirm these estimates, the Lufthansa subsidiary currently expects a traffic volume of 50 percent for the summer compared to the situation before the crisis. (SaW, p. 13)
POSTAUTO: In the Postbus scandal, a report by the “SonntagsZeitung” raises new questions. According to this, the Federal Office of Transport (FOT) was well aware of the high profit shifts between individual divisions of Postauto AG. But the Federal Office in the department of the then Federal Councilor Doris Leuthard did not get to the bottom of the abnormalities, but accepted them – and that for years. Unpublished minutes show that federal supervision failed at a crucial point. A BAV official stated that the practice of shifting profits was common in the industry. Meanwhile, a FOT spokeswoman said that the Federal Office had never tolerated illegal practices by the transport companies. (SoZ, p. 31)
hr/
(AWP)
–
