Credit Suisse in free fall

Credit Suisse in free fall

Tue, Nov 29th 2022

How Switzerland fared in Monday’s World Cup game, where Switzerland’s most sustainable ski resort is located, and more in our roundup of news from November 25 – 29.  

The Zürich-based bank has endured months of bad headlines and plummeting stock prices.

Credit Suisse in free fall

Credit Suisse bank officials on Monday scrambled to calm investors that its staggering drop in liquidity (a projected 1.5 billion Swiss francs in the fourth quarter alone) does not mean that the bank will fold. The recent drop – due mostly to a mass exodus of client cash – has already breached some regulatory limits. Five-year credit default swaps skyrocketed to a record high of 398 basis points (bps) at the same moment that Switzerland’s second largest bank’s share prices dropped to an all-time low. Meanwhile, the U.S. Federal Reserve will investigate Credit Suisse over the collapse of U.S. investment firm Archegos – a collapse that shook Wall Street. The bank could face additional fines if the U.S. Federal Reserve discovers any foul play on Credit Suisse’s part. The bank announced more than a month ago that a radical shake-up over the next two years will put it back on track by 2025. Read more.

Switzerland beat Cameroon 1-0 in the first round of World Cup 2022 games.

Switzerland knocked out of the World Cup 2022

Swiss fans were hopeful that with injured Brazilian powerhouse Neymar da Silva Santos Junior out they had a chance against the five-time championship team Monday night in the second round of World Cup 2022 games. In fact, the Swiss team was able to hold their own against Brazil up until the 48-minute mark when midfielder Carlos Henrique Casimiro managed to sneak one past Swiss goalkeeper Yann Sommer. Brazil tried to score another couple of points, but Sommer was quick on his feet. In the end, Switzerland never made an attempted goal on Brazil and lost to them 1-0. Read more.

Why Swiss Cities have banned public World Cup viewings

The winter season is where Switzerland makes the bulk of its tourism money.

Laax: The greenest ski resort in Switzerland

Amidst soaring electricity prices, the ski resort of Laax in Graubünden is attempting to go as off-the-grid as possible with solar-powered chair lifts and gondolas on-demand. In fact, Laax’s Flem Express is the world’s first on-demand cable car. Instead of needlessly running gondolas non-stop all day, engineers have invented the energy-cutting Uber of cable cars. But Laax didn’t stop there. They’ve implemented bird-friendly windshields on all windows to protect jays and woodpeckers, vertical gardens to support bee numbers and other measures which have increased the populations of local lynx and nearly extinct Alpine ibex. The town of less than 2,000 has also launched a free repair service for worn ski clothing and equipment, so tourists aren’t tempted to buy new gear. The ski resort is advertising itself as Switzerland’s “most sustainable playground,” and they might be correct. Read more.

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