The Swiss Times - Swiss News in English

Switzerland picks up struggling Apple, Tesla stocks

  • By Paige Baschuk
  • 17 May 2022

A roundup of Swiss tech new from the week.

Switzerland picks up struggling Apple, Tesla stocks

The iconic Zürich headquarters of the Swiss National Bank feature this nameplate over the entrance.

Switzerland invests in AMC, Rivian and more

The Swiss National Bank this week disclosed that it had scooped up U.S. based companies’ stock, such as Apple, movie theater chain AMC, and electric vehicle makers Tesla and Rivian – triggering investors to take a second look at the recently struggling stocks. As of March 31, the central bank owned $177 billion of U.S.-traded securities. Apple shares have been on the longest losing streak since the beginning of the pandemic; the Swiss bank now owns 71 million shares of the iPhone-maker’s stock. Similarly, Tesla has been nosediving in its second quarter – down 29%. The Swiss National Bank owns 3.7 million shares. The Swiss National Bank’s investments have been known to influence the market and how traders project future growth, experts say. Read more.

America squeezes Switzerland over Russian assets

Residents say no to facial recognition software

A group of Swiss citizens submitted a petition this week protesting the implementation of automatic facial recognition software, according to spokesperson Nadia Boehlen who was interviewed on a local radio show called RTS. More than 10,000 residents have signed the petition, including Socialist Party councilor Benoît Gaillard and members of the Swiss section of Amnesty International. The petition sites how the technology has been used in China as a tool of social surveillance and control. Boehlen said “it is necessary to establish a clear legal framework and only use this technology in very specific situations.” Cities such as Portland, San Francisco and Nantes have already banned such technology in public spaces. Read more.

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