On the table
Geneva trade talks, Jörg Bucherer's wine collection, Alfies comes to town
Dear Insider,
Switzerland is - once again - playing the role it likes to give itself.
Neutral home to high-ranking global leaders
It’s a place in the world that has generally suited the country well. And comes with many benefits.
But as high-stakes trade talks get underway this weekend, there is a different vibe in the air: urgency
This time the talks are about more than a far-away conflict between 3rd-world countries. This time Switzerland itself is involved, and the world is watching.
Every thing will be “on the table”.
And in this edition of The Swiss Insider, you’ll find some other things “on the table” - courtesy of the legendary, late Jörg Bucherer and a certain Austrian startup.
So sit down and read up.
Enjoy,
Ian
PS - I would be interested to know what information about Switzerland you would find most USEFUL?
Is it:
Statistics about business
Company profiles
Dossiers about important people
Guides to specific sectors
Leave a comment and let me know!
💥Quick hits
News bits and bites…short and (sometimes) sweet
Not so quickly dead
The outbreak of the Ukraine war was a death knell for one particular Swiss firm:
Nord Stream AG
The Zug-based company behind the controversial German-Russian pipeline project faced swift and immediate backlash - leading to bankruptcy proceedings.
And yet…
After 3 years of war and a change in US attitudes, it seems that the Swiss firm has “made up” with its creditors.
It remains unclear how Nord Stream suddenly found peace - and how it might try to rise from the ashes…
Money posted
It pays to be the one holding all the cards…or votes.
In 2025, Swiss Post will transfer a dividend of CHF 100 million to the federal government, doubling the amount from the previous year.
This payment stems from the company's 2024 net profit of CHF 324 million, generated from revenues totaling approximately CHF 7.6 billion.
The announcement followed Swiss Post's annual general meeting, where the federal government, as the sole shareholder, approved all board proposals and granted full discharge to board members for the 2024 fiscal year.
📰 Person in the news: Scott Bessent
No, he isn’t Swiss.
But he is in Switzerland. This weekend, US Treasury Secretary Scott Bessent is in Geneva on a trade negotiating mission.
His goal?
Kicking off tariff and trade negotiations with Chinese representatives - a daunting task to say the least.
The arrival of Donald Trump’s “money man” is a win for Switzerland as it signals that the country’s role as a neutral location for negotiation is still intact.
It remains to be seen whether the meeting will lead to a better trade deal for Switzerland itself.
Finely wine
While the financial world focuses on the fate of listed equities and other well-known stores of value, some Swiss millionaires hold a good part of their wealth in other assets.
Like Jörg Bucherer.
The late patron of Swiss watch retailer of the same name held an enviable collection of fine wines.
Quite a lot, actually.
Last month, Christie's auctioned off the collection with a near record-breaking result.
The online sale featured 2,474 bottles across 233 lots, generating CHF 1.33 million—surpassing the expected CHF 1 million. Notably, 92% of the lots sold at or above their estimates, with 33% of buyers from the Millennial and Gen Z demographics.
What exactly did he have?
Some highlights included 12 bottles of Domaine Leroy Romanée-Saint-Vivant 1999 fetching CHF 68,655, and 12 bottles of Petrus 1970 selling for CHF 35,600.
Proceeds of the auction will benefit the newly established Jörg G. Bucherer Foundation, supporting art and science initiatives.
A market in flux
Besides the exceptional wine wealth accumulated by Bucherer, the market in Switzerland for the “fruit of the vine” remains strong - even if general consumption has fallen.
At 33 litres per capita, Switzerland ranks a distant 5th in Europe among wine consuming populations.
Not surprisingly, given its geographic location - Switzerland imports fair amount of wine from its famous neighbours:
France: €442 million (-12.1%), 35.6 million liters (-5.1%).
Italy: €437.2 million (-2.9%), 68+ million liters (-2.4%).
Spain: €131.1 million, 27 million liters (-8.6%).
Consider sharing this post - someone will get smarter if you do! 😃
Dashing to your door
Life in Switzerland is easy, let’s be honest.
But it can always get a bit easier - and a bit faster - as one former banker is proving.
Gunther Michl, previously Vice President in M&A at Erste Group, co-founded Alfies, a high-speed grocery and beverage delivery service in 2015.
Originally from Austria, Alfies expanded to Zurich in 2024, offering deliveries within an hour.
That’s right - just 60 min. Flat.
Operating from a logistics center in Schlieren, orders are processed in under eight minutes and assigned to one of twelve electric delivery vehicles. The company emphasizes sustainability through its electric fleet and a reusable container system.
And what exactly can you get on Alfies?
Alfies' product range includes household items, fresh produce, and frozen goods, with popular items like bananas, avocados, and cucumbers. After starting out with 4,000 products, the company aims to expand to 6,000.
Following its presence in Vienna and Graz, Zurich marks Alfies' third location, with plans for further expansion.
Faster and bigger?
With its expansion to Switzerland, Alfies is going up against some big names.
Both Coop and Migros operate grocery delivery services that build on their strong market position in the country.
But there may be room for more.
The Swiss grocery e-commerce market is projected to reach US$2.46 billion by 2025, accounting for 14% of the country's total e-commerce market.
And Alfies has both speed - and a low minimum spend (CHF 29) - working to its advantage.
Meanwhile, its larger rivals also offer nearly 3x the number of products.
A Chart is Worth…
They are big - but it takes a chart to show just how dominant they actually are. Coop and Migros stand head and shoulders above other retailers in Switzerland.
The Bonus
🍓 Beautiful berries - Swiss fruit farmers are on cloud nine - this year’s strawberry harvest is expected to be the 3rd largest ever recorded, with 7500 tonnes. Canton Turgau leads the pack by strawberry production. (Link)
😈 The sins of others - UBS has agreed to a deal with the US government related to Credit Suisse’s efforts to help Americans avoid taxes. Sergio Ermotti’s institution will pay $500 million to settle. (Link)
🅾️ Big fat null - Inflation in Switzerland hit a low - again - falling to 0.0% on the back of a stronger Swiss franc. The SNB is now under pressure to drop interest rates below 0 again. (Link)
Hi Ian, in addition to the subjects you mention, might be good to also address what's happening to major Swiss entities abroad (e.g., like the UBS settlement with the SEC you mentioned.). thanks for the weekly note