Sliding Out of 2019 With a...
The Swiss Insider - 29 December 2019 #insidersdoitsmarter
Dear Insider,
Everyone is wrapping up 2019…with as much colorful paper, makeup and imaginative trickery as possible.
Fudge for the numbers, gifts for the employees (or not…) and proud pronunciations of productivity that rarely fool anyone.
On the whole, Switzerland escaped 2019 none the worse for wear. A parliamentary election left the landscape slightly greener. A bruising battle with the EU left the Swiss stock exchange with better numbers than ever. Retailers (and bankers) find themselves holding a decidedly mixed bag.
What shall we say, then, of this past year? It all depends on who you ask…
One thing is for sure - it pays to be on the Inside.
Thanks for reading — and buckle up for 2020.
It will be good.
Ian
The Numbers Game
In which we serve up some of the more interesting numbers in Swiss business…
18 million
Always a model of efficiency, the Swiss Post service shipped over 18 million packages in the month before Christmas - more than ever before. Are friends and family more generous this holiday season, or just richer…?
400 million CHF
Migros’s ill-fated takeover and investment in clothing chain Depot has officially been a dud. With a write-off of 400 million CHF, the company will now hand things over to its minority shareholder and CEO Christian Gries. The real kicker? The total profit of Migros last year amounted to 475 million CHF.
200 000
Never before has December provided such good news on the job front: statistics show that there are more than 200 000 openings for the taking as 2019 comes to a close. No excuse to be jobless…right?
+/- 350
Phillip Morris International recently announced to employees that it would begin an organizational restructuring as it continues to alter its business model and objectives. The result may be up to (or even more than) 350 jobs getting the axe. More than a simple digital transformation…?
Bring someone inside.
Recommend The Swiss Insider to a colleague or acquaintance.
You decide who comes inside.
The Briefing
In which we digest business news from around Switzerland - bit by bit…
2020 - A Sporting Year
Roger Federer may be the most recognizable sports person in Switzerland, but his economic influence is limited (until he helps One truly take on Nike, that is…). What exerts more influence are the major championships put on by Geneva-based organizations - in 2020 that would be the Summer Olympics and the European Football Championships. Thanks in part to licensing income flowing into the UEFA and the IOC, the Swiss economy is projected to hit 1,5% this year. Not exactly a home run…but better than an own goal. (Read the details here.)
If at First You Don’t Succeed - Spy, Spy Again
Yes, it’s true.
Credit Suisse’s protestations of innocence notwithstanding, it turns out the Swiss banking giant did, in fact, spy on more than one employee. Last Monday’s news conference, however, once again absolved CEO Tidjane Thiam of all knowledge and responsibility. Right….. (More information here.)
Merry Christmas to the Economy
Swiss retailers are raising a glass to themselves this holiday season after a solid rise in sales. As is common with the Christmas shopping sprint in December, the holiday turnover quadrupled compared to normal months. Globus noted a 2% jump - but it was online shops that have a real reason to get boozy: ecommerce shot up 21%. What will the numbers show after everyone returns their unwanted gifts? (Read the article here.)
Hold Your Crypto Horses, Zuckerberg
On the whole, 2019 was not such a great year for Facebook’s Robot-in-Chief/CEO Mark Zuckerberg. Sure - the numbers will show that he is still making out like a bandit, supporting anyone and everyone on his personalized ad platform….er, social network, but his next money-making venture just got doused by outgoing Swiss President Ueli Maurer: “Libra, in its current form, would not receive a license to operate.” Now we can all go back to our good, old credit cards… (Here are the details.)
Watch It Again, Sam…
A roundup of top stories and interviews in 2019 from CNNMoney Switzerland