Passing over a bridge, the Rhine river flowing below, it’s hard to tell that we have left Switzerland and are entering the tiny principality of Liechtenstein.
There are no border guards waiting to examine passports. The houses look the same, as does the mountainous landscape. People go shopping at the Coop supermarket chain, just like in Switzerland. Liechtenstein even uses the same currency: the Swiss franc.
The American dream is coming to an end and it’s the nice, grey-haired lady next door who is to blame, economist Laurence Kotlikoff told a banking conference in Zurich this week.
That dream of prosperity – owning a home, building a business, perhaps even striking it rich – was a tantalizing prospect for generations of Americans. But it’s fading quickly thanks to a critical shift in demographics towards a much older population coupled with what Mr. Kotlikoff terms the “Ponzi” retirement scheme of recent decades.
“Challenge” was the word of the day at a conference in Zurich as top executives, government and regulatory officials and even a prince gathered to discuss the uncertain future of their key banking industries, which have come under intense pressure in recent years.
Bankers are not exactly popular anywhere in the world right now, but those hailing from the European offshore wealth centres of Switzerland, Liechtenstein and Luxembourg have suffered bigger blows.
Here’s a good reason to cook up that morning oatmeal: It could help transform your kid into the next Usain Bolt.
A recent study of 656 schoolchildren in Winterthur, Switzerland, showed that children who skip the most important meal of the day are less fit. The researchers tested the kids’ abilities in five different areas: the 20-metre sprint, the shuttle run, standing long jump, sidewise jumping over a bar, and tapping between two circles with one hand.
The luxurious Gstaad Palace in the Swiss Alps is a beloved vacation spot for those who can afford to pay 990 Swiss francs ($1,023) for a luxury facial and 1,600 francs for an overnight stay in a rustic but well-appointed mountain hut.
This summer is different. Whether it’s business leaders forgoing their annual retreat to the mountains or well-off pensioners cutting back on vacations, Gstaad Palace’s revenue fell 21 per cent this summer, according to Andrea Scherz, whose family has owned the hotel for the past 65 years.
Valentin Zellweger is on a mission to fight a perception shared around the world by the rich and penniless alike: that Switzerland is a haven for dirty money.
Late last year, two top Molson Coors Brewing Co. executives went to scope out a potential acquisition target in a fast-growing market: Eastern Europe. While mindful of the debt crisis holding Western Europe hostage, Molson Coors chief executive officer Peter Swinburn and Kandy Anand, president of the company’s international business, nevertheless saw attractive opportunities a bit farther east.
Switzerland is a tiny country of some 7.7 million people surrounded by four far-larger neighbours: France, Germany, Italy and Austria. Yet despite its small size, it seems everyone has an opinion about what life is like in Switzerland. For some the mountainous country is a beautiful, pristine paradise. For others it’s uptight, conservative and downright boring.
Janusz Kucmin, Bombardier Inc.’s country president of Poland, only has to glance out an airplane window to see new motorways and other proof of his home country’s rising fortunes.
Poland’s growing prosperity is also on display in the capital of Warsaw where Kucmin is based: New buildings are sprouting up, including a luxury tower by star architect Daniel Libeskind.
After two years of debt crisis with no end in sight in Greece, the Germans are starting to talk openly about a once taboo subject: the possibility their Greek partner may leave the euro zone.
Such a view would have been frowned upon just a few months ago. Back then, officials in Germany insisted cooperation between the euro zone members would prevail and Greece’s financial wounds would heal. But that belief changed after recent elections in Greece boosted the popularity of parties opposed to the painful austerity measures that Germans insist are required to solve the crisis.