Switzerland is witnessing several significant developments impacting its economy and finance, responding to consumer needs and market innovations aimed at promoting sustainability and economic growth. Recent initiatives include SPAR Switzerland's offer of discounts on products nearing their best-before dates to mitigate food waste, and the cut to the reference interest rate which provides relief for many tenants.
SPAR Switzerland has taken noteworthy steps to combat food waste by offering customers discounts on products approaching their best-before dates. This initiative not only aims to reduce wasted food but also allows shoppers to save money. Customers can access information about these products on the site foodwaste.ch
Understanding the distinction between best-before dates and use-by dates is pivotal. While best-before dates indicate quality, use-by dates denote safety for consumables, particularly for fresh foods. SPAR’s website provides practical advice on how long consumers can use products after this date, encouraging responsible shopping.
Meanwhile, Zattoo has expanded its services by integrating the MySports package, which provides extensive live coverage of over 400 games from the Swiss Ice Hockey National League, NHL, and the Champions Hockey League, among other sports. Constanze Gilles, Head of Consumer Business at Zattoo, remarked, "Switzerland is our home market, and we see strong demand for high-quality live sports. With MySports, we are adding to our offering to make premium sports more accessible and flexible on all devices – without additional hardware." This change is expected to appeal to sports fans who enjoy following myriad events across different platforms.
On the innovation front, CSEM has broken ground on Switzerland’s first battery drying room, which is expected to revolutionize the market for next-generation batteries by providing optimal conditions for lithium processing. Andrea Ingenito, Co-Director of the Battery Innovation Hub at CSEM, stated, "This dry room isn’t just a technical upgrade—it’s a key enabler for proving the industrial viability of the technologies developed within our Battery Innovation Hub." The facility aims to assist small and medium-sized enterprises (SMEs) and start-ups, granting them access to high-tech resources to accelerate the development of their technologies.
Simultaneously, the asset management sector is adapting to current demands with the appointment of Bertrand Levavasseur as Managing Director and Head of Switzerland at Lazard Asset Management. With over 15 years of experience, Levavasseur aims to strengthen Lazard’s distribution capabilities and expand its market presence. He noted, "Switzerland is one of the world’s most important wealth management markets. Lazard’s strong reputation, comprehensive solutions, and impressive track record, combined with a dynamic local sales team, will accelerate growth in the region—particularly among distributors and institutional clients." This appointment reflects Lazard's commitment to investing in strategic talent to navigate the competitive financial services market.
A significant update has also arrived for landlords and tenants alike, thanks to the recent drop of 0.25 percent in the reference interest rate, which now stands at 1.5%. This change is pivotal since most rents across Switzerland are determined by this reference rate, reflecting the costs of Swiss mortgages. According to the Federal Office of Housing (BWO), "Since the reference rate has fallen by 0.25 percent compared to the previous quarter, tenants are entitled to demand rent reductions." The specific potential reduction for tenants can be as high as 2.91 percent for those with rents based on higher reference rates. This expected cut could benefit about 2.2 million households across Switzerland.
Although there is no immediate effect from this adjustment, as it may take several months to reflect on tenants' rents, the BWO encourages tenants to be proactive. The Swiss Tenants Association has prepared sample forms to facilitate rent reduction requests, helping tenants navigate their rights effectively.
The array of initiatives, from SPAR's commitment to minimizing food waste to technological advancements with CSEM's drying room, alongside strategic leadership changes within Lazard and the impactful drop of the reference interest rate, signifies Switzerland’s multi-faceted approach to strengthening its economy and financial sector. These developments not only support consumer rights and sustainability but position the Swiss economy for future growth and innovation.