Here are all the latest updates and news on coronavirus from CNNMoney Switzerland. We will be updating this page with new content on a regular basis.
2 April 2020
Swiss police plan to step up their presence significantly in the coming days to enforce social restrictions put in place to curb the coronavirus.
With the Easter holidays approaching and warmer weather in the forecast, Stefan Blättler, head of the Conference of Cantonal Police Commanders, urged people to avoid unnecessary travel.
Police are especially worried about people heading south to the hard-hit canton of Ticino, which borders Italy and attracts many visitors this time of year. Traffic jams are a common sight along the main route, particularly outside the Gotthard Tunnel.
COVID-19 cases in Switzerland continue to rise by more than 1,000 a day. While that’s less steep than before, it is not clear yet that the rate has reached a peak, said Daniel Koch, head of communicable diseases at the Federal Office of Public Health.
It’s still too early to make a reliable prognosis for the coming weeks and “certainly too early to relax the restrictions at this time,” he said.
He declined to rule out further limits on public life, saying officials will wait until after the weekend to address that question. At present, gatherings of more than five people are banned, and shops, restaurants, and cultural spaces are closed. Koch urged people to stay home except for brief walks.
Globally COVID-19 infections are nearing the 1 million mark after cases more than doubled in the past week. In Switzerland, the number rose to 18,267 on Thursday, with 432 deaths.
Mask debate
The World Health Organization is revisiting its guidance on whether people should wear face masks in public amid growing evidence that those with no symptoms of the virus can spread the disease more widely than thought.
“We’re continuing to study the evidence about the use of masks,” WHO Director-General Tedros Adhanom Ghebreyesus said at a news conference Wednesday.
The Geneva-based UN agency has discouraged healthy people other than those caring for the infected from wearing masks. European countries have largely followed the WHO, but a shift appears to be under way. On Monday, Austria ordered its citizens to wear masks when outside the home, after the Czech, Slovak, and Bosnian governments issued similar orders.
Switzerland has not mandated masks so far. The Federal Office of Public Health recommends their use only for health workers caring for coronavirus patients, people suspected of having the infection, or those who are at risk.
1 April 2020
The Swiss government on Wednesday pledged to expand its coronavirus aid package while warning that there is a limit to how much it can help struggling businesses without damaging its own finances.
The Federal Council plans to top up the CHF 42 billion package in the coming days with more liquidity for cash-strapped companies. It is also preparing support for those not included in the current plan, such as start-ups and the self-employed.
Vice President Guy Parmelin, who is also the economics minister, cautioned that the government can’t cover all claims for lost income, saying that would endanger its financial stability and the country’s economic appeal.
Switzerland is already looking to double its holdings of short-term debt and step up bond sales to cushion the economic consequences of the pandemic.
Exit scenarios
The council is also working on a strategy to reboot the economy after restrictions on social contact are eased. No time frame was given, although Parmelin said “small, strictly controlled relaxations” may be allowed for certain sectors.
In one indication of how slow that process may be, the government said it will take two to three weeks just for trains to get back on schedule.
“It would be counterproductive if we let our guard down and then have to take harder measures later,” Parmelin said. “Everyone would regret it.”
Switzerland’s COVID-19 support package consists mainly of wage subsidies for furloughed workers and CHF 20 billion in guarantees for emergency loans. Banks have already handed out more than half of that to roughly 54,000 companies.
Demand for help to cover salaries has also been overwhelming, with about 86,000 companies seeking benefits for more than 1 million employees, or about 20 percent of the workforce.
Credit Suisse estimates the cost so far of federal measures to safeguard earnings at around CHF 4.6 billion for every month the crisis drags on. However, the government probably won’t have to breach its debt brake thanks in part to its budget surpluses in recent years, the bank said.
The Swiss constitution requires a balance between revenue and expenses over the economic cycle, though the government may run annual deficits.
The coronavirus lockdown is taking a heavy toll on Swiss industry, data showed on Wednesday. The Swiss Purchasing Managers’ Index for March fell to 43.7 points, its lowest since July 2009. The index is compiled by Credit Suisse and the procure.ch association.
A measure below 50 points indicates a contraction in manufacturing, which accounts for about a fifth of Swiss output. The reading for the services sector plunged to 28.1 points, reflecting that most shops and restaurants are closed to help stop the virus.
Switzerland has reported 17,139 cases of COVID-19, with 378 deaths as of Wednesday.
31 March 2020
Switzerland will raise funds from financial markets more frequently this year to blunt the economic impact of the coronavirus pandemic.
“The Federal Council’s measures to cushion the economic consequences of the spread of the coronavirus increase the federal government’s short-term financing needs,” the Federal Finance Administration said in a statement Tuesday.
It plans to double its holdings of short-term instruments from around CHF 6 billion to CHF 12 billion francs. It also said it will step up sales of bonds.
The government has put together an economic aid package worth about CHF 42 billion, including CHF 20 billion in guarantees for bank loans to small businesses. The finance department is considering topping up the program after companies borrowed CHF 6.6 billion in the first few days.
Demand for wage subsidies has also been overwhelming. Businesses idled by coronavirus containment efforts have applied in record numbers for aid to keep workers on the payroll.
Switzerland has reported 16,176 cases of COVID-19, with 373 deaths.
Also Tuesday, the government said it has set up a scientific task force to advise officials and coordinate research on coronavirus.
The aim is to identify research topics and products or services where Swiss science can quickly make a significant contribution to combating COVID-19, the interior ministry said.
A global race is underway to find better ways of preventing, diagnosing, treating, and coping with the virus. In many countries, new government funds await scientists whose work shows promise.
Matthias Egger, president of the National Research Council of the Swiss National Science Foundation, will head the task force.
Last month, the foundation put out an urgent appeal for proposals on research into coronaviruses, earmarking CHF 5 million for projects. The call received more than 270 applications, Swiss radio RTS reported.
30 March 2020
Last updated: 1700 Hrs
Switzerland’s CHF 20 billion emergency loan program for companies hit by the coronavirus crisis is just days old but the government is already looking to top it up.
Since the program was launched Thursday, nearly 32,000 companies have taken out bank loans of CHF 207,000 on average, corresponding to CHF 6.6 billion, Eric Jakob, head of the Economic Promotion Directorate, said Monday. He said that the Finance Department was now discussing whether to expand the program beyond CHF 20 billion.
While Finance Minister Ueli Maurer said from the beginning that an increase was possible, it “could become a topic faster than expected,” Jakob said at a news conference.
Some 115 lenders are participating in the program, designed for small and midsized businesses. Companies can borrow up to 10 percent of their annual income but no more than CHF 20 million. The government said it has set up a working group to look into helping larger companies in need of cash.
On Monday, ABB became the latest Swiss blue-chip to issue a profit warning, citing the pandemic and weak oil prices. The engineering group expects all divisions to record lower revenue for the first quarter. The company scrapped its earlier 2020 targets, saying it is no longer providing financial guidance because of the economic uncertainty.
Last week, LafargeHolcim, the world’s largest cement maker, also ditched its profit forecast for 2020.
KOF barometer plunges
A leading indicator of the trends in Switzerland’s economy plunged in March, driven by the manufacturing sector. The KOF economic barometer fell to 92.9, the lowest since the Swiss National Bank scrapped its cap on the franc in 2015. The long-term average is 100.
“Accordingly, the Swiss economy can be expected to see a marked decline in growth rates in the near future,” the think tank said. “This plunge of the barometer reflects the first economic consequences of the accelerated spread of the coronavirus.”
EasyJet has grounded its entire fleet of aircraft in response to the collapse in demand for air travel caused by the coronavirus pandemic. The budget airline said it could not put a firm date on when commercial flights will resume.
“We continue to take every action to remove cost and noncritical expenditure from the business at every level in order to help mitigate the impact from the coronavirus,” CEO Johan Lundgren said Monday. “The grounding of aircraft removes significant cost.”
EasyJet had already ceased operations in Geneva, where the UK budget airline is the biggest operator. André Schneider, CEO of Geneva Airport, told CNNMoney Switzerland last week that he is reducing the workforce to cut costs but doesn’t expect the federal government to close the hub.
UBS Group is sticking to its previously announced dividend for 2019. The bank will ask its investors to approve a payout of USD 0.73 per share at its annual meeting on April 29, according to the agenda published Monday. Swiss markets supervisor FINMA has advised companies to carefully consider the level of dividends as the pandemic takes a toll on balance sheets.
UBS said it will conduct the meeting online, in line with the government’s ban on gatherings of more than five people.
The government’s count of people who have tested positive for COVID-19 climbed to 15,475 from 12,161 on Friday. At least 295 have died.
27 March 2020
Last Updated: 1745 Hrs
Switzerland’s Federal Council on Friday conditionally agreed to let cantons close industries to combat the coronavirus, ending a standoff with the southern canton of Ticino.
In exceptional cases, the cantons can order economic activities to cease for a limited period, the council said.
The decision comes a week after Ticino shut down factories and construction sites. The canton bordering Italy is struggling with a coronavirus caseload three times the national average and the numbers continue to climb.
“There is no sign of inflection in new cases and cases that end up in intensive care,” Paolo Ferrari, chief medical officer of Ticino cantonal hospitals, said in an interview Thursday with CNNMoney Switzerland. “The pressure on our hospitals is still mounting.”
Ticino’s unilateral action clashed with federal rules, which authorize cantons to close only those companies that don’t follow restrictions on social separation and hygiene.
The canton also came under fire from Swissmem, a leading manufacturing association, which said the closures were unnecessary and would lead to supply problems for the entire country.
In other decisions related to the pandemic, the government said relocations will continue to be allowed if moving companies observe the limits on social contact. Switzerland is taking a different tack from the UK, which asked home buyers and renters this week to delay moving during the coronavirus crisis.
The government also extended the grace period for late rent from 30 to 90 days.
Switzerland has banned gatherings of more than five people and closed restaurants, bars, sports facilities, and cultural spaces. Grocery stores, bakeries, pharmacies, and banks remain open, and people can still take walks and go out for food and medicine.
Interior Minister Alain Berset said most people are respecting the measures, with the cantons reporting few violations. He urged people to “stay very focused and united” as the Easter holiday approaches, adding that the virus continues to gain force.
“We must continue to work together and with a lot of solidarity,” he said.
The government raised its count of positive coronavirus tests to 12,161 people, including 197 deaths.
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- SWISS DISTILLERIES SWAP OUT DRINKS FOR DISINFECTANT
Swiss distilleries are using high-proof alcohol to make disinfectant after Swiss regulators relaxed the rules, allowing them to distribute to any retail store or individual.
With the rising economic toll of containment measures, governments are asking whether the cure isn’t worse than the disease. UK Prime Minister Boris Johnson, for example, initially wanted to allow COVID-19 to infect so many people that it would fizzle out on its own for lack of a host.
- TIPS FOR TACKLING CORONAVIRUS ANXIETY
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Swiss specialty chemicals company HeiQ has developed a treatment to make face masks more resistant to coronavirus. The ETH spin-off plans to treat 500 million masks with the antiviral product over the next four to eight weeks, says CEO Carlo Centonze.
- SNB PAYS SWISS BANKS TO LEND
The SNB has set up a refinancing facility to give banks access to liquidity needed to expand lending rapidly and on a large scale, President Thomas Jordan said. He said there is no upper limit on the amounts available and drawdowns can be made at any time. The interest rate will be minus 0.75, same as the SNB policy rate.
Coronavirus lockdowns have stoked demand for some gig workers like delivery drivers and supermarket assistants. For others, though, the crisis has meant the loss of employment, with few, if any, social protections.
Governments are pumping money into their economies to limit the damage from virus shutdowns when they should be trying to get the healthy back to work safely.
When it comes to putting a figure on the economic impact of the shutdown in Switzerland, Avenir Suisse says it isn’t straightforward. It says its estimates are conservative and warns of impending inflation issues post-crisis.
Some doctors in Switzerland are not testing everyone with COVID-19 symptoms, and when they do, it can come at a high cost—both to patients‘ wallets and their personal safety. A personal report.
Mattia De Angelis, 29, urges people not to underestimate the ruthlessness of coronavirus. “They need to take all of this very seriously,” he said via Skype from Cavalese Hospital in northern Italy, where he has been battling COVID-19-induced pneumonia for almost 10 days.
Demand for sensors in ventilators has grown three to six times during the coronavirus crisis, says Sensirion CEO Marc von Waldkirch.
Roche said it is working “around the clock” to increase availability of its COVID-19 tests and is speeding up production of Actemra, a drug that could be used to treat patients with coronavirus. Actemra is currently in a Phase 3 study to test its safety and efficacy in hospitalized adult patients with pneumonia caused by the virus.
In a country with just 1,000 beds equipped with ventilators, Swiss doctors may soon be confronted with the kind of decisions that their colleagues in Italy have been facing: how to prioritize patient care if there’s a shortage of resources.
EasyJet will join other airlines in grounding most of its fleet this week, impacting airports including Geneva’s, where the UK budget airline is the biggest operator.
The world is awaiting a vaccine against coronavirus but even when it arrives, not everyone will benefit. Some people with weak immune systems, such as the elderly and those with HIV, may not be eligible.
The Swiss government announced an additional CHF 32 billion in aid on Friday, mostly targeted at small- to medium-sized businesses hit by the economic fallout from the coronavirus outbreak.
With schools closed all over the globe, many parents have found themselves in the unexpected and perhaps uneasy situation of having to supervise their children’s schoolwork.
Looking for bargains in a bear market? Swisspartners CIO Peter Ahluwalia says some great deals await the brave of heart.
The Swiss National Bank refused to join the global rate-cutting frenzy today, signaling that it will step up currency interventions to stem the rise of the franc against the euro.
Doctors near the Swiss border with Italy started seeing the first coronavirus patients in early March and the number has been rising ever since.
Switzerland went into lockdown less than a week ago but for many small businesses that’s already way too long. Panic is setting in as they watch their revenue dry up and their cash pot dwindle.
- CORONAVIRUS: CLOSED RESTAURANTS, OPEN KITCHENS
Restaurants may be closed, but kitchens are still open for business. Here’s how Switzerland’s small businesses are trying to survive the coronavirus shutdown.
- CORONAVIRUS COULD COST THE WORLD 25 MILLION JOBS, UN SAYS
The economic crisis triggered by the COVID-19 pandemic could increase global unemployment by as much as 25 million people, the International Labor Organization warns.
The Swiss government should set up a CHF 100 billion fund—about 15 percent of GDP—to help businesses survive the coronavirus crisis, two prominent economists say.
- THREE ASIAN CITIES SHOW EUROPE HOW TO FIGHT CORONAVIRUS
China’s draconian measures for controlling the coronavirus outbreak on the mainland cannot be easily replicated by nations in the rest of the world, which don’t have the same top-down power structure. But successful action taken in Hong Kong, Singapore, and Taiwan can serve as better examples, says Steven Jiang, a CNN senior producer based in Beijing.
- SWITZERLAND IN DESPERATE RACE TO STAY AHEAD OF CORONAVIRUS
Switzerland is in a desperate race against time as the number of new coronavirus infections continues to rise rapidly. Officials are imploring people to observe restrictions on social contact to prevent hospitals from being overwhelmed. Daniel Koch, head of the federal health office, says the country may have just a few more days to get the situation under control.
A Swiss tech start-up is rejiggering its model to help communities during the coronavirus lockdown.
- THE CORONAVIRUS BLUES
The coronavirus crisis is serving as a source of e inspiration for musicians and governments seeking to educate people about the disease and to help people cope with confinement.
- SWITZERLAND NEEDS MORE WIDESPREAD CORONAVIRUS TESTING, SAYS EPFL’S SALATHÉ
Switzerland should have started testing more liberally a long time ago to slow the spread of the coronavirus, says Marcel Salathé, an associate professor at EPFL and an expert in digital epidemiology.
UEFA announced today that is postponing Euro 2020 because of the coronavirus crisis. The quadrennial European football championships were originally supposed to take place from June 12 to July 12 across 12 countries to celebrate the 60th anniversary of the tournament.
Europe hunkered down Tuesday, with borders, schools, and businesses closed across the region and a police lockdown underway in the worst-hit countries.
- NEIGHBORS MOBILIZE AGAINST CORONAVIRUS
Communities are using social media to organize grocery shopping or help with other basic needs for people confined to their homes. Hilf-jetzt.ch, a platform set up on Friday, lists 300 groups that offer assistance to those coping with the coronavirus outbreak.
- ROCHE CEO ON THE ROLLOUT OF ITS NEW COVID-19 TESTS
The U.S. has issued an Emergency Use Authorization for a new coronavirus test that reduces the result time from days to mere hours. Developed by Roche, it is expected to speed up the ability to test patients by tenfold.
Companies all over the globe are struggling to cope with the disruption caused by the coronavirus crisis. Beatrix Morath, managing director of AlixPartners in Switzerland, recommends these tools and strategies to help lessen the impact on businesses.
Sally Yan, who has lived in Switzerland for 13 years, left her home in Zurich over the weekend to wait out the coronavirus pandemic in what she believes to be a safer location: Shanghai.
The Swiss government announced CHF 10 billion in aid for businesses and tightened borders as the number of confirmed coronavirus cases continues to surge.
Tourasia and Diethelm Travel, a destination management company in Southeast Asia, saw business decline by 60 percent in February—and March will be worse, says CEO Stephan Roemer.
The airline industry is facing “one of the most severe crises” in 20 years, warned Alexandre de Juniac, CEO of the International Air Transport Association (IATA).
For Swiss watchmakers, the coronavirus crisis in China has been a double whammy. Not only has it hit sales in a major market, but it has also disrupted supplies of components, says Oliviero Pesenti, director of Erbas.
- TIPS FOR THE CONSCIENTIOUS TELECOMMUTER
Not everyone enjoys working from home. Here are five tips on how to make the best of your home office during the coronavirus crisis.
Policymakers need to come up with creative solutions to help businesses survive a potential credit crunch as the coronavirus upends the global economy, says Esty Dwek, head of global market strategy at Natixis Investment Managers.
- CORONAVIRUS FUELS RECORD SALES OF COMPUTER SCREENS
Screens and other office supplies are in great demand these days as the coronavirus forces people to work from home. Digitec Galaxus is among retailers who say they are seeing record-breaking sales of some items.
Cash-strapped start-ups that manage to stay afloat in the coming months may struggle to survive the economic aftermath of the coronavirus, says Jordi Montserrat, co-founder of Venturelab, a group that supports entrepreneurs in Switzerland.
Forget gold and equity markets, Bitcoin stands in its own category, says Crypto Finance CEO Jan Brzezek. He argues that Bitcoin hasn’t reached the status of a safe haven—yet.
Hotels are especially exposed to the effects of coronavirus, from the spate of recent cancellations to travelers not even booking because of the current uncertainty.
At least 476 people have tested posted for coronavirus in Switzerland, but that number isn’t a reliable measure of the outbreak.
The 68,000 Italians employed in Switzerland are vital to the economy, says the president of AITI, the industry association of Ticino, which explains why the Swiss border remains open despite the lockdown in neighboring Italy.
Despite a nationwide shutdown in Italy, cross-border workers are still welcome in Switzerland. CNNMoney Switzerland reports from Chiasso as the number of cases of the virus continues to grow.
Countries including Switzerland are abandoning efforts to keep a precise count of coronavirus cases and are focusing instead on helping hospitals cope with patient overload, says Michael Hengartner, president of the board at Swiss university ETH.
- SOCIAL DISTANCING AT THE SWISS STOCK EXCHANGE
The Swiss stock exchange operator today joined a growing number of financial institutions that are instructing some employees to work from home or other locations as the financial industry braces for disruption from the rapidly spreading coronavirus.
As authorities around the world scramble to contain the coronavirus, people are facing a new dilemma: how to greet someone without a handshake. Here are five suggestions.
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- IOC TAKING WAIT-AND-SEE APPROACH TO CORONAVIRUS
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- STUCK AT HOME? THE SWISS GOVERNMENT’S EMERGENCY KIT
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Advances in technology are coming together during the coronavirus epidemic to help scientists break new ground at an unprecedented rate.
The spread of coronavirus is pushing people to seek medical advice—by phone. The Swiss government’s coronavirus hotline, run by Basel-based Medgate, has logged more 20,000 calls over the past five weeks.
The Swiss National Bank will probably participate in any coordinated action by central banks to shore up the global economy in response to the coronavirus epidemic, the former deputy governor of Ireland’s central bank said Tuesday.
Coronavirus fears have sent the demand for hand sanitizers soaring. Many pharmacies and online shops in Switzerland are sold out. But making your own hand disinfectant isn’t hard.
Millions of jobs in Europe rely on the tourism industry, which has been rocked by the coronavirus. “We’re almost getting to the stage where travelers have something of a moral duty to continue to travel,” says travel writer Simon Calder.
Thousands of hotel rooms are empty following the cancellation of major Swiss events. Cafés, bars, and restaurants are seeing fewer customers. Adrien Genier, CEO of Geneva Tourism & Conventions Foundation, says that the industry is still optimistic the situation will turn around.
The idea that employees need to be present in the office remains persistent despite huge leaps in technology since the SARS outbreak in 2003, when there were only laptops and basic mobile phones. But that may be about to change as the coronavirus forces tens of millions of people in China and beyond to work from home.
On the heels of the Geneva Motor Show being cancelled, the verdict is also in for Baselworld 2020: The watch and jewelry exhibition is officially postponed until the end of January 2021. The question now is how rival fair Watches and Wonders Geneva will respond to the move, as the two expos had previously agreed to sync up their dates to boost attendance.
Automakers may reconsider the value of big, expensive car shows after the Geneva Motor Show was cancelled due to coronavirus fears, says Peter Valdes-Dapena, senior writer at CNN Business.
The Geneva Motor Show was cancelled Friday due to coronavirus fears, dealing a fresh blow to an industry already crippled by the outbreak in China. Baselworld, one of the world’s largest watch fairs, was also called off after the Swiss government announced a ban on public and private gatherings involving more than 1,000 people. The measure, valid through March 15, takes effect immediately.
The German industrial giant Siemens expects the coronavirus epidemic to dent its financial performance this year, the head of its Swiss business said in an interview with CNNMoney.
Many Swiss multinationals have adopted policies to prevent workers in Asia from contracting or spreading the coronavirus. Now they are applying these restrictions closer to home as the disease gains ground in Europe.
Preventing coronavirus is all about personal hygiene. Here the World Health Organization explains how you can minimize exposure and help protect others around you.
- WORRIED ABOUT YOUR CROSS-BORDER COLLEAGUE?
About 6.5 percent of workers in Switzerland commute from neighboring countries, including Italy, raising concerns they could bring the coronavirus with them. Economiesuisse says such fears are exaggerated, adding that many Swiss businesses can be run from home if need be.
- CARNIVAL REVELERS MOCK VIRUS THREAT
The Venice Carnival has been cut short due to the outbreak of coronavirus, but that isn’t stopping revelers in Lucerne from celebrating their biggest party of the year.
- HOW TICINO IS DEALING WITH VIRUS THREAT
Hours before Switzerland confirmed its first case of coronavirus, the city of Lugano was already on edge.
A deadly epidemic is still no excuse to slack off. Demand for online education has surged in China as the coronavirus confines children to their homes.
A 70-year-old man from Ticino was diagnosed with the virus on Tuesday, about a week after he returned from a trip to northern Italy, health officials said.
Coronavirus fuels record sales of computer screens
Screens and other office supplies are in great demand these days as the coronavirus forces people to work from home. Digitec Galaxus is among retailers who say they are seeing record-breaking sales of some items.
Start-ups struggle to survive coronavirus
Cash-strapped start-ups that manage to stay afloat in the coming months may struggle to survive the economic aftermath of the coronavirus, says Jordi Montserrat, co-founder of Venturelab, a group that supports entrepreneurs in Switzerland. He predicts that investors will reconsider some existing projects and hold off funding for new ones.
Will hotel industry be gutted by coronavirus?
Hotels are especially exposed to the effects of coronavirus, from the spate of recent cancellations to travelers not even booking because of the current uncertainty. Ari Andricopoulos, the CEO of RoomPriceGenie, a company that helps small and medium-sized hotels price their rooms, is already feeling the pinch. “Hotel owners are fearing the worst at this stage,” he says. “There’s a good spirit of solidarity in the hotel industry, but I think we all know it’s not a good time.”
Why you can’t trust coronavirus counts
At least 613 people have tested positive for coronavirus in Switzerland, but that number isn’t a reliable measure of the outbreak. The Swiss government is abandoning efforts to keep a precise count of coronavirus cases to focus instead on easing the burden on the healthcare system and protecting the most vulnerable—the elderly and those with preexisting conditions. “The government has decided that they will only test people who are at risk, who have strong symptoms,” said Michael Hengartner, president of the ETH Board. “Young people, who might have weak symptoms, will simply be asked to stay at home to minimize contagion.” The Cantonal Hospital of Lucerne has received a recommendation from the government to limit testing to the most vulnerable or severe cases, said spokesman Markus von Rotz. “Only patients who are hospitalized and health care staff will be tested for coronavirus,” said Claude Kaufmann, a spokesman for Hirslanden Private Hospital Group, which operates 17 hospitals. “Patients with fever and cough must stay at home so that they do not infect anyone.” The Swiss Federal Office of Public Health confirmed that the cases could be far higher than reported and that “people at especially high risk are tested as a priority.“ No test, no infection This raises the question of whether the count reflects the true scale of the outbreak. Many people have been keeping tabs on the daily tally from the federal health office, relying on it to provide a measure of the severity of the situation in Switzerland. The country reported its third coronavirus death Tuesday as the outbreak worsens in neighboring Italy, which has logged over 9,000 infections and 460 deaths. It also marks a change in strategy from the early days of the outbreak, when the government ramped up testing following the first confirmed case on Feb. 25. Back then, even mild cases were being counted and traced in the effort to contain the crisis. The Swiss Federal Council said Friday that tracing the infection would continue “as long as possible.” At the same time, it indicated that protecting people by minimizing contact—at work or social events—was now the bigger priority. Large events have been banned across the country but, unlike in Italy, no blanket travel restrictions have been imposed. And the Swiss border remains open to commuters from Italy. “With the infection rate that this virus has, it will basically cross across the human population,” Hengartner said. “It will become a pandemic. And the challenge for governments is to keep the infection rate low enough that we can always manage the patients that need to get hospitalized.“
Coronavirus shuts down Italy but Swiss border remains open
Despite a nationwide shutdown in Italy, cross-border workers are still welcome in Switzerland. CNNMoney Switzerland reports from Chiasso as the number of cases of the virus continues to grow.
Swiss border open for business
The 68,000 Italians employed in Switzerland are vital to the economy, says the president of AITI, the industry association of Ticino, which explains why the Swiss border remains open despite the lockdown in neighboring Italy.
World is losing battle to contain coronavirus, says president of ETH Board
Countries including Switzerland are abandoning efforts to keep a precise count of coronavirus cases and are focusing instead on helping hospitals cope with patient overload, says Michael Hengartner, president of the ETH Board and chairman of the Executive Committee. With a pandemic inevitable, the challenge now is to “keep the infection rate low enough that we can always manage patients that need to get hospitalized.”
COVID-19 may tip world into financial crisis, UN warns
The world is vulnerable to a financial crisis if the coronavirus epidemic drags on because it is already so deep in debt, the United Nation’s trade body warned in a report on Monday. An enduring health emergency will likely trigger margin calls, tighten borrowing conditions, and increase the risk of a stampede to sell assets not hit in the first round of market turmoil, the UN Conference on Trade and Development said. “This raises the prospect of a credit crunch in a period of high indebtedness,” despite very low interest rates, the report says. Hopes of a recovery will hinge on sustained and coordinated liquidity injections by central banks, more active fiscal policies, and renewed efforts to bolster trade. “Central banks should do whatever it takes in the face of the COVID-19, including directing credit for production and employment,” UNCTAD said. The world has been on a borrowing binge since the 2008 meltdown, when central banks pumped vast sums into cash-strapped markets and banks to shore up the system. At the start of 2020, total debt stocks exceeded more than $250 trillion, about three times global gross domestic product, according to the Institute of International Finance. Developing countries most at risk Developing countries are particularly vulnerable to a credit crunch, as many are already struggling with the highest debt levels on record. “For many developing countries that are facing debt distress already, I think we’re going to have to look at more radical solutions,” Richard Kozul-Wright, who oversees globalization and development strategies at UNCTAD, said in an interview Monday with CNNMoney’s Kasmira Jefford. “The need for a moratorium on debt servicing in some countries will also be necessary.” Economists have warned for years that such massive debt is a risk for the global economy. Record-low interest rates in countries around the globe have made it easier and cheaper for corporates, individuals, and governments to borrow. Last week, the U.S. Federal Reserve, which cut rates three times last year, slashed them by half a percentage point in response to the economic threat from COVID-19. The European Central Bank meets this week, and markets are pricing in a much smaller cut, given that rates are already in negative territory. There is also speculation that the ECB is preparing measures to provide liquidity to businesses hit by the outbreak.
More women in Swiss boardrooms
The percentage of women on the executive boards of Switzerland’s 100 largest employers has edged up to reach 10% for the first time, according to executive search firm Schilling Partners. When taking into consideration a broader boardroom study by Deloitte, that figure rises above the global average to just under 19%.
Coronavirus is good for the fertility business
The U.N. estimates the economic burden of women’s diseases to be in the tens of millions. But according to Lea von Bidder, CEO of fertility tracking company Ava, only 4% of R&D investment in health care goes towards female-specific health needs. Von Bidder tells us about the femtech gender gap and shares why the coronavirus outbreak is a boon for the fertility business.
Swapping handshakes for elbow bumps
As authorities around the world scramble to contain the coronavirus, people are facing a new dilemma: how to greet someone without a handshake. Here are five suggestions.
Ready, set, go? The latest on Tokyo 2020
Is Japan ready to host the Olympic Games and deal with the coronavirus? CNN International correspondent Blake Essig reports from Japan’s newly-built national stadium in Tokyo.
IOC taking wait-and-see approach to coronavirus
Coronavirus was a major topic at this week’s meeting of the International Olympic Committee’s executive board in Lausanne. But President Thomas Bach says the words “cancellation” and “postponement” never came up. CNNMoney’s Matt Leighton was there and has this update.
Stuck at home? Check out the Swiss government’s emergency kit
Do you know what you need to survive a crisis? If you don’t, fear not—the Swiss government has you covered. Its decades-old list includes bottled water, rice, batteries, and yes, chocolate and cheese.
