AGP Executive Report

Trade: Switzerland joined Iceland, Liechtenstein and Norway in signing a free-trade agreement with Vietnam, aimed at cutting tariffs and opening new markets. Swiss President Guy Parmelin’s visit also advanced talks on education, science and innovation. Banking: UBS is weighing options abroad if tighter Swiss capital rules raise its costs, while Finance Minister Karin Keller-Sutter warned that mounting European debt could spark a euro crisis. Social Affairs: Nearly one in five children in Switzerland is at risk of poverty, while a new study links rising crime since 2022 mainly to fraud and property offences. Sport: Switzerland is advancing its bid to host the 2038 Winter Olympics.

Trade and diplomacy: Swiss President Guy Parmelin’s Vietnam visit coincided with the signing of a free-trade pact between Vietnam and EFTA, which includes Switzerland, to reduce tariffs and widen market access. Swiss pharma: Roche won US approval for Enspryng, the first at-home injection option for adults with thyroid eye disease. Winter Olympics: Switzerland has advanced its bid to host the 2038 Games. Poverty: Nearly one in five children in Switzerland are at risk. Climate: Swiss glaciers lost 5.5% of their ice in 2026. Economic risks: Switzerland’s finance minister warned that Europe’s rising public debt could trigger a euro crisis.

Diplomacy: Swiss President Guy Parmelin’s Vietnam visit is opening a push for closer cooperation in education, science, technology and innovation. Leaders also urged swift progress on a free-trade pact between Vietnam and the EFTA states. Olympic Bid: A Swiss parliamentary committee backed federal support of up to CHF 200 million for a 2038 Winter Olympics bid, planned across the country’s four language regions without new construction. Social Affairs: Nearly one in five children in Switzerland is at risk of poverty, highlighting ongoing pressure on household finances. Economic Risks: Finance Minister Karin Keller-Sutter warned that rising European public debt could threaten economic stability and trigger a euro crisis, with energy costs adding to the strain. Climate and Research: Swiss glaciers lost 5.5% of their ice in 2026. In Graubünden, a survey recorded 173 hoverfly species, including three not previously documented in the canton. Innovation: A Swiss solar-powered aircraft set an altitude record, reaching 9,640 metres.

Diplomacy: President Guy Parmelin began a two-day visit to Vietnam, with trade and broader cooperation on the agenda as the countries mark 55 years of diplomatic ties. Economic Outlook: Switzerland’s finance minister warned that mounting European debt could trigger a euro crisis. Banking: UBS is weighing options abroad if Swiss regulations become too burdensome, including a possible headquarters move. Business: Swiss luxury group Richemont is in talks to join a consortium seeking to buy diamond giant De Beers. Politics and Society: Swiss religious leaders issued shared guidelines urging AI use that protects human relationships, while a new poll points to rising political polarisation. Innovation: The World Air Sports Federation confirmed Swiss pilot Raphael Domjan’s record flight in a solar-powered electric plane, reaching 9,640 metres.

Public Finances: Swiss Finance Minister Karin Keller-Sutter warned that rising debt in major economies, particularly France and the US, could destabilise Europe and trigger a euro crisis. Switzerland’s low debt does not shield it from risks in an interconnected economy. Banking: UBS is weighing options abroad if proposed Swiss capital rules prove too onerous, according to reports. Politics: A new poll puts the right-wing Swiss People’s Party at a near-record 29.9% ahead of the 2027 federal election, with gains for the left and losses for centrist parties pointing to greater polarisation. Research: ETH Zurich has opened an Earth Observation Lab in canton Lucerne, using satellite, drone and sensor data to monitor crops and help detect landslides earlier. Clean Aviation: The FAI has certified Swiss pilot Raphael Domjan’s solar-powered aircraft flight to 9,640 metres, setting a new altitude record for a crewed solar-electric plane.

AI & Cybersecurity: Switzerland’s open AI model Apertus could help defend the web, but experts warn its accessibility may also empower attackers. Diplomacy: Foreign Minister Ignazio Cassis urged progress toward peace between Armenia and Azerbaijan during a visit to Yerevan, while Switzerland and the UN are planning Sudan peace talks. Banking: UBS is exploring options abroad in case tighter Swiss capital rules prove too burdensome, raising fresh questions about the bank’s future in Switzerland. Business: Swiss skincare group Galderma is buying California-based ZO Skin Health for $1.5 billion, while PureGym is expanding in Switzerland through its acquisition of NonStop Gym. Cost of living: Swiss mortgage rates are rising unevenly across regions, even as apartment hunting in Zurich may be getting easier. Climate: Swiss glaciers lost 5.5% of their ice in 2026, leaving expanding areas of bare rock. Public safety: A study found fraud and property offenses drove a rise in Swiss crime between 2022 and 2025.

Banking: UBS is weighing options, including moving its headquarters abroad, if Switzerland’s proposed post-Credit Suisse rules prove too strict. Sources say no move or takeover talks are under way, and UBS says it is not planning to leave. Swiss Politics: Voters will decide on four federal proposals in November. Zurich Courts: Prosecutors have charged journalist Lukas Hässig over his reporting on former Raiffeisen chief Pierin Vincenz; the trial date is not set, and Vincenz’s appeal verdict is expected in January. Climate: Swiss glaciers lost 5.5% of their ice in 2026, leaving extensive areas of exposed rock. Business: UK fitness chain PureGym is buying Swiss operator NonStop Gym for £235 million, while Galderma agreed to acquire California skincare company ZO Skin Health for $1.5 billion. International Affairs: Switzerland and Thailand pledged to deepen trade and climate cooperation during the Swiss president’s visit, as they push to advance an EFTA trade deal. Football Governance: FIFA chief Gianni Infantino apologised at a Zurich meeting, but critics remained dissatisfied over the handling of a World Cup red-card case and a scrapped commercial plan.

Banking: UBS is preparing options that could include moving its headquarters abroad if Switzerland tightens capital rules, the Wall Street Journal reported. The proposed requirements could add about $16 billion in capital needs. Household Finances: The Federal Council rejected a proposal to require health insurers to use investment gains to reduce premiums, weeks after a rise for 2027 was announced. Climate: Swiss glaciers lost 5.5% of their ice in 2026, deepening pressure on the country’s alpine landscape. Business: Zurich-based Kuros Biosciences raised its 2026 outlook after sales climbed 40% in the first nine months. Roche, meanwhile, struck a licensing deal worth up to $1.16 billion for a Chinese biotech’s experimental obesity drug. Social Policy: Zurich Christian care homes have lost the right to refuse assisted suicide, while Switzerland is planning tougher social media rules to protect young people.

Trade and Investment: Switzerland’s president is visiting Thailand for talks on trade and investment, the first Swiss presidential visit there in 22 years. Business: Swiss skincare group Galderma agreed to buy US brand ZO Skin Health for $1.5 billion, expanding its physician-dispensed products business. Climate: Swiss glaciers lost 5.5% of their ice in 2026 after a low-snow winter and intense summer heat; some former ice fields are now rocky landscapes. Youth Policy: The government plans tougher social media rules to protect young people. Voting Rights: The Swiss government aims to make voting accessible to people with mental disabilities. Football Governance: FIFA president Gianni Infantino faces a high-stakes council meeting in Zurich, with officials seeking answers over a controversial World Cup investment plan and a suspended player ban.

Swiss Pharma: Galderma agreed to buy US skincare firm ZO Skin Health for $1.5 billion, while Lonza confirmed its 2026 outlook and set new growth targets. Ypsomed also partnered with smartpatient to link injection data with digital treatment support. Zurich Finances: S&P moved the city’s credit outlook to negative as debt is projected to approach CHF14 billion by 2030. Officials have capped investment and may pause two voter-approved measures worth CHF255 million a year. Household Costs: Switzerland’s government rejected further changes to married couples’ tax rules as mortgage rates rise. Swiss banks are also looking to hire fewer staff. Extreme Weather: Swiss Re estimates hail caused CHF1.7 billion in damage, adding to pressure on insurers.

Public Finances: The Federal Council is campaigning against a proposal to keep married couples jointly taxed, arguing it is outdated after voters backed individual taxation in March. The proposal goes to a referendum on November 29. Extreme Weather: Swiss Re estimates August’s hailstorms caused CHF1.7 billion in insured losses. The storm hit a densely populated area; a similar event near Zurich could have caused even greater damage. Swiss Pharma: Roche will pay China’s Rona Therapeutics $100 million for an experimental obesity drug, with total payments potentially exceeding $1 billion if it meets development and sales targets. It is Roche’s fifth deal with a China-based drugmaker since late August. Geneva Research: A University of Geneva study found that switching to a vegan diet changed liver metabolism in mice within days; researchers also observed reduced willingness to exercise.

Swiss AI: Zurich-based Phoeniqs says it is seeing rising demand for AI systems that process sensitive data on Swiss infrastructure, allowing firms to use confidential information without sending it to foreign services. Banking: UBS veteran Claudio Scarfone will retire at the end of October after a long career leading parts of the bank’s business with independent asset managers. Housing: Swiss house prices are still climbing, adding to concerns about affordability and pressure on local buyers. Arms Policy: Opponents of proposed changes to Swiss arms-export rules warn they could undermine support for Ukraine. Health and Climate: Osteoporosis remains underdiagnosed and untreated in Switzerland, while drought conditions persist despite recent rainfall. Education: The number of schoolchildren is expected to fall by 2035, raising questions about future demand for schools and teachers.

Housing: Swiss home prices climbed again in the third quarter: single-family homes rose 3.6% year on year and flats 5.9%, with Zurich and western Switzerland among the strongest markets. Privacy: Swimming pool and sauna groups are calling for camera-equipped smart glasses to be banned across their premises, citing the difficulty of spotting recording devices. Arms Exports: Opponents of proposed rules easing military exports have launched their campaign ahead of Switzerland’s November 29 vote, warning the changes could allow exports to countries in civil war. Economy: Switzerland ranked second worldwide in the 2026 Economic Freedom of the World index, behind Hong Kong.

Health & Innovation: Basel-based Roche is urging healthcare systems to adapt to rising chronic disease, while Swiss biotech Idorsia reported promising blood-pressure results for aprocitentan. Swiss Economy: Raiffeisen has sharply raised its growth forecast, and consumers are still spending despite higher prices; global interest rates, however, are expected to stay high. Housing & Public Safety: Debate is growing over Airbnb’s impact on Swiss housing. Authorities are also considering longer police detention after Bern riots, while the expert report into the Crans-Montana tragedy has been delayed. Climate: Swiss glaciers lost 5.5% of their ice in 2026, as researchers and students explore ways to slow the melt. Cybersecurity: Switzerland’s federal pension fund is facing a data breach after a cyberattack on its software provider.

Crans-Montana Inquiry: The expert report into the deadly fire has been delayed until at least the end of January. Valais prosecutors say the investigation needs more time because of its complexity. Mental Health: Several hundred people gathered outside parliament in Bern for Switzerland’s fourth Mad Pride, calling for greater acceptance and inclusion. Gaza Protests: Thousands demonstrated in Swiss cities. Zurich’s rally was peaceful, while police in Lausanne used tear gas after masked protesters vandalised a UBS building and threw firecrackers. Swiss History: Federal prosecutors are to investigate allegations that the historical predecessors of Zurich, Bern and Solothurn helped finance slavery in the 18th century. Research: EPFL scientists have developed a flexible fibre motor designed for soft robots, which can bend and lift small loads without rigid gears. Basel Archaeology: Renovations uncovered a remarkably intact 13th- or 14th-century heating system from the former Gnadental convent, including its underground chamber and air vents.

Housing and Prices: Debate is growing over Airbnb’s impact on Swiss housing, while consumers keep spending despite rising prices. Pensions and Public Order: The government is defending a VAT increase to fund higher state pensions; separately, Switzerland is weighing longer police detention after riots in Bern. Energy Policy: Invalid signatures have halted a vote on easing rules for solar power plants, while Swiss citizens may get a say on building new nuclear reactors. Business: Swiss logistics giant Kuehne+Nagel is doubling down on China as AI reshapes global trade. Research: Scientists at CERN’s Large Hadron Collider have produced tiny amounts of gold by stripping protons from lead nuclei.