Former NATO Secretary General and Prime Minister of Denmark Anders Fogh Rasmussen opened the Swissmem Industry Day on June 23, 2022, and presented his analysis of the security situation in Europe. For him, it is clear: "In the short term, an increase in tensions between autocracies and democracies is inevitable." Addressing entrepreneurs, he said, "In 2022, every big company needs its own foreign minister. Only by understanding the geopolitical risks can you stay one step ahead of your competitors." Philippe Amon, President and CEO Sicpa, expressed similar sentiments, saying, "Global strategic dynamics are becoming increasingly aggressive. True success lies in our ability to anticipate."

Uncomfortable situation for small states

Martin Hirzel, President of Swissmem, also commented on security policy: "For years now, we have been noticing a return to protectionism, nationalism and militarism in various countries. Internationally, the law of the strongest is increasingly gaining the upper hand. For small states like Switzerland, this is particularly uncomfortable. In my view, it is high time for Switzerland to reassert its commitment to an international system based on international law, multilateralism, cooperation and trade." 

Federal Councillor Ueli Maurer, head of the Federal Department of Finance, which is responsible for cybersecurity at the federal level, emphasized: "Cybersecurity is well supported in politics across party lines."   

Swiss MEM companies are the target of numerous attacks 

In the age of digitalization, industrial companies offer particularly large attack surfaces for cybercriminals. Cyberattacks, but also physical attacks, are a constant threat today. At the Industry Day, Martin Hirzel presented the results of a survey of Swissmem member companies conducted in collaboration with the Institute of Criminal Law and Criminology at the University of Bern. They clearly show that attacks can hit any company regardless of its size. The damage potential is enormous and, in extreme cases, can endanger the existence of a company. Accordingly, awareness of these risks is high in Swissmem member companies. Targeted measures are being implemented in almost all companies. As a result, 82 percent of the attacks classified as very serious had no consequences or could be remedied in the short term. Martin Hirzel, President of Swissmem, draws the following conclusion from this: "I am glad that there is a high level of awareness within the Swissmem membership about cyber attacks and physical threats. However, attention must not wane. Every company must always be technologically and organizationally prepared to fend off such attacks." 

Experiences with cyber attacks

At a panel discussion, Irina Leutwyler, CEO Wesco AG, Barend Fruithof, CEO Aebi Schmidt AG, and Andrea Roth, CEO Geobrugg AG, described their experiences and lessons learned from attacks on their companies. Representing all of them, Irina Leutwyler supported the statement of the Swissmem President: "We are constantly preparing for the next attack. Because it will come!" 

The Industry Day was rounded off with a panel consisting of National Councilor Maja Riniker (FDP), National Councilor Edith Graf-Litscher (SP), National Councilor Franz Grüter (SVP) and National Councilor Gerhard Andrey (GRÜNE).  

Source: www.swissmem.ch

Swiss Insurance Monitor 2022 Onepager corrected The "Swiss Insurance Monitor 2022" is the second edition of the onepager published by the Institute for Marketing and Analytics (IMA) of the University of Lucerne's annual study series on consumer behavior in the Swiss insurance market. The contents place a special emphasis on topics relating to the ongoing digitization of the Swiss insurance market, focusing on the interaction between customers and insurance companies along the customer journey and on new types of insurance approaches. In addition, the report draws comparisons at selected points with the results of the previous year's study. The study format, which is representative for Switzerland, was realized in cooperation with the Swiss Digital Insurance Association, elaboratum suisse GmbH, FinanceScout24 (Swiss Marketplace Group) and a consortium of insurance companies.

Selected results of the study

According to the study, insurance customers have so far taken out slightly more insurance policies in the 12-month period from February 2021 to February 2022 than in the same period a year earlier. The number of insurance companies has decreased slightly at the same time. Although the population resident in Switzerland tends to be less interested in insurance topics on average, one-third of the population has actively searched for information on insurance in the past 12 months; 28 percent have taken out a new policy and/or changed their insurance company. Insurance customers feel better insured overall compared to 2021, although there are regional differences here: For example, there is a slight east-west divide and a tendency for people in rural areas to feel better insured compared with urban areas.

Positive evaluation of insurance

People living in Switzerland predominantly rate insurance positively. In particular, insurance companies are rated positively by their customers if they have already had a claim, if they can identify with the brands of the insurance companies or if they have personal customer service representatives. In terms of sustainability, insurance companies tend to score poorly - respondents perceive insurance companies and their services to be rather unsustainable.

A few other findings of the study: 80% of the population living in Switzerland would like to see more transparency in the composition of premiums and in claims coverage. 55% of the population can imagine "signing" insurance requests exclusively digitally in the future.

Insurance market at crossroads between online and offline

With regard to the preference for online or offline forms of interaction, the picture is ambivalent: customers prefer online channels for searching for information, calculating offers and interacting in the event of a claim. When it comes to contract-related transactions, the opinion is reversed: when it comes to concluding and terminating contracts, offline channels are preferred. "Especially when it comes to concluding contracts, the aspect of trust plays a very important role," explains study leader David Finken, a doctoral student and research associate at the Institute for Marketing and Analytics. "Customers therefore see offline channels as having a slight advantage over online offers on this issue, although there are age differences in this respect." Preference for online or offline also depends on whether people live in the city or in the country. Urban residents are more inclined to interact with insurance online. Younger groups of people perceive online and offline insurance offers as equally trustworthy. When asked what customers would like to see from insurance companies in the future, it emerges that many would like to see more transparency in the composition of premiums and in claims coverage. In addition, customers would like to be rewarded for their loyalty.

Source and further information: University of Lucerne 
A detailed overview is available here.

The company Ifolor has been focusing on improving its own environmental performance for years. Since 2012, the well-known manufacturer of photo books, photo calendars, photo greeting cards, wall decorations and photo gifts of all kinds has already been working CO₂-neutral: The ecological footprint is minimized and unavoidable emissions from business operations are fully offset. In April 2022, Swiss Climate again awarded the family-owned company the "Certified CO2 Neutral by Swiss Climate" label.

Detailed environmental relevance analysis carried out

As of June 2022, Ifolor will now receive initial certification to ISO 14001:2015 from SQS - the Swiss Association for Quality and Management Systems. The company has strived to apply the same systematic and continuous approach to environmental management as it does to its existing integrated management system for quality and data protection. Ifolor has held these two quality certificates since 1994 and 2003, respectively. For a thorough organization in setting up and implementing environmental management, Ifolor brought in Linz & Partner, an external consultancy, to prepare a detailed environmental relevance analysis in the areas of infrastructure, mobility and over the entire life cycle of products and services, and to meet the other elements of the standard.

Ifolor focuses on sustainable products

The decisive functionaries within Ifolor AG have acquired the necessary knowledge in further training courses in order to constantly develop and optimize the commitment to environmental issues as part of the integrated management system and to also thoroughly train their employees. In this way, the company contributes its share to the protection of the environment with the contributions such as the reduction of waste, the reduction of energy consumption, the use of reusable materials and the climate compensation of the business activity. The photo service provider also places great emphasis on the introduction and design of sustainable products.

Founded in 1961, the family-owned company Ifolor is active in fifteen countries, employs around 250 people and generates annual sales of more than CHF 100 million. The popular photo products are manufactured at the Swiss headquarters in Kreuzlingen and in Kerava, Finland.

Source and further information

After a break due to corona, it finally took place again: The ESPRIX Forum, which is always dedicated to the presentation of the ESPRIX Swiss Awards for Excellence. This year, even though there was no main winner, there were two award winners: Clinique de La Source from Lausanne and Schützen Rheinfelden AG. Both were thoroughly "screened" by honorary EFQM assessors during several days and finally evaluated by the jury chaired by Christian Hunziker. Clinique de La Source, led by Dimitri Djordjévic, won the "Creating value for customers" award for the second time after 2014. Director Dr. med. Hans-Peter Flury received the trophy on behalf of Schützen Rheinfelden AG, which operates hotels and a clinic for mental illnesses under one roof. Schützen Rheinfelden AG was recognized in particular for its holistic, people-focused operating culture.

The need for transformation

Before the award ceremony, Prof. Dr. Dr. Stefan Brunnhuber spoke on the topic of "The Art of Transformation. The medical doctor, economic sociologist, psychiatrist and economist is a member of the Austrian Chapter of the Club of Rome, the organization that first pointed out the finite nature of global resources in a report 50 years ago. Accordingly, Brunnhuber was emphatic in pointing out that the process of "Loosing Earth" has accelerated massively in recent years - not only through the consumption of resources, but also through the consequences caused by this, such as environmental pollution and climate change. "The costs have already been incurred, but the bill has not yet been paid," Brunnhuber said. But he also pointed to the opportunities: infinite, for example, is the resource of the human mind. This is the basis for being able to solve many problems or adapt to new situations. The invention of the needle, for example, enabled humans to adapt to climates for which they were not actually designed, even in prehistoric times. This example underscores the fact that transformation is ultimately pure craftsmanship. Keywords in this context - the speaker speaks of six "R "s - are: Regionalization (instead of globalization), reduction, returning to regenerative agriculture, resilience, rules and re-shaping (in the sense that we modify our lifestyle). Let's hope that Brunnhuber's remarks will not only fall on fertile ground among those present...

Next ESPRIX Swiss Award for Excellence: June 2024

Phil Dankner led through the evening, which was pleasantly interrupted by various show blocks, such as the tambourine group "Stickstoff" or the singer "Elle". The location and the summery weather created an overall atmosphere worthy of the award. Franz Odermatt, president of the foundation board of ESPRIX Excellence Suisse, was also very pleased with the successful evening. He encourages organizations that are already very advanced on their EFQM path to apply for the next ESPRIX Swiss Award for Excellence. This is scheduled for June 2024.

Further information: www.esprix.ch

Tourists are extremely wary of pickpockets on vacation. But when it comes to their digital security, they are less careful. Yet credit card fraud, data theft and identity theft lurk around every corner. Whether at the airport, hotel, campsite or Internet café - cybercriminals use every opportunity to scam sensitive information from travelers. "Public WLAN hotspots are very popular during the vacations, but so are they among criminals. They manipulate WLAN accesses in order to tap login and banking data. Holidaymakers should therefore play it safe and never enter confidential data such as credit card information there and conduct online banking transactions or similar via it," explains Thomas Uhlemann, IT Security Specialist at ESET. "But there are other scams designed to trap vacationers that start even before the trip. "

Tips for an online safe vacation

Before the vacation:

• Beware of nasty rip-offs on online travel portals: Alleged vacation bargains are increasingly luring holidaymakers to fake web travel portals where they enter their credit card information unsuspectingly. Instead of the vacation paradise they booked, they find an empty vacation fund in their account.
• Secure your data: Install security software or update it to the latest version to protect against phishing, Trojans, and other malware. Make backups of your data. If your digital device gets lost on vacation, you'll still have the data at your fingertips. Also, use an anti-theft solution to recover your stolen or misplaced device. On the notebook, encrypt the data for security.
• Post little on social media: Both before the vacations and in the middle of them, you should restrain your joy about it. It's best not to reveal anything about it on public profiles. Because real and virtual thieves are just waiting on Facebook and Co. to know who is going on vacation and when.
• Have your credit card blocking numbers on hand: This way, in case of loss, you can immediately render the credit or debit card unusable.
• Set up a "vacation email account": This way, you can send pictures and messages without worrying, because even after a hack, no other personal data can be found on it.

On site:

• Log out from the Internet cafe and delete any data left behind: After using computers in a cafe, remove browser temporary files, browsing history, and cookies. Log out of websites where you have logged in as a registered user. Otherwise, the next user may still be able to access your account.
• Use WLAN hotspots only with VPN connection: Just to check the balance of the travel fund or quickly pay a bill. Relying on open Wi-Fi access while on vacation is not a good idea. It is not uncommon for cybercriminals to manipulate Wi-Fi hotspots in order to obtain data and money. Users should therefore additionally secure the connection with a trusted VPN solution or activate your data roaming and surf as usual via the mobile network operator. Online shopping sprees or financial transactions are nevertheless better left until after the vacation.
• Be careful with contactless payment: Credit and debit cards belong in a protective sleeve or a special wallet with integrated RFID and NFC blockers. Thieves have special devices with which you can read the data on them. In addition, it is better to use far more secure payment methods such as Apple and Google Pay.
• Deactivate Radio networks: If you are not in use, it is better to switch off your Bluetooth and WLAN functions. This will give cybercriminals fewer attack surfaces.
• Never let your device out of your sight: Only a few minutes are enough to spy on access data. Also, do not place directly in the sun to avoid "data fire".
• Stay away from software updates and certificates: If you first have to update the software or download certificates for a WLAN connection, it is better to cancel the whole thing. It is not uncommon for malware to be hidden behind this.

Upon return:

• Run a malware scan: Before you connect your devices used on vacation to the home network, you should check them for malware with security software or at least an online virus scanner.
• Change your passwords on the services you use: After the vacations is a welcome opportunity to change passwords on social media, email services, etc.. Safe is safe!

No chance for cyber criminals

If you want to play it safe on vacation and in everyday life, the European IT security manufacturer ESET offers an all-round carefree package with its "Smart Security Premium" product. In addition to virus protection and firewall, the security software also offers a comprehensive anti-theft module and effective data encryption. Thanks to this solution, many users have been able to get their devices back after a theft, according to the manufacturer.

More information on www.eset.ch

The term "Power-to-X" (P2X) describes innovative key technologies that can make a decisive contribution to defossilization and thus to achieving climate targets. These are processes that convert electricity, renewable energy sources and CO2 into synthetic energy carriers. P2X can be used to produce solid, liquid and gaseous fuels and chemical products. P2X also includes storage solutions and solutions for sector coupling. The coupling of the electricity, heat and transport sectors is seen as one of the keys to the energy turnaround. 

Association for the promotion of Power-to-X

Since 2021, the SPIN association has been advocating nationally and internationally for framework conditions that promote P2X technologies. SPIN fosters the exchange of experience between P2X stakeholders from business, science, civil society, politics and administration. Complementary to this, Swissmem represents the Swiss mechanical, electrical and metal industry as its leading association for SMEs and large companies. Many of the approximately 1300 member companies are involved with P2X technologies. This applies in particular to companies in the industrial sector "New Energy Systems.. These focus on innovative technologies and applications in energy production, storage, transmission and distribution as well as energy management systems, including sector coupling.  

More power through cooperation 

SPIN and Swissmem are convinced that the use of P2X technologies is necessary to achieve the net zero target by 2050. Therefore, the two organizations plan to join forces and exploit synergies as they arise. Together, they want to help power-to-X technologies achieve a breakthrough. The aim is to make a relevant contribution to defossilization, to the long-term security of energy supply and to industrial value creation in Switzerland. 

From October 2022, the office of the SPIN association will be located at Swissmem in Zurich. Peter Metzinger, physicist and campaigning pioneer, and Roger Sonderegger, Head of Department at Swissmem, will take over the co-management. In addition, a three-member co-presidency and a total board of nine members will be formed.  

National event on 23 June 2022

As part of the action planning, a national SPIN DAY is to be held regularly to bring together the relevant P2X stakeholders and promote exchange. In addition, the cooperation with industrial companies, with science, with the authorities and other stakeholders in the environment of renewable energies is to be institutionalized. And last but not least, public relations work is to be carried out to draw attention to the advantages and opportunities of P2X technologies and to raise awareness in the political arena.  

The first SPIN DAY will take place on June 23, 2022 at the Swiss Innovation Park in Dübendorf (https://spin-together.ch/spin-day-2022/). Speakers include Federal Councillor Simonetta Sommaruga, Head of DETEC, and Carmen Walker-Späh, Head of the Department of Economic Affairs of the Canton of Zurich. In addition, well-known representatives from business and science - for example from EMPA, the German Aerospace Center, Synhelion and SWISS - will contribute to the event. Workshops play a central role at SPIN DAY. Representatives of more than 70 organizations from research, industry, politics, administration and civil society will work out common goals, necessary framework conditions and support measures. 

Source: Swissmem

Every year, 8700 children are injured on a playground - mostly in falls. The cause of accidents is often poor maintenance of playground equipment or unsuitable flooring. This is why great attention must be paid to accident prevention in the planning, construction and maintenance of playgrounds.

Training course for professionals

In 2008, BFU therefore launched the "Playground Safety Specialist" course. The course was aimed at playground equipment manufacturers, playground designers and responsible persons in the maintenance and inspection of playgrounds. The aim was to impart knowledge about the most important specifications and requirements from the SN EN 1176 standard as well as the organization of the correct maintenance of children's playgrounds.

Cooperation of the AAIB with the Swiss Safety Center

The Swiss Safety Center has developed the new course "Qualified Playground Specialist" and has been offering it since this year. The course is completed with the certificate "Qualified Playground Specialist" and represents the highest qualification to be obtained in Switzerland.

The BFU and the Swiss Safety Center have decided to cooperate in the training of playground professionals. From 2023, the BFU will therefore no longer offer its own certificate course, but will collaborate with the Swiss Safety Center course.

Playground safety remains important topic at BFU

The safety of playgrounds continues to be a major concern for BFU. BFU will continue to pass on the knowledge of how to recognize danger spots during the maintenance of children's playgrounds in 1-day courses. And, of course, the technical documentation "Playgrounds" will remain up to date.

Further information on the course "Qualified playground specialist
https://akademie.svti-gruppe.ch/de/kurse/lehrgang-qualifizierte-spielplatzfachperson/k!24425/  

Networking through IoT devices is continuously increasing. The experts from IoT Analytics predicted in December 2021 that the number of active endpoints worldwide would increase by nine percent to 12.3 billion devices by the end of the year. Accordingly, the total number of connections would be over 27 billion in 2025. Companies in Industry and healthcare have increasingly implemented devices, including simple sensors or IP cameras, that are connected to the central corporate network. Even small and medium-sized enterprises are opening up more and more to the Internet - often without a corresponding IT security plan and with few defensive resources.

Sensors and IoT hardware as entry points

IoT hardware is an attractive target for hackers: They hijack IP cameras with a connection to the corporate network for botnets in order to then carry out denial-of-service attacks via them. Private routers or other IoT devices in the home office are a widespread threat. Attackers can use them to gain access to the central IT infrastructure in the company. Ultimately, even small gaps open the doors and gates for far-reaching hacking activities.

There are several reasons why sensors and IoT hardware are a weak point in IT defenses: Many administrators often don't know which devices are part of their network. In addition, companies use the devices as long as they somehow function - longer than the manufacturer intended. If the manufacturers then no longer support such systems, these devices grow into a security vulnerability, especially since users often do not update the devices. If there are any updates at all.

Examine data traffic for anomalies

Those who want to detect and defend against the exchange of commands between sensors and command-and-control servers or lateral movements for malicious purposes at an early stage need immediate access to IoT devices. If devices have an IP address and are part of the enterprise network, NDR can see and evaluate traffic from the IP video camera, sensor on the shop floor, or smart door lock.

The fingerprint of anomalous communication with managed IP-based IoT devices clearly stands out from normal data traffic: Sensors in production, for example, regularly deliver small packets to central systems and application in secure standard operation and hardly ever receive data packets back - apart from an update. In contrast, there is no data to be transmitted externally, unless a supplier wanted to send data to the partner. However, an analysis of network traffic trained by artificial intelligence and machine learning detects unanticipated events and sounds the alarm.

Six tips to detect, analyze and defend against attacks from the Internet of Things

At the same time, IT administrators should follow this advice to fend off attacks from the Internet of Things:

1. Segment enterprise networks: IoT devices should move in their own network. To collect and forward data locally, a guest network is sufficient. Access to such a network or conspicuous patterns in the data traffic between IoT and central network can then be efficiently seen and monitored.
2. Zero Trust as basic protection: No access of an IoT device should be allowed unchecked. This default access control creates immediate security and prevents a proliferation of IoT hardware with access to the network.
3. Virtual patching: A virtual patch in an application firewall helps control the traffic of non-upgradeable or manageable IoT devices with the network. They resolve existing security issues via firewall-level blocking.
4. Immediate action must follow an alarm: Anomalous patterns of traffic on the network must trigger defensive measures through firewalls, antivirus, endpoint detection and response, or identity management. Blocking systems or an automatic snapshot backup at the first occurrence of a supposed attack and during preparations are automated immediate measures to prevent damage.
5. Build a comprehensive defense strategy: If IT systems are not part of the corporate network, IT administrators can theoretically install a sensor of an NDR locally, which entails high costs and administrative effort. Other security technologies therefore play an important role, for example, in the case of the unmanaged home router: An EDR client provides immediate protection for this endpoint.
6. Analyze events to prevent tomorrow's attacks: If NDR has blocked an attack with the help of other technologies, the analysis of the incident plays an important role in closing the gap and preventing follow-up attacks. The paths of an attack, which Network Detection and Response records in a timeline to and from the outside as well as within the system in a mirror of all traffic, remain visible. Artificial intelligence and machine learning also create new attack patterns of traffic that may indicate an IoT attack and help with future defenses.

Detect traces in data traffic

The threat from the Internet of Things quickly overwhelms IT teams with limited human and technical IT resources. But every time IoT is the launching point for an attack on core IT infrastructure with systems, applications, and corporate knowledge, these events map to traffic. Network Detection and Response, which develops normal models of traffic based on AI, machine learning, and threat intelligence, sounds the alarm when anomalies occur and performs automated defenses. Such defenses are now within reach for small and medium-sized enterprises.

Author:
Paul Smit is Director Professional Services at ForeNova B.V. This company is a fast-growing cybersecurity specialist that offers affordable and comprehensive Network Detection and Response (NDR) to mid-sized companies to efficiently mitigate damage from cyber threats and minimize business risks.

The leading specialist in the measurement of forces and moments, according to its own GTM from Germany has received the re-accreditation of its Calibration laboratory passed. Every five years, the equipment itself is put to the test: an elaborate procedure involving several months of preparation. The manufacturer has now successfully passed the test and sees this as further confirmation of its high level of expertise in precision. After all, the calibration of measuring instruments for industry, calibration and testing laboratories is one of GTM's most important services: Traceable calibrations - from the manufacturer of goods to the state institute - form a cornerstone of the international trade in goods. If measuring equipment is inaccurate, it can drastically reduce the quality of products and processes. Possible consequences: Rejects, interruptions in production, unnecessary costs and, in the worst case, recalls and claims for compensation. 

Many years of experience with calibration laboratory

The calibration laboratory at GTM has existed since 1993. The first accredited measuring device was the measuring device for force transducers up to 100 kN. Over the years, the laboratory was expanded and extended - out of own research interest, but also always with an eye on the needs of the market.

In addition to measuring equipment for calibration for force transducers, measuring equipment for torque transducers, strain gauge measuring amplifiers as well as multi-component transducers are now part of the GTM laboratory. The measurement uncertainty is so low that many state institutes own measuring equipment from GTM; in some countries GTM developments even set the standard. In addition to international and national calibration procedures, GTM also applies calibration procedures developed in-house, which are internationally recognized and unrivaled due to their accreditation.

A lot of pioneering spirit

Still unique worldwide is the possibility to measure and calibrate several forces and moments of multi-component transducers along different vector axes simultaneously. Since April 2022, GTM has demonstrated pioneering spirit and expanded its range of services with a new measuring facility that is now also accredited.

What a roller coaster ride: In the past eight months, the price of a barrel of Brent crude oil initially almost doubled from around 70 to more than 130 U.S. dollars, only to drop again by 20 percent. The price is now around 120 U.S. dollars, but continues to fluctuate noticeably. This should not come as too much of a surprise. After all, the oil price is currently not only an expression of supply and demand, but also a plaything of geopolitical developments, driven by the war in Ukraine. It is caught between the high demand for energy and the declared desire to accelerate the move away from fossil fuels in order to limit climate change. 

Commodity prices: Ukraine war causes crude oil prices in particular to rise

A review: The Corona pandemic had led to a significant drop in demand for crude oil and refined oil products worldwide. People drove fewer cars and flew on vacation less frequently or not at all. The mood in industry was also gloomy and energy demand was therefore significantly reduced. To keep prices stable, the Organization of Petroleum Exporting Countries (OPEC) reacted by countering low demand with low supply. It cut production. Then, as the pandemic slowly receded into the background and demand rose again, but production initially remained the same, the price of oil began a small spike. Stocks emptied. Then the war in Ukraine began and the oil price literally went through the roof. In addition to the already increased demand, uncertainty arose in view of the threat of supply stops and possible embargoes against the backdrop of empty inventories.

In addition, against the background of the sustainable transformation of the economy, the oil industry has not invested for a very long time. Renewable energies are expected to replace oil and gas in the long term. So why spend a lot of money to develop a new oil field? As a result, production capacity can no longer be ramped up without further ado. This has put oil companies in a comfortable situation. Costs are low because little has been invested, but cash flows are immense thanks to strong demand and high prices. No wonder shares in oil companies have done very well in recent months.

Nevertheless, what has happened in Ukraine and the consequences for the world market have made it clear that we are not yet ready for the oil exit. Shifts on the supply side can result in a significant price reaction. At least with regard to crude oil, however, it can be stated that the situation has calmed down somewhat. The release of strategic reserves by the U.S., for example, has eased the market, OPEC has adjusted production upward again, and Russian oil is finding alternative routes back into the world market. Instead of flowing westward as before, it is now flowing eastward to Asian buyers such as China and India. They are buying the oil at a substantial discount of around $35 per barrel. Basically, the supply situation is intact.

Against this background, the question arises: Why does the consumer feel so little of the improved supply? The answer is indeed difficult. Because the price of refined products has actually decoupled somewhat from the development of the oil price. The high cost at the pump is due not least to the fact that Russia is not only a major oil exporter, but also sells many oil products abroad. In addition to the 2.7 million barrels (casks) of crude oil that Russia exports to the EU, there are 2.3 million barrels of refined products, such as diesel or gasoline. And these products cannot be easily replaced because they are usually refined as close to the end consumer as possible. With some refineries also down as a result of the war, the remaining sites are operating at full capacity, and margins have climbed to record levels. For this reason, the reduction in the mineral oil tax will only help to ease the burden on consumers with a delay, if at all.

Vacation season additionally increases demand

The problem is that the situation is unlikely to improve much in the coming weeks. Millions of Europeans are looking forward to their summer vacation, and for many it will be the first real time off after the Corona years - and hardly anyone is going to take that away, not even for cost reasons. In addition, China is increasingly easing its Corona measures, so that more oil is likely to be needed again in the Middle Kingdom. This means increased demand, which is being met by low inventories, tight refinery capacities and limited supply. And because intermediate products are also affected by demand, the oil price should also remain at an elevated level in the coming months.

The good news is that the situation should gradually ease from late summer. This is because two effects can be expected: supply is steadily increasing, as OPEC and the USA are both expanding their production. At the same time, the expensive price of gasoline will hit consumers in the wallet, especially since measures such as the fuel rebate in Germany will then also be abolished. This means that demand is slowly declining. The whole thing happens at a time when, for seasonal reasons, less oil is needed anyway than, for example, at the height of summer - especially as many people are likely to fill their oil tanks earlier than usual this year for fear of supply shortages. The bottom line is that the price of oil should fall gradually. By the end of 2022, a barrel of Brent crude should cost around 95 US dollars. In twelve months' time, the price could then be around 80 US dollars - provided we do not see any further escalation in the Ukraine war, for example as a result of the involvement of other warring parties, and also no sudden increase in demand from China.

Gas price remains permanently at higher level

Unlike oil, we will have to get used to structurally higher prices for gas. Until now, Europeans have been in the comfortable situation of being supplied with cheap pipeline gas from Russia. But the Russian invasion of Ukraine changed everything. The risk of Europe's enormous dependence on Russia came to light and the issue of energy security moved to the top of the agenda for politicians, companies and private households. On the one hand, Russia could stop gas supplies at any time, plunging Europe's economy into a deep recession. On the other hand, gas exports are an important source of revenue for Russia, which is also used to finance its war of aggression. Until February, some countries had not seen the dependence as a problem. Now, however, there is acute pressure to act. One key: The large-scale - and in any case urgently needed in the fight against climate change - energy turnaround, which is becoming even more important as a result of current developments.

Until a nationwide and sufficient supply of green energy is within reach, Europeans will have to obtain their gas on the world market in the form of liquefied gas. In doing so, they are competing with Asian countries. This is clearly noticeable: Year-on-year, the price of gas has quadrupled. Until now, gas in Europe was usually somewhat cheaper than in Asia. Those days are likely to be over. In short, Europe has to pay a higher price than the Asian states to get its gas delivered. The truth is also that the Asian states are likely to generate their electricity by burning coal if demand from Europe means that gas is no longer affordable for them.

Rapid relief is hardly to be expected here. It will probably be several years before new sources, for example in Qatar, are developed. The construction of new plants and the development of new gas fields are also hampered by the political will to achieve an energy turnaround and say goodbye to fossil fuels. With regard to gas in particular, it is therefore necessary to grit our teeth and press ahead with the expansion of renewable energies in order to at least reduce the price by lowering demand.

Source: www.union-investment.de

Solidarity agreement for gas between Germany and Switzerland

Rising commodity prices are preoccupying politicians on many fronts. At the World Economic Forum (WEF) in Davos, for example, Federal Councilors Guy Parmelin and Simonetta Sommaruga met with German Vice Chancellor Robert Habeck. They decided to conclude a solidarity agreement on gas supply in crises. The aim of this agreement is "that we can support each other in an emergency," explained Federal Councillor Sommaruga. 

Nothing has been signed yet. It is impossible to know how long it will take to reach the solidarity agreement, Sommaruga explained further. But the will for a pragmatic solution is there, she said. Currently, Switzerland is dependent on Russian gas for about 40 percent of its households, especially through supplies from Germany. The Federal Council further reiterated that it wants to build up alternative reserves in countries such as France, Germany and the Netherlands.

Germany, which is highly dependent on Russian gas, has just signed a partnership with Qatar. Part of that package includes being able to buy liquefied natural gas. "Swiss companies can apply to be involved in this," Habeck said about it at the WEF.

(red./SDA, Swissinfo)

Suva posted a positive operating result of CHF 331 million for the past financial year. All insurance branches are financially in balance, as was announced on June 10, 2022, at the annual media conference. The good result also ensures low premiums for Suva policyholders in 2023.

Reimbursements of excess investment income

As already announced at the beginning of March, Suva was able to achieve a good investment result for 2021 due to positive stock market developments. The investment performance reached 7.5 percent. The largest contribution came from investments in equities and private equity as well as real estate and real estate funds. 

Due to the upper limit of the solvency ratio of 180 percent set by the Suva Council, excess investment income was segregated. The Suva Council subsequently decided to use CHF 824 million of this for the benefit of insured persons. In occupational accident insurance (OI) and non-occupational accident insurance (NIA), this corresponds to a refund of 20 percent of the net premiums for all insured persons. The Suva Council will decide on the use of the remaining withdrawn surpluses in subsequent years, depending on the financial situation. Suva's assets are fully earmarked. They cover Suva's obligations for around 80,000 current pensions as well as future medical expenses and daily allowances and other insurance benefits from accidents and occupational diseases that have already occurred.

Registered accidents increased

In 2021, Suva registered a total of around 450,000 accidents and occupational illnesses (previous year: 430,000). This is more than in the first corona year 2020, but still significantly less than in 2019 before the pandemic. The increase was greater for occupational accidents than for recreational accidents. The reason for this is that many sporting activities were severely restricted during the first five months of 2021. 

The number of new disability pensions continues to decline, with 1092 cases (previous year: 1141). According to Suva, this development is due to the fact that workplaces have generally become safer and prevention has reduced the number of accidents resulting in IV pensions. Due to the lower number of new disability pensions, provisions could be released in 2021. This contributes significantly to the positive annual result in 2021.

Continued low premiums in the coming year

Thanks to the favorable risk development and the reimbursement of surpluses from previous years, the average net premium rates in occupational accident insurance decrease significantly. In non-occupational accident insurance, average net premium rates are falling slightly due to the favorable risk development. Depending on the claims experience, however, there are different developments in the individual risk classes, according to the insurer. With the additional reimbursement of excess investment income amounting to 20 percent of net premiums in occupational and non-occupational accident insurance for all insured Suva companies, there will again be low premiums in both BUV and NBUV in 2023.

avance" strategy on track

Suva also announced that it is on track with its "avance" strategy. With the expansion of digitalization in claims management with the "smartCare" program, Suva has reached another milestone. The year 2021 was marked by preparations for the changeover. Starting in 2022, rules and regulations will take over the entire case management process. Specialists will be deployed for complex tasks or for personal support of companies and accident victims.

With the "Structuro" project, Suva has adapted its structures and processes to the changed requirements in claims management and in customer and partner support as of the beginning of 2022. In addition to the 18 existing agency locations, which are now grouped into seven regions, Suva has created four regional competence centers for claims handling. 

Prevention program 2020+

With the "Prevention Program 2020+", prevention work will be sustainably focused on the time horizon 2020 - 2030. Suva will continue to carry out risk- and impact-oriented prevention work and support companies on their way from a culture of rules to a culture of prevention, in which the vital rules become an integral part of daily work. In this way, Suva wants to work together with the insured companies to prevent even more accidents and occupational illnesses in the future.

Source: Suva

The international technology and services company Bosch increased its sales in the Swiss market to 745 million Swiss francs in fiscal 2021. This corresponds to growth of around 11.5 percent compared with the previous year. Total net sales including internal deliveries to subsidiaries amounted to 1.65 billion Swiss francs. The company, which has been selling its products in Switzerland since 1904, employs around 2,000 people in this country. "The positive result reflects the good performance of our various business units and the efforts of our associates to take advantage of opportunities in an unfavorable global environment," said Ute Lepple, representative of the Bosch Group in Switzerland.

Integration of acquired companies

Ute Lepple was particularly pleased about the growth resulting from the acquisition of Elpro Group AG in Buchs, as well as the change of name of Buderus Heiztechnik AG to Bosch Thermotechnik AG. With both activities, the company is strengthening the presence of the Bosch brand in Switzerland. "2022 will be another challenging year. We are off to a good start and will do everything we can to grow faster than the market in the important sectors," says Ute Lepple.

Sales development by business sector

In the Mobility Solutions business sector, Bosch again recorded significant growth in the Automotive Aftermarket business unit and in drive and ride assistance systems for eBikes in Switzerland in 2021, according to the annual report. The Consumer Goods business sector once again increased its sales compared with the already strong previous year. Despite the pandemic and economic challenges, the Industrial Technology business sector also succeeded in increasing sales, supplying customers reliably and further improving satisfaction. In the Energy and Building Technology business sector, the Thermotechnology division recorded solid growth. Sales in the key heat pump submarket were particularly pleasing, with significant gains in market share.

New CO2-neutral headquarters of Bosch Switzerland

In March 2022, Bosch Switzerland started the construction of a new administration building at its site in Zuchwil (SO). With an investment sum of 45 million Swiss francs, the construction project is one of the company's most important investments during the last few years in Switzerland. By 2024, a CO2-neutral four-story building with a wooden construction will be built on an area of 14,900 m2. The building is planned both as the headquarters for Bosch Switzerland and for the headquarters of the globally active Bosch Power Tools Accessories product division, Scintilla AG.

Bosch Group: Outlook 2022 and strategic course

The company as a whole achieved significant increases in sales and earnings in 2021 despite difficult underlying conditions. In the first quarter of 2022, sales of the technology and services company grew by 5.2 percent. For the year as a whole, Bosch anticipates an increase in sales of more than 6 percent and an EBIT margin in the three to four percent corridor - although the company expects considerable burdens, particularly from cost increases for energy, materials, and logistics. "The successful fiscal year 2021 gives us confidence that we can also master the challenging environment of the current year," said Dr. Stefan Hartung, chairman of the board of management of Robert Bosch GmbH. Among the significant uncertainties is the war in Ukraine with all its implications. According to Hartung, the current situation highlights the pressure on politicians and society to act, to become less dependent on fossil fuels and to vigorously pursue the development of new energies. For this reason, he said, the Bosch Group is systematically continuing its efforts to protect the climate, despite the challenging economic environment. To this end, Hartung announced investments in climate-neutral technology such as electrification and hydrogen amounting to a good three billion euros over three years.

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