🇨🇠Switzerland Won the World Cup
Spain, Argentina, whoever. The trophy that mattered was a $15B line item on a hill above Zurich.
The final was Spain against Argentina, in New Jersey, and by the time you read this someone has lifted a gold trophy and cried into it. Good for them. The actual winner of this World Cup was a non-profit registered above Zurich that will announce $15B in revenue, after telling its own members to expect $11B. Missing your forecast by $4B, on the upside, is the kind of problem the rest of us would like to have. Most of the overshoot came from hospitality and the resale market, meaning the money was made not on the football but on the seats around it. For a charity, this is close to miraculous.
And FIFA is, legally, a charity. It is an « association » under Article 60 of the Swiss Civil Code, the exact box you would file a village yodeling club or a neighborhood residents’ group into. It does not publish its accounts. It pays almost nothing in corporate tax. At the end of 2024 it was sitting on $4.76B in cash while its president collected $6M, and none of that dents the non-profit label, because in Switzerland « non-profit » is a legal costume, not a description of the bank balance. And this is not a one-off. Something like 60 international sports bodies sit in Switzerland under the same association status, the IOC included, which is to say the country turned « hosting the world’s referees » into an actual industry. One critic once complained that FIFA was « organized like a small yodeling association in a mountain village. » He meant it as an insult. Zurich read it as a business model. I mean, respect. Genuinely.
The country that actually hosted the thing spent the summer providing content. Trump reportedly leaning on a disciplinary decision over a red card, then standing at a reception to announce « you should choose the United States again, this time we will leave Canada and Mexico out, » which is a sentence a person said out loud, on purpose. Trophy-lounge seats at the final went for $34,500 a head. The resale market ran through FIFA’s own portal, which takes 15% from the buyer and 15% from the seller, so 30%, on tickets it already sold once. America supplied the spectacle, the outrage, the Infantino re-election theater with its 200-odd pledges of loyalty. Switzerland supplied the invoice.
FIFA even opened an office near Miami, shipped some staff over, made noises about being a truly global organization. The headquarters stayed in Zurich. Roughly 800 people are still on Swiss contracts. You do not relocate the goose. Spain or Argentina won something on Sunday. Zurich had already won on Saturday, quietly, in writing, tax-advantaged, with no accounts to show anyone.
M. Hantale 🧀
- 🇨🇠Conflict. Switzerland joins the Team Gaza initiative with 12 other countries to restart the reconstruction of the Gaza Strip, €883.6M (CHF 817.8M) allocated to restore basic services.
- 🇺🇦 Diplomacy. The ministers of the 27 have approved the opening of the 2nd accession chapter with Ukraine, covering security, defence and foreign policy, the second of 6 stages to be completed.
- 🇨🇠Defence. Switzerland joins NATO’s ammunition procurement partnership (ASP), covering over 2,000 types, to reduce costs and shorten delivery times. Swiss companies can now respond to NSPA calls for tender.
- 🇺🇸 Energy. Brent surpasses $90 per barrel following strikes between the United States and Iran, pushing WTI around $84 and signalling a tightening of oil markets.
- 🇨🇠Mobility. Agreement worth £5.2bn between London and Berne: British citizens will be able to use e-gates at Zurich from this year, then at Basel and Geneva next year, and roaming charges are abolished.
Economy & Finance
- 🇺🇸 Inflation. US headline inflation falls for the first time since 2020, whilst core inflation remains stable.
- 🇨🇳 Growth. China saw its GDP grow by 4.3% in Q2, a slower pace than expected and the lowest since late 2022, compared with 5.0% in Q1 and an official target of 4.5–5.0%.
- 🇨🇠Trade. Switzerland joins the European Ports Alliance, a coalition of 28 members (26 EU countries, Norway and Switzerland) and more than 50 ports to strengthen the fight against organised crime and drug trafficking in maritime logistics chains.
- 🇺🇸 Trade. Donald Trump threatens to impose tariffs on Canada to compensate for the « damage » caused by smoke from approximately 200 fires in Ontario, which has made the air dangerous in several American cities.
- 🇫🇷 Rates. The yield on the 30-year OAT climbs to 4.74%, its highest level since October 2008, signalling a tightening of France’s financing conditions.
- 🇬🇧 Taxation. Andy Burnham does not rule out a wealth tax in the future, indicating that his government could « ask a bit more » in taxes if public finances require it.
- 🇫🇷 Deficit. With unchanged policy, France’s public deficit would reach 6.8% of GDP in 2030, compared with 5.9% in 2027, far from the 3% target for 2029.
- 🇪🇺 Deficit. Without reforms, the average public debt of European countries would soar from 75% of GDP today to 155% in 2040, warns the IMF.
- 🇬🇧 Deficit. British borrowing costs have exceeded 5.05% on 10-year gilts, with yields climbing more than 0.3 percentage points since end-June and weighing on an already substantial public interest bill exceeding £100bn per year.
- 🇨🇠Industry. The Weko has opened a preliminary investigation into Google following the removal in Switzerland of the choice screen that allowed new smartphones to designate a default search engine, with Google Search now being imposed at startup.
- 🇨🇠Real estate. Swiss mortgage outstanding debt exceeded 1,300bn CHF for the first time following an increase of 39bn CHF in 2025 (+3.1%), driven by the return of transactions and more favourable financing conditions.
- 🇺🇸 Commodities. The United States will control approximately 1/3 of global LNG capacity following investment decisions covering 110G m³ since January 2025, transforming their leadership into supremacy against Qatar.
Switzerland
- 🇨🇠Diplomacy. Berne is defending a scientific and diplomatic role in the High North, relying on its observer status at the Arctic Council since 2017 and the creation of a new parliamentary group.
- 🇨🇠Diplomacy. The Priestly Fraternity of Saint Pius X filed a preliminary appeal on 11 July against the excommunication of its six bishops, a Vatican decision taken on 2 July following their ordination in Switzerland, this appeal suspends the execution of the decree according to canon law.
- 🇨🇠Justice. The Federal Court confirms the validity of the Valais ban on the sale of disposable electronic cigarettes, in force since May 2025, rejecting appeals from the tobacco industry.
- 🇨🇠Security. At least 7 drones flew over Gösgen nuclear power plant on Sunday evening, triggering a police operation and an investigation to determine the origin and exact number of devices.
- 🇨🇠Immigration. Asylum applications in Switzerland fell by 16% in the first half-year to 9,734 cases, with the State Secretariat for Migration pointing notably to fewer arrivals in southern Italy and fewer applications from Turkish nationals.
- 🇨🇠Solidarity. Lucerne joins the international Rainbow Cities network, becoming the 6th Swiss city to commit to equality for LGBTIQ+ people and to report annually on its actions.
- 🇨🇠Innovation. 100PB of NASA Earth observation data have been copied to the CSCS Alps supercomputer in Lugano to improve weather forecasts, climate predictions and AI models. 40PB from NOAA will follow.
- 🇨🇠Climate. High-altitude stations broke records on Monday, with 8°C at Jungfraujoch (3,571 m), 16.3°C at Säntis and 17.3°C at the Grand-St-Bernard pass.
- 🇨🇠Climate. Facing one of the most severe precipitation deficits since 1864, cantons and municipalities in French-speaking Switzerland are imposing restrictions on water withdrawals, irrigation and swimming pool filling to protect watercourses and groundwater tables.
- 🇨🇠Climate. A study by the SLF shows that extreme floods in the Alps will be more intense and more frequent by the end of the century, with hourly rainfall episodes ~7% stronger per 1°C of warming.
- 🇨🇠Tourism. The national campaign « Travel with care. Leave with memories » is being rolled out by several regions (Jungfrau, Lucerne, Basel, Valais) and is receiving a positive reception with posters and facilitators on the ground.
- 🇨🇠Culture. Storms of rare violence, with more than 26,000 lightning strikes, forced the temporary evacuation of the Montreux Jazz Festival and triggered numerous fire service interventions, with no reported injuries.
- 🇨🇠Culture. Belgian filmmaker Fabrice Du Welz will chair the jury of the International Competition at the 79th Locarno Film Festival, which will take place from 5 to 15 August.
- 🇨🇠Society. 80% of Swiss people say they are confident about the future, according to a Sotomo survey for Helvetia, with over-65s at 86% and high earners at 89%.
Elsewhere in the World
- 🇺🇸 Politics. Donald Trump claims to have declassified files proving that China acquired 220M electoral files and denounces « shocking vulnerabilities » in voting systems, an accusation that contradicts assessments by American intelligence services and remains unsubstantiated.
- ðŸ‡ðŸ‡º Government. Parliament adopts a constitutional amendment enabling the removal of President Tamas Sulyok following a vote of 139 votes, and threatens impeachment if Sulyok refuses to enact the reform.
- 🇺🇦 Government. Parliament approves the nomination of Serhii Koretskyi, director of Naftogaz, as Prime Minister with 289 votes out of 318, with Zelensky presenting him as « the best prepared person » to prepare the country for the coming winter.
- 🇪🇸 Justice. David Sánchez, brother of the Prime Minister, has been sentenced to a ban from holding any public office and a prohibition on voting for 9 years for misconduct in office, with judges ruling that his position had been created for his personal benefit.
- 🇬🇧 Rights. London announces a night-time block (midnight-6am) of social media for 16-17 year-olds and controls to limit chatbots and infinite scrolling, with the possibility for users to disable these settings.
- 🇷🇺 Rights. Boris Nadejdine, a 63-year-old opposition figure and former presidential candidate, has been arrested in Moscow for « extremism » after being designated a « foreign agent », a designation that would prevent him from running in the legislative elections on 20 September.
- 🇱🇮 Rights. The European Committee for the Prevention of Torture has criticised Liechtenstein for the use of a metal ring that allows detainees to be handcuffed to the wall in its 20-place prison, according to a report published in June.
- 🇲🇱 Conflict. At least 50 soldiers were killed and 24 taken prisoner on Saturday when a convoy leaving Anéfis came under attack claimed by the JNIM and FLA separatists.
- 🇷🇺 Security. The United Kingdom and the European Union are imposing sanctions against Russia for cyberattacks, with London targeting 24 individuals and entities and the EU 13 people linked to Russian intelligence services.
- 🇧🇷 Sanctions. The United States is imposing 25% tariffs on a range of Brazilian products, with the surcharges set to take effect on 22 July following a USTR investigation.
- 🇬🇧 Diplomacy. The United Kingdom and the European Union have signed a treaty in Brussels establishing Gibraltar’s status, ending years of uncertainty and confirming last year’s agreement on border crossings.
- 🇵🇪 Disasters. An earthquake of magnitude 5.1, at 24km depth and with 12 aftershocks, killed 5 people, injured 21 and destroyed 48 houses in the Andean region of Junin, leaving 300 people homeless.
- ðŸ‡ðŸ‡¹ Catastrophes. Three weeks after the earthquakes, the official death toll stands at 5,069 dead and 16,740 injured, whilst the UN estimates up to 50,000 people missing.
- 🇯🇵 Climate. To reduce energy consumption during heat waves of up to 40°C, Tokyo’s governor allows shorts at work, an initiative praised by some employees but criticised as « too informal » by others.
- 🇫🇷 Culture. Olivier Rousteing, 40, former creative director of Balmain, is appointed artistic director of Paco Rabanne. His first collection will be presented in March 2027.
- 🇰🇷 Pharma. Samsung Biologics proposes CHF44.31 per share, valuing Polypeptide🇨🇠at ~CHF1.5bn, offer supported by the board of directors and conditional on acceptance of at least 2/3 of shares and regulatory approvals.
- 🇨🇠Banking. Geneva-based manager Pictet raises $253M (CHF205M) for its Environment Co-Investment Fund I, surpassing the $200M target, from insurers, pension funds, family offices and private clients. The vehicle will target co-invested stakes in North America and Europe focused on ecological transition.
- 🇨🇠Watchmaking. Swatch launches the MoonSwatch « Mission to the Moon 1969 », a co-signed Omega edition honouring the gold of 1969 and sold at the price of the era, rekindling the summer success of the Royal Pop.
- 🇨🇠Industry. ABB launches a takeover bid at 503p per share for British Rotork, valuing the group at $5.5bn (CHF 4.4bn).
- 🇺🇸 Transport. Stadler🇨🇠will deliver 21 Citylink trams to Austin Transit Partnership, plus an option for 19, built in Salt Lake City. Contract capped at $352M with an advance of $39M for preliminary works.
- 🇨🇠Luxury. Richemont publishes quarterly sales of €6.33bn against €5.89bn expected, +20% year-on-year, and its shares soar.
- 🇨🇠M&A. Romande Energie takes a minority stake in Finnish firm Hyperion Robotics, its 7th operation via its venture arm and its first outside Switzerland.
- 🇨🇠M&A. Samsung Biologics is proposing 1.46bn CHF in cash for PolyPeptide, equivalent to 44.31 CHF per share in a public offer aimed at acquiring the group based in Baar.
- 🇨🇠Technology. Swiss start-ups raised 1.24 billion CHF in the first half of the year, a slight decline compared to 2025 despite a previous post-Covid increase.
SMI Index
| Name | Price | Mkt Cap | 7d Chg | YTD |
|---|---|---|---|---|
| Roche | 339.40 | 270.03B | â–² +0.9% | â–² +5.2% |
| Novartis | 123.92 | 236.22B | â–² +1.2% | â–² +17.7% |
| Nestlé | 84.90 | 218.15B | ▲ +1.2% | ▲ +15.6% |
| ABB | 79.94 | 145.22B | â–¼ -6.5% | â–² +32.5% |
| UBS | 42.61 | 139.83B | â–¼ -2.8% | â–² +15.3% |
| Zurich Insurance | 623.00 | 93.03B | â–² +1.5% | â–² +9.7% |
| Holcim | 75.22 | 41.73B | â–² +1.0% | â–¼ -1.4% |
| Swiss Re | 138.20 | 40.83B | â–² +1.6% | â–² +13.0% |
| Lonza | 566.80 | 39.53B | â–¼ -2.7% | â–² +6.9% |
| Swisscom | 629.00 | 32.61B | â–¼ -0.5% | â–² +12.9% |
| Givaudan | 3,385.00 | 31.23B | â–² +0.1% | â–² +12.0% |
| Alcon | 56.48 | 27.44B | â–² +4.2% | â–¼ -10.7% |
| Swiss Life | 952.00 | 26.59B | â–² +1.1% | â–² +6.5% |
| Sika | 157.20 | 25.31B | â–¼ -0.9% | â–¼ -1.2% |
| SGS | 95.24 | 18.83B | â–² +0.8% | â–² +6.4% |
| Partners Group | 688.40 | 17.71B | â–¼ -1.7% | â–¼ -29.6% |
| Geberit | 520.00 | 17.15B | â–² +1.1% | â–¼ -13.5% |
| Straumann | 99.24 | 15.73B | â–¼ -4.2% | â–² +6.4% |
| Julius Bär | 73.22 | 15.08B | ▼ -2.0% | ▲ +16.2% |
| Logitech | 83.12 | 11.88B | â–² +1.5% | â–² +4.6% |
📅 Data as of 2026-07-20 10:27
Forex CHF
| Pair | Rate | 7d Chg | YTD |
|---|---|---|---|
| EUR/CHF | 0.92 | â–¼ -0.46% | â–¼ -0.83% |
| USD/CHF | 0.81 | â–¼ -1.02% | â–² +1.81% |
| GBP/CHF | 1.09 | â–¼ -0.07% | â–² +1.83% |
📅 Data as of 2026-07-20 10:27
The Mountain Was the Easy Part
13 men and one single-engine plane. In April 1960 the aircraft, nicknamed Yeti, sets down on a Himalayan glacier at 5,750 metres, a world landing-altitude record at the time for a plane its size. Below, on Dhaulagiri, the oxygen bottles will not hold pressure. The boots are reindeer skin, hand cut. The tents, hand sewn. 6 earlier expeditions have already failed on the world’s seventh highest mountain. On May 13, a team led by the Swiss Max Eiselin reaches the summit anyway, forced by broken gear into becoming the first expedition ever to do it without supplemental oxygen.
Eiselin does not fund this with sponsorship or state money. He asks ordinary Swiss citizens to chip in, and they do. Then he goes home and opens Switzerland’s first dedicated mountain sports shop, a business he grows into a nationwide chain that survives until 2017.
65 years later. August 2025. A phone call between Bern and Washington goes badly, and Donald Trump slaps a 39% tariff on Swiss exports, the highest rate imposed on any Western economy. No retaliation. No press conference full of outrage. By November, a framework: 15%, on par with the European Union, in exchange for a $200B Swiss investment pledge into the American economy, spanning pharmaceuticals, aerospace and gold. Greer calls it tearing down trade barriers. Bern calls it the cost of predictability. A Section 301 probe, opened in March, examines whether Bern’s policies unfairly disadvantage American firms. It is still open: one government auditing another’s sovereignty.
The European Union negotiated the same 15% ceiling four months earlier, in July 2025. Brussels needed the European Parliament and the Council of the EU to sign off before any of it could take effect. That process alone ran nearly a year. The bloc only started scrapping its own tariffs on American industrial goods on July 1, 2026. Switzerland, outside the club and answering to no one but itself, had elements of its own deal running within six weeks of the framework. Same number. Different clock.
Adapting to broken oxygen tanks is more romantic than adapting to a Section 301 filing. Neither makes headlines the way a summit does. But it is the same instinct: do not wait for ideal conditions, do not demand credit, find the workaround and keep moving. Eiselin died on July 9, at 94, having spent six decades proving the point twice, once on a glacier, once behind a cash register. Switzerland’s actual foreign policy has never been about being the loudest voice in the room. It is about still being in the room when the loud ones have gone home. And that’s the point.