Latest news with #SECO
Reuters
02-06-2025
- Business
- Reuters
Swiss economic output increases as firms rush to beat US tariffs
ZURICH, June 2 (Reuters) - The Swiss economy grew by 0.8% in the first three months of 2025, the government said on Monday, as companies rushed through exports to avoid looming U.S. tariffs. The quarterly figure, which was adjusted for the impact of sporting events, was an uptick from the revised 0.6% increase in the last three months of 2024. It was better than the flash forecast for a 0.7% increase released earlier this month and also above the long term average for Swiss quarterly GDP growth of 0.4%. The figures included growth in services and a big boost from higher exports as companies sent products to the U.S. to avoid the higher tariffs threatened by President Donald Trump. "In particular, exports to the U.S. rose sharply, pointing to possible front-loading in connection with U.S. trade policy," said the State Secretariat for Economic Affairs (SECO). Swiss exports to the United States increased by 17.4% in the first three months of 2025, compared with the previous three months, much higher than the 3.6% increase in overall exports, according to data from the Swiss customs office. Trump's administration imposed a 31% tariff on Swiss imports in April, although the figure has since been temporarily reduced to 10%.
Yahoo
02-06-2025
- Business
- Yahoo
Swiss economic output increases as firms rush to beat US tariffs
ZURICH (Reuters) -The Swiss economy grew by 0.8% in the first three months of 2025, the government said on Monday, as companies rushed through exports to avoid looming U.S. tariffs. The quarterly figure, which was adjusted for the impact of sporting events, was an uptick from the revised 0.6% increase in the last three months of 2024. It was better than the flash forecast for a 0.7% increase released earlier this month and also above the long term average for Swiss quarterly GDP growth of 0.4%. The figures included growth in services and a big boost from higher exports as companies sent products to the U.S. to avoid the higher tariffs threatened by President Donald Trump. "In particular, exports to the U.S. rose sharply, pointing to possible front-loading in connection with U.S. trade policy," said the State Secretariat for Economic Affairs (SECO). Swiss exports to the United States increased by 17.4% in the first three months of 2025, compared with the previous three months, much higher than the 3.6% increase in overall exports, according to data from the Swiss customs office. Trump's administration imposed a 31% tariff on Swiss imports in April, although the figure has since been temporarily reduced to 10%. Sign in to access your portfolio
Yahoo
10-04-2025
- Business
- Yahoo
Logicalis Joins Military Spouse Employment Partnership (MSEP)
TROY, Mich., April 10, 2025 /PRNewswire/ -- Logicalis US today announced their membership into the Military Spouse Employment Partnership (MSEP). The partnership is part of a US Department of Defense initiative that connects military spouses with partner employers committed to recruiting, hiring, promoting, and retaining military spouse talent. Through the partnership, Logicalis gains access to a pipeline of talented candidates and joins a community of like-minded employers focused on creating meaningful change. The program enables Logicalis to offer career development resources, remote work options, and advancement opportunities tailored to the needs of military spouses. "Logicalis is dedicated to supporting the careers of military spouses who bring invaluable skills and resilience to the workforce," said Craig Perry, Sr. Director, Talent Acquisition at Logicalis US. "We are proud to join MSEP as a testament to that commitment to creating meaningful opportunities for military families." MSEP is part of the broader Spouse Education and Career Opportunities (SECO) program, designed to help military spouses find meaningful employment and advance in their careers despite the unique challenges they face, such as frequent relocations and deployments. Since its inception in 2011, MSEP has partnered with more than 600 organizations and helped connect military spouses with over 275,000 job opportunities. "A commitment to military spouse employment is vital as it directly impacts the stability and well-being of military families who already sacrifice so much in service to our country," said Courtney Rothermel, Human Resources Business Partner at Logicalis US. "As a military spouse of 20 years, I've personally faced the uphill battle of finding meaningful employment each time we relocated, which often led to financial strain and additional stress during an already stressful time. There's more roadblocks than one might imagine. So, supporting military spouse employment isn't just a nice-to-have—it's an essential community initiative that honors the resilience of military families and helps build a stronger, more secure future for all." For more information about the MSEP program, visit: For more on Logicalis' military employment initiatives, visit: About Logicalis USWe are Architects of Change™. We help organizations succeed in a digital-first world. At Logicalis, we harness our collective technology expertise to help our clients build a blueprint for success, so they can deliver sustainable outcomes that matter. Our lifecycle services across cloud, connectivity, collaboration and security are designed to help optimize operations, reduce risk and empower employees. As a global technology service provider, we deliver next-generation digital managed services, to provide our clients with real-time visibility and actionable insights across the performance of their digital ecosystem including; availability, user experience, security, economic performance and sustainability. Our 7000+ 'Architects of Change' are based in 27 countries around the globe, helping our 10,000+ clients across a range of industry sectors, create sustainable outcomes through technology. Logicalis has annualized revenues of $1.7 billion, from operations in Europe, North America, Latin America, Asia Pacific, and Africa. It is a division of Datatec Limited, listed on the Johannesburg Stock Exchange, with revenues of over $4.6 billion. For more information visit View original content to download multimedia: SOURCE Logicalis Sign in to access your portfolio
Yahoo
02-04-2025
- Health
- Yahoo
Better Cotton Aims to Improve Healthcare for Côte d'Ivoire Workers
Better Cotton wants to help Côte d'Ivoire workers get access to quality healthcare. The global cotton sustainability initiative launched a two-year pilot project in the West African nation to boost the availability of healthcare in cotton farming communities. The program will build an accessible, community-tailored healthcare offering for an initial 8,000 people in Côte d'Ivoire with the goal of creating a replicable model that can reach marginalized groups around the globe. More from Sourcing Journal Cotton Maintains 'Incredible Secrecy' About Synthetic Pesticide Use, Report Says Better Cotton Signs Roadmap for Sustainability in Uzbekistan Better Cotton Calls for Continued Commitment in Annual Report 'Farmer health and well-being are essential to supporting sustainable agriculture,' said Maria Kjaer, smallholder livelihoods manager at Better Cotton. 'We have the opportunity to remove healthcare barriers for farming communities to create a real, positive impact. I'm confident that with the support of a very committed network of partners, we can drive change in Côte d'Ivoire and beyond.' In Côte d'Ivoire, 46 percent of the population lives below the poverty line, and according to Better Cotton, the country has some of the lowest health metrics in West Africa. This new program aims to not only increase access, but also make care more affordable. To roll out the initiative, Better Cotton is teaming with SECO—a subsidiary of cotton supplier Olam Agri—and global health enterprise Elucid. The project will make Elucid's digital healthcare platform available to farming regions in Côte d'Ivoire, connecting farm workers with local accredited healthcare providers. The platform also will allow for secure payments and enable user feedback. 'With this project, we are bringing our healthcare model to cotton farmers by strengthening the capacity of agricultural producer organizations,' said Samuel Knauss, managing director and co-founder of Euclid. 'This will ensure that farmers can access essential and emergency care without financial hardship. Building on our success in the cocoa and coffee sectors, we aim to show that investing in healthcare not only improves farmer well-being but also strengthens cotton supply chains and creates lasting impact for communities.' Olam Agri, which is a major cotton supplier for the United States, uses its SECO subsidiary to provide training to Côte d'Ivoire farmers in farming methods that help them maximize yields and diversify their incomes. 'At SECO, we are committed to improving the well-being of cotton farmers by pioneering a tailored health insurance model for the sector,' said Jean-François Touré, vice president and managing director, SECO. 'This initiative is a crucial step in ensuring they have access to essential healthcare. This project shall serve as a reference for the industry, particularly as Côte d'Ivoire advances the implementation of its Universal Health Coverage program. Through this partnership with Better Cotton and Elucid, we aim to create a lasting, scalable impact for farming communities.' Over the next two years, Better Cotton and its partners will work with agricultural producer organizations in Côte d'Ivoire to promote local ownership of the platform while streamlining the implementation within communities. The organization said it will track usage and make adjustments to best meet the needs of farm workers.
Euronews
20-03-2025
- Business
- Euronews
Swiss National Bank cuts policy rate further as low inflation persists
The Swiss National Bank (SNB) slashed its benchmark interest rate by 25 basis points to 0.25% on Thursday. The cut was in line with market expectations, amid ongoing economic uncertainty and low inflation. It also marks the first time the bank has lowered its rate since a surprise 50-basis-point cut in December last year. Swiss inflation fell from 0.7% year-on-year in November 2024 to 0.3% in February this year, primarily because of dropping electricity prices. This was despite higher domestic services prices which somewhat offset the decrease. The SNB predicts that inflation will touch around 0.4% this year, before averaging approximately 0.8% both next year and in 2027. That's based on the assumption that the policy rate remains at 0.25%. The central bank said in a press release: 'With today's rate adjustment, the SNB is ensuring that monetary conditions remain appropriate, given the low inflationary pressure and the heightened downside risks to inflation. The SNB will continue to monitor the situation closely and adjust its monetary policy if necessary, to ensure that inflation remains within the range consistent with price stability over the medium term.' Swiss stocks were upbeat on Thursday morning, with healthcare giant Roche up 0.2% on the SIX Swiss Exchange, and Nestlé also rising 0.5% on the same exchange. Pharmaceutical giant Novartis also advanced 0.6% on the SIX Swiss Exchange on Thursday morning. Switzerland's State Secretariat for Economic Affairs (SECO) recently slashed its growth outlook for the Swiss economy. SECO said in a press release this week: 'The Federal Government Expert Group on Business Cycles has slightly lowered its growth forecast for the Swiss economy. In 2025, GDP adjusted for sporting events is expected to grow by 1.4%, followed by 1.6% in 2026 (December forecasts: 1.5% and 1.7% respectively).' 'This would mean the Swiss economy would continue to grow below its historical average for another two years.' The Swiss economy's historical average growth has been 1.8%. The updated forecast from SECO is based on the assumption that there will be no escalating global trade war, although the body acknowledged that 'uncertainty surrounding international economic and trade policy and their macroeconomic consequences remains exceptionally high'. Experts noted that in a more negative trade situation, in which global economic activity decreases more, Swiss domestic growth and exports are likely to be considerably impacted. On the other hand, a more positive economic situation, boosted by Germany's newly-approved large fiscal package, would go a long way in supporting the Swiss economy and exports. Global consultancy firm Roland Berger also expects a sport-event adjusted growth rate of 1.4% for the Swiss economy in 2025. 'Propelled by easing inflation and lower interest rates, consumer spending is set to rise and investment is expected to rebound in 2025. However, mounting geopolitical uncertainty and a shift towards protectionism are likely to bolster the Swiss franc further - a development that could dampen export growth,' the company said. Roland Berger also pointed out that Swiss economic growth was still likely to be ahead of the eurozone average, especially as major economies such as Germany and France are expected to continue to lag this year. 'There is a foundation to believe in the attractiveness of Europe, especially on a relative basis,' Francesco Ceccato, Barclays Europe CEO, told Euronews' Business Editor, Angela Barnes, in an exclusive interview. 'What we've seen in the year-to-date period is clearly a compression in the US stock market, for example, and an increase in the indices that I look at for the European stock market.' According to a recent report from Morgan Stanley, European equities have this year outperformed US stocks by the widest margin since 2000. The MSCI Europe Index has risen over 9% since January, beating the S&P's slide of 4.5%. To turn to the latest Fund Manager Survey from Bank of America, released this Tuesday, the data also showed the most significant rotation from US to European equities since records began in 1999. A net 39% of fund managers now hold an overweight position in European equities, the highest level since mid-2021. On the other hand, 23% of investors report being underweight US stocks. Despite the recent rally, researchers from Goldman Sachs have predicted that the uptick isn't fleeting. Last week, they suggested that European equities would rise as much as 6% in the next 12 months. 'There is clearly a lot of concern amongst the investors…around what some of the trade disruption might do to the economy,' Ceccato said, referring to tariff threats from US President Donald Trump. The White House noted on Tuesday that new reciprocal tariff rates would take effect on 2 April, despite suggestions that they could be delayed. While the US is looking to mirror some trade barriers established by other nations, it has also imposed another raft of levies. Trump has - for instance - introduced a 25% tariff on all steel and aluminium imports. That's as well as placing a 20% tariff on incoming Chinese goods and threatening a 200% levy on EU alcohol imports. Trade policies are likely to have 'significant' impacts on the US, said Ceccato, harming growth and pushing up inflation. Ceccato added that Europe is also set to suffer from a tariff war, although economies could see a boost from extra defence spending. "The euro area has roughly €480 billion of goods exports to the US. Now, at the moment, the latest models that our research team have looked at are relatively mild in terms of the tariff assumption that's being made. But were there to be a 25% tariff on all of those goods, that could actually tip the eurozone into recession,' he said. Meanwhile, Germany's parliament has just this week approved a reform of its debt brake proposed by chancellor-in-waiting Friedrich Merz, which allows for more fiscal flexibility. Defence spending of more than 1% of GDP will be exempted from the strict debt limit and state governments will be allowed to run annual deficits of up to 0.35% of GDP. The bill will also establish a €500 billion fund to invest in the country's ageing infrastructure. On the prospect of greater military spending, Europe's defence companies are cashing in. Rheinmetall shares are up around 124.8% in the year to date, Thales stock has jumped 79.2%, while shares in Leonardo have risen 82.9%. Discussing how Europe can further improve its competitiveness, Ceccato noted that the EU still needs to work on developing deeper pools of capital. 'We also need to think creatively about how we can use…the firepower that we have in some of our European institutions to pair up with private capital, that is, institutional capital that can be brought to bear to tackle some of these Herculean challenges,' he said. Ceccato explained that if Europe wants to effectively support its industries, it cannot solely rely on retail investments made by members of the public. Compared to EU firms, companies in the US still find it easier to access capital due to the scale of the market and flexible funding options. A more risk-averse sentiment in the EU, as well as a more fragmented financial market across diverse member states, can hamper innovation. "This is still all about capital, capital, capital," said Ceccato.
