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Switzerland · VotePress ✓ 9 outlets · poll figures not confirmed

Arms exports: supporters open the referendum campaign, first poll has the No side narrowly ahead

On November 29 Switzerland decides on an easing of the War Materiel Act. The center-right alliance launched its campaign on Thursday; opponents point to Ukraine, Israel and Saudi Arabia.

On November 29 Switzerland decides on an easing of the War Materiel Act (SRF, NZZ, Blick, RTS, Tages-Anzeiger). It is a referendum against an amendment passed by Parliament; with a No, the current law would remain in place, and only the majority of voters counts. The Security Switzerland Alliance, in which the center-right camp and business come together, opened its campaign for a Yes on Thursday (RTS, 24 heures, SRF, Watson, swissinfo). It argues that eased export rules are essential for the country’s security (SRF); the slogan is, in essence, that modern security needs modern laws (RTS). According to Blick, war materiel could in future also go to states that are involved in conflicts. On the other side are the left, aid organizations and churches (24 heures); according to GMX, they see Switzerland’s reputation at risk. The referendum committee had presented its warnings in Bern as early as Monday (SRF, Watson). The debate revolves around neutrality, the arms industry and the army (NZZ); 24 heures speaks of two visions of Switzerland colliding. Several outlets have published explainers, for example on whether Switzerland would be helping Ukraine this way (Blick, Tages-Anzeiger). The Tages-Anzeiger sums up the dispute in the question of whether this is an “anti-Ukraine law” or an emergency anchor for the arms industry. In a debate in the NZZ, SVP National Councillor Mauro Tuena considers the easing important for the domestic arms industry, while SP National Councillor Priska Seiler Graf warns of more Swiss weapons in conflict zones.

The first poll by 20 Minuten and Tamedia, conducted on October 8 and 9, has the No camp narrowly ahead (Watson); the Tages-Anzeiger, too, speaks of skepticism among the public. An argument test by the opponents shows, according to Watson, that Israel and Ukraine play a role; weapons for Israel fueled the No. We could not confirm the exact percentages for this bill. 20 Minuten adds further fuel: despite the war, Switzerland is supplying Saudi Arabia with ammunition worth 41 million francs; no second outlet supports this figure and the time period. According to Watson, the SVP officials still have work ahead of them, also because of Christoph Blocher’s Neutrality Initiative. On Wednesday the Federal Council also announced that Switzerland is taking part in a European armaments program for electronic warfare (SRF, only this outlet). On the same voting Sunday the people also decide on further bills, including the fireworks ban and the value-added tax for the 13th AHV pension (20 Minuten, Tamedia). A good six weeks remain until the vote. Both camps invoke the security and reputation of the country, but mean opposite things by it. Those who vote Yes hope for more reliable export rules for industry; those who vote No want no Swiss weapons in ongoing wars. What remains open is what the revision concretely means for individual deliveries, for example to countries involved in conflicts, and how the authorities would assess such cases in future. We are watching whether the next polls confirm the No and which arguments the campaigns put in the foreground.

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By the numbers
Nov. 29voting date on the easing of the War Materiel Act (SRF, NZZ, RTS)
Oct. 8–9polling days of the first poll by 20 Minuten and Tamedia (Watson)
CHF 41 millionammunition for Saudi Arabia according to 20 Minuten (only this outlet)
Switzerland · PoliticsPress ✓ 8 outlets · SVP ticket still open

SVP National Councillor Céline Amaudruz runs for Parmelin’s seat on the Federal Council, her biggest hurdle is her own party

The Geneva politician announced her candidacy in Geneva on Thursday (SRF, Le Temps, RTS, NZZ, RSI). The vice president of the SVP Switzerland is the first official candidate to succeed Economics Minister Guy Parmelin (RTS). At 47 she would be the first SVP woman on the Federal Council and the first female Federal Councillor with small children (20 Minuten). The canton of Geneva has had no Federal Councillor since Micheline Calmy-Rey stepped down in 2011 (NZZ). According to 20 Minuten, the biggest hurdle is her own party: the parliamentary group must first put her on the official ticket, which according to Le Temps will be determined on November 20. Roger Köppel considers her unsuitable (RTS), and Le Temps speaks of cracks in the party. According to 24 heures, the German-Swiss SVP is hesitating, while party members from the Latin regions rally behind the representative of French-speaking Switzerland. In interviews Amaudruz dismissed doubts about whether the office is compatible with motherhood (RTS, 20 Minuten) and commented on a drink-driving incident (Tages-Anzeiger, 24 heures). She said she was surprised that she had been considered capable for ten years and, of all times, no longer now (Tages-Anzeiger). Without a French-speaking candidate on the SVP ticket it would be a humiliation for French-speaking Switzerland, she said, according to 24 heures. In Geneva, according to Le Temps, support is muted; business demands backing for the Bilaterals III. We are watching whether further candidates come forward and how the German-Swiss parliamentary group reacts.

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Word of the day
TicketPolitics

The official slate of candidates that a parliamentary group puts forward for a Federal Council election, usually with two people. The Federal Assembly is not bound by it.


Ukraine war · PoliticsPress ✓ 14 outlets · reports on US intelligence help not confirmed

Zelensky resumes attacks on Russian refineries, dispute with Trump over Starlink and intelligence data sharpens

Ukrainian President Volodymyr Zelensky announced the end of the pause in attacks on Russian refineries (SRF, 24 heures, RSI, Bloomberg; Reuters citing the Financial Times). The energy ceasefire mentioned by Donald Trump was observed only by Ukraine, writes RSI. Reuters, citing the governor, reports a fire at the Ryazan refinery after a drone attack. Zelensky also spoke of four destroyed Russian Su-34s in Voronezh (Blick); Bild and n-tv speak of six aircraft hit. Behind the move lies an open conflict with Washington: Kyiv accuses the Trump administration of withholding information on defending against Russian missiles; the White House denies this, and Europeans fear being left in the lurch (Le Temps). Zelensky feels betrayed by Trump (Blick, Tages-Anzeiger, SRF); it is painful when Trump chooses another side, he said on Wednesday (Reuters). On top of this comes a dispute over Starlink: Elon Musk said it was time for Zelensky to go (Le Matin, AFP), and attributes slowdowns to the US government (Le Dauphiné).

The Financial Times reports, according to Reuters, that the US is considering releasing part of the frozen Russian assets to restart peace talks; no second source supports this. According to its finance minister, Ukraine is short of around 40 billion dollars in 2027 for military needs (SRF). According to satellite images, Russia has built a large drone base near Ukraine within a few weeks (Reuters, Berliner Zeitung). In Germany the AfD and BSW demand an end to aid for Kyiv (Reuters, only this outlet). In Brussels the EU summit intends to condemn attacks on ships off Bulgaria (SRF); the NZZ sees the Europeans divided over energy prices and other issues and without decisions. Today we are watching for answers from Washington and from Musk.

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Middle East · EnergyPress ✓ 8 outlets · casualty figures inconsistent

Houthis attack Aden and Saudi Arabia, IEA speeds up release of oil reserves

On Thursday the Houthi militia fired missiles at the presidential palace in Aden; the prime minister and the ministers were unharmed (Reuters, Watson, BBC). According to the Yemeni information minister, two people died (BBC). The Saudi-led coalition said the Houthis had tried to attack dozens of airports, oil facilities and ports in the kingdom (Reuters, FinancialJuice). Watson writes that the attacks are becoming more frequent and that Riyadh faces a momentous decision; the NZZ considers Saudi Arabia still vulnerable despite arms purchases worth 80 billion dollars. Reuters reports that the EU and the Gulf states have postponed a summit in Saudi Arabia. The Houthis are again warning airlines that Saudi airspace and airports are unsafe (FinancialJuice, only this source).

The International Energy Agency responded to the oil market: its Board of Governors decided to speed up the remaining 100 million barrels of the emergency release from March, including over 20 million barrels of diesel (Reuters, Bloomberg, FinancialJuice). In total the release now exceeds 400 million barrels; so far around 330 million have flowed (Reuters, FinancialJuice). The background is the crisis in the Strait of Hormuz (FinancialJuice, Reuters). According to FinancialJuice, Brent closed at $105.92, 14 cents lower (only this source). The NZZ writes that Iraqi oil is increasingly reaching the Mediterranean by truck through Syria instead of through Hormuz. The jet fuel shortage is reaching Europe: in Frankfurt, Lufthansa is taking on extra fuel as a precaution (SRF, Tages-Anzeiger, Reuters), and the Confederation is releasing reserves for Zurich. Today we are watching for further attacks and the oil price.

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Markets · EconomyPress ✓ 10 outlets · US closing prices not confirmed

AI sell-off and debt worries around CoreWeave weigh on markets, investors flee into bonds, SMI closes higher

The sell-off in stocks tied to artificial intelligence continued on Thursday. Overnight, Asian exchanges posted clear losses (Watson, Tages-Anzeiger, Reuters), after two reports from the US had stoked fears of a bubble (Tages-Anzeiger); the hot US inflation figures from Wednesday had heightened worries over interest rates (Reuters). The focus is on the cloud provider CoreWeave: its shares and bonds fell further because investors fear for its debts (Reuters, Bloomberg, FT). Nvidia chief Jensen Huang said, according to FinancialJuice, that CoreWeave does not need financial backing from Nvidia. The S&P 500 had lost 0.3 percent in the morning in futures trading (Bloomberg), and Cash reports the end of a long phase without a bigger correction. Bonds were in demand, and their yields fell sharply (Bloomberg, FinancialJuice). US producer prices rose in September by the most in four and a half years (Reuters); Bloomberg attributes this to oil and gas costs. Retail sales beat expectations (Reuters). We could not confirm closing prices of the US exchanges, as the session was still under way at the editorial deadline; Nasdaq also reported a network disruption affecting data feeds (Reuters, only this outlet).

In Zurich the SMI closed, according to our price feed, at 14,349.51 points, 1.55 percent higher; no second outlet confirms the figure. We could not verify the dollar-franc rate, which is why the right-hand box at the top shows a dash. Daly of the US central bank considers rate hikes probably necessary but not urgent, and the dollar eased from an 18-month high (Reuters). For savers in Switzerland, interest rates stay low: on Pillar 3a accounts the average is only 0.21 percent, according to Moneyland (Blick, Finanz und Wirtschaft, finews). Bitcoin briefly fell below 80,000 dollars (Bloomberg, only this outlet). For pension funds and savers, such swings take effect with a delay.

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In brief
  • The General Conference on Weights and Measures abolishes the leap second; from 2027 UTC will no longer be correctedLe Temps · La Télé · blue News
  • In the Conference League, Lugano turns a 1:2 deficit against Red Star Belgrade into a 3:2 win24 heures · NZZ · Blick
  • The memorial ceremony for the victims of “Constellation” on January 1, 2027 will take place in Grône, not in Crans-MontanaLe Temps · 20 Minuten · Blick
  • The Vaud business-cycle commission expects growth of 1.8 percent in 2026, up from 1 percent previously24 heures · Le Temps · swissinfo
  • In Vaud, fake police officers and bank employees swindled around 7 million francs this yearRTS · 24 heures · 20 Minuten
  • In Albania the student protests of the “Flamingo Revolution” are escalating, the education ministry burned; Prime Minister Edi Rama does not want to resignSRF · Blick · Reuters
  • After twelve years China opens the bridge to North Korea, trucks line upSRF · NZZ · Reuters
  • Pope Leo XIV: the operated lung is recovering well, he remains in hospital until at least October 20, according to the VaticanTages-Anzeiger · Watson · AP
Seven minutes every morning, one front page

Unverified — what we could not confirm

“A video shows a Saudi passenger plane exploding after a Houthi attack.” False. AFP classifies the video as AI-generated and also debunked another AI video linked to Houthi attacks on Saudi airports.
“The US has cut off intelligence information to Kyiv.” Not supported. Ukraine accuses Washington of withholding information on missile defense; the White House denies this (Le Temps).
“UBS is moving its headquarters to the US or merging with a US bank.” Not supported. The Wall Street Journal reports on scenarios being examined; we have no decision or statement from UBS (Blick, 20 Minuten).
Glossary · dotted words — economics, law, security and science terms explained in the context of the story. The list grows every day.
INSIDEArms exports: supporters open the referendum campaign, first poll has the No side narrowly aheadSwitzerland · VoteSVP National Councillor Céline Amaudruz runs for Parmelin’s seat on the Federal Council, her biggest hurdle is her own partySwitzerland · PoliticsZelensky resumes attacks on Russian refineries, dispute with Trump over Starlink and intelligence data sharpensUkraine war · PoliticsHouthis attack Aden and Saudi Arabia, IEA speeds up release of oil reservesMiddle East · EnergyAI sell-off and debt worries around CoreWeave weigh on markets, investors flee into bonds, SMI closes higherMarkets · Economy