Alpine Region in May 2026: the most important developments in economy
In May 2026 the economy of the Alpine region was dominated by news about Swiss finance. Hong Kong overtook Switzerland as the leading offshore wealth hub, and a union report put Iceland ahead of Switzerland as the world's most expensive country, with Switzerland second. Monaco fined UBS 6 million euros for money laundering violations, and UBS shed hundreds of jobs in a further round of cuts after the Credit Suisse deal. The Swiss parliament's debate on UBS put a capital bill on track for easing. On 29 May the US accused Swiss firms of helping Iran evade oil sanctions.
Job cuts and pressure on companies ran through the month. Skyguide, the Swiss air traffic controller, announced up to 220 jobs would go, Novartis said it would close its plant in Wehr with 220 jobs lost, and a Swiss airline planned to cut one in ten administrative jobs. Breitling also cut jobs, citing the strong franc and a luxury market slump. Inflation in Switzerland reached its fastest rate since 2024, while the economy picked up pace at the start of the year, and wages are expected to rise unevenly across sectors and regions.
Sanctions, trade and energy formed a further theme. Switzerland joined the EU's 20th sanctions package against Russia on 22 May, and its president called EU steel tariffs counterproductive. A top Swiss electricity producer said it wanted to build gas-fired power plants for supply security, and the head of another Swiss energy company doubted a nuclear renaissance. An Austrian minister said EU regulation was worsening the energy crisis, and another called for more EU aid as fertilizer prices rose.
In Croatia, investment announcements were frequent. An Indian firm won the country's largest ever railway project, worth 677 million euros. Zagreb announced a 140 million euro bridge and a 75 million euro purchase of 20 low-floor trams, and a 260 million euro transformer factory expansion was announced. Europe's first commercial robotaxi service began operating there, with rides at 1.99 euros.
by WorldBrief & Maksim Micheliov | AI-generated summary
Click a day in the chart above for that day's brief.