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OpenAI new office in Switzerland; Swiss Black Friday mixed results; 13th pension payment paid yearly
News for 10 December 2024
OpenAI, the maker of ChatGPT, says it intends to set up an office in Zurich. The move is the latest development in the company's European expansion plans, after setting up offices in London, Paris, Brussels and Dublin. Three leading AI researchers will work in Zurich for OpenAI, according to a statement published on Wednesday.
Switzerland’s biggest city is a “leading technology centre in Europe”, it said. OpenAI is now valued at approximately $157 billion. Launched as a non-profit, OpenAI intends to become a for-profit public benefit corporation to attract more investors.
By launching the first version of its chatbot ChatGPT in 2022, OpenAI gave the general public free access to generative AI technology for the first time. The group, headed by Sam Altman, is a world leader in the AI market.
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Black Friday revenues in Switzerland failed to live up to the retail industry's expectations. But sales throughout the week proved more successful. High street special offers on Black Friday on November 29 generated 5% fewer credit card and mobile payment transactions compared to the 2023 edition.
An analysis of the figures suggests an explanation: purchases were more spread out. Many stores extended the promotional period to the week preceding Black Friday, and the operation was a success. Revenues were up 10% on Black Week 2023. Compared to a normal week in 2024, transactions were up by 92% for e-commerce and 44% for stores. Although Black Friday is well known to Swiss customers and popular with Swiss retailers, the 2024 event produced mixed results.
“With the exception of consumer electronics, Black Friday sales were disappointing, particularly in fashion and home furnishings… It’s clear that purchasing power is declining,” explains Jérôme Amoudruz, consultant and director of the Blackfriday.ch platform. He explains that between purchasing intentions and reality, there is a difference of around 20% less.
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The 13th old-age pension payment will be paid out as planned from December 2026, the Swiss Senate confirmed on Wednesday. On March 3, 58.2% of Swiss voters backed the left-wing “Better living in retirement” initiative, which proposes an additional monthly pension payment to help pensioners struggling to make ends meet.
The initiative will come into force in 2026. It will cost around CHF 4.2 billion a year. Value-added tax (VAT) is to be increased by 0.7 percentage points in Switzerland to finance the 13th monthly pension payment.
The additional money will be paid to everyone entitled to an old-age state pension. The supplement will have no impact on the amount of monthly old-age pensions, and will not be taken into account in the calculation of income qualifying for supplementary benefits.