Swiss law will protect country against foreign investors, Swiss embassy in Ukraine reopens and more in our roundup of news from May 17 – 20.
Nestlé aids in baby formula crisis
Swiss food company Nestlé this week began flying baby formula to the United State amid a nationwide formula shortage that has dominated American headlines. Although Nestlé has two factories in the U.S., the company says it decided to airlift the formula “to help fill immediate needs.” The shipments are focused on hypoallergenic milk, as the shortage has been especially difficult on parents of babies with cow’s milk allergies. The formula shortage began during the Covid-19 pandemic with global supply chain issues, but worsened when a baby formula factory in Michigan closed after recalled products may have caused the death of two infants. Read more.
Swiss embassy in Kyiv reopens
Switzerland this week reopened its embassy in Kyiv, Ukraine, following nearly three months of uncertainty and warfare. President of the Swiss Confederation Ignazio Cassis made the decision following an in-depth analysis of the safety situation in Kyiv. More than 40 other countries have also recently re-opened their embassies in the capital city. Next week, Ambassador Claude Wild and a staff of four will return, as well as a local Ukrainian staff. The first order of business is to reconstruct and develop humanitarian aid projects and report to the media on the current situation in Ukraine, Wild says. Read more.
New law guards against some foreign investors
The Swiss Federal Council this week published its preliminary draft on a new law which would control foreign direct investment – a move that would protect Swiss companies from being acquired by investors with ties to foreign governments. In addition, the new law would require all acquisitions from foreign investors – to be authorized – to first be authorized. The Federal Council noted that Switzerland is “one of largest recipients of foreign investment,” therefore the law must be carefully worded so it continues to remain attractive to foreign investors. Read more.