Bad news for Roger Federer as shares in Swiss sportswear company On fell sharply on Tuesday - meaning he’s no longer a billionaire.
The company reported second-quarter sales of CHF 850m, up 13% but below market expectations, sending its shares down around 19%.
Federer owns roughly 2.5% of the company. Reports suggest the fall wiped between 40 and 65 million francs from his fortune — pushing the tennis legend below billionaire status.
Borrowing costs increase
Switzerland is being pulled into a global surge in borrowing costs
Majority reluctant to give up cars
Only 6% of Swiss residents say they would be willing to sell their car to fight climate change
Wide variation in property valuations
Swiss homeowners are being warned that the same property can be valued by two different brokers with a gap of up to CHF 180,000
VAT increase on pensions being considered
Switzerland will decide on 29 November whether to raise VAT to pay for the 13th state pension
Second language debate
Switzerland is deeply divided over whether to make a second national language compulsory in primary schools nationwide
Lake Geneva steamships at risk
A majority of National Councillors want the Confederation to step in to rescue Lake Geneva's historic steamships
