Connect with us

Published

2 years ago

on

The Swiss National Bank has come into the spotlight following its assistance in UBS’ takeover of Credit Suisse.

Bloomberg / Contributor / Getty Images

The Swiss National Bank will hold its annual general meeting in Bern on Friday against a backdrop of protest over its action on climate change and its role in the emergency sale of Credit Suisse to Swiss rival UBS.

The central bank played a key role in brokering the rescue of Credit Suisse over the course of a chaotic weekend in March, as a flight of deposits and plummeting share price took the 167-year-old institution to the brink of collapse.

The deal remains mired in controversy and legal challenges, particularly over the lack of investor input and the unconventional decision to wipe out 15 billion Swiss francs ($16.8 billion) of Credit Suisse AT1 bonds.

The demise of the country’s second-largest bank fomented widespread discontent and severely damaged Switzerland’s long-held reputation for financial stability. It also came against a febrile political backdrop, with federal elections coming up in October.

While the SNB will no doubt face questions and grievances from shareholders about the Credit Suisse situation on Friday, the country’s network of climate activists will also be seeking to use the central bank’s unwanted spotlight to challenge its investment policies.

Unlike many major central banks, the SNB operates publicly-traded company, with just over half of its roughly 25 million Swiss franc ($28.1 million) share capital held by public shareholders — including various Swiss cantons (states) and cantonal banks — while the remaining shares are held by private investors.

A shareholder walks past a giant inflate balloom during a protest by climate activists ahead of the general meeting of shareholders of UBS bank in Basel, on April 5, 2023, following the takeover by UBS of Credit Suisse hastily arranged by the Swiss government on March 19 to prevent a financial meltdown. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)

Fabrice Coffrini | Afp | Getty Images

More than 170 climate activists have now purchased a SNB share, according to the SNB Coalition, a dedicated pressure group spun out of Alliance Climatique Suisse — an umbrella organization representing around 140 Swiss environmental campaign groups.

Around 50 of the activist shareholders will be in attendance on Friday, and activists plan to make around a dozen speeches on stage at the AGM, climate campaigner Jonas Kampus told CNBC on Wednesday. Protests will also be held outside the event.

The group is calling for the SNB to dispose of its stock holdings of “companies that cause serious environmental damage and/or violate fundamental human rights,” pointing to the central bank’s own investment guidelines.

In particular, campaigners have highlighted SNB holdings in Chevron, Shell, TotalEnergies, ExxonMobil, Repsol, Enbridge and Duke Energy.

Members of a Ugandan community objecting to TotalEnergies’ East African Crude Oil Pipeline, will also attend on Friday, with one planning to speak on stage directly to the SNB directorate.

As well as a full exit from fossil fuel investments, activists are demanding that the SNB implement the “one for one rule,” — a capital requirement designed to prevent banks and insurers benefiting from activities that are detrimental for the transition to net zero.

In this context, the SNB would be required to set aside one Swiss franc of its own funds to cover potential losses for each franc allocated to financing new fossil fuel exploration or extraction.

Swiss Social Democrats VP: UBS-Credit Suisse takeover significant risk for Swiss people

Ahead of the AGM, the central bank declined on legal grounds to schedule three motions tabled by the activists, and said on Wednesday that it would not comment on protest plans, instead directing CNBC to its formal agenda. Yet Kampus suggested that just the process of submitting the motions itself had helped expand public and political awareness of the issues.

“From all sides, there is public pressure and also political pressure that the SNB needs to change things. At this moment, the SNB is really far behind in terms of their actions taken compared to other central banks,” Kampus told CNBC via telephone, adding that the SNB takes a “very conservative view” of its mandate regarding price stability and financial stability, which is “very narrow.”

The shareholders’ cause is also backed by a motion in parliament, with support from lawmakers ranging from the Green Party to the Centre [center-right party], which demands an extension of the SNB’s mandate to cover climate and environmental risks.

“While other central banks around the world are going well beyond the steps taken by the SNB in ​​this respect — the SNB has repeatedly taken the position that its mandate does not give it sufficient leeway to take climate risks fully into account in its decisions and monetary policy instruments,” reads the motion, filed on March 16 by Green Party lawmaker Delphine Klopfenstein Broggini.

Swiss National Bank chair: Maintaining stability is our main goal

“The present parliamentary initiative is intended to ensure this leeway and to make it clear that the SNB must take climate risks into account when conducting monetary policy.”

The motion argues that climate risks are “classified worldwide as significant financial risks that can endanger financial and price stability,” concluding that it is in “Switzerland’s overall interest that the SNB proactively address these issues” as other central banks are seeking to do.

Kampus and his fellow activists hope the national focus on the SNB after the Credit Suisse crisis provides fertile ground to advance concerns about climate risk, which he said poses a risk to the financial system that is “several times larger” than the potential fallout from Credit Suisse’s collapse.

“We feel that there is also a window of opportunity on the SNB side in that they maybe this time are a bit more humble, because they obviously also have done some things wrong in terms of the Credit Suisse crash,” Kampus said.

He noted that the central bank has always asserted that climate risk was incorporated into its models and that there was “no need for further exchange with the public of further transparency.”

Investor who predicted Credit Suisse decline says Swiss banking model is 'damaged'

“Very central to the SNB’s work is that the public just needs to trust them. Trust is something that is very important to the central bank, and to demand trust from the public without leading up to it or supporting it with further evidence that we can trust them in the long run is quite scary, especially when we don’t know what their climate model is,” he said.

The SNB has long argued that its passive investment strategy, which invests in global indexes, is part of its mandate to remain market neutral, and that it is not for the central bank to engage in climate policy. Activists hope mounting political pressure will eventually force a change in legislation to broaden the SNB’s mandate to accommodate climate and human rights as risks to financial and price stability.

UBS and Credit Suisse also faced protests from climate activists at their respective AGMs earlier this month over investment in fossil fuel companies.

Related Topics:
Continue Reading

Environment

Aventon Sinch 2 folding e-bike at $1,399 low, Autel 40A level 2 EV station $399, EGO 18-inch chainsaw and 5.0Ah battery low, more

Published

30 mins ago

on

September 2, 2025

By

Aventon Sinch 2 folding e-bike at ,399 low, Autel 40A level 2 EV station 9, EGO 18-inch chainsaw and 5.0Ah battery low, more

Labor Day may be over, but that doesn’t mean the savings are done yet, and today’s Green Deals features a mix of new and ongoing deals on an array of eco-friendly tech. Our headliner for this edition is Aventon’s Sinch 2 Folding e-bike that is holding out at its $1,399 low for a short while longer, among the brand’s other Labor Day e-bike discounts. From there, we spotted Autel’s MaxiCharger 40A Level 2 EV Charging Station that comes with an RFID security card down at $399, as well as a new low price hitting EGO’s 56V 18-inch Cordless Chainsaw with a 5.0Ah battery for $249. We also have UGREEN charging solutions, a one-day-only deal on one of Fremo’s compact power stations, and more waiting for you below. Plus, there are all the hangover deals collected together in our curated Labor Day Green Deals hub here, with no telling just how much longer they’ll last.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Save space and gain utility in your commute with Aventon’s Sinch 2 folding e-bike while at its $1,399 low

As part of its ongoing Labor Day Sale running through September 3, Aventon is still offering folks the chance to hop aboard its Sinch 2 Folding e-bike at $1,399 shipped. Missing out on this deal means you’ll likely be paying $1,699 when it reverts to its full price, which we’ve mostly seen dropping to $1,499 over the last year, though its been more regularly falling back to the $1,399 low since the launch of its upgraded Sinch 2.5 descendant. You’re looking at a $300 markdown while the sale lasts, giving you another opportunity to score the brand’s most popular space-saving model at the best tracked price.

As the name implies, Aventon’s Sinch 2 e-bike is the brand’s second-generation evolution of its space-saving folding legacy commuter, which is a handy convenience for folks that have limited storage space. It’s been given a 500W rear hub motor (that peaks at 1,056Wh) paired with a 672Wh battery to provide you with up to 55 miles of pedal-assisted travel (four levels supported by a torque sensor) at up to 20 MPH top speeds.

Advertisement – scroll for more content

There’s added utility alongside commuting needs with its stock features, which include a rear cargo rack for grocery and errand running, as well as the integrated front and rear lighting that sport turn signal functionality, an 8-speed derailleur, fenders to go over both 20 by 4-inch tires, an LCD smart “easy read” display, and more.

Be sure to check out Aventon’s full Labor Day Sale lineup while it lasts through Setpember 3, with up to $500 discounts on various models for all riders – including first and second-ever discounts on new models, like the Soltera 2.5 Lightweight Commuter e-bike that fell to $999, among others.

man plugging in Autel 40A level 2 EV charger to vehicle

Bring home Autel’s MaxiCharger 40A level 2 EV charging station that comes with an RFID security card for $399

Through its official Amazon storefront, Autel is offering its MaxiCharger 40A Level 2 EV Charger at $399 shipped in black or white colorways. This at-home charging station usually fetches $470 at full price, though we’ve regularly been seeing it drop to $399 for Prime members, with today’s deal opening up to non-members, as well. While we have seen it fall to $373 (back during October’s Prime Day event) and the one-time $352 low during Memorial Day sales, you’re still looking at a solid $71 markdown that lands it at the third-lowest overall price we have tracked and the second-best price of 2025.

If you want to learn more about this charging station, be sure to check out our original coverage of this deal here.

EGO's 56V 18-inch cordless electric chainsaw sitting on stump with pile of wood behind it in grass
Photo: BLUETTI

Make up to 300 cuts with EGO’s 56V 18-inch cordless chainsaw and a 5.0Ah battery at a new $249 low

Amazon is now offering its best rate yet on the EGO Power+ 56V 18-inch Cordless Chainsaw with 5.0Ah battery at $249 shipped. This cordless tool usually fetches $399 outside of discounts, which we’ve seen go as low as $300, though that rate hasn’t reappeared since first popping up in the October 2024 Prime Day event. In 2025 things have only dropped between $349 and $329 regularly and as low as $320 during July’s Prime Day event, with the deal we’re seeing here today coming in as a larger-than-ever 38% markdown that slashes $150 off the going rate for the lowest price we have tracked.

If you want to learn more about this chainsaw, be sure to check out our original coverage of this deal here.

UGREEN nexode 48,000mAh power bank

Keep up to five devices running with UGREEN’s Nexode 48,000mAh 300W power bank at $102 + more

By way of its official Amazon storefront, UGREEN is offering its Nexode 48,000mAh Portable Charger/Power Bank Station at $101.99 shipped. You’d normally have to pay $170 for this larger charging solution at full price, though Prime members have been getting the opportunity to grab it at $120 and $113 rates over the last few months, alongside occasional dips lower to $107 and $102 – the latter of which is what we saw it priced at for July’s Prime Day event. You’re looking at a 40% markdown here, which cuts $68 off the going rate for the second-best price we have tracked – just $2 above the one-time low we saw at the end of March.

If you want to learn more about this charging solution, as well as the alternative devices seeing discounts, be sure to check out our original coverage of these deals here.

Fremo TP300 portable power station sitting on camping table with lantern, bottle, and cup

Through the rest of the day you can score Fremo’s 6.2-pound TP300 power station at a new $150 low

As part of its Deals of the Day, Best Buy is offering the Fremo TP300 Portable Power Station at $149.99 shipped. This unit normally goes for $270 at full price, which is similar to what you’d be paying for Bluetti’s latest Elite 30 V2 power station that currently goes for $299 for non-Prime members. Over the year, we’ve seen discounts take the costs down as low as $160, primarily in these one-day-only Best Buy sales. You’re looking at a larger-than-ever 44% markdown for the rest of the day, giving you $120 in savings on a compact backup power solution as it lands at a new all-time low price.

If you want to learn more about this compact power station, be sure to check out our original coverage of this one-day-only deal here.

man approaching Lectric ONE e-bike on pavement
two men riding Lectric's XP4 e-bikes

Best Summer EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.


Add Electrek as a preferred source on Google
Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Tesla sales surged in Turkey over a loophole that has been patched

Published

45 mins ago

on

September 2, 2025

By

Tesla sales surged in Turkey over a loophole that has been patched

tesla-turkey

Tesla’s sales have surged to unprecedented levels in Turkey, where the American automaker delivered nearly as many vehicles last month as it did across the entire European market.

It occurred because Tesla managed to take advantage of a loophole that has now been patched.

Turkey has a consumption tax rate (ÖTV) that varies depending on the type of car.

Earlier this year, they reduced the tax rate to 10% for EVs with a power output of less than 160 kW.

Advertisement – scroll for more content

Tesla vehicles wouldn’t qualify for that, but the automaker has resorted to one of its old tricks, which it also used to generate more sales in Canada back in 2021.

The American automaker software-locked the base Model Y RWD to just 160 kW of power to qualify for the lower tax rate. This significantly reduced the price and resulted in a surge of orders.

Tesla delivered 8,730 Model Y vehicles in Turkey in August, which was roughly equivalent to the total it delivered in a whole previous year in the country and comparable to about Tesla’s entire sales in Europe last month, following an approximately 40% decrease in sales.

Year-to-date, Tesla’s sales have now surpassed both previous full years combined:

However, Turkey has now patched the loophole. In July, the government announced that it would raise the base tax rate to 25% by the end of the month, but buyers could still take advantage of the tax rate if they had an invoice before then.

This resulted in a surge in demand for Tesla vehicles in Turkey, as evident in the August delivery results.

The demand was pulled forward, and Tesla is likely going to see sales slow down for the rest of the year.

That said, Tesla should still see demand settle higher than in previous years, as the OTV previously was as high as 60%.

Electrek’s Take

There has always been a strong demand for Tesla and electric vehicles in Turkey.

Back before Tesla officially entered the market, local EV enthusiasts were privately importing Tesla vehicles.

In the picture above, local early Tesla adopters in Turkey were begging the automaker to establish local service and Superchargers to support the community.

I believe there’s strong demand for Tesla vehicles in Turkey, but this specific surge is due to Tesla finding a loophole in the tax incentive, and the loophole has now been patched.


Add Electrek as a preferred source on Google
Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Kia’s new EVs and bold vehicle designs are proving to be a hit

Published

2 hours ago

on

September 2, 2025

By

Kia's new EVs and bold vehicle designs are proving to be a hit

Kia-new-EVs

The Kia vehicles we see on the road today are a drastic upgrade from its older models. After a major rebrand, including a new logo, name, and a bunch of sleek EVs, Kia is winning over buyers.

Kia revamps the brand with new EVs, designs, and more

It’s no longer Kia Motors. Now, it’s just Kia. The South Korean automaker rebranded in 2021 with a new name, logo, and stylish new vehicle designs. However, the new “Kia” is much more than just an updated logo.

Kia is transitioning from just another traditional automaker to a full-on mobility company. The South Korean automaker introduced a series of new low-cost electric vehicles that are already winning over buyers in nearly every pocket of the globe.

After selling nearly 254,000 vehicles globally last month, Kia said the “robust sales” were driven by steady demand for new EVs and hybrids.

Advertisement – scroll for more content

After delivering the first models in late 2024, the Kia EV3 has quickly become a top-selling EV in several markets. In the first half of 2025, it was the most popular retail EV in the UK and ranked sixth in all of Europe.

Kia-new-EVs
Kia EV6 (right), EV3 (middle), and EV9 (right) Source: Kia

With the new EV4, EV5, and PV5 launching in new markets, Kia expects the run to gain momentum going into the end of the year.

Kia opened orders for the PV5, its first electric van, and EV4, its first EV sedan and hatchback, earlier this year. On Monday, it announced prices for the EV5, its Sportage-sized electric SUV, will start at £39,295 ($53,000) in the UK.

Kia-new-EVs
Kia EV4 models during safety testing in Europe (Source: Kia UK)

The Sportage is Kia’s global, European, and UK-wide best-selling vehicle, so many see the EV5 being what could be the brand’s biggest hit yet.

It’s already helped turn around Kia’s business in China. As it arrives in new markets, the EV5 is expected to be Kia’s top-selling EV in many of them, including Canada.

Kia-EV5-prices-UK
Kia EV5 (Source: Kia)

Kia is already coming off back-to-back annual sales records in Canada, but with new EVs launching, including the EV5, it expects to top it next year.

Although it has four new electric vehicles on deck, Elias El-Achhab, the vice president and chief operating officer of Kia Canada, said (via The Star), “the EV5 is the one we’re most excited about.” The compact SUV segment accounts for over one-third of all cars sold in Canada, making the EV5 a cornerstone of Kia’s growth plans.

Kia-EV5-prices-UK
Kia EV5 interior (Source: Kia UK)

The electric SUV will be exclusively sold in Canada in the North American market, not the US. Since it’s imported from Korea, Kia would take a significant hit from Trump’s auto tariffs if it were to sell it in the US.

In Canada, Kia expects it “to be our largest volume EV next year, and eventually our number one volume vehicle,” El-Achhab said.

Although prices have yet to be revealed, El-Achhab promises the EV5 will be “priced comparably to many of its combustion-engine equivalents but will be better equipped.”

When asked about rising car costs due to the tariffs, El-Achhab explained that “the volatility isn’t good for anyone,” but Kia is flexible enough to adjust its production accordingly. Even if Kia gets a bigger piece of the sales pie, “the pie will shrink, debt levels will go up,” Kia Canada’s vice president added, “We’d prefer not having to face that situation.”


Add Electrek as a preferred source on Google
Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending