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Mario Merz, Vento preistorico dalle montagne gelate, Hallen für neue Kunst, Schaffhausen, Photo: Raussmüller Collection Red Cross volunteer driver Willi P. helps Erika U. get «If you are really interested in to the doctor’s. seeing work of the highest calibre, Volunteer work is first-hand experience of humanity. In Switzerland more than 50,000 Red Cross volunteers strive to improve the well-being very well presented, then it of their fellow men. In doing so they gain valuable experience and enhance their own lives. They provide more than 1.6 million hours every year – an inestimable contribution to our society. Without their participation we could not fulfil our mission: helping people in need. is necessary to visit Schaffhausen» The Swiss Red Cross and its member organizations would like to thank all their volunteers wholeheartedly. (The New York Times) Swiss Red Cross, Rainmattstrasse 10, 3001 , Tel. +41 (0)31 387 71 11, [email protected], www.redcross.ch Hallen für neue Kunst | Baumgartenstrasse 23 | CH-8200 Schaffhausen | tel. 0041 (0)52 625 25 15 | fax. 0041 (0)52 625 84 74 | [email protected] | www.modern-art.ch Photo: Rainer Wolfsberger 1st Place 1st The rangeofleisureactivitieshas Welcome! form anintegralpartoftheglobalknowledgenetwork According tosurveysconductedbyPresenceSwitzerland,contributoryfactors the leaguebecauseofexceptionallevel tial one.AccordingtotheWorld EconomicForumandits Travel & Tourism Com- tourism sectoror, to putitanotherway, part of “Switzerland exclusive.” to thepositiveimageofSwitzerlandincludecountryside,cheese,chocolate Switzerland ishighlyratedasaholidaydestination. Almost modernized andadaptedtotheneedsof stays wereregisteredin Switzerland Switzerland – World tothe Host land isnodoubtbenefitingfromthepositiveglobaleconomicclimate, it is locations, Credit Suissehasupdateditsbranchestomeetmodernrequirements health and environmental standards, and its well-trained staff.”health andenvironmentalstandards,itswell-trained Although Switzer- national environment. Our expertsalsohavedetailedknowledgeofl not takeitsguestsforgranted, but cherishesthemandtreatsasfriends. petitiveness Report be stronglyanchored inSwitzerland. It therefore Urs Dickenmann, head ofPrivateBankingSwitzerland also truetosaythatithasdoneitshomework. Many hotelshavebeen renovated, circumstances. We see Credit Suisse as a circumstances. a Weas seeCreditSuisse extensive experienceintermsofoffering comprehensivesolutionsinaninter- and hasalsoexpandedtheservicesitoffers. The privatebankingexpertsthere and servicesavailabletoguestsattheir ago. Credit Suissehasnowdevelopedintoaglobalplayer, butcontinuesto obligation thatwehavebeenmeetingeversincewerefoundedover and thebanks. An honorforthebanks,therefore,andCreditSuissean 2007 2006 , Switzerland ranksNo.1 intourism: tops “Switzerland , and thegrowthrateof been significantly Thestatisticsspeakforthemselves: vacation destinationstoo.Inthese a justifiablydemandingclientele. component of the top-class Swiss component ofthetop-class security itoff endeavors tomakeit extended. Switzerland does extended. Switzerland of CreditSuisseandhave 5.8 percentisasubstan- 35 ers, itsexcellent millionovernight ocal s expertise 150 Editorial years 03 Our 5000-star hotel.

MySwitzerland.com Get back to nature and discover some precious treasures: from a country guesthouse to a 5-star hotel, all centu- ries old and offering almost every conceivable luxury. You will find countless other unique and authentic ways of experiencing at first hand both Switzerland’s natural beauty and Swiss culture in our new “Time travel” brochure. It is our pleasure to help plan your holiday. Call us: UK 00800 100 200 30 (freephone), USA 1 877 794 8037, Canada 1 800 794 7795. Hotel Waldhaus, Sils Maria, Engadine, Graubünden Hotel Waldhaus, Contents 05

Switzerland Exclusive – that’s the title of this special issue of the Credit Suisse Bulletin. Exclusive in terms of its content, because Switzerland has exclusive things to offer its guests; and exclusive in terms of its readership, because this issue will be distributed in the major Swiss tourist destinations. The Bulletin magazine of Credit Suisse has been published since 1895 and is therefore the oldest bank periodical in the world. It can be subscribed to free of charge.

World Cultural Heritage 06 UNESCO World Heritage List The Seven Wonders of Switzerland

Research 14 Tourism Study Keeping Hotel Beds Full for a Booming Industry 18 Davos Declaration Tourism and the Pressure of Climate Change 18 Top Ranking Praise for Swiss Tourism from the World Economic Forum 20 Worry Barometer Annual Survey on What the Swiss Worry About

Education 22 Le Rosey A School for Life in French-Speaking Switzerland 25 Lyceum Alpinum Zuoz Students With Special Spirit in the Engadine

Folk Traditions 28 Land of Herdsmen and Cows Alpine Procession and Cattle Show in Pictures

World Economic Forum 34 Discussion Platform Geneva and Davos Help Set the Global Agenda 36 Social Innovation Schwab Foundation for Social Entrepreneurship 37 Global Warming Klaus Schwab on Climate Protection

Climate 38 Weather in Switzerland On Föhn Fever and Minus 41 Degrees

Leisure 42 Sports and Culture in the British Gentlemen Doing “Development” Work

People 46 Home of World Champions Formula One Drivers Value Swiss Discretion 48 Cultural Fund Eliette and and Switzerland 50 Philanthropy Helping the Needy and Promoting Talent via Foundations 50 Nobel Prize Albert Einstein, Hermann Hesse, Kofi Annan and Swiss Laureates 52 Scanning Tunneling Microscope Interview with Heinrich Rohrer 53 Avalanche Protective Cushion Innovative Product from Tourist Resort 54 Mamarazza Princess Marianne Sayn-Wittgenstein-Sayn

Banking 56 Client Support Private Banking Has No Fear of Heights

Publishing details: Publisher Credit Suisse Private Banking Switzerland, P. O. Box 2, CH-8070 Zurich Editor Andreas Schiendorfer (schi), Michèle Bodmer Editorial Contributors Joy Bolli, Regula Gerber, Robert Höpoltseder, Merja Hoppe, Daniel Huber, Mandana Razavi (mar), Andreas Walker and Switzerland Tourism Marketing Veronica Zimnic Languages German, French, English and Italian E-mail [email protected] Internet www.credit-suisse.com/privatebanking Proofreading text control Layout www.arnolddesign.ch: Monika Häfliger, Daniel Peterhans, Petra Feusi (project management) Translations Credit Suisse Language Services, Adrian Caminada (coordination) Printing NZZ Fretz AG Reprinting permitted with acknowledgement “From Credit Suisse Bulletin.”

Your link to our know-how www.credit-suisse.com/infocus World Cultural Heritage The Colossus of Rhodes, the Temple of Artemis at Ephesus, the Hanging Gardens of Babylon. They are among the seven wonders of the world. Switzerland too has its seven “wonders”: the country’s United Nations Educational Scientifi c and Cultural Organization’s (UNESCO) World Heritage sites. Seeking them out is most defi nitely worthwhile.

Credit Suisse Bulletin Premium Edition The , vineyard terraces, stretching for about 30 kilometer along the south-facing northern shores of from the Château de Chillon, to the eastern outskirts of in the region, cover the lower slopes of the mountainside between the villages and the lake. The vineyards were laid out as terraces by Cistercian monks in the 12th century. In June 2007, they were listed as a World

Heritage site, joining the Cinque Terre and the Amalfi Coast in (1997). ImagePoint Photo:

Credit Suisse Bulletin Premium Edition 08 Switzerland Exclusive World Cultural Heritage Photos: MendrisiottoTourism | Roland Gerth, zefa, Corbis

Monte San Giorgio (listed in 2003) is a densely wooded mountain rising to 1,100 meters between the two southernmost arms of Lake Lugano in the canton of . This unspoilt area is home to many rare plants, and a wealth of fossils from the Triassic period.

Credit Suisse Bulletin Premium Edition The three castles of – Castelgrande, Montebello and Sasso Corbaro – were listed as World Heritage sites in 2000. Shown here perched on a rocky hilltop is Montebello, which was acquired by the canton of Ticino in 1903, the year in which the canton celebrated the 100 th anniversary of its accession to the Swiss Confederation. The castle’s origins date back to the late 13 th century.

Credit Suisse Bulletin Premium Edition The city of Berne was founded in 1191, thus predating the Swiss Confederation by 100 years. With its distinctive arcaded streets, Berne’s “Altstadt” (Old Town) was listed in 1983. Most of the medieval town was restored in the 18th century but it has retained its original character.

Credit Suisse Bulletin Premium Edition Switzerland Exclusive World Cultural Heritage 11 Photos: SwitzerlandTourism

Two of the most remarkable testimonies to monastic life in Europe: on the left, the late-baroque library in the Convent of St. Gallen (listed in 1983) with its priceless manuscripts; and on the right, the Convent of St. John, which stands in the Müstair valley in the , with its unique frescoes dating from the reign of Charlemagne was also listed in 1983.

Credit Suisse Bulletin Premium Edition At 23 kilometers, the Aletsch glacier is the longest in the Alps. Near the foot of the glacier is the Aletschwald forest reserve. Extending over 824 square kilometers, the Jungfrau-Aletsch-Bietschhorn World Heritage site offers visitors a world of contrasts – whether viewed from among throngs of tourists on the Jungfraujoch or from the solitude of unspoiled terrain. On the World Heritage list since 2001; site extended in 2007.

Credit Suisse Bulletin Premium Edition Switzerland Exclusive World Cultural Heritage 13

The Seven Wonders of Switzerland

In Lisbon on July 7, 2007, Bernard Weber – a Swiss – presented Confederation became involved, prompting the Milanese in 1479 his list of the “New Seven Wonders of the World.” It features the to add a further castle: the Castello di Sasso Corbaro. In 1500, Maya city of Chichén Itzá in Mexico, the Inca city of Machu Picchu after the Duchy of was invaded by the French, Bellinzona in Peru, the Great Wall of China, the Cristo Redentor statue in Rio joined the Confederation. The castles’ importance then dwindled de Janeiro, ’s Colosseum, the buildings carved out of rock in and their condition began to deteriorate. Only in the 20th century Petra, Jordan, and the Taj Mahal in India. Although all these sites were they finally rescued and renovated. , on a are imposing witnesses to human achievement, there is something promontory that rises to 1,097 meters at the southern end of Lake arbitrary about compiling such a list. Perhaps if such a survey were Lugano, is home to numerous rare plants. The mountain, from which conducted again on September 9, 2009, the Hagia Sophia in marble is still quarried, is famous for its fossils dating from the Istan bul or the ruined temples of Angkor Wat in Cambodia would Middle Triassic period. Two hundred million years ago a subtropical be among the chosen. climate prevailed here, and the area was the site of a 100-meter- The sacred number seven does not, of course, cover all the deep marine lagoon. Finds, including a pachypleurosaurus, are wonders of the world: As of summer 2007, the actual list of the exhibited at the Institute and Museum of Paleontology in Zurich and UNESCO “wonders of the world” covers 851 sites in 140 countries. in the Meride fossil museum. And each year, the World Heritage Committee adds a further dozen Since it was enlarged in 2007, the Jungfrau-Aletsch-Bietschhorn or so cultural or natural heritage sites, hoping at the same time that Natural World Heritage site comprises 824 square kilometers, span- none will need to be removed: There is, in fact, a “World Heritage ning eight municipalities in the canton of Berne and 18 in Valais. in Danger” list featuring 33 sites, and the 1954 Hague Convention Highlights include not only the Eiger, Mönch and Jungfrau moun- for the Protection of Cultural Property in the Event of Armed Con- tains, along with the Jungfraujoch (site of Europe’s highest railway flicts does not guarantee the survival of such treasures. station), but also the longest glacier in the Alps (Aletsch), the Aletschwald nature reserve, the high arid “steppes” of the Valais, Abrogans and Carolingian Frescoes Three places in Switzerland the wooden aqueducts (Suonen), and the saffron fields in Mund. were listed as cultural heritage sites in 1983 : Claustra Son Jon UNESCO also a list of exemplary biosphere reserves. These (Convent of St. John) in Müstair, the Old Town of Berne, and the feature two sites in Switzerland: the Swiss National Park in the Convent of St. Gallen. The city of Berne was founded in 1191 by eastern Engadine, which was included in 1979, and the Entlebuch Duke Berchtold V of the House of Zähringen. Located on a promon- area of central Switzerland, included in 2001. tory surrounded on three sides by the river Aare, Berne gradually became the largest city-state north of the Alps. After a fire in 1405, Vineyard Terraces Above Lake Geneva The “Lavaux vineyard Berne was rebuilt and sandstone was chosen as the building mate- terraces overlooking the lake and the Alps” – that is how the area rial. Within 10 years of being voted of Switzerland in 1848, was described in the World Heritage list in 2007 – are located Berne boasted a new parliament building (the Bundeshaus) and a between Lausanne and on the northeastern shore of Lake railway station, both of which blended harmoniously into the Old Geneva and cover 805 hectares located in 14 municipalities. Town with its broad thoroughfares and characteristic arcades. Grapes – particularly of the Chasselas variety – have been grown The abbey district of St. Gallen is also well known. The abbey here since the 12th century. Thanks to a popular initiative spear- was founded by the Irish monk Gallus, who built a hermitage in the headed by the environmentalist , Lavaux has been Steinach valley in 612. Later, the associated school and library made protected by the constitution of the canton of Vaud since 1977. the abbey an important center of learning. Some 2,000 priceless Anyone who has seen these vineyards will enjoy their glass of manuscripts have survived to this day. These include the Abrogans, or Saint-Saphorin all the more. The Swiss landscape con- an eighth-century Latin-Old High German glossary, which is consid- servation foundation “Stiftung Landschaftsschutz Schweiz” (sl/fp) ered the oldest German book. The convent library is regarded as is staging a campaign – Atelier Proterra – to save other remarkable the finest non-ecclesiastical baroque interior in Switzerland. terraced landscapes of this type. The Convent of St. John in the Val Müstair is believed to have been founded by Charlemagne, and tree-ring dating does indeed The Eighth Wonder of the World Having covered the new seven indicate that the oldest timbers date back to 775. A monastery wonders and the seven Swiss wonders, one is left to ponder the until the 12th century, St. John’s then became a Benedictine con- question of the eighth wonder – an often-used but correspond- vent, strategically placed at the entrance to the Vinschgau valley ingly meaningless turn of phrase. There is little doubt what Swit- and the intersection of trade routes. The Carolingian frescoes dat- zerland’s eighth wonder would be: In an ancient geological event ing from ca. 800 AD are particularly precious; some of them are known as the Glarus overthrust, 250- to 300-million-year-old now preserved in the Swiss National Museum in Zurich. Verrucano rocks (greenish and reddish in color) were thrust over the brownish grey, and “young” (35- to 50-million-year-old) Flysch Pachypleurosaurus and Jungfrau The fortifications of Bellinzo- strata. New submissions that would raise Switzerland’s wonders na – Tre Castelli and Murata – were made a World Heritage site in to 10, include -de-Fonds and Le Lecle in the canton of the year 2000, followed in 2001 by the Jungfrau-Aletsch-Bietsch- Jura. A submission to have these areas listed as a Natural Heritage horn region and in 2003 by Monte San Giorgio. The castles of Castel- site has been filed with the World Heritage Committee. schi grande and Montebello date from the 13th century, when Milan was

Photo: Switzerland Tourism Switzerland Photo: struggling for supremacy against . In around 1400, the Swiss More information is available at whc..org/en/listatesparties/ch.

Credit Suisse Bulletin Premium Edition 14 Switzerland Exclusive Research Tourism is of huge economic importance to Switzerland. The Swiss countryside is also a core part of the national identity, a priceless asset that needs preserving for future generations. For this reason, scientifi c studies on the existing spectrum of tourist services and guest needs represent an invaluable working tool for the entire industry. Initial fi ndings? Switzerland is looking good. But good is never good enough.

Bernese Oberland Tourism Study

Keeping Beds Full With around 3.7 million overnight stays per 1 degree Celsius (C), the proportion of snow-sure ski resorts would year, the Bernese Oberland is a key tourist region. According to a fall from 90 percent to 75 percent. A rise of 2 C brings the number study by Credit Suisse, Gstaad, Interlaken and Grindelwald repre- down to 60 percent, with a rise of 4 C taking it down to 30 percent. sent top destinations that are in ideal shape to anticipate future Today, 97 percent of Swiss ski areas are considered snow-sure. consumer trends. With an additional 1 C the figure would be 87 percent, and with The structures, strategies and challenges of tourism in the Ber- an extra 2 C, 79 per cent. Only a rise of 4 C would change things nese Oberland – and in particular the 10 destinations that each dramatically in Switzerland, with snow security then falling to the offer more than 100,000 potential overnight stays annually – have 48 percent mark. been analyzed by the Economic Research team of Credit Suisse. In order to produce its benchmarking study, Credit Suisse ana- The Bernese Oberland is not an out-and-out winter sports destina- lyzed the tourist infrastructure, climate, accommodation structure and tion. Compared to Verbier, for example, which sells 80 percent of services structure of individual resorts, as well as the development its overnight stays in winter, or Arosa and Villars, which are both of the four success components: overnight stays, bed occupancy almost as winter-oriented, the corresponding figures in the Ber- rates, revenues per overnight stay and daily spending rates. “The nese Oberland – even in famous ski resorts like Adelboden, Gstaad, broadest spectrum of services and activities in the Bernese Ober- Wengen and Mürren – barely exceed the 50-percent mark. This is land is offered by Gstaad,” according to the study. “This resort match- not necessarily a disadvantage, as long as resorts can ensure a es or exceeds the average of the observed destinations in all aspects sufficient level of bed occupancy. On the one hand, all-year-round of infrastructure, faring particularly strongly in its choice of cross- tourism increases an area’s freedom of maneuver to invest in in- country skiing and après-ski opportunities, hiking trails and trans- frastructure, while on the other it also reduces an area’s depen- port facilities, latest sporting trends, golf and child care.” From a dency on the weather. climate perspective, by contrast, Gstaad falls short of the average. And indeed, it is precisely in winter sports regions that climate “In comparison with the Engadine valley and the Valais resorts in change is making itself felt. According to a study published by particular, it experiences more rainfall, and less snow and sunshine.” the Organisation for Economic Co-Operation and Development This last comparison in particular shows how tourist resorts that (OECD) at the end of 2006, however, the Swiss ski resorts, parti- take the right measures can easily make up for certain weather- cularly those in the Valais and Grisons, are in a significantly better related disadvantages. The guest structures of the resorts studied situation in this regard than their German and Austrian counterparts. differ greatly. In Lenk, Swiss guests account for more than 80 As things stand, 609 of the 666 key regions of the Alps are con- percent of overnight stays, while Swiss natives also account for

sidered “snow-sure.” If average temperatures were to rise by more than half the overnight stays in Gstaad and Adelboden. In > Photos: Ulli Seer, LOOK-foto | Ueli Hiltpold, remote.ch | Martin Parr, Magnum Photos

Credit Suisse Bulletin Premium Edition Picture above: Arosa has established itself as a family-friendly resort offering an impressive range of the latest sporting trends. Plenty of bike tours are on offer, while snowboarders also get more than their money’s worth in this resort that held the 2007 World Champion- ships. “Training tourism” is also very popular, be it the Medical Congress in March or language courses in summer. In addition, the Arosans are renowned for their humor… Gstaad (below left), St. Moritz (below right) and Zermatt are top destinations throughout the year, leaving almost no wish unmet. However, in both Gstaad and St. Moritz the recent growth in total overnight stays has not been hugely impressive. See also the charts on page 16 for these resorts.

Credit Suisse Bulletin Premium Edition 16 Switzerland Exclusive Research

Positioning of Tourist Destinations The analyses by Credit Suisse Economic Research make it possible to identify four categories: At the top right lie Switzerland’s top destinations, at the bottom right the potential leaders. On the left are the niche players with limited target groups, such as families – those that are already very successfully positioned are placed above, and those open to signifi cant improvement below. Source: Credit Suisse

3

Interlaken Zermatt 2 S Sils, Engadine Lauterbrunnen-Wengen-Mürren St. Moritz Grindelwald Gstaad 1 Engelberg Celerina/Schlarigna Samnaun Verbier S Sigriswil Arosa Pontresina Saas Fee Scuol 0 Villars-Gryon Val d’Anniviers Crans-Montana Kandersteg Klosters Loèche-les-Bains S Benchmarking Indicator Benchmarking Lenk Davos –1 Flims Laax Bernese Oberland Meiringen Other Switzerland Adelboden The size of the circle reflects the total number Hasliberg Lenzerheide/Valbella of overnight stays Maloja S Only assessed for summer –2

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Indicator of Range of Activities & Services for Tourists

Expectations for the Bernese Oberland Expectations for Grisons A holiday in Gstaad or Grindelwald, or Crans-Montana Grisons continues to be the number-one holiday region in the Valais? A range of activities and services, in Switzerland. Top destinations such as St. Moritz, Arosa together with a clear profi le, will assist tourists in making and Klosters are major players here. Source: Credit Suisse decisions. Source: Credit Suisse

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 Resort average  Resort average  Gstaad  St. Moritz  Grindelwald  Arosa  Crans-Montana  Klosters-Serneus

Credit Suisse Bulletin Premium Edition Switzerland Exclusive Research 17

Interlaken and Lauterbrunnen (Wengen, Mürren), by contrast, Tourism in Grisons three-quarters of overnight stays are booked up by foreigners, particularly Americans and Asians. The other destinations have a Tourism is as important to Grisons as the canton of Grisons is to more traditional mix of foreign guests. This aspect is of significance, the Swiss tourist industry. A total of 5.7 million overnight stays are since according to Switzerland Tourism, the daily outlay of Ameri- recorded here annually, more than in any other canton. Hotel and cans (270 francs per head) and Chinese (430 francs) holidaying catering is also of great significance for the cantonal economy, in Switzerland significantly outstrips the German and Swiss equiv- employing 16.2 percent of the local workforce. It is therefore good alents (170 francs and 140 francs respectively). news that Grisons was able to recover relatively quickly from the Day-trip tourism is important to many destinations. For example: sharp fall in the number of overnight stays that manifested itself Interlaken enjoys the greatest customer potential, with around 5.5 generally in Switzerland in 2001. million residents living within two hours travel of the city. Sigriswil, The positive trend since 2005, however, has been less marked Meiringen and Hasliberg come next with over 4 million, then Gstaad in this canton than the Swiss average. The development of this with just over 3.5 million. This gives the resorts of the Bernese sector, with its strong international orientation, also depends on Oberland far more potential than almost all their comparable com- external factors. The reliance on foreign demand places the region petitor resorts: Crans-Montana 1.9 million, Davos 1.4 million, Verbier in a global competition, particularly as just around half the visitors 1.3 million. However, one only need look at St. Moritz (0.4 million) originate from abroad, mainly . The mix of guests also and Zermatt (0.3 million) to realize that remoteness need not be a highlights the preferences of certain nationalities for particular disad vantage. In fact, these resorts make up for their relative resorts in this region. For example, more than 13 per cent of holi- inaccessibility with exclusivity, and accordingly charge more for daymakers in Klosters come from the UK. St. Moritz has a higher accommodation. share of Italians and Japanese than the other resorts, while Arosa With respect to hotel standards, Gstaad stands proudly at the is particularly beloved by the Swiss, who account for 58 percent of top of the Swiss tree: 65 percent of the available beds are found overnight stays. On average foreign visitors remain longer than in the 4-star and 5-star segments. The upmarket hotel industry is Swiss guests. Longer stays than the Swiss average are a particu- also big in Interlaken, Grindelwald and Sigriswil. In terms of revenues lar feature of Grisons. However, here too the average length of stay per overnight stay, Gstaad, St. Moritz and Flims top the pile, while has fallen. It has fallen more sharply than the Swiss average, and the leaders in terms of growth in overnight stays are Celerina, Scuol with varying repercussions. This phenomenon entails stays of few- and Saas Fee. In terms of high bed occupancy rates, Zermatt, Sils er days and hence lower revenues per new arrival. However, while and St. Moritz lead the way, while in terms of daily spending it is vacations may be of shorter duration, they are also more frequent. Interlaken, Verbier and Grindelwald where visitors really open their Regions that are sufficiently attractive and accessible for weekends wallets. or short stays without excessively long journeys can generate ad- In the overall benchmarking study, the Bernese Oberland fares ditional revenues. Grisons has been a winner in this respect, with pretty well. The most successful destinations of all 32 resorts the number of arrivals having increased over the last decade. analyzed are Zermatt, Interlaken, St. Moritz, Gstaad, Grindelwald, In favor of destinations such as Davos, Arosa, Flims, Lenzer- Engelberg and Verbier. By combining the benchmarking study with heide/Valbella, Klosters and Laax is the fact that they are within the tourist services and activities offered and historical weather two hours’ traveling distance for between one and three million conditions, tourist resorts can be divided into four categories. people. But the mix of tourist services and activities offered has to Among the top destinations we find Gstaad and Interlaken from the be right too. The range of winter sports offered in St. Moritz, Klosters Bernese Oberland, Zermatt and Saas Fee from the Valais, Verbier and Davos is above average. When it comes to other sporting from French-speaking Switzerland, together with St. Moritz, Pon- opportunities that improve the potential for year-round tourism, tresina, Celerina and Scuol from Grisons. In addition to successful Klosters lies in the average to slightly below-average bracket, while niche players and locations with limited potential, there is also an St. Moritz offers a broad spectrum. Arosa scores highly when it impressive group that could make the leap to becoming top destina- comes to family-friendly holidays (by offering childcare options) tions with better brand management and a more targeted focus on and golf. However, this destination lags behind others when it comes specific services or activities. This group consists of Crans-Mon- to downhill skiing and other types of sport. tana, Davos, Klosters, Laax, Flims and Lenzerheide. The spectrum of tourist services and activities offered, the at- Where the future is concerned, four megatrends are considered tractiveness of the countryside, the resort’s image, and the location critical, as they encompass specific consumer trends: demograph- of the region all have an impact on positioning when compared to ics (consumer trend: wellness), transformation of values (nature, other tourist regions in Switzerland. St. Moritz is established as a homeland, culture, adventure), globalization (luxury, international- top destination, evident by revenues and the high bed occupancy ity) and scarcity of resources (snow tourism). Grindelwald, Gstaad rate. Celerina/Schlarigna and Scuol rank highly when it comes to and Interlaken all rank among the top destinations from this point growth in overnight stays, with Sils in the Engadine also positioned of view. In a competition between resorts, these locations have well. In the future Grisons’s resorts must be able to consolidate every chance of success, as they are in a position to anticipate their position. This will also depend on external factors. The reper- megatrends at an early stage. The other resorts must consider cussions of climate change in particular are likely to be crucial for how many of the megatrends and consumer trends they can and winter sports opportunities. According to a study conducted by indeed wish to pursue. In view of the increasing global competitive UNESCO, the prospects for Grisons are good, with persistent snow pressure in the mid-range segment, achieving a clear positioning security predicted. Merja Hoppe, Economic Research will become ever more crucial for future success. schi www.credit-suisse.com/research > Swiss Economy > Regions

Credit Suisse Bulletin Premium Edition 18 Switzerland Exclusive Research

The World Tourism Organization Acts

The Davos Declaration “As a result of heavy emissions and the consumption by 20 percent. “Measures like this to protect the uncontrolled exploitation of natural countryside, tourism contributes planet may only be part solutions, but they are already available to to climate change, yet at the same time is one of its first victims,” us today. Every small step is important,” says Frangialli, adding: explains Francesco Frangialli, general secretary of the World Tou- “We should not be seduced into pointing the finger at other industry rism Organization (WTO). The inextricable link between climate, sectors and disingenuously hiding behind the fact that we ourselves tourism and the economy formed the key focus of the 2nd Inter- have limited opportunities to act. The climate is already changing national Conference on Climate Change and Tourism in the ski at a rapid pace. What counts now is how quickly we can implement paradise of Davos; the first conference took place in 2003 in practical measures, because the longer we wait, the higher the Djerba, Tunisia. The results have been drawn up in the Davos De- price we’ll pay.” Joy Bolli claration and agreed by around 450 participants from 80 nations, as well as by important institutions such as the United Nations World Tourism Organization (UNWTO), the United Nations Environ- ment Programme (UNEP), the World Meteorological Organization ( WMO) and the World Economic Forum (WEF). The three-page Davos Declaration represents an important basis for all future deliberations on climate protection and for sup- porting the tourism industry. It will play a key part in the Conference of Tourism Ministers in and the Climate Conference in Bali at the end of 2007, as well as influencing the climate policy Study by the World Economic Forum of the UN, which means that it will also play an important role in shaping the successor agreement to the Kyoto Protocol, due to Switzerland Has the Most Competitive Tourist Industry Pub- expire in 2012. lished for the first time in the spring of 2007, the Travel & Tourism “Transport companies and regional event organizers in particular Competitiveness Report of the World Economic Forum places must recognize the impending changes and respond in the best Switzerland at the top of 124 countries analyzed, followed closely possible way,” exhorts Francesco Frangialli. But the demands laid by and Germany. Why is this? “Switzerland tops the league out in the Declaration are aimed at all stakeholders in this industry because of the exceptional level of security it offers, its excellent sector, including governments, employers and employees involved health, hygiene and environmental standards, and its well-trained in tourism, travelers, and even the media. The demands enshrined staff.” The report also points out the quality of the Hotel Manage- in the document extend from comprehensive measures – such as ment School in Lausanne. the involvement of the tourism industry in the current commitments The country’s transport and tourism infrastructure is among the of the UN Framework Convention on Climate Change (UNFCCC) – best in the world, enabling visitors to travel through the country to specific training programs aimed at individual vocational groups quickly and comfortably. In addition, Switzerland’s natural and cul- in the tourism sector, as well as to the introduction of carbon-free tural resources also rank among the world’s finest. A total of 58 or even climate-neutral products. Frangialli is not in favor of a gen- subaspects were analyzed, with these then subsumed into three eral reduction of tourist numbers, however. Quite the opposite: He categories: “Regulatory Framework,” “Business Environment and stresses the importance of tourism for the economic development Infrastructure,” and “Human, Cultural and Natural Resources.” In of many countries. The destinations of long-haul flights are often each of these three categories Switzerland came second, putting economically poorer countries that rely on this source of income. it in first place overall. Yet despite this achievement, there are areas “Not only will people in the countries of Africa and Asia be the first in which an improvement is possible or even necessary. In terms to be hugely affected by the repercussions of climate change, they of the level of prices, Switzerland managed only 115th place, and will also have the least opportunity to adapt to this change,” he it also came only 62nd in terms of national perception of tourism, stresses, adding that such countries would be doubly disadvantaged although as the WEF points out, together with Spain, Switzerland by reduced visitor numbers. is one of the few high-income countries that attaches particular Above all, the Davos Declaration flags up long-term alternatives, importance to tourism. www.weforum.org/tourism schi calls for awareness-raising measures, and highlights exemplary practice, as the road to the future is already being laid by modern The Rankings pioneers. One example is the Hotel Palace in St. Moritz that acquires 1. Switzerland 11. Denmark much of its energy from the adjacent Lake St. Moritz: Erich Scheid- 2. Austria 12. egger, ambassador and deputy director of the State Secretariat 3. Germany 15. Spain for Economic Affairs (Seco) highlighted this achievement at the 4. Iceland 19. Netherlands Davos Climate Conference: “From water that has a temperature of 5. US 20. Cyprus just four degrees Celsius, the hotel and a neighboring school derive 6. Hong Kong 33. Italy sufficient energy to save on around 450,000 liters of heating oil a 7. Canada 43. Thailand year,” he announced. A further important step toward reducing 8. Singapore 59. Brazil emissions is already tangibly close in the highly controversial sphere 9. Luxembourg 65. India of aviation: The new “Dreamliner” from Boeing promises to cut fuel 10. United Kingdom 71. China

Credit Suisse Bulletin Premium Edition Switzerland Exclusive Research 19

Tourism: Number Crunching

Emerging From the Trough Tourism is of huge economic impor- The Origins of Foreign Tourists tance to Switzerland. More than 5 percent of the entire workforce Swiss tourism generates the impressive fi gure of around 35 million is employed in the tourism sector; in 1998 this was the equivalent overnight stays a year. More than 60 percent of foreign guests continue to come from the traditional partners: Germany, the UK, of 165,50 0 full-time workers. A third of this number earn their in- the US, France and Italy. Source: Swiss Federal Statistics Office come in the accommodation segment, with just over a fifth each working in catering and passenger transport. Given this background, Countries of Origin in Percent

it is good news that the number of overnight stays is once again on 60 a steady upward trend. With 34.8 million overnight stays, 2006 was the second-best year of the last decade; only 2000 with its 35 50 million overnight stays came out as slightly superior. Foreign guests spent approximately 13.3 billion Swiss francs in 2006, up from 11. 9 40 billion in 2004. These figures are comparable with the export rev- 30 enues of the Swiss watch-making industry.

A closer look at the visitor statistics reveals a strong increase in 20 the number of Asian guests – there have never been so many Indi- ans, Chinese and Koreans staying in Switzerland. Record figures 10 were also registered by Switzerland Tourism and the Swiss Feder al Statistical Office for Russia, the Gulf States, Poland and Portugal. 0 US

The strongest year-on-year increase was generated by visitors Italy Spain Japan France Austria Abroad tzerland from the Republic of Ireland (+34 percent), followed by the Eastern Belgium Germany Swi European countries of Romania, Poland, the Baltic states and Netherlands

Croatia. Kingdom United

It is important that Switzerland keeps an eye on and cultivates  1999  2006 these growth markets with the future in mind. At the same time, however, it is worth stressing that – native tourists aside – a group of five to eight nations remain of overwhelming importance to Swit- zerland: These are Germany, the United Kingdom, the US, France and Italy, followed at a certain distance by the Netherlands, Belgium Where Tourists Spend Their Vacation and India. Little has changed with respect to this hierarchy since Grisons, the Valais and the Bernese Oberland are Switzerland’s statistics were first compiled in 1934, aside from the fact that the most important tourist regions. The cities of Zurich and Geneva also attract a large number of business-related overnight stays to UK and the US have often swapped positions, most recently in 2001. ensure their high position in the league tables. In addition, the number of Indian visitors dropped dramatically after Source: Swiss Federal Statistics Office the record year of 2000, but has now stabilized. The Big Five are responsible for more than 60 percent of over- Tourism Regions in Percent night stays, and visitor numbers from these key markets have risen 20 sharply since the entire sector was hit in 2003. The record levels achieved for these countries lie a fair way back in the past, how- 16 ever, and with global tourism now so affordable, it is unlikely that

these records will ever be “threatened.” Respectively, these figures 12 are 7.6 million visitors from Germany in 1981, 3.4 million visitors

from France in 1967, 3.3 million from the US in 1985, 3.0 million 8 from the UK in 1941, 1.7 million from Belgium in 1973, 1.4 million 1972 1.3 1978 from Italy in , and million from the Netherlands in . 4 Japan came close to reaching the million mark in 2000, with 970,000 visitors. 0 In terms of the leading destinations in Switzerland, the ex tremely strong positions of the major cities are more than apparent. Zurich, Valais Ticino Geneva Grisons

Geneva, Lucerne, , Lausanne and Berne are all dynamic Mittelland economic centers, while the high quality of life in these cities also Neuchâtel, Jura Neuchâtel, attracts visitors for conferences and cultural tourism. For many (& region) Zurich Bernese Oberland Bernese Basel (and Basel (and region) Central Switzerland Geneva Lake

years, Zermatt, Davos and St. Moritz have also occupied high posi- (and Fribourg region) tions in the league table. However, there are some tourist destinations  2006 that have suffered a decline in visitor numbers. The average duration of stay in Switzerland, 2.4 nights per guest, is also not very impres- sive, even if resorts in the Alps perform much better in this respect. Here too there is work to be done. schi

Credit Suisse Bulletin Premium Edition 20 Switzerland Exclusive Research

Study by Presence Switzerland by 10 percent on their 2006 equivalents, indicating that other con- cerns are increasingly coming to the fore. The relationship with Positive Image in Germany Germany is Switzerland’s most im- foreigners is another topic permanently on the Swiss agenda. Is portant economic and political partner. This is also true of the this country that relies so heavily on foreign professionals in danger tourism sector. In 2006, guests from Germany accounted for 5.8 of losing its own identity? What is the right approach to take with million overnight stays. The image that Switzerland enjoys with its refugees and asylum-seekers? This discussion has taken on a new northerly neighbor is therefore important. In a survey undertaken dimension following a rise in violent crime, some of which is due to by Presence Switzerland, the country achieved a mark of 70/100, poorly integrated foreigners. While it is true that Switzerland enjoys significantly better than the other nations surveyed, the Netherlands very benign conditions compared to most other countries, concern and the Czech Republic. Managers and politicians assess Switzer- over personal security has been raised as an issue by almost a third land higher than the overall average, as do Germans who have been of the electorate. However, only 3 percent believe that future gen- to Switzerland. This accounts for three-quarters of the population. erations will really suffer with a foreigner problem. The following associations are invoked with respect to Switzerland The greatest long-term problem (single answer only) is seen as in spontaneous responses: mountains (44 percent), beautiful coun- environmental pollution, at 29 percent. This issue more or less tryside (29 percent), cheese (25 percent), chocolate (17 percent ), disappeared as a major feature from the Worry Barometer for a vacation destination (16 percent), banking secrecy (15 percent) number of years, but a quarter of the population nominated it again and neutrality (14 percent). Also cited were “expensive country” (13 as a concern in 2006. This puts environmental pollution in eighth percent), winter sports (11 percent ) and international openness (10 place overall behind “new poverty,” something that affects a con- percent). When it came to evaluations of the different image aspects siderable number of citizens even in Switzerland. from a given list, Switzerland emerged with a high average value of The survey also provides information on the confidence the Swiss 7.9 out of 10 points. The following characteristics came out highest: have – or don’t have, as the case may be – in their national institu- politically stable; high quality of life; place to visit; good inter- tions. Given the backdrop of an improved economic situation, almost national reputation; world-class products; internationally competi- all the figures here are up on their previous year’s equivalents. The tive; reliable business partners; high level of education and research; top group includes the Federal Courts, the police, and for the sec- strong political influence of citizens. Presence Switzerland ascer- ond time running also the banks. 60 percent of Swiss people have tained the following Swiss image values in Switzerland’s other confidence in banks, an impressive figure given that it was not rare traditional partner countries: US 73, the UK, Spain and France for this score to be less than 40 percent in times of economic hard- 64 each. The very latest studies reveal even higher marks for Japan ship. The country’s senior political bodies, the Federal Council and (72) and China (78). www.presence.ch > Information > Image studies schi the Swiss Parliament, do not fare quite so well, but they have no reason to be dissatisfied with their score, particularly when com- pared to the political parties and the mass media. The Worry Barometer is supplemented by an additional survey that looks at how the Swiss view their identity. No less than 86 percent of the electorate say they are proud to be Swiss, of which half even say they are very proud. In view of the fact the Swiss tend to be rather critical and restrained, such a high score was hardly a given. In the country’s anniversary year of 1991 – 700 Years of the Confederation – for example, the Swiss motto at the Credit Suisse Worry Barometer World Expo in Seville was “La Suisse n’existe pas”: Switzerland does not exist. What Are the Swiss Worrying About? Unemployment, retirement Switzerland only functions as a “Willensnation” – a nation forged provision and health care – these are the three issues that concern by the will of the people – if the desire to live together is greater the Swiss most. This is the result of the Worry Barometer survey than the separatist forces at work, particularly those driven by lin- commissioned by Credit Suisse Bulletin. guistic and cultural differences. This sense of unity is now once The Swiss economy has not been in this good shape for many a again firmly established, and here the economy has also contrib- year. The unemployment rate fell to a low of 2.6 percent in August uted to the positive sense of national identity. Together with aspects 2006, and while expert forecasts for the future are not exactly such as peace and neutrality, Swiss quality, the strength of Swiss euphoric, they are certainly optimistic. Despite this, 57 percent of brands abroad and the country’s leading role as a world financial the Swiss population is worried about unemployment – in terms of center form key components of the Swiss identity and sense of their own job, the relatively high level of youth unemployment, as national pride. well as the regional discrepancies between German-speaking From the Credit Suisse perspective, the only rather unsatisfac- Switzerland and the French-speaking and Italian-speaking parts tory element is the general population’s assessment of the perfor- of the country. Now in its 31st year, the Worry Barometer flagged mance of Switzerland’s major companies, including the banks. A up the same three main concerns for the seventh year running. large number of Swiss people hold the view that large companies Together with unemployment, these are retirement provision and make far too few training positions and jobs available, and that they health care. The representative survey, conducted by the gfs.bern also pay far too little in tax. However, this is at least in part down research institute, allows participants to name their five principal to misunderstanding, because the actual figures for these aspects concerns. However, the three major concerns are on average down are clearly underestimated by the general public. schi

Credit Suisse Bulletin Premium Edition Switzerland Exclusive Research 21

“In your view, what are the fi ve most important problems facing Pride in the Characteristics of Swiss Politics Switzerland today?” (Multiple answers allowed) Question: Are there specifi c things about the Swiss political system that make you particularly proud? Read through the list below and indicate your degree of pride in each case.

Unemployment  57% Neutrality 57 36 4 12 Independence, autonomy Retirement Provision  45% 50 41 6 12 Citizens’ rights, e.g. right to launch an initiative / hold a referendum Health Care  38% 44 44 7 1 4 Coexistence of the various language groups Foreigners  35% 44 42 9 2 3 Personal Security  30% Federal constitution 39 45 9 2 5  26% Refugees Participatory rights of cantons/federalism

New Poverty  25% 33 47 14 2 4 Good industrial relations Environment  25% 22 51 19 3 5 Salaries  23% Militia system in civilian society, politics and the armed forces Infl ation  20% 23 48 18 4 7 Cabinet in which all major political parties are represented European Integration  20% 21 50 19 4 6 Social Security  19% 0255075100 Federal Finances  18% Globalization  14%  very proud  quite proud Family Policy  13%  not that proud  not proud at all Drugs  10%  no view/no response Energy  10%

Terrorism  10%

“Please name three things that Switzerland stands for, Pride in the Characteristics of the Swiss Economy in your personal opinion.” Question: Are there specifi c things about the Swiss economy that make you particularly proud? Read through the list below and indicate your degree of pride in each case.

Watch-making industry Security  26% 57 38 3 11 International reputation for quality Neutrality  23% 62 31 4 12 Strength of Swiss brands abroad Countryside  15% 51 42 5 11 Successful SME segment Prosperity  14% 46 47 4 12 Machine-building industry Precision  14% 41 51 4 1 3 Research Freedom  12% 42 48 5 1 4 Alps  12% Pharmaceutical industry 43 47 6 3 1  10% Banks Switzerland as financial center Cleanliness  10% 45 44 7 1 3 Innovative potential Homeland  9% 37 52 5 2 4 Solidarity  9% 0 25 50 75 100 Democracy  8%  very proud Independence  8%  quite proud  not that proud Conscientiousness  7%  not proud at all  no view / no response Chocolate  7%

Watches/Clocks  7%

as % of voters of % as Right of Participation  7%

Credit Suisse Bulletin Premium Edition 22 Switzerland Exclusive Education Education is Switzerland’s most precious commodity. The quality of schooling is therefore vital to the country’s future. One need only think of Zurich’s Federal Institute of Technology (ETH), where around 30 Nobel Prize winners studied or lectured. But the 260 private educational institutions also make a huge contribution. They prepare around 100,000 young people – from more than 100 countries – for their future. We take a look at two such institutions: Le Rosey in and the Lyceum Alpinum Zuoz.

Le Rosey: A School for Life

Near the northwestern shore of Lake Geneva lies Rolle, a quaint two students to a room with an en suite shower, it is no more spe- but unremarkable village surrounded by vineyards and farms. Yet, cial than the average college dormitory. Each student has a single it has been home to royalty and the upper echelons since 1880 with bed, a small desk and a nightstand. The furniture is functional, but the establishment of the prestigious Le Rosey. unexceptional. Every pupil gets the exact same, plain bedlinen, The school, one of the most reputable in Europe, offers more than towels and dressing gown, which are collected twice a week for just primary and secondary education. Thanks to a large and active washing. “Once a child is enrolled at Le Rosey he or she is treated global alumni its claim “a school for life” is more than a motto. exactly the same as every other child regardless of their family name Its list of over 5,000 alumni reads like a guest list for a royal or if they are the son or daughter of royalty. There is no special wedding or the World Economic Forum in Davos. While Le Rosey treatment,” Gudin explains. “When students arrive in this tightly knit is known for its royal graduates, including Prince Rainier III of community, they must decide to adapt to the rules of the commu- , the Shah of Iran, Aga Khan IV, King Albert II of Belgium nity. We cannot force them to adopt our values, but if they don’t and King Fuad II of to name a few, the children of celebrities want to adhere to them, they cannot stay here.” such as Elizabeth Taylor, John Lennon and Diana Ross also went there. And, countless heirs of major fortunes have also roamed this Strong Network Opens Doors for Graduates All Roséens learn campus, with names such as Rothschild, Benetton, Rockefeller and to adhere to a tradition-rich honor code, which establishes the rules Niarchos*. “We are quite a special school but I will never say that and expectations of living in an interconnected community of 400 we are an elite school,” says the institute’s general director Philippe pupils ranging from ages seven to 18 and 200 full-time personnel, Gudin de la Sablonnière. “We want to have students from all walks including 90 teachers. Gudin explains that the code is strict because of life from around the world, not just highly gifted students or those it is impossible to live in a community without discipline. “Discipline from illustrious families. In fact, we have many boarding teachers helps everybody know the rules and the limits. Le Rosey is strict, living with their families on campus, and their children attend this but pupils will always find doors open for dialogue. The education school as well. I believe Le Rosey is the perfect place for students we provide is liberal, but mutual respect between pupils and faculty who are active and have a wide range of interests, from sports, to is essential.” He goes on to say the master word of every person at music to theater. Our students are open to the world and everything Le Rosey is “respect.” In fact, in the 2007– 2008 code, respect is it offers.” However, Gudin also points out that the unique bilingual the most repeated word. “Respect is an integral aspect of our vision, French and English curriculum offered at this 128-year-old institute which is based on Swiss values. We are a Swiss school with an does have its price. In fact, it ranks among the world’s most expen- international vocation. I firmly believe Switzerland is an example of sive boarding schools at 80,000 Swiss francs a year. people living together in harmony because it is not a nation but a While an education at Le Rosey carries a hefty price tag, Gudin collection of various languages and cultures united through democ- stresses that this does not mean that students are coddled. Indeed, racy,” he explains. “Because of this, the Swiss don’t have the kind a pupil’s day begins at 7 a.m. and generally ends at 10 p.m., he of cultural imperialism of some other countries. This makes it unique, explains. “The density of activity during that time period is extreme- and by supporting the values of Switzerland – tolerance, respect for ly high. Students have eight classes a day that last 45 minutes, and others and open-mindedness – Le Rosey, too, is distinctive.” then from 4 p.m. to 6 p.m. they focus on arts and sports.” Even Perhaps it is this blend of ideals that creates a special bond after dinner, the students either have a period of supervised study between Roséens and a strong sense of loyalty toward the school, or partake in arranged cultural or leisure activities depending on which is apparent in its powerful alumni network, aptly named the

their age group. And while the student housing is comfortable, with International Association of Anciens Roséens (AIAR). The AIAR > Alpinum Zuoz Lyceum Photos: | Rosey Le

Credit Suisse Bulletin Premium Edition There are 260 private educational institutions in Switzerland. Le Rosey in Rolle (above) and the Lyceum Alpinum in Zuoz (below) certainly rank among the most significant of them. The wonderfully located school buildings look majestic when seen from the air. However, the furnishings of the educational and residential quarters are more functional than luxurious. The education received here is an all-encompassing one that forges lifelong bonds between the pupils.

Credit Suisse Bulletin Premium Edition 24 Switzerland Exclusive Education

provides future graduates with invaluable connections around the the grand dining hall in the impressive Château du Rosey, a mano- globe. “Everywhere in the world there is an Anciens Roséen ready rial estate that forms the focal point of the 75 acres of beautifully to welcome and to help other Roséens,” explains Gudin. “This landscaped grounds. The campus provides ample room and activi- extensive network of men and women generates extremely useful ties for students to develop all the “multiple intelligences.” The school professional contacts and opens doors that might otherwise stay is a proponent of the theory of multiple intelligences, which suggests closed without this sense of commitment. Therefore, ‘a school for that the traditional notion of intelligence, based on IQ testing, is far life’ is not a catchphrase, but a reality that benefits every graduate. too limited. Instead, the theory proposes that eight different intel- It does not guarantee success, but it can make for a good start.” ligences account for a broader range of human potential. These This lasting loyalty grows through the ethos of the school, which intelligences are: linguistic, logical-mathematical, spatial, bodily- Gudin believes is defined by a structured community life modeled kinesthetic, musical, interpersonal, intrapersonal and naturalist. after the family ideal. “Because students live away from home, The grounds, with separate boys and girls campuses, would seem they rapidly build friendships and remain attached to their school – to offer everything to aid in the development of these intelligences: their home away from home – long after they leave.” 53 classrooms, eight science laboratories, a library and media cen- ter with over 20,000 literary and reference works, a theatre, an A Melting Pot of Tradition and Innovation For 87 years the auditorium, two gymnasiums and an ecumenical chapel. The sports graduates of Le Rosey were just young men, but beginning in 1967 facilities designed to increase body smarts, include 10 tennis courts, girls have also joined the ranks. Other traditions, however, remain. a 25-meter indoor pool with wellness center, a 25-meter outdoor Students are free to dress as they chose during the day as long pool, three football pitches, a Rugby pitch, a running track, and a their clothing choices are suitable, but uniforms are worn every shooting and archery range. Nearby off-campus, Le Rosey has an evening for a meal in the formal dining hall. “This is a tradition that equestrian facility housing 30 horses, an indoor riding school and the children seem to appreciate and it helps to create solidarity and a sailing center. Still, every winter since 1917, when the fog rolls in school pride,” explains Gudin. Teachers and pupils eat together in the entire student body and the majority of the faculty pack up their

beginning I was mostly impressed by the va- what a complex machine banking really is. I riety of sports and the fact that we were was guided by the head of Credit Suisse able to ski every day during the winter season Gstaad, Thomas Riz. He not only answered in Gstaad. Le Rosey is the only boarding all of my many questions, but explained school that I know of that moves its campus things in a way for a person new to the busi- to Gstaad for the winter term. Besides that, ness to easily understand. His team also there were always numerous options of ac- explained the process of business invest- tivities from which to choose. In addition, ment, computer tools used in banking, fi- there was a well-organized and guided aca- nancial engineering and about loans and Monika Wilk Tells demic program which prepared me to score mortgages. I also visited the headquarters Her Le Rosey Story 40 points in the International Baccalaureate in Zurich, where I learned more about the (IB). However, I was most impressed by the work of brokers and commodity traders, and Monika Wilk was the 2007 winner of the solidarity of the students. I just graduated held the commodity, gold, in my hands. The Prix d’Excellence Girard-Perregaux and from Le Rosey so it is hard for me to say entire week was a remarkable experience Credit Suisse award for being the top stu- what the future will look like, but I will surely that I will never forget. dent of the Le Rosey 2007 graduating class. try to in touch with my friends. I have Right now, I am not completely sure what She received a Girard-Perregaux 1945 vin- also heard the International Association of direction my future career will take. I am tage watch with a Le Rosey emblem as part Anciens Roséens (AIAR) will help us to com- about to begin my studies at the London of the prize and also a five-day internship at municate and contact each other around School of Economics, which I hope will give Credit Suisse Gstaad to gain an overview of the world. me a better understanding of economics, the banking business and the financial in- When I heard my name being called to banking and finance management. I would dustry. In a testimonial, she explains what it pick up the Prix d’Excellence Girard-Perre- like to graduate from this university with a was like to be a student of Le Rosey. gaux and Credit Suisse prize, I was very, very top score, and then choose a job that will “My parents had the idea of my attending surprised and most honored and pleased to enable me to make my dreams reality. Later, boarding school, and it was my father who receive it. I loved that part of the prize was I would like to get a masters degree in order discovered Le Rosey through an association the chance to get a glimpse into how banks to be a higher-valued professional. I am not of Swiss private schools. Perhaps Le Rosey work. I cannot think of a better reward, es- sure where I will someday work. I am young, is better known in other countries of Eastern pecially for someone like me who is actually and open-minded and would like to work in Europe, but less so in Poland. The two years interested in the topic. Thanks to the great many places and then decide where I will I spent at Le Rosey were the two most un- team at Credit Suisse Gstaad, I was given settle based on my experience.”

forgettable years of my life so far. At the the opportunity to understand more clearly Testimonial by Le Rosey graduate, Monika Wilk Rosey Le Photos:

Credit Suisse Bulletin Premium Edition Switzerland Exclusive Education 25

warm-weather gear and head to the Alps – something no other Lyceum Alpinum Zuoz boarding school can boast. The village of Zuoz, situated at an altitude of 1,750 meters near Expedition Winter Wonderland Le Rosey is reportedly the only St. Moritz in the Engadine, is set against a spectacular mountain boarding school in the world to change campuses seasonally – an backdrop. Standing just above the village is an extensive school enormous logistical undertaking. From January through March, the campus with its own sports grounds: the Lyceum Alpinum Zuoz. entire student body moves to a group of chalets in Gstaad, the ski We visited the school on a day bathed in the golden light of fall. The resort town in the Bernese Alps. “Moving 400 students and 200 friendly atmosphere is ubiquitous; we were given a very warm wel- staff isn’t easy, in fact, it is a bit crazy to continue this tradition that come by the school head and his wife, and even in the school began 90 years ago, but that is what we like about it. Le Rosey is corridor were struck by the very distinct “family” feel. People know imaginative and sometimes eccentric and this move to Gstaad is each other by name, say “hi” to each other with a sincere smile, and the most obvious manifestation of that,” explains Gudin laughingly. are always happy to engage in a little personal chitchat. Our tour The busy days of teaching continue in the sun and the snow, it is of the building, which was constructed over different eras, is inter- just the array of sports that changes. esting not only from an architectural perspective. The spirit of the Retaining its unique qualities is important to Gudin, who believes decades seems to linger in the air, occasionally taking you on a it is possible to continuously innovate and still hang on to some journey back to a bygone age. traditions. Another aspect of this is the proprietary nature of the school. Every director of the school is also the majority share- Students From 25 Nations Having opened in 1904 as a strictly holder, and this has been true for its entire history. In that time, boys-only boarding school with 22 pupils, the Lyceum is now an in- there have only been four directors, and strangely, the last three, ternationally focused co-educational school with a broad range of including Gudin, have all been 26 when they took over. “I was 26 teaching programs: Besides the Swiss and German Abitur, in 1980 when I came on, and worked with the director for four years the school has been offering the IB International Baccalaureate – a before he really stepped down. Even this is a tradition,” he explains. points-based, and therefore internationally recognized school-leav- “My 22-year-old son has the same passion for education that I have, ing qualifi cation – since 19 97. This gives students an opportunity to and I expect he will be successor, which means that I would have study at leading universities anywhere in the world, once they com- only four years left as director if we follow the pattern.” As Philippe plete their schooling. And that’s precisely what they do, as a num- Gudin reflects over what he just said, his brow furrows. After a ber of prominent examples go to show. pause he says with a grin: “Perhaps some traditions are meant to Over the years, however, the Lyceum has also felt the effects of be broken.” Michèle Bodmer political and social change; as time marched on, its original image as an international school became diluted. In 2004, Ursula and *According to the tradition of discretion of Le Rosey, the school’s Director Philippe Gudin, Beat Sommer were chosen as the school’s head and public relations neither provided nor confirmed the names of past or current attendees.. chief respectively, and entrusted with the task of taking the school in a fresh direction. “We’ve managed to bolster our reputation as an original boarding school, position ourselves internationally, and at the same time successfully anchor ourselves at a regional level,” explains Sommer. “Today, 310 male and female students, of 25 nationalities, attend the Lyceum – 100 of them as day students.” A majority of them are Swiss or German, though pupils also come from countries like France, Brazil, the US, Romania and China. “We now have waiting lists for some of our teaching programs, and parents should really submit application documentation for their child as early as 12 months before the start of the school year. A careful admissions process is essential.” The school’s locality, as well as life as a boarder, can put a young person’s character to the test, says Sommer. “They must be open and willing to adapt to the Swiss and regional way of life, to get the most out of our rural location, and to make their own contribution to the school community. Besides English they also must learn German.” The school – in de-facto terms a business employing 100 people and including a hotel – comes across as being profession- ally managed; from the educational side, through catering services to cleaning operations, high quality is the order of the day. Former pupils – known as “Old Boys” and “Young Girls” – are eager to bang the advertising drums. Normally, however, that’s not enough in itself to kindle young people’s enthusiasm for a school. Why does a lyceum with such stringent requirements enjoy such popularity? The winter camp of Le Rosey is situated in Gstaad, and offers More to the point, isn’t the school’s awareness of tradition seen as a wealth of opportunities for winter sports. slightly old-fashioned by people of adolescent age? >

Credit Suisse Bulletin Premium Edition 26 Switzerland Exclusive Education

Why did you opt for the Lyceum Julia Wenzel Clearly, independent thinking and Alpinum Zuoz? decision-making are what today’s world Julia Wenzel Of all the schools I looked at in demands. From that point of view, yes, it is Switzerland, this was the one I liked best. slightly old-fashioned. Conversely, the fun - On the one hand, it was the beautiful loca- damentals need to be in place. They are tion in the midst of the mountains – which is what give you a certain calm, and self-confi- obviously awesome for skiing. Second, I was dence. Ulrich Körner The Lyceum has in the Julia Wenzel, Ulrich Körner, also very impressed by the academic side of past stood for motivation, critical thinking student at the former student, things. Ulrich Körner After an intensive selec- and creativity – and still does so to this day. Lyceum Alpinum member of the Board of Directors tion process at various boarding schools, Openness, honesty and tolerance were I opted for Zuoz. That was because of the also important in an international context. content and intensity of the education pro- They’re still essential values, and anything The View From a Current vided, but also the head of the school and but old-fashioned. Student and an “Old Boy” the way the boarding side of things worked What do/did you personally get left the best impression on me. involved in at school? Bulletin: Which education syllabus did you What things particular make Zuoz Julia Wenzel In a students’ organization that choose? And why? stand out? tries to explain economics and politics to Julia Wenzel I’m studying for the Interna tion- Julia Wenzel You’re taken seriously, your ideas students. I’m also involved in the volleyball al Baccalaureate. It’s a qualification that and problems find a sympathetic ear, and and athletics teams, in the school choir, and requires more critical thought and less you get support. The sports on offer are in the school cricket team, which has just knowledge-gathering compared to the Abi- amazing. People have a good attitude to come back from South Africa. Ulrich Körner tur or Matura. I find it more relevant to real learning, and a lot of hard work goes on. In various smaller roles in the boarding life. Ulrich Körner I went to a German grammar And it’s possible to make international school community and school class, and in school with a humanities bias; I continued friend ships. Ulrich Körner It was the fact the philosophy club. my education at Zuoz, and after three years that I came into contact with people from How has attending boarding school graduated with a Swiss Matura and German different cultures and backgrounds, and helped benefi t your life? Abitur. I still think it makes sense to use some was able to live together with them in close Julia Wenzel Excellent experiences, lots of in- of your time at school to learn about things quarters, and the fact that the notions of sight into other cultures, organizational skills you may not come into contact with to the fairness, tolerance and respect were really and discipline, and good friendships. Living same extent in your subsequent career. put into practice. And obviously, I thought in the community and learning to adapt and The Matura enabled me to get direct access the wide range of sports that were offered deal with other people. Ulrich Körner I’ve to study in Switzerland and the US, which and the setting in the Engadine mountains forged some very good friendships that was denied to people with a German Abitur. were great. have lasted decades. I also developed an That was a result of the German schools Aren’t the values of the Lyceum Alpinum emotional bond with the Engadine, which I reform at the end of the 1970s. slightly old-fashioned? retain to this day. Regula Gerber

The Spirit of Zuoz The answer to the question comes from the enthusiasm for, a specifi c interest. It all seems to work, too: In con- young people themselves: They talk with a sense of pride about the versation we are struck by their deep and wide-ranging natural and spirit that prevails, about the opportunities open to them; they also enthusiastic commitment. Under the auspices of the “Corps of cite the myriad nationalities, and the close, long-lasting friendships Volunteers,” the curriculum also fosters the notion of caring for others. that are forged. And they’re effusive about the huge range of sports Last year saw 60 students renovate a school building in Romania, on offer – for some of them, the number-one criterion in their choice under the supervision of teachers and with the help of craftsmen of school. From football, golf, volleyball and ice hockey, through to from the Engadine. The concept of voluntary service is aimed at cricket, everything is played here – mostly in the form of team games, promoting awareness of other cultures and ways of life. and mostly at a competitive level. In winter, keen snowboarders and Alongside the vast array of activities on offer, the Lyceum Alpi- skiers can take advantage of pistes not even 500 meters away. The num Zuoz therefore stands as a school with a very clear set of Lyceum’s motto of “mens sana in corpore sano” – healthy mind, values and rules; orderliness and structure, but above all discipline healthy body – is an integral part of the curriculum. The harmony and conscientiousness, are writ large. The boarding-school format and links between spiritual and physical well-being are seen as and international dimension constitute an ideal platform for develop- pioneering. Team sports are fostered as a way of understanding ing such attributes. Whereas in a normal situation parents face a fair play and team spirit. But there is also a whole host of other daily struggle to achieve the same results, the boarding school is opportunities available to pupils – opportunities they grab with gusto: well-served by this group dynamic: Something that is completely There’s a theater group, a school newspaper, a debating society and natural for everyone is never torpedoed. Ultimately, the “Spirit of

a school band. All are designed to inspire concentration on, and Zuoz” is meant to live on to the benefi t of all the students, and each Alpinum Zuoz Lyceum Photos: | Credit Suisse

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Sports and Schooling in Switzerland Back in 1633, David Wedderburn wrote in his Latin class book: “Excute pilam ut ineamus certamen. Age, huc per- cute. Tu tuere metum. Praeripe illi pilam si possis agere.” – “Kick the ball, so we can begin the match. Let’s go; pass the ball to me. Keep an eye on the goal. Get the ball off him if you can.” From an early date, the Englishman realized the value of an all-encompassing education. An excellent educational institution must also have suffi cient space for sport, art and music. And, as the English came to know and love the scenic attractions of Switzerland over the course of the 19th century, they also introduced football to the country. At the Institut La Châtelaine in Geneva, they began playing football as early as 1869; at Château de Lancy, also in Geneva, the fi rst ball may well have been kicked in 1855. But who’s got any evidence? La Villa Longchamp in Ouchy and the Institut Schönberg at Rorschach shouldn’t be forgotten either. It was there that A variety of team games are practised in Zuoz. These include Switzerland’s oldest football club – FC St. Gallen – cricket, a sport rarely seen in Switzerland. ultimately got off the ground in 1879. And if you take the list of Swiss ice hockey champi- and every one of them is aware of his or her responsibility. They ons up to 1928, you’ll fi nd not only HC La Villa know that anyone who has attended the school is familiar with this of Lausanne, but also HC Bellerive (four times), spirit – it’s something that binds them together regardless of borders among the title-holders. Behind it is the Institut and countries. Bellerive in La Tour-de-Peilz, which was later to play successfully at Villars. And HC Rosey Gstaad A Commitment to Conscientiousness Our conversations show won as many as eight times. No wonder the just how these values are put into practice – which only goes to young students were determined to go to winter prove their credibility. By virtue of the family atmosphere and close- camp at Gstaad. ness – even husband-and-wife team, the Sommers, live on the Even today, many young people from all over school premises, with their two children – individual students are the world take the opportunity to attend school or never left out on a limb, thus creating a feeling of responsibility university in Switzerland, and at the same time vis-à-vis fellow students. Indeed students can gain a lot from this enjoy the magnifi cent landscape and participate strict regime. Saturday evenings out end at 10.30 p.m., for instance, in sport. In Arosa, for instance, the courses while a zero-tolerance approach applies to anyone found taking provided by the Ariana language school – a sub- drugs. As Matura student Valentine de Weck says: “When I got sidiary of the Institut Rosenberg in St. Gallen – here, I wasn’t terribly disciplined at learning. The guidelines here are very popular. People can improve their knowl- are a big help as far as getting my work done properly.” Beat Som- edge of German, English, French or Italian, mer backs up the view that young people value this framework: and benefi t from the sports on offer. But many “Today’s society is a highly individualized one. While that offers a prefer to go to French-speaking Switzerland: lot of freedoms, many young people cannot handle it and lose their for example, the successful summer school at focus. On the other hand, addressing the need for commitment and the in Chesières, near Villars. deter-mination in a humane manner makes it possible for individu- On the website (www.swiss-schools.ch) of the als to obtain an academic education with high performance require- Association of Swiss Private Schools, you’ll ments, giving them an opportunity to develop in a positive manner. fi nd a prospectus of the most important vacation For us adults, of course, it’s always about walking the tightrope courses offered in Switzerland – and, of course, between rigid control and individual responsibility – and we try to comprehensive information on the regular pass that on to the young people.” A child should not be sent to educational programs of the 260 member schools. Zuoz because he or she has failed elsewhere. “We’re not a repair To ensure quality control, the Association in shop. During a particular period in a young person’s life, we take 2006 introduced a Register of Swiss Private on the parents’ role of raising them. It’s a massive responsibility, Schools. The signifi cance of Switzerland’s private and we seek to do that in the most conscientious manner possible.” schools in terms of the economy and education Having barely stopped talking, Beat Sommer comes to a halt in policy is underscored by a new study from the the corridor: In typical fashion, it’s simply to inquire after the health OECD. Private fi nancing accounts for no less than of one of his students. Regula Gerber 13 percent of the Swiss education sector. schi

Credit Suisse Bulletin Premium Edition 28 Switzerland Exclusive Folk Traditions Switzerland sees itself as a modern country with a high degree of urbanization and a future-oriented mind-set. It is also a country that cherishes its folk traditions. They are deeply rooted elements of Swiss cultural life and, as such, of Switzerland’s identity. The “Alpfahrt,” the movement of cattle in May or June to higher Alpine pastures for the summer, is a festive occasion celebrated according to a time-honored ritual, and the cattle fairs in September and October following the descent back into the valley are further highlights of the farming year. > Switzerland Exclusive Tradition 29

Photo: Switzerland Tourism 30 Switzerland Exclusive Tradition Photos: Michel Canonica Michel Photos:

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The cantons Appenzell-Innerrhoden and Appenzell-Ausserrhoden are regarded as the strong- holds of Swiss folk culture, and the “Alpfahrt” procession to the Schwägalp, a 1,360-meter- high pasture at the foot of the Säntis mountain, is performed with a great reverence for tradi- tion. A boy dressed in the typical costume of the Alpine herdsman, the “Senn,” leads the procession with several goats driven on by a young girl. Next comes the head herdsman, fes- tively attired in bright yellow leather breeches and requisite trimmings, and carrying on his left shoulder a richly carved wooden milking pail (the Senn is also a qualifi ed dairyman), with the characteristic Appenzell round, hand - painted farm scene on its underside. The head herdsman is followed by three cows adorned with the specially tuned heavy herding bells and four men often carrying smaller bells. Three of the men typically wear the Sunday costume consisting of brown trousers, a white shirt, and an embroidered red vest with silver buttons – and of course the fl at-topped, brimmed black hat decorated with fabric fl owers and colorful ribbons. The assistant herdsman, like the head herdsman, is dressed in the full festive costume with yellow breeches. He is followed by the owner of the cattle herd, who is accompanied by his Appenzell cattle dog (“Bläss,” as the locals say), and the procession is trailed by the wagon driver whose horse-drawn cart, the “Ledi,” carries all the cheese-making utensils and equip- ment that the herdsman will need to process milk into cheese during the 10 0 - or- so days of summer pasture grazing. >

Credit Suisse Bulletin Premium Edition 32 Switzerland Exclusive Tradition Switzerland Exclusive Tradition 33

The natural yodel, known in Appenzell as either “Zäuerli” or “Rugguseli,” is as deeply entrenched in Swiss folk culture as Alphorns and fl ag-swinging. After being shunned by many in the younger generation over past years, many yodeling clubs are currently seeing a revival, driven by the newer, trendier styles. The Swiss federal yodeling festivals regularly draw a crowd of some 20 0,0 0 0 visitors and 15,0 0 0 singers. At this year’s Swiss Alpine Wrestling and Herdsman Festival in Aarau (the festival is held every three years in different towns), 20 0,0 0 0 visitors were also in attendance to see Jörg Abderhalden from Schwägalp beat the competition and won the title of Swiss Alpine wrestling champion for the third time. Even during the long high-pasture grazing season on the nearly 150,000 acres of land in the Alps and , ample time can be found for folksy festivities. The Herdsman’s Ball is one such example, and the “Alpstobete” on the third Sunday in August to mark the end of the Alpine pasture season is another occasion for music and dance. The black lacquer “Lindauerli” pipe tends to make a familiar appearance at both. When it’s time to “abefahre,” to bring the cows back down to the valley (on foot), further highlights await, such as markets and cattle fairs with their popular and exciting bovine beauty pageants. But for years these fairs have been attracting not only farmers: A broad cross-section of the Swiss population now mingles at the tradition-laden Olma, the annual agricultural and food fair in St. Gallen. schi Photos: Switzerland Tourism | Michel CanonicaTourism | MichelSwitzerland Photos:

Credit Suisse Bulletin Premium Edition 34 Switzerland Exclusive World Economic Forum “Davos has entered the global lexicon as a place you go to try out new ideas, confi rm trends or launch initiatives.” Such was the view expressed by Kofi Annan, former secretary-general of the United Nations. Every January, around 2,400 leaders from the worlds of business, politics, science and society gather here at an annual meeting to discuss topics that will later change the world.

The “Spirit of Davos” Inspires the World

It was 19 92 when South African President Frederik Willem de Klerk, cultural congresses, and founded the European Management Con- Nelson Mandela and Chief Mangosuthu Buthelezi met for the first ference. A triple win: Geneva became Schwab’s base for three time outside their homeland at the annual meeting of the World decades, his wife Hilde would prove an invaluable source of support Economic Forum (WEF or the Forum). This would represent a mile- and a loyal companion, while the Davos conference steadily gained stone in the political development of South Africa; de Klerk and in importance. Its rise was accelerated thanks to the Global Com- Mandela were subsequently awarded the Nobel Peace Prize in 19 9 3. petitiveness Report that looks at the relative competitiveness of In January 19 94, Israel’s Foreign Minister Shimon Peres and PLO different economies, first issued in 1979 and published annually Chairman Yasser Arafat reached an agreement over Gaza and ever since. In 1987, the name of the conference underwent a logi- Jericho in Davos; in December they too would receive the Nobel cal name change and became the World Eco nomic Forum. And Peace Prize, together with Israeli politician Yitzhak Rabin. then came the first sensation: In 198 8, the Prime Ministers of And there are other examples. Sometimes such discussions take Greece and Turkey, Andreas Georgiou Papandreou and Turgut place in the public arena, thus forcing each participant’s hand, while Özal, would sign the Davos Declaration, thereby laying the founda- others take place behind closed doors, far away from the micro- tion for the long yearned-for peace process. phones. “Davos is not so much the kind of place where decisions The sheer scale of the human convergence on Davos became a should be expected, but rather a forum at which the foundations problem a long while back. So much so, indeed, that the Forum had are laid for later decisions,” explains Klaus Schwab, founder and to impose restrictions on itself and find new ways of channeling all chairman of the Forum. the different initiatives appropriately. This led to the organization of regional conferences on every continent, such as the Schwab Foun- In Pursuit of the Davos Vision Anyone looking for an impressive dation for Social Entrepreneurship, and the Young Global Leaders example of a bold vision need look no further than Schwab. In the Foundation that met for the first time in Zermatt in 2005. Among 19 6 0s, the young Swiss expatriate from Ravensburg, Germany, the current crop of Young Global Leaders – who are less than 40 regularly spent his vacations in Davos. In 19 6 3, he acquired a doc- years old and elected for a period of five years – is David Blumer, torate in technical science from the Swiss Federal Institute of Tech- CEO of Credit Suisse Asset Management. nology (ETH), Zurich, followed by another four years later in eco- nomic science from the University of Fribourg. A master of public Davos Is the Meeting Place of Minds The WEF Foundation, which administration (MPA) from Harvard University topped off his aca- is funded by 1,000 member companies, continues to be based in demic career. It’s an impressive track record, but the young aca- Coligny near Geneva, although two further bases were established demic had bigger visions. His dream was to develop Davos into a in New York and Beijing in 2006. “China is the venue each summer leading international partnership platform – a global stage on which for the annual meeting of the Global Growth Companies, which the world’s leading players in the spheres of business, politics and have the potential to develop into the world’s leading companies,” civil society would be able to tackle disparate subjects of interna- observes André Schneider, the Forum official responsible for the tional interest in a congenial and secluded setting. By 1971, he current total of 500 Global Growth Companies (GGC). These com- realized his goal and World Economic Forum was born. That same panies possess the kind of dramatic growth and future-oriented year he was recruited to become professor of business policy at products that will one day propel them into the ranks of the world’s

the University of Geneva, married an energetic organizer of agri- leading companies. > Photos: World Economic Forum

Credit Suisse Bulletin Premium Edition Switzerland Exclusive World Economic Forum 35

World Economic Forum Russia CEO Roundtable St. Petersburg, Russia, June 6 – 8, 2008

Annual Meeting of the New Champions Tianjin, People’s Republic of China, World Economic Forum Annual September 25 – 27, 2008 Meeting in Davos Davos, Switzerland, January 23 – 27, 2008

World Economic Forum on the Middle East Sharm El Sheikh, World Economic Forum on Latin Egypt, May 17–19 2008 America Cancún, Mexico, April 15–16, 2008 World Economic Forum on East India Economic Summit Asia Kuala Lumpur, Malaysia, New Delhi, India, June 15–16, 2008 November 16–18, 2008

World Economic Forum on Africa Cape Town, South Africa, June 4 – 6, 2008

Top left: View of the headquarters of the World Economic Forum in Coligny, near Geneva. Top right: The Forum has been holding regional events in China since 1981. In 2006, an additional Forum representative office was inaugurated in both Beijing and New York. The former is responsible for the Global Growth Companies, numbering 500 at last count. In September 2007, the Inaugural Annual Meeting of the New Champions took place. The 2008 meeting will take place in Tianjin. Below: The members of the World Economic Forum rightly meet not only in Davos, but also in every important region of the world. More information can be found at www.weforum.org > Events.

Credit Suisse Bulletin Premium Edition 36 Switzerland Exclusive World Economic Forum

The Forum continues to meet in Davos. On the one hand the nec- The Power of Collaborative Innovation While in essary level of seclusion is guaranteed here, albeit at the cost of 2007, the 223 events of the annual meeting in Davos 8 million Swiss francs for security, while on the other, the staging were summarized with the slogan “Shaping the of the Forum’s annual meeting in a small Swiss resort is something Global Agenda, the Shifting Power Equation,” so will that appeals to everyone. Neither of these criteria is so easily fulfilled the motto “The Power of Collaborative Innovation” in New York, where the annual meeting took place in 2002 for form the basis for the many discussions that will take solidarity purposes. Instead, the American finance metropolis now place between January 23 and January 27, 2008, houses the Centre for Global Industries (CGI) under the steward- focusing on the areas of “Business,” “Economics and ship of Jean-Pierre Russo. This organization brokers and supports Finance,” “Geopolitics,” “Science and Technology,” 300 partnerships between globally active industrial companies. and “Values and Society.” The map on page 25 Given its success and its prominence, it is hardly surprising that pro vides details on the various regional conferences the World Economic Forum has created its detractors. In contrast taking place worldwide. to the violent riots provoked by opponents of globalization in Swit- Strategic Partner Credit Suisse has been a zerland, the World Social Forum (WSF) – held in parallel to the member of the Forum for decades and a strategic Forum’s annual meeting in the Brazilian town of Belem every year partner since 2006. This enables the bank to since 2001 – has given rise to a number of thought-provoking ideas. participate actively, both in the annual meeting In addition, since 2004 the Forum and the Swiss Association of in Davos and in the regional summits in Africa, Protestant Churches (Schweizerischer Evangelischer Kirchenbund, Asia, North and South America, and Europe. or SEK) have also organized the Davos Open Forum. As Forum Credit Suisse is represented during the meeting speaker Mark Adams puts it: “If you want to achieve something, in Davos by several members of the board you have to start with dialogue.” schi of directors and executive board, and has its own pavilion. In January 2008, this pavilion will stage www.weforum.org; www.credit-suisse.com/infocus > Society events on the topics of energy and sustainability.

The Voice of Social Innovation

What have Brazilian writer Paulo Coelho, wind-up technology that functions without South African First Lady Zanele Mbeki and reliance on batteries or mains power. The Bangladeshi economic scientist Muhammad profits generated from affluent customer Yunus got in common? As Trustees of the groups enable Freeplay to offer its products Schwab Foundation for Social Entrepre- in crisis-hit areas at significantly reduced neurship, they all work to put into practice prices. About 150,000 battery-free radios the philosophy that this foundation stands have been distributed in Africa, providing for. Muhammad Yunus, founder of the Gra- 2.5 million people with access to important meen Bank and thus the inventor of Micro information on health, the weather and Finance, received the Nobel Peace Prize in commercial ideas. 2006, the highest honor that the driving In its initial phase, the Schwab Foundation idea behind the foundation could hope for. sought to establish a network between social “Put simply, a social entrepreneur is a entrepreneurs worldwide and to harness combination of Bill Gates and Mother Teresa,” their support for the activities of the World Pamela Hartigan will shortly be publishing explains Pamela Hartigan, who has headed Economic Forum. An important element in a book on the Schwab Foundation. the Foundation since it was set up in 2000. this strategy is the Social Entrepreneur Sum- “He or she is the founder of a company or non- mit that takes place every January in the profi t organization that pursues charitable Swiss town of Rüschlikon near Zurich. The objectives through innovative ideas, prod- Foundation has now singled out exemplary Théodoloz-Walker and her “Intégration pour ucts or services. This combines entrepre- entrepreneurs in 30 countries for awards. In tous” made it into the final, but the award of neurial intuition and entrepreneurial risk- 2005, Robert Roth was selected as Swiss Swiss Social Entrepreneur was given to taking with pragmatism. Unlike a traditional Social Entrepreneur. His Job Factory, sup- Markus Gander, whose Infoklick.ch is de- company, the social entrepreneur is striving ported by Credit Suisse, enables school- signed to give young people more say and to maximize social benefit, not profit. leavers and young people without appren- input into their social and natural environ- Pamela Hartigan gives an example: Rory ticeship positions to obtain a practical, re- ments. The next prize will be awarded on Stear’s company Freeplay Energy Group de- sults-driven and performance-oriented January 10, 2008, in Berne. schi velops and sells devices like radios, torches introduction to professional life through www.schwabfound.org; www.infoclick.ch; and mobile phone chargers with innovative “learning on the job.” In 2006, Christine www.fondation-ipt.ch; www.jobfactory.ch

Credit Suisse Bulletin Premium Edition Switzerland Exclusive World Economic Forum 37

True Climate Protection Begins Globally

Bulletin: Should we care about climate change policy. As host to the UN and the world climate while thousands of a range of other international organizations, people die of hunger every day? Switzerland is uniquely able to convene an Klaus Schwab: Yes. There are many press- international and human development per- ing problems facing the world, but the chal- spective to the issue. lenge of climate change if left untackled will A classically neutral country, domestic mean the numbers of people dying of hunger Swiss policy thoughts on how to manage each day will increase significantly. Further- climate change can be original and focused more, the process of climate change will on practicalities rather than biased by any threaten the broader global economy, un- particular geopolitical or technology posi- dermining the security and wealth of the tion. This can help to provide policy inspira- richer as well as the poorer countries. tion to other countries. Klaus Schwab, founder and president of A report last year on the economics of What could be or should be the role the World Economic Forum, talks about the climate change by Sir Nicholas Stern sug- of international enterprises with regard to issues surrounding global warming. gests, that if left unchecked, climate change climate protection? could erode the value of up to 5 percent of International companies are an important the world’s gross domestic product (GDP). stakeholder in the climate protection pro- Yet, to tackle the problem starting now cess. They can develop new technologies would entail costs of less than that. This for clean energy creation; they can purchase of cooperation to address the problem. The makes it a rational risk reducing exercise to clean energy and low energy products them- systems of interaction and law that eco- engage in. In doing so, it may well be that selves; they can reduce their own emissions; nomic globalization has helped to create many of the “climate proofing” technologies and they can develop lower carbon products and the international institutions that ensure which are deployed to improve , for their customers and consumers. The equity and security are promoted, are the water management, and other key parts of market for international companies to take same important pieces of the global systems the economic system will actually also help leadership and develop new low carbon of- that will help us find (and implement) a those who are suffering today. In this man- ferings is growing fast. global process to manage climate change. ner climate change and development re- The International Energy Agency esti- We need a global economy to improve the sponses can go hand in hand. mates that up to 45 percent of global green- human condition and we need a global econ- How relevant is the contribution of a house gas emissions could be reduced omy to properly manage our global environ- small country like Switzerland to through energy efficiency improvements. To mental systems. The two go hand in hand. the global climate, given that Switzerland stimulate these activities, however, policies How can or should politics affect is responsible for only 0.2 percent of that incentivize energy efficiency across the global warming?

world-wide CO2 emissions? public and private sectors are needed. As I mentioned, as our global politics be- While its overall emissions in relation to the Does economic globalization comes more aware of the need to manage global total may be small, Switzerland can provide support to improve the climate our economic growth within the earth’s en- make an important contribution to tackling or is it actually an obstacle? vironmental constraints, this will stimulate climate change through its unique geogra- Economic globalization creates wealth. the need for political innovation. A policy phy and the strength of its human capital. Wealth moves people out of poverty. If coun- on global warming cannot be pursued by Swiss policy thinking has a particularly im- tries and their people are less poor, fewer one or a few countries. At the very least the portant role to play in the discussions on people die of hunger, disease or in childbirth. 15 biggest economies of the world have to adapting to climate change, as the winter As poverty decreases, more people can go be involved in a policy to manage climate tourism industry will be a key economic sec- to school and can think of other things to do change. This necessitates a global political tor of Switzerland that will need to evolve. rather than concentrating on their own basic discussion, which takes account of different A recent report from the Organization for survival. Within this context, globalization is viewpoints and perspectives, but which Economic Co-operation and Development a hugely positive economic and cultural seeks to find a way to stabilize and reduce (OECD) about the future of skiing noted that force that improves the human condition. net greenhouse gas emissions across all a 1-degree Celsius change in temperature, As a result of our improved knowledge, countries. likely by 2025 will lower the number of vi- we are now much more aware than ever be- So, from a positive perspective, climate able ski slopes in the Alps from about 666 fore of the earth as a complex environmen- change offers the leaders of the major econ- to 500; a 2-degree rise would lower it to tal system that we must all utilize to sustain omies of the world a rare political platform 400. The Alps attract up to 80 million winter economic growth. Issues like climate change on which to negotiate and find common tourists each year. are public good issues – if a factory in Swit- ground around a global issue. It provides a Over the next 3 years, which are critical zerland emits greenhouse gases, it can af- historic opportunity for today’s politicians to the development of a post-Kyoto policy, fect everyone, not just those near to it. There to illustrate the capacity for humans to col- Switzerland can also host – and help to are no national boundaries to greenhouse laborate and innovate in the pursuit of a com-

Photos: Katrin Walther | World Economic Forum focus – important global discussions on gases. This means we need global systems mon agenda. mar

Credit Suisse Bulletin Premium Edition 38 “sweet Föhn fever” oncedescribed it novelist asGerman andpoetHermann– Hesse – Climate The Swiss climate is ruled by the country’s location in the middle inthe location country’s bythe climateisruled Swiss The Switzerland. alternative, energetic looking junkies weather Those for aless however, Physically Physically can look no further than the following the than journey looknofurther weather can through Switzerland science with special, hiking and Gais trail between Trogenweather-themed in Appenzell the region of unique Alpine landscape. unique Alpine and enjoy one or two unforgettable weather experiences in the heart of Switzerland’s heart experiences weather in the and enjoy unforgettable one ortwo journalist, Andreas Walkerjournalist, astheir guide. Now’s chancetogetcarried the away with Weather JourneyWeather Through Switzerland Alps are rightly dubbed Europe’s dubbed rightly are Alps castle”“moated Switzerland and from rivers that never dry. In regions which have a steppe-type dry. never that asteppe-type have from rivers which regions In tude is twice as much precipitation as the rest of Europe. rest the as precipitation much as That’s the why twice Switzerland Exclusive Credit Suisse which falls in the form of snow or rain. In many instances, arethey of orrain. instances, many form snow In inthe falls which head- air cold of extremely waves because North, the than warmer In summer it’s warm, and in winter it’s cold. While Switzerland’s results in major weather activity – often erupting in the form of heavy of heavy form inthe – erupting activity often weather inmajor results remains immune from water shortages. of Europe Even rivers the fromwatershortages. immune remains rential rain. As an Alpine country, Switzerland receives morethan receives country, Alpine rain. an As rential Switzerland storms. The Alps ensure southern Switzerland is considerably isconsiderably storms. Switzerland southern ensure Alps The equator. the and pole north the between surface, melting snow and ice from the Alps region provides them with a with them provides region Alps fromthe ice and snow melting climate may be pretty ordinary, in many other parts of the globe that globe of the parts ordinary, other in many pretty climatemay be climate themselves this ensures regular irrigation for young crops. for young irrigation regular ensures this climate themselves constant flow of fresh water. areas like Dry the Valais also benefit latitudes. In spring and fall, the country experiences a mild climate. amild experiences country the fall, and spring In latitudes. ing south are deflected by the Alps. bythe deflected are south ing is not the case. Switzerland enjoys a balanced climate, lati- its as abalanced enjoys case. the is not Switzerland pressure, which deliver the bulk of its precipitation. heightAt the precipitation. of bulk its the pressure, deliver which benefit from this situation, because during summer the dry period bring the airstreams to a halt, and therefore collect precipitation – precipitation toahalt, therefore collect and airstreams the bring of summer, the collision between tropical and polar air masses masses air polar and tropical of summer, between collision the also responsible for a region being swamped with continuous tor- continuous with swamped being for aregion responsible also The Alps exert a profound influence on weather events. events. weather on influence aprofound exert Alps The They The country’s weather is dominated by passing areas of low areas bypassing isdominated weather country’s The 47 Bulletin Premium Edition degrees north – almost exactly midway across the Earth’s the across midway exactly –almost north degrees fi tindividuals with akeen weather will in the interest enjoy following the The special topography of the Alps and Jura mountain chains – frequently described by the neat term “unten grau – oben blau” (gray to behold. Just like surf, the waves of this cloudy sea appear to appear sea like cloudy ofJust this surf, waves to behold. the image however, fromabove, land. the Seen isafantastic fog the Cold-Air Pool in Mittelland, Pool in Mittelland, Sunny in Weather Mountains the Cold-Air etr wteln.> Switzerland. western weather conditions, especially in the cooler half of the year. The speed rises inexorably and the strongest gusts are often reached in reached often are gusts strongest the and inexorably rises speed situation, which is when a cold, wind at the edge ofnortheasterly masses lying above. In winter – especially in the cities – this foggy cially if they find themselves below this strange cloud sitting above sitting cloud strange this below themselves find they if cially colder than those up in the mountains. The cold air hangs thick and higher regions enjoy a lot of sun and high temperatures. temperatures. high of alot enjoy sunand regions higher isThis levels, atlower sharply of falls sunshine of hours whilenumber heavy over the lower levels, preventing any exchange with the air the with levels, exchange any lower overthe preventing heavy pool being the Alps and Jura mountain chains. mountain Jura and Alps the being pool above Afew hillsrise landscape. forest wintry overthe breaking be below – blue above). Fog situations are usually identical toa identical “bise” usually are below situations – Fog above). blue inextreme –results islocated region Mittelland the which between giant pool of cold, humid air lying at lower levels, the edges of this levels, atlower edges lying the air ofhumid cold, pool giant else, like just islands. toa isdue fog everything of sea wintry The a high-pressure zone blows through the Mittelland. westerly Since Mittelland. the through blows zone a high-pressure down to fog, and it frequently makes people depressed – espe- airstreams are narrowed by the Alps and Jura mountain chains, chains, mountain Jura wind and Alps bythe narrowed are airstreams everything is clear and pure. In weather forecasts, this situation is situation this forecasts, pure. weather In and isclear everything mountains is upinthe air while substances, “enriched” harmful with Paradoxically, temperatures beneath the fog are often much often are fog the Paradoxically, beneath temperatures

Photo: Andreas Walker The , near Zermatt, casts its spell over hundreds of thousands of people each year. The Matterhorn “flag” indicates humid air. Here the high humidity on the lee side of the peak condenses to form a cloud.

Credit Suisse Bulletin Premium Edition 40 Switzerland Exclusive Climate

Above left: In high ice clouds, a “sun dog” has formed over Arosa – heralding a change in the weather. Above right: View from Villars out over the high cloud which has formed in a “bise” situation. Below left: In the cold depths of winter, Silvaplaner Lake has solidified to form ice. Below right: Summer evening mood above , seen from Ronco sopra Ascona.

Credit Suisse Bulletin Premium Edition Photos: Andreas Walker This wind frequently causes clear weather in south- weather the and clear Ticino causes frequently wind This Zurich. If there is a build-up on the northern side of the Alps, cold Alps, of the side northern the on isabuild-up there If Zurich. The Oldest Swiss of Them All: The Föhn Alps and forced upward by the mountain range. range. mountain weath- such bythe upward forced While and Alps directed isfrequently airstream orsouthwesterly Alps, a southerly frequently in spring and fall. and spring in frequently from nowhere, causing temperatures in the colder half of the year year ofthe half colder the in temperatures causing nowhere, from the warm Föhn air now contains only minimal humidity, minimal only feelyou contains now Föhn air warm the that “Föhn complaints” in the typical Föhn valleys occur less fre- less that occur Föhn valleys complaints”“Föhn typical inthe to soar in a very short space of time. space short character- of this account On inavery to soar throughout the world. This strange, warm wind seemingly pops up Switzerland, it is warm and dry on the northern side of the Alps, Switzerland’s most distinctive weather features. features. weather distinctive said, most it’sThat Switzerland’s very frequent fluctuations in pressure. As soon as the Föhn has where the Föhn encounters the cold-air pool and produces small, produces and pool cold-air the Föhn encounters the where weather sensitivity, there’s no greater scapegoat than the Föhn. It’s the than there’s sensitivity, weather scapegoat greater no Weather Sensitivity a Big Issue aBig Sensitivity Weather ripening the grapes for harvesting. for winter, harvesting. In grapes the known well it’sripening equally relative humidity to humidity relative comes from the north, it’s slightly cooler than the South Föhn – cleared the fog away and breaks through to the valley floor, valley tothe through breaks away fog the and the cleared northerly winds bring damp, rainy air masses across the country. the across masses air damp, rainy bring winds northerly istic, it has also been given various different names: In fall it’s fall In names: known different various given been also has it istic, found be entirely not can winds inSwitzerland.”“Made Föhn-like number of complaints falls away significantly. Surveys indicate that indicate away significantly. Surveys falls of complaints number blamed for pretty much all weather-related woes. But surveys show surveys But woes. weather-related all much for pretty blamed stormy. be can too it but ern valleys of Grisons, and is known as the North Föhn. it North Since the as isknown and of Grisons, valleys ern Alps the – touch almost or fromBerne, even can you Basel if as good. isextremely visibility and er situations often result in large quantities of rainfall for southern of this low. The South Föhn is halted on the southern side of the – country the Alps, across overthe therefore and too – front atthe a temperature increase of increase a temperature winter, In mean vaporizing. Föhn can the meltwater someof the and the as melting snow “snow-eater.” inthe warm, results The air dry of process the the as Föhn accelerates “grape-warmer,” the as quently than, for instance, in the Mittelland – Mittelland is, areas inthe that in those for instance, than, quently one in every two Swiss people is weather sensitive. Rapid chang- sensitive. Rapid isweather people Swiss two in every one uih(eeShez 56 . 18 18 134 1086 1482 8.5 556 (MeteoSchweiz) Zurich 1638 Zermatt 3.5 611 1666 92 Arosa 1840 1840 Arosa 3.1 1694 1325 147 (Celsius) hours (mm) precipitation Since the dust in the air has been washed out by the rain, rain, bythe and out washed been has air inthe dust the Since Climate Figures: Climate Figures: Sunspot, Ticino Isthe If an area of low pressure passes across the northern side of the the of side northern the across passes pressure low of area an If eeaCiti 40 . 19 90 114 970 1694 9.8 420 Cointrin Geneva oan ot 36 15 15 68 101 128 1668 1082 2155 1680 11.5 2.8 366 1590 Monti Dorf Davos Montana 1508 5.2 2071 982 111 982 2071 5.2 1508 Montana Long-term average (1961–1990) of selected Swiss weather stations stations weather Swiss selected of (1961–1990) average Long-term en ibfl 55 . 13 12 126 1028 1638 8.2 565 Liebefeld Berne lc Attd Tmeaue Snhn Ttlpeiiain Dy ih with Days precipitation Total Sunshine Temperature Altitude Place 30 persent to 40 percent persent to 40 30 10 to 15 to 10 When it When comes to people’s degrees Celsius and a fall in afall and Celsius degrees . most Föhn occurs The The Föhn The is one of ValaisWhile inthe You Won’t Wet Get trees are already blossoming once again on the nearby, the on again once blossoming crimson already are trees womenfolk sleep,womenfolk of their them robbing – Föhn season, the during Hesse. “There’s nothing stranger or than sweet more delightful up time after time in a blaze of stormy glory, boastfully shows its snow-bound Alpine villagers that Alpine primulas, snow-bound narcissi almond and mettle to the rough, poorer North Föhn, whilst proclaiming tothe Föhn, proclaiming whilst North rough, tothe poorer mettle But it isn’t it bad.But all Föhn fever, which descends on mountain people – especially the lakes of French-speaking Switzerland.” Switzerland.” of French-speaking lakes high high – or Föhn“sweet fever,” fromHermann a phrase to borrow and arousing all their senses. senses. Föhn which, their rising all South isthe arousing This and addition, women say they are more sensitive to the Föhn than men. Föhn than tothe moresensitive saywomen are they addition, In in the weatheres have on their effect a well-being. detrimental Source: MeteoSchweiz In fact, some people seem to get carried away on a kind of Föhn away a kind on carried toget seem somepeople fact, In wind speed of the Siberia of Switzerland. On January January On Switzerland. of Siberia the temperature of – temperature of the strength of a full-scale tropical hurricane. hurricane. tropical ofafull-scale strength the things are much anannual with more comfortable 521 St. Bernard (altitude Bernard St. Swiss Weather Records Weather Swiss Stalden (altitudeStalden Switzerland also scores very high very scores also Switzerland It’s no coincidence that La Brévine Brévine It’s La that (altitude nocoincidence Meteo Schweiz weather station there recorded a recorded there Schweiz station Meteo weather Head for the Valais, and the weather is totally different different Valais, forthe istotally weather Head and the land). meters) in the Neuchâtel part of the Juraisknown as ofthe part Neuchâtel inthe meters) mate in these regions. regions. mate inthese annualrainfallinAckersandThe holds the record for permanently cold weather. cold forpermanently record holds the anWith meter). joch (altitude comes to storm-force winds. On February February On winds. tostorm-force comes Source of weather data: MeteoSchweiz data: weather of Source annual rainfallforZurich ( again. Meager precipitation results in a steppe inasteppe results precipitation again. Meager average of of average area. prevail inthis atures In Locarno Monti, however, average temperature of liters per square meter. That is less than half the the half than less is That meter. square per liters 11.5 3,480 268 degrees (the warmest place inSwitzer- place warmest degrees (the 41.8 700 km/h was recorded at the Great meters), on the other hand, meters), other on the meters), for instance, is just isjust meters), forinstance, 2,472 degrees Celsius. Celsius. degrees The Jungfrau- Switzerland Exclusive –7.9 1,086 meters). meters). toThat equates degrees, arctic temper- arctic degrees, Credit Suisse liters persquare fi gures when it when gures Bulletin Premium Edition 12 Andreas Walker , 1987 27 Climate 1,043 , 1990 , the , the cli-

, a 41 42 Switzerland Exclusive Leisure The impressionistic paintings of British artist William Turner (1775 –1851) showed the world the beauty of the Swiss Alpine landscapes. Since then, millions of tourists have come to the Alps each year to enjoy their time and recharge their batteries before returning to the lowlands. But the unlimited leisure opportunities offered by the Alps these days should not be taken for granted. For many years, the Swiss considered the mountains primarily as a menacing presence.

It Was the British Who Showed the Swiss

“I know Arosa only in winter, and only as a skier. I’ve never seen its the Swiss interested in winter sports and generously launched the Alpine meadows green, and I’ve never seen its slopes ablaze with Swiss tourism industry. red Alpine roses. But I’ve become intimately acquainted with the The Schweizer Alpen-Club (Swiss Alpine Club, SAC) was found- practice pistes of inner Arosa and Tschuggen, and have been up ed in 18 6 3, a respectable pedigree. But the original Alpine Club its slopes many times,” wrote Hermann Hesse. “But these few ski- celebrated its 150 -year anniversary in 2007 in the Ashley Hotel in ing trips did me lasting good, and resonated long thereafter. Some- Covent Garden. Alpinism traces its origins to 1854, when the law- times, in my dreams, I stand before the Hörnlihütte, throw aside yer Alfred Wills became the first person to climb the Wetter horn. the Toscanello and ski downhill.” The next 11 years saw more than 36 inaugural ascents in the Swiss Many foreign visitors consider Switzerland to be the ultimate Alps, almost all made by British gentlemen, usually accompanied destination for winter sports, one that may not hark back to Adam by Swiss mountain guides. This golden age reached its pinnacle – and Eve, but certainly as far as William Tell. Imagine: In a country and its end – in 1865, when Edward Whymper became the first where a dragon was said to fly across the valley from its cave on man to climb the Matterhorn. Three Englishmen and a mountain Mount Pilatus in 1619, people were long skeptical about those guide from Chamonix died in the attempt. The Empire was shocked. “crazy fools sliding around on planks.” The first ski club, in the canton The Times asked if mountaineering was a crime. of Glarus, was not founded until 1893. That’s the year the Branger It was the St. Moritz hotel owner Johannes Badrutt who actu- brothers embarked on the first ski tour, crossing the Maien felder ally invented winter tourism. In 1856 he built a curling rink and the Furka from Davos to Arosa, some say in the company of Sir Arthur first artificial sled run. Everything was in place, only the visitors Conan Doyle, creator of Sherlock Holmes. Also in 1893, Henry were not coming. How could he get British summer holiday makers Lunn came up with the first luxury package holiday to Switzerland to come to the Engadine in the winter as well? There was only one after Thomas Cook had introduced package deals for middle-class surefire way – a bet! In 1864 he suggested to four summer guests tourists in 1868. Lunn’s son, Arnold, became the pioneer of Swiss from London that they come back a few months later. He promised skiing. that they would be able to sit on his terrace in their shirtsleeves In 190 8 he founded the English Public Schools Alpine Club in during Christmas; if not, he’d reimburse their traveling expenses. London, and in 1911 he held the first downhill race, the Roberts If they liked it there, they could stay as long as they wished, free of of Kandahar Cup, in Montana. In 1921– 22 the British national charge. They did like it, and they stayed for three months. Back in championships took place in the Bernese Oberland, in 1924 London, their story was to be invaluable promotion for Switzerland. Lunn es tablished the Kandahar Ski Club Mürren, and in 1931 and Shortly afterwards, travelers from Germany, France, Italy and the 1935 he organized the Alpine World Championships in Mürren US came in hordes to Switzerland in search of the winter sun. for the British association, a unique curiosity in the history of They found it, too – from Klosters to Verbier, and Villars to Gstaad. sport. Although, a Swiss carpenter in Sils Maria was discovered And their pilgrimage continues to this day, much to the delight of trying to make skis in 1860. Ultimately it was the British who got the Swiss. schi

Credit Suisse Bulletin Premium Edition Switzerland Exclusive Leisure 43 Photos: Georges Cabrera | Credit Suisse

Classical music Credit Suisse is the main sponsor of the Festival, the Bolshoi Theatre and the New York Philharmonic. But its appreciation of classical music originally found expression in Switzer- land. For many years it has supported the country’s two most important orchestras, the Orchestre de la Suisse Romande (top) in Geneva and the Tonhalle Orchestra in Zurich. Sponsorship has recently been extended to the kammerorchesterbasel chamber orchestra in Basel. Alongside this, a number of classical music festivals, led by the Lucerne Festival, are grateful to have a reliable partner they can depend on. The Alps are also the venue for notable festivals – including the Davos Festival and Zermatt Festival – that are much appreciated by music lovers. And while they do not, strictly speaking, take place in the Alps, other festivals such as the Festival d’Opera , the Festival Michel Sogny in Château de in Arzier (below right) and the St. Gallen Festival are also well worth the detour. Promoting young talent Credit Suisse places great store in supporting up-and-coming performers. Mention should be made of the Swiss Young Musicians’ Competition, the Orchestra Academy of the Zurich Opera House, and the Credit Suisse Young Artist Award, which alongside prize money also enables the winner to perform as a soloist with the Philharmonic at the Lucerne Festival: Quirine Viersen, Patricia Kopatchinskaja, Sol Gabetta (below left) and Michael Helmchen have all bene- fi ted. Names with a future.

Credit Suisse Bulletin Premium Edition 44 Switzerland Exclusive Leisure Photos: AURA-FotoagenturPhotos: swiss-image.chSonderegger,Suisse | Christof | Credit

Ernst Ludwig Kirchner (1880 –1938) and Giovanni Segantini (1858–99) are among the most important Alpine artists. The Kirchner Museum in Davos (top) and the Segantini Museum in St. Moritz (below left), portraying the life and work of these two great painters, are well worth a visit. One quickly realize that one of them comes from the northwest of Bavaria and the other from the Italian town of Trient. Switzerland owes a lot to its visitors, and vice versa. Its scenery and people have inspired its neighbors and even enabled their survival. Credit Suisse supports other museums in Switzerland as well, the Kunsthaus Zürich among them. Other important collections include the Fondation Gianadda in Martigny, the Museum of Fine Arts Bern, the Kunstmuseum Winterthur, the Museum Rietberg (non-western art) in Zurich, and the Museo d’Arte Moderna di Lugano. The book “Das Kunstschaffen in der Schweiz. 1848–2006” (Artistic Work in Switzerland from 1848 to 2006) published by the Swiss Institute for Art Research on behalf of the Credit Suisse Jubilee Foundation, offers a good overview. The famous “Gotthardpost” (below right) is the work of Rudolf Koller. The fi rst version, from 1873, painted on the occasion of Alfred Escher relin- quishing the post of president of Switzerland’s Nordostbahn, can now be seen in the Kunsthaus Zürich; the version shown here, from 1874, hangs at the Credit Suisse headquarters at the Paradeplatz in Zurich.

Credit Suisse Bulletin Premium Edition Switzerland Exclusive Leisure 45

Horseback riding and golf are supported worldwide by Credit Suisse. But you won’t have to travel abroad to enjoy fi rst-class equestrian events. The CSI in Zurich (below left), the indoor show jumping tournament with the highest prize money in the world, has counted Credit Suisse among its main sponsors from the out- set. Admittedly, this is not quite the case for White Turf in St. Moritz (top), an athletic and social highlight that dates back to 1906, when the then-SKA was not up to such rarefi ed heights. A lot has changed since then. The winner of the skijoring event pictured above is entitled to call himself “ King of the Engadine” for an entire year. In Davos, British and Swiss parliamentarians glide down the slopes thanks to the gener- osity of Credit Suisse. The British-Swiss Parliamentary Ski Races have been held there since 1957. Among the people who have participated are numerous Swiss federal councillors and British lords, and even Prince Charles makes sure to turn up when he’s on his skiing holidays in Klosters. And as for golfi ng in the Alps, once you’ve experienced it, you’ll be hooked. You just need to allow enough time to enjoy the breathtaking scenery as well. Probably the most famous golf courses are those in Crans-Montana (below right), where the European Masters tournament is held, and Bad Ragaz. But all the major tourist destinations caught up long ago. And the people of St. Moritz justifi ably point out that they were the fi rst to build a course, way back in 1891.

Credit Suisse Bulletin Premium Edition 46 Switzerland Exclusive People “Ubi bene, ibi patria.” Your home is where you are at ease. For Formula One star Jean Alesi it’s slightly different: “See the world, live in Switzerland, and be a Frenchman at heart.” Many foreigners have decided to reside in Switzerland. For them, quality of life is the key: the beautiful landscape, the unobtrusive residents, the good trans- portation infrastructure, and not least the fi nancial advantages.

Where Formula One Makes Its Home

Like business barons, top political figures and show business stars, flood of calls and e-mails the likes of which the had never the millionaires of the sports world also enjoy the peace and fi nancial seen. Yet the mayor wasn’t fazed. Like the Iceman – Räikkönen’s returns of Switzerland, where one can, to some degree, be among nickname – he answered questions by divulging as much, or perhaps equals. Tennis stars Martina Hingis, Patty Schnyder and Roger better put as little, as his prominent citizen would have expected Federer reside in Wollerau, Freienbach and Feusisberg respec- of him. After all, Räikkönen doesn’t want to have the whole For- tively, situated on the beautiful left side of Lake Zurich, locations mula One circus on his doorstep, as well as at work. “I like the that offer wonderful scenery. BMW Sauber’s technical director, idyllic countryside and the quiet of Wollerau,” says the rather shy Willy Rampf, originally from Bavaria, also calls this area home. Finn. “In a local restaurant I heard that a few years ago the farmers Former McLarenMercedes motor developer, Mario Illien, who was used to herd their cows through the streets of Wollerau. That must born in , was also irresistibly drawn to the advantages offered have been wonderful. Today the streets are full of Ferraris and

by the Höfe district. He sold off his racing motor factory near North- Porsches – it’s like the Geneva Car Show.” es | Muhammad Bazuki Reuters, ampton in to Mercedes, turned his back on the country where he had lived for decades, and found himself a villa overlook- Playing Soccer in Peace Räikkönen’s predecessor Fernando ing the lake. Alonso, who won back-to-back World Championship titles in 2005 Among his neighbors you’ll find Swiss national hockey team and 2006, also retreated to the relative quiet of Switzerland after coach Ralph Krueger and former Formula One team owner Peter the noisy Grand Prix races. The Spaniard owns a chalet in Château- Sauber – the two never run into each other in their own neigh bor- d’Oex, and since the fall of 2006 has also owned a villa in Mont- hood, but do see each other often at events. Their wives, however, sur-Rolle. “Now, I can enjoy the beauty of Switzerland not just when meet regularly when shopping. A butcher shop manager says: I’m on holiday, but I can also live there. It’s really a great combina- “They’re very pleasant and appreciative customers. They’re looking tion,” says the Asturian with an endearing smile that reveals much. for quality, and pay more to get it.” At the gas station convenience The recreational soccer player keeps on the ball with canton Vaud’s store they’re proud to count Kimi Räikkönen and wife Jenni, who third division Football Club (FC) . have an apartment nearby, as regular customers. “They definitely Michael Schumacher, series champ from 2000 through 2004, appreciate it when we treat them like regular customers,” says the also enjoys playing soccer, and plays with FC whenever cashier. Räikkönen confirms her observation: “Everything is abso- he’s got the time and feels the urge. A love for soccer isn’t the lutely normal in Wollerau, nothing special.” only thing he and the team share: now a Ferrari advisor, Schumacher is playing for a soccer coach who goes by the name of Patrick Discretion the Top Duty Wollerau’s mayor has bumped into the Ferrari. The seven-time world champion has lived with his family blond Finn a number of times. He says that Räikkönen is a pleasant in Vufflens-le-Château since 19 9 5, and is preparing to move into and quiet guy. But in October 2007, the Finn caused him a lot of his new palatial estate in Gland – complete with lakeshore frontage, work. When Räikkönen unexpectedly won the Formula One Cham- helicopter pad, underground parking, private gas station and movie pionship in the final race of the year on São Paulo’s Interlagos theater. His ranch and horse-breeding facility in , also in circuit, a different race entirely got under way for the mayor and his Vaud, are already operating. He had the recreational complex built administration: the Grand Prix with the local, national, and inter- as a token of his love for his wife, Corinna, who is an equestrian

national media. The Ferrari driver’s spectacular finish brought on a sports enthusiast. A native of the Rhineland district, Schumacher > Photos: Schlegelmilch, Corbis | MarkThompson, Bryn Lennon, Clive Mason, MarkThompson, Paul Gilham, Robert Laberge, Getty Imag

Credit Suisse Bulletin Premium Edition Switzerland Exclusive People 47

Left to right: Just a small selection from the racing fraternity that has elected to make Switzerland its home: Kimi Räikkönen (Wollerau), Fernando Alonso (Château-d’Oex, Mont-sur-Rolle), Michael Schumacher (Vufflens-le-Château, Gland, Givrens), Jacques Villeneuve (Villars-sur-Ollon), Nick Heidfeld (Stäfa), Jarno Trulli (Pontresina), Sebastian Vettel (Walchwil), Adrian Sutil (Niederbipp, Oensingen), Lewis Hamilton ().

Credit Suisse Bulletin Premium Edition 48 Switzerland Exclusive People

garnered plus points in his adoptive hometown by agreeing to help A Paradise for Rally Drivers Too Holder of multiple World Rally with a publicity campaign in support of farmers. The words “Swiss Championship titles, Sébastien Loeb, from the Alsace, lived in Biel- Farmers Step on It” adorn the former world champion’s image, all Benken near Basel for a long time, and now raves about his new part of the Swiss Farmers Welcome You campaign that he is help- residence in Rolle, amid the vineyards along Lake Geneva. “Taxes ing to promote. “I feel very comfortable in Switzerland,” he says. are low, and the nature is spectacular,” says Loeb, “It’s very quiet “I see our house as a retreat for my family and me. The thing I re- here. It’s important to me that between rallies I can live a normal ally appreciate about the Swiss is their nonchalant manner when life with my wife Séverine. Even my neighbors have no idea who I dealing with celebrities.” am.” With one exception: His co-driver Daniel Elena from Monaco also couldn’t resist the charming nature of Rolle. The 2007 DTM From Jochen Rindt to Jackie Stewart There’s a history of For- champion is excited by the Lake Constance region: Mattias Ekström, mula One protagonists who spend their time off in Switzerland. who hails from the Nordic ski center, Falun, moved into his home The hillsides along Lake Geneva between and in in Salenstein, together with his partner Tina Thörner. Thörner is a Canton Vaud have long been a favored region in which to settle. navigator in the Desert Rallies. In the 1960s, the Swede Joakim Bonnier took up residence on the Britain’s Lewis Hamilton is yet another driver to take up Swiss shores of Lake Geneva. He was followed by Austrian Jochen Rindt, residency in Luins, near Geneva. Most likely because he’s always who was posthumously awarded the World Championship in 1970. being pestered by the press in the UK, and perhaps he’s realized In 1971, Brazilian driver Emerson Fittipaldi moved to . He that the road to the World Championship seems to wind through won the World Championship in 1972 and again in 1974. His broth- Switzerland. Robert Höpoltseder er, Wilson, also a race driver, lived in Sullens with his wife, Susi Hardtmeier, who was originally from Schaffhausen. The not so penny-pinching Scot Jackie Stewart, a three-time world champion, lived in Clayton House in until 1997, when the residence was sold to musician Phil Collins of Genesis fame. Four-time world champion Alain Prost lived in on a regular basis in a classical noble villa, which had at one time been the residence of the Count- ess Thyssen-Bornemisza. The Frenchman later moved to Nyon. Eliette and Herbert von Karajan in St. Moritz Countryman Jean Alesi first lived in Geneva, then Nyon and finally in Cologny in the . He’s always held to the mot- The canton of Grisons’ most valuable prize for culture has been to: “See the world, live in Switzerland, and be a Frenchman at awarded by the Eliette von Karajan Cultural Fund since 2001. As heart.” Eliette von Karajan explains to us, “The fund originates from a sense of gratitude for what Switzerland has given me for 40 years: School in Villars, the Hotel in Gstaad French-Canadian driver I wanted to make a contribution to promoting both young talented Jacques Villeneuve, world champion in 1997, remained where he artists and important cultural initiatives and activities.” Alongside had spent time at a boarding school in the 1980s – in Villars-sur- the Davos Festival and the Grisons Chamber Philharmonic Orches- Ollon. “It’s a place that stirs up a lot of memories,” says the son of tra, the list of beneficiaries comprises 34 talented young artists former Ferrari driver Gilles Villeneuve, who died in a tragic racing whose names we can be sure to hear in the future, namely main accident. “I love this corner of the world, especially in winter when prize winners David Sonton Caflisch, violinist and composer, Maria I’m skiing.” The winter wonderland in the Alps also appealed to Brit Riccarda Wesseling, mezzosoprano, Letizia Scherrer, violinist, Clau Bernie Ecclestone, who bought himself a house and the Hotel Scherrer, pianist and conductor, Siegfried Friedrich, composer, as Olden in Gstaad, in the Bernese Oberland. Formula One supremo well as four important names from the world of theater – Felix Ecclestone has stored away his automotive treasures in an under- Benesch, Manfred Ferrari, Kurt Grünenfelder and Ursina Lardi. ground garage there: race cars from various eras and classic old- In 19 61, the Karajans acquired a rustic chalet in St. Moritz, as timers. Nick Heidfeld’s passion for collecting is limited to designer a third residence alongside their villa in a picturesque bay near sunglasses. The German had an old house in Stäfa remodeled in St. Tropez and a farmhouse in Anif bei Salzburg, the cellar of which such a way that he really can say: “My home is my castle. Patricia, contained a highly modern recording studio. After yet again the two kids and I feel secure there.” It’s much the same for Jarno stressing how happy she is about her house in the Engadine valley, Trulli in Pontresina near St. Moritz: The Italian feels so relaxed in Eliette von Karajan laughs before confessing: “As a Frenchwoman, Grisons that he dubbed his abode “Chesa Enzo,” after his son, who I wanted to be in Chamonix, not St. Moritz. But I didn’t get my incidentally was named after Enzo Ferrari. way – because of the airport. My husband was not only a keen Another Swiss immigrant is Germany’s Sebastian Vettel, who sailor and driver, but also an enthusiastic pilot. When the Salzburg acquired a “normal apartment” in Walchwil, near Zug, and who Festival ended he would always fly to Samedan. From St. Moritz practices with FC Walchwil every now and then. German driver he would travel to the Lucerne Festival, where the first concert Adrian Sutil, whose roots are in Uruguay, has found a home in the always took place on August 31.” area between Niederbipp and Oensingen. “It’s the rural atmosphere Both the first concert in Lucerne in August 1948, and the invi- and the fact that I have good friends there,” explains Sutil in talking tation that followed shortly after to become guest conductor of the about his residence, “I feel at home here and would like to stay Orchestre de la Suisse Romande in Geneva were important mile- longer. I love the mountains and the country itself. Besides this, stones for Herbert von Karajan. They helped him to overcome the

Zurich Airport – as the gateway to the world – is very close.” isolation of the postwar era, enabling this leading German-Austrian Brandenstein Gabriela Photo:

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St. Moritz would be their choice of location for a third home after St. Tropez and Anif bei Salzburg: Eliette and Herbert von Karajan. conductor to become a world star. And his track record shows his from his to St. Moritz, recording nearly twenty gratitude: Karajan would appear in Lucerne no less than 69 times, concerts in the St. Moritzer Kirche between 1964 and 1972. And making it one of the world’s leading concert destinations alongside just like in the “100 Masterpieces” edition of 198 8, the cover could Berlin, Salzburg, Vienna, Milan and Tokyo. be adorned with pictures by Eliette von Karajan, particularly those that were painted in the Engadine. “I paint for myself and my friends,” Place of Relaxation, Place of Inspiration In the Engadine valley, she says modestly. “I’ve no grand ambitions. I prefer to do more Herbert von Karajan, his wife Eliette and their two daughters Isabel work as a sponsor of culture,” before going on to explain how she (born 19 60 ) and Arabel (born 1964) – now both recognized artists would like to relaunch the Prix Eliette von Karajan. in their own right – enjoyed family life and relaxed after the strain Every Year a “Karajan Year” The anniversary year will bring of Salzburg. Of course, this was very much relaxation Karajan - . Herbert von Karajan, the most successful conductor of all time, As is generally known, he was one of the first leading musicians to back into the public eye. This pleases Eliette greatly. But she her- enjoy stepping outside the ivory tower of the world of music to self has no need to be reminded. “We lived and breathed together. enjoy the life of high society, but equally he was never quite able That still gives me strength even today. For me, Herbert is still very to put his work down. Every year, he invited a number of musicians much alive.” schi

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Little Dreams and Talking Benches gifted in athletics or the arts and concentrates on promoting their talent in the hope that little dreams may develop into really big Sit on the beach promenade in Ascona, stroll through Gstaad or dreams some day. Jean-Marie Pfaff and Jean-Pierre Papin provide Zermatt, ski in Klosters or Verbier, or play golf in Crans-Montana training in football, for instance, and Arnaud Boetsch in tennis. The or Villars: If you do not catch sight of one or another prominent Mirja Sachs Foundation helps children in need and has already person who is either a local resident or on vacation, you’re really supported over 300 projects worldwide. An example is the support out of luck. These people appreciate Switzerland because here their it gave to the Lebenslinien Association in renovating a crèche in secrets are safe from prying eyes. Which is why most people’s Kylemore, South Africa, and adding a new wing, the well-function- knowledge of the lives of VIPs is a concoction of rumor, hearsay ing Mirja Sachs Daycare Center. For further details, visit www.little- and history. Oh, how interesting, Charlie Chaplin lived in Switzerland, dreamsfoundation.com and www.mirjasachsstiftung.de. and his daughter Geraldine, is it possible that I saw her on Lake In view of the growing number of personalities interested in Geneva last fall? To mention just a few names from the recent past, helping people in need or supporting cultural, sporting or scienti fic actors such as David Niven and Peter Ustinov, writers of the ilk of concerns without the trouble involved in establishing their own Jean Anouilh and Graham Greene, and musicians such as Beatle foundation, Credit Suisse has set up three non-profit foundations George Harrison and the pianist Clara Haskil all resided in Switzer- that take care of the administrative aspects for donors free of land. Surf the Web sites of the most up-market tourist desti- charge: Accentus (www.accentus.ch), Empiris (www.empiris.ch) nations – look under “media,” for instance – and one can usually and Symphasis (www.symphasis.ch). schi find a fascinating list that reflects the balance between the obliga- tion to exercise discretion and the desire to share information. One particularly attractive feature in our view are the talking benches in the region of -Vevey. Along the “Poets’ Prom- enade,” 25 park benches – the number is growing – offer passers- by an opportunity to take a rest and let the benches tell their story, quote a few sentences from a work of literature, or describe the surroundings in some well-known writer’s own words: Victor Hugo, Jean-Jacques Rousseau or Ernest Miller Hemingway as guides. The Foreign Swiss Nobel Prizes Now let us turn the dilemma of the obligation to exercise discre- tion around and take, as representative of a whole group, two not- The Nobel Prizes were inaugurated in 1901, and since that date 25 for-profit foundations founded by local notables: Orianne and Phil Swiss citizens have received an award. Nine Nobel Prizes have been Collins’ Little Dreams Foundation and the Mirja Sachs Foundation awarded to institutions domiciled in Switzerland, such as the Inter- set up by Mirja and Gunter Sachs in 1987. Not only do their websites national Committee of the Red Cross. All in all, however, there are provide all the necessary information, they also make it clear that no less than 113 Nobel Prize winners who have either studied in these are remarkable institutions worth emulating. Every year the Switzerland, taught at a Swiss university, or worked in the Swiss Little Dreams Foundation selects from all over the world 10 children private sector. Globalization was quick to establish itself in the world of science, and for many talented foreigners Switzerland would prove an ideal springboard. Without its foreign students and profes- sors, Switzerland would never have become a center of education. This is particularly true of the Swiss Federal Institute of Technol- ogy (ETH), Zurich with 34 Nobel Prize winners, the University of Zurich (21), and CERN, the European Organization for Nuclear Re- search (17). One such winner is Jack Steinberger from Bad Kissin- gen in Bavaria, who fled Nazi Germany with his family in 1934 and settled in Chicago. In 1962 he would conduct experiments on neu- trinos with Lederman and Schwartz that would win him the Nobel Prize for Physics in 1988. In 1964 Steinberger completed a sab- batical at CERN, which would then become his permanent base from 1968 onward. He liked life in Switzerland so much that he opted to become a citizen of the city of Geneva in 2000 – too late for him to be enshrined as a Swiss Nobel Prize winner. Wolfgang Pauli (1900– 1958) is often cited as precisely that, albeit erroneously. A Viennese by origin, Pauli taught at the ETH Zurich, yet his attempt to become a Swiss citizen in the 1930s came to nothing. So in 1946, he returned to the ETH Zurich from Princeton as a naturalized American. But he had already received the Nobel Prize in 1945 for his exclusion principle in quantum mechanics, first formulated in Hamburg in 1925. The writer Elias Canetti from the Bulgarian town of Rustchuk Mirja and Gunter Sachs have been helping children in need (now Rousse) is another luminary often considered Swiss. He lived

through their foundation since 1987. for a long time in Zurich, including in 1981 when he won the Nobel Photos: Johannes Simon, Getty Images | Corbis | Pool, Getty Images

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Albert Einstein (1879 –1955) from Ulm in Germany Kofi Annan was born in Kumasi, Ghana, on April 8, was selected by Time Magazine in 1999 as Man 1938. In 1997 he was appointed the fi rst black of the Century. In 190 5 he formulated his special African General Secretary of the UN in that organiza- relativity theory that would make this offi cial tion’s history, succeeding the Egyptian Boutros of the Federal Offi ce for Intellectual Property Boutros-Ghali. He held this post until 2006, when famous throughout the world. He arrived in Switzer- he in turn was succeeded by the South Korean land in 1894 as a 15-year-old, becoming a citizen Ban Ki-moon. In 2001 he received the Nobel Peace of Zurich in 1901. He taught theoretical physics at Prize, while his many other awards also include the ETH Zurich as well as at the University of the 2003 Max Schmidheiny Foundation Freedom Zurich from 190 9 to 1919. He received the Nobel Prize from the University of St. Gallen. Since 2001 Prize in 1921 for his discovery of the law of the Kofi Annan has been a citizen of Geneva, the city photoelectric effect. in which he studied back in 1962.

Prize for Literature as a British citizen. Niels Kay Jarne, winner of in 19 52 : “You’re about to visit the most beautiful corner of the earth the Nobel Prize for Medicine in 1984, is a similar case. He worked I know. I like this country as much as it doesn’t like me.” in Geneva and headed the Institute for Immunology in Basel from Alfred Werner (Nobel Prize for Chemistry, 1913 ), born in Mul- 1969 onward, but never became a Swiss. house, arrived in Switzerland in 1886 as a student at the ETH By contrast, the situation of Paul Adrien Maurice Durac, winner Zurich, and later taught at the University of Zurich from 1893 to of the Nobel Prize for Physics in 1933, is more complicated. His 1919. He acquired citizenship in Zurich in 1894. Leopold Ruzicka family gave up their right of citizenship in St. Maurice in 1919 in (Chemistry, 1939) was born in the Croatian city of Vukovar. After favor of becoming naturalized British citizens. Many legal-minded staying in Zurich for five years, he received citizenship rights in 1917, observers have pointed out that his status as a first-generation and taught at the ETH Zurich from 1918 to 1957. Hermann Hesse Swiss abroad technically still makes Durac Swiss. There are also (Literature,1946 ) was born in the town of Calw in Baden -Württem- other Nobel Prize winners to work abroad, in some cases acquiring berg, Germany. Having already held citizenship of Basel from 1883 other rights of citizenship: Charles-Edouard Guillaume (Physics, to 1890, he became a citizen of Berne in 1923. Hesse lived in 1920), Felix Bloch (Physics, 1952 ), Max Theiler (Medicine, 1951), Switzerland for more than 60 years. Tadeus Reichstein (Medicine, Daniel Bovet (Medicine, 1957 ) and Edmond Henri Fischer (Medi- 1950) was originally from Wloclawek in Poland and first came to cine, 1992), the latter having been born in Shanghai. Switzerland in 1906 as a 7-year-old. His parents settled in Zurich, The most interesting category is those foreigners who became and he acquired citizenship rights in 1916. From then to 1938 he naturalized Swiss citizens. Albert Einstein received the Nobel Prize studied, researched, and taught at the ETH Zurich, before moving for Physics in 1921 – not for his theory of relativity (1905) or the to the University of Basel. Vladimir Prelog (Chemistry, 1975 ) from general theory of relativity (1916 ), but for his discovery of the law Sarajevo came to Switzerland in 1941, where he studied organic of the photoelectric effect, formulated when he was an official of chemistry at the ETH Zurich until 1976. He became a Swiss citizen the Federal Office for Intellectual Property (Swiss patent office) in in 1959. Even former General Secretary of the UN Kofi Annan is 1905. Einstein had an ambivalent relationship with Germany, his now Swiss. The winner of the Nobel Peace Prize in 2001 lives in country of birth, but also with the US, his country of residence from Switzerland, and has been an honorary citizen of the city of Ge- 1933 onward. As Einstein once said to a surgeon traveling to Basel neva since the year he received that award. schi

Credit Suisse Bulletin Premium Edition 2SwitzerlandExclusive 52 That’s undoubtedly true to some extent. And tosomeextent. true That’s undoubtedly feasible. Otherwise Gerd Binnig and Iwould and Binnig Gerd Otherwise feasible. the prize shouldn’t be overrated. As a Nobel aNobel As shouldn’t overrated. be prize the that we were convinced from the start was start fromthe wewereconvinced that though many people have good fortune, on- Credit Suisse you’re individual. extraordinary an Even Switzerland has turned out a fair share of share afair out turned has Switzerland Society Determines the Direction of Research of Direction the Determines Society we were told again and again that we’d sim- worked. experiment first the when we werethrilled however, no concerned, was was there work Prize winner you’ve done something extra- Not really.Not somethingWe toachieve wanted make mistakes. can winners Prize Nobel It’sHeinrich Rohrer: that physics provides for avenue as Switzerland about talks He inPhysics Rohrer, Prize the Heinrich shared winners. Prize laureate,Nobel Nobel One It’s true that some things changed. Sud- research and about his moti hismoti about and research you happened to be in the right place at place right the in be to happened you standing natural phenomenastanding and the laws microscope, microscope, way for the the paved which cial events, and can suddenly do things that things do suddenly can events, and cial change at all. atall. winner change Prize Even aNobel change your life. On the other hand, you do you hand, other life. your the On change winners’ hall of fame. How has receiving receiving has How fame. of hall winners’ lose some of the lightness you had before. had you lightness someof the lose ly a tiny number of them realize it and put it put and it realize of them number atiny ly this honor altered your life? the right time? time? right the that and discovery, your for right was time if someone else does. does. this, else someone if Despite I think human beings with a rational way of under- arational with beings human has a certain cachet. cachet. You tospe- acertain invited get has of systems. in terms thinks always ofnature physics. A physicist not even have Natural considered starting. doesn’t it towork. respect inthat needs So of application nanotechnology.industrial in Bulletin: previously weren’t previously my possible. as far As ply been lucky. That may well be true. Even ence a moment of revelation when you you when revelation of moment a ence a Nobel laureate it carries more weight than moreweight carries it laureate a Nobel ordinary, mean doesn’t it but necessarily you’re winner,denly Prize aNobel that and of holistic nature. I’m bythe fascinated also fascinates you? fascinates knew that you had made abreakthrough? made had you that knew 986 8 19 You’ve made it into the Nobel Prize Nobel the into You’ve it made To what extent was it simply that the the that simply it was extent To what When you take a position on an issue as issue an on aposition take you When During your research, did you experi- you did research, your During by designing the scanning tunneling scanning by the designing What is it about physics that that physics about it is What Bulletin Premium Edition People vation. ly Take for example the Manhattan Project, Project, Take Manhattan the for example toanswer. question It difficult That’s avery Times have changed. The people who worked on it all shared this this shared all it on worked who people The At high school I was pretty good at science, science, at good pretty was I school high At from girls. Fifty years ago that was the pop- the was that ago years from girls. Fifty took more than morethan took tute of Technology ( tube radios to be replaced by transistor the end of the day, of the end the doesn’t that diminishhis to good use. Even Einstein’s theory of rel- Second World War to develop the atomic the War World todevelop Second which was called into existence during the during intoexistence called was which topur- all after thing right wasn’t the quite Drang phase, and it got me more attention memoreattention got phase, it and Drang It was just an idea I had inmy und Ihad Sturm idea an just was It ular view of the ideal humanistic education. education. humanistic ideal of the view ular up with what idea or when. orwhen. What’s more, idea the what up with radios. Such a long period is in- certainly seded again by something new. bysomething again seded so I changedI so to experimental physics. I’m ele- exceptionally inan problem the solve sue, so I enrolled at the Swiss Federal In In Federal sue, Swiss atthe so Ienrolled ment that has been made before it is super- is it before made been has that ment most cases you can’t predict who will come will who can’t you predict cases most for my liking, abstract too matics abit was mathe- that realized mathematics. I soon conceivable inconceivable today’s world. But the more can makecan concentrated progress happen. In cial consensus.cial Once you have both, you conviction, and they ultimately succeeded. high school. that school. high feeling the Igot Then innovation, an more developed the highly pretty good with my hands. my with good pretty atLatin. good also Iwas but That’s I why prise like First, that: you need good people, bomb. Back then, it was said that weneed- bomb. that said then, was Back it ered your and for passion talent physics? about Classics? studying and second, you need the political and so- and political the need second, you and ed it; that it was essential for our survival. survival. for our essential was it that it; ed develops by isnot decided theresearchers, of research application the in which direction after Classics the study to planned originally it is todifficult make money on the invest- way. inany achievement at atanyhow. But ripe. was time arrived The way. have been gant would hisfindings But ativity was no different. nodifferent. did, was He of course,ativity made to happen in research? time? 10 in years’ lives our affecting be Two things are necessary for an enter- for an Two necessary are things To what extent can progress be be progress can extent To what To what degree will nanotechnology What made you change your mind How old were you when you discov- you when you were old How 16 years for half the vacuum the for half years ETH ), Zurich, to study study to Zurich, ), sti- That in no way precludes a better dialogue dialogue abetter way inno precludes That The less good ones should first stay home stay first should ones good less The were engineering natural and The sciences things that be can sold that are produced. that’s the way the of fruits research are ap- the first, and the broadest, global business, global broadest, the and first, the to get better by going abroad. abroad. bygoing better get to Science truly puts it into practice, while intopractice, it puts truly Science On the whole, yes, although we really need need wereally although yes, whole, the On Zurich, where he and Gerd Binnig developed developed Binnig Gerd and he where Zurich, with society. where they go, and they take full advantage. advantage. full go,take they they and where recent years, even the surge of ideas we’re of ideas surge the even years, recent St. St. in gained In he 1933. 1960, Gallen) seeing atseeing themoment. thatIt seems more ments. Good scientists are welcome every- welcome are ments. scientists Good more incentives and support, and less med- less and support, and more incentives which they were awarded the Nobel Prize Nobel the awarded were they which IBM have been. but rather by society. bysociety. it’s only rather but Ultimately politics getspolitics tied up in treaties and agree- the determine also could plied. society If plies in particular to the research efforts of efforts research tothe inparticular plies do you feel you get proper support support proper get you feel you do Be Heinrich Rohrer was born in Buchs (Canton a doctorate in physics from the the from physics in a doctorate of us need to go back to our ivory towers. toourivory back togo of usneed differences between science politics: and between differences ones good the – oratleast standards global a business that’s always been judged by naive. quite tobe internationalism greater fordling. calls constant these I consider future. inthe sometime need ately ap- This wemight desper- fruits whose any research be longer no would there of research areas and do their homework. homework. their do and They’re going not in 1986. from the politicians? the scanning tunneling microscope, for tunneling microscope, the scanning This internationalism is one of the major isoneof the internationalism This tween 1963 and 2000 he worked at the the at worked he 2000 and 1963 tween As a scientist in Switzerland, Switzerland, in ascientist As Society determines the demand and thus and demand the determines Society Research Center in Rüschlikon, near near Rüschlikon, in Center Research ETH Daniel Huber .

Photos: Gee Ly | Tobias Madörin Switzerland Exclusive People 53

An innovative, life-saving product from Verbier conquers the world of winter sports: Yan Berchten and Pierre Yves Guernier.

An Airbag for Avalanche Survival

“Switzerland needs entrepreneurs. They are our future.” That was and safety equipment, there was not some other dependable means the succinct conviction of William A. de Vigier (1912 –2003), found- of saving the lives of mountaineers trapped by an avalanche. The er of the eponymous foundation that awards up to five prizes two boffins have come up with a life-saving solution that is as (of CHF 100,000 each) to young Swiss entrepreneurs every year. handy as it is convincing: a self-inflating protective cushion they De Vigier created the foundation with a view to giving young people call the Snowpulse Airbag. It enables people caught in an avalanche what he lacked when he founded his own firm Acrow Engineers to float on the surface of the snow mass. The sausage-shaped Ltd, and what young innovators with clever ideas often lack today: plastic jacket, which fills with air from an air-filled cartridge at the the necessary start-up capital. push of a button, simultaneously functions as a defensive shell to With success. In 20 years more than 50 young entrepreneurs protect the rib cage, head, neck and back, and, thus, cannot only have received awards, and 36 of them still hold their own in the save lives, but also prevent injuries. market. For Foundation Board Chairman Moritz Suter this is “a great If, despite the airbag, the wearer is buried by an avalanche, after result, given the large number of companies that get off to a suc- 90 seconds the valves of the airbag automatically open to allow the cessful start, only to throw in the towel a short while later.” Five bag to deflate. This creates an air pocket in which the wearer can prizewinners have gone on to win the Wall Street Journal’s Technol- continue to breathe for a substantial period. ogy Innovation Awards, and three others have sold their firms to The avalanche airbag as such is not a novelty, but the two young major corporations for colossal sums of money. In other words, the entrepreneurs have revolutionized the existing system. Compared recipients of the awards are not escapists or dreamers who quick- to existing inflatable systems, their airbag introduces considerable ly fizzle out, but potential drivers of economic progress with far- functional improvements. The airbag is also significantly lighter and sightedness, business acumen and staying power. easier to use than competing products. Berchten, a trained indus- Five start-ups also received awards in 2007. One of them is trial engineer, and Guernier, a robotics specialist, are convinced based in Verbier. What immediately comes to mind is the sporting that there is a market for their product and forecast sales of business of a former ski champion – Philippe Roux – or leading 80,000 to 100,000 Snowpulse Airbags a year, based on the size hoteliers such as Roland Pierroz, president of Relais & Châteaux of the market for avalanche rescue and safety equipment. At least for Switzerland. But innovative young entrepreneurs? Yet Pierre 75 percent of the market for such avalanche equipment is made up Yves Guernier and Yan Berchten, two keen outdoor sportsmen, of potential Snowpulse Airbag users. schi passionate skiers and fans of anything to do with snow, had always wondered whether, in addition to conventional avalanche rescue Snowpulse SA, Verbier; www.snowpulse.com; www.devigier.ch

Credit Suisse Bulletin Premium Edition 54 Switzerland Exclusive People

Above: Princess Marianne Sayn-Wittgenstein-Sayn feels at home in the world of culture: Andy Warhol, Salvador Dalí, and the French sculptor César Baldaccini were among her friends. The latter was immortalized by her during a visit to Gunter and Mirja Sachs in Gstaad. The photo is reprinted from the book “Sayn-Wittgenstein Collection.” Page 55: Marianne Fürstin zu Sayn-Wittgenstein-Sayn following the wedding of Princess Ira von Fürstenberg with Prince Alfonso zu Hohenlohe in 1955 in Venice. The photo was made by designer Marchese Emilio Pucci.

Credit Suisse Bulletin Premium Edition Switzerland Exclusive People 55

The Sayn-Wittgenstein Collection

An international photo shoot with the Spanish royal family – a pure- Nonetheless, the princess’s great strength is in her portrait work. ly routine affair. Until suddenly King Juan Carlos catches sight of We see celebrities through her eyes as they really are – Maria the photographer and his jaw drops. “Sofia, you’ve got to see this,” Callas snorkeling in the sea with her white poodle on her shoulders, he calls out to his wife. “Manni has gotten herself a job.” And indeed, Aristotle Onassis repairing his car in a dressing gown, Prince Jo- from 1970 onward Princess Marianne Sayn-Wittgenstein-Sayn hannes and Princess Gloria of Thurn and Taxis sitting at the table began to share her personal passion with a wider public on se- of honor at their own wedding, looking tired, almost absent. And lected occasions – as urged by her friend Lilli Palmer upon seeing we also see Juan Carlos in 1956, placing a candlestick on Manni’s her landscape shots taken on a vacation together in Tahiti. car in a fit of youthful high spirits. A significant proportion of these The princess’s photos are a mirror of aristocratic society in the photos were taken in Switzerland. The princess regularly spends 20th century. Mamarazza – a nickname given to her by Princess her vacations in St. Moritz, both with the family Thyssen-Bornemisza Caroline of Monaco – is right in the middle of it all. No one strikes and with local friends. It was here that she got to know Gunter a false pose when the great-great-great-granddaughter of Arch- Sachs, whom she visited in his home in Gstaad – the French sculp- duchess Maria Theresa of Austria whips out her camera. Everyone tor César Baldaccini being among the guests … knows that their Manni would never overstep the mark and publish Three books have appeared that testify to her photographic tal- a picture without their consent – an assurance that has given birth ent: “Mamarazza,” inspired by Karl Lagerfeld, “Saynerzeit” (The Sayn to photos that are intimate and discreet. “I always have two prints Period), and “Sayn-Wittgenstein Collection.” Personal prefaces developed from my negatives,” she explains at her hunting lodge at from friends Andy Warhol, Ira von Fürstenberg, Gunter Sachs and Fuschl am See in Austria. “One of them was always presented to Sean Connery grace the title page. Two additional works are in the the subject as a gift, while the other went into an album.” making, one with children’s portraits and another with collectible Over the course of time – and it is worth noting that she received cars. Both are highly anticipated. her first camera as a nine-year-old baroness at Schloss Glanegg And we could suggest a further book to which she would do near Salzburg – this personal collection evolved into a virtual archive justice: “Switzerland Exclusive” – with as much space for text as of more than 260 albums. Even so, this is only a small proportion possible, as the princess has many tales to tell. In one of these, of the Sayn-Wittgenstein Collection that has been exhibited in immediately after the end of the war she visits her parents-in-law Salzburg’s Rudolf Budja Gallery since 2003. A number of the pho- in western Switzerland, goes to a dance in Geneva and – without tos are purely documentary by nature: As the photographer explains, permission – is driven home by the grandson of the great Russian “For decades I simply captured my living environment in a system- writer Lev Tolstoy. There’s an accident. She sits weeping by the side atic way.” But by observing the world through the lens of a camera, of the road, when an elderly couple walk by, console her, and explain she created many images of great cultural-historic value. We see how they have rented a house in Austria belonging to one Baron at first hand how the gardening and agricultural operation of the Mayr-Melnhof, before introducing themselves: “At your service, Carl destroyed Schloss Sayn in the Rhine Valley was rebuilt in the post- and Alice Zuckmayr.” What the elderly couple do not know, how- war period. And we see gentleman drivers in their silver race cars ever, is that the baron is Manni’s father … It’s a small world, and

Photos: Sayn-Wittgenstein Collection Sayn-Wittgenstein Photos: getting off to a flying start at the nearby Nürburgring. as ever Manni is at the center of it. schi

Credit Suisse Bulletin Premium Edition 56 Switzerland Exclusive Banking Credit Suisse is famous for the quality of service it provides, virtually anytime and anywhere. Since 1930, Credit Suisse has been building up a dense network of private banking offi ces in the to be able to offer its clients the best possible service, even when they are on vacation. Clients in the small town of Verbier or Arosa can benefi t from the same expertise and Credit Suisse network as those in a big city.

Private Banking in the Swiss Alps

The Gotthard tunnel has been Switzerland’s most vital artery since Schweizerische Kreditanstalt, was one of the instruments that it was opened in 1882. Credit Suisse, and its founder Alfred Escher Escher used to accomplish this: The new bank served as a veri- in particular, were instrumental in making this great achievement a table “credit locomotive.” reality. Basically nothing has changed since then. Credit Suisse is there for its clients whenever they need it. If you’re going for a The Gotthard Tunnel Is Switzerland’s Suez Canal When it holiday in Ascona and want to avoid getting stuck in traffic, journey- opened on May 22, 1882, the Gotthard tunnel was considered a ing by train is a comfortable alternative. Travel is a piece of cake in technological masterpiece, and the Swiss of the time justifiably Switzerland, with over 5,000 km of track, 671 tunnels and more compared it with the Suez Canal. No wonder, as over 360 visitors than 6,000 bridges. And work is also progressing on the new Gott- from Italy and 100 from Germany came to Lucerne to take part in hard line, the NEAT. the glamorous grand opening. The model used to finance the tunnel It’s easy to forget that when the Confederation was established was distinctly modern, a public-private partnership in the best sense in 1848, Switzerland’s only rail connection was a 23.3 km stretch of the term. Italy and Germany (in addition to Switzerland) also bore of track between Zurich and Baden. A far-reaching and pragmatic a significant share of the costs, and half of the final sum of 227 vision was called for to remedy this situation and catch up with million francs was raised from private investors in the three coun- Austria and France, which had already established Alpine transit in tries. Credit Suisse ser ved as an important hub in all this, with Alfred 1854 and 1871 with the Semmering and Mont Cenis tunnels, re- Escher directing the action. spectively. It took the pioneer Alfred Escher (1819 – 82) to create the right political and economic conditions and essential infra- Credit Suisse Is a Swiss Bank Although Credit Suisse’s share- structure in Switzerland for this to happen – the railway network, holders had an eye on returns even back then, the well-being the Gotthard line, and the Swiss Federal Institute of Technol- of their clients in particular, and of Switzerland in general were ogy (ETH) in Zurich. And Credit Suisse, founded in 1856 as the always seen as crucial to the success of the business. “Nothing

Credit Suisse Bulletin Premium Edition Switzerland Exclusive Banking 57

Basel

Zurich St. Gallen

Lucerne

Berne Samnaun Chur Klosters Scuol Davos-Platz Arosa

Interlaken St. Moritz Lausanne Pontresina Gstaad Montreux Crans-Montana Brig Villars-sur-Ollon Sitten Locarno Geneva Bellinzona Martigny Verbier Ascona Zermatt Lugano

Credit Suisse Private Banking

has changed since then,” assures Ulrich Körner, CEO of Credit golf course at Crans-Montana, and after lunch take quiet time out Suisse Switzerland. “Credit Suisse may have evolved into a global to find out about their pension options or even think about how to bank, but its home market in Switzerland has become no less hand over the reins of their business. On such occasions, it often important; on the contrary, it now reaps the benefit of our world- happens that guests will think about buying a holiday apartment or wide network. Credit Suisse employs more than 20,000 people even moving permanently to the place where they’re spending their in Switzerland, and around a third of its profits are generated in vacation. “In such cases, they benefit from our staff’s in-depth lo- this country.” cal knowledge and close-knit network,” remarks Urs Dickenmann. “People from the mountains are very connected to their origins. Making Wise Decisions in a Relaxed Atmosphere “That’s why After a career in international financial centers they often return to we’re prepared to make significant investment if it benefits our where they came from, provided we can offer them challenging clients,” adds Urs Dickenmann, head of Private Banking Switzer land. work back home.” “In the course of three years, we have remodeled no fewer than 30 branches and made them more client-friendly. Various tourist des- 1930: A Bold Move to the Mountains Credit Suisse also felt tinations have been among the locations to benefit from this. In obligated to honor this spirit in 1930, when the traditional Rhaetian Villars-sur-Ollon we even opened a new private banking branch Bank ran into problems. Credit Suisse acquired the bank’s network recently. There, too, we can offer our clients a broad range of ser- of branches in Chur, Davos, St. Moritz and Arosa. “Of course, it vices, wide-ranging advice and comprehensive solutions.” wasn’t just an act of brotherly love,” admits Urs Dickenmann frank- Experience has shown that many people who are normally under ly. “At the time Credit Suisse only had a presence in a few towns pressure at work value the opportunity to think about their future outside Zurich, so moving into Grisons in a time of economic crisis and talk with a relationship manager during a relaxing vacation. They was not an insignificant risk – and one that other banks were unwill- can spend the morning improving their handicap on the wonderful ing to take.” The second wave of new branches in tourist desti- >

Credit Suisse Bulletin Premium Edition 58 Switzerland Exclusive Banking

nations followed in the mid-1960s, when the economy was boom- Extensive support also goes to art museums in the alpine region, ing. New locations included Zermatt (1963), Crans-Montana (1966), such as the Fondation Gianadda in Martigny, the new Kirchner Gstaad (1967) and Ascona (1968). This means that Credit Suisse Museum in Davos, and numerous other museums from Zermatt to has been represented in most tourist areas for more than 40 years St. Moritz. Credit Suisse has also been, and still is, an active spon- already. sor of sporting events, for example White Turf in St. Moritz and the European Masters in Crans-Montana. Davos Festival and Ernst Ludwig Kirchner Early on, Credit Tradition and innovation are also reflected in the long-standing Suisse’s commitment to being present in tourist areas led to pa- commitment of Credit Suisse to stay as close as possible to its tronage, and later on sponsorship. An example of this was the clients and their needs, even in the favorite holiday destinations of newly created Davos Festival, a showcase for young musical talent. Switzerland. These two values, tradition and innovation, are the And Credit Suisse has been supporting the celebrated Orchestre cornerstones of the bank’s global strategy, as they have been for de la Suisse Romande (founded in 1918) since 1981. over 150 years. schi

Hiking in Val Trupchun The beauty of the Alps is often south to the sea through the Gotthard refl ected in art. How important is Alpine Tunnel? Ulrich Körner, art to you? We used to go to the beaches of southern CEO of Credit Suisse I think it’s a lot like nature itself. Staying with Europe when the children were younger. Switzerland the Engadine, I think it’s practically impos- And we were happy enough if they came on sible to remain unmoved by the beauty of a the occasional hike with us, especially since painting by Giovanni Segantini – there is a they were already getting a lot of exercise museum of his works in St. Moritz. His art playing football. Since then, my wife and I Bulletin: Mr Körner, you went to school expresses a sense of power, but also har- have been spending our holidays more often at the Lyceum Alpinum in Zuoz. Did you mony and peace – qualities that are often in the mountains. There’s simply no better also come to appreciate the Engadine given too little attention nowadays. schi place for rest and relaxation than in nature. and the Alps during this time? To an extent, the mountains have become a Ulrich Körner: Yes, of course. My memories second home to me. of my schooldays in Zuoz are very much As a former top footballer, how linked with memories of the majestic alpine do you like sports in the Alps? Would you scenery, which still fascinates me. Nature rather ski in Klosters or play golf in is omnipresent, and dominates every season, Jogging on Pilatus Crans-Montana? whether you’re strolling beside a beautiful I actually know plenty of former footballers lake in St. Moritz, hiking through Val Trup- Urs Dickenmann, who love to play golf and play well, too. Up chun to see the flora and fauna, or skiing head of Private Banking to now, I haven’t had time to learn to play Switzerland down one of the area’s many pistes. These golf. I wouldn’t rule it out for the future. But things are hard to resist. spending a sunny weekend skiing, either at So you’d rather spend your holidays in the foot of the Matterhorn in Zermatt or in the mountains than at the seaside? the Engadine – that’s a “luxury” I indulge in The Engadine really does draw me back time Bulletin: Mr Dickenmann, you live in from time to time. and time again. My family and I often spend Lucerne, the gateway to the mountains of Lucerne is a magnet for classical a few quiet days of rest and relaxation in the central Switzerland. Do you sometimes music. What’s your impression of the fresh air to recover from our hectic lives in fi nd yourself drawn to their heights? music festivals held in the Alps? the lowlands, where we’re so far away from Urs Dickenmann: I know Mount Pilatus, our Of course, we’ve all been spoiled by the nature and the Alps. local mountain in Lucerne, very well indeed. Lucerne Festival. But we also have good Do you prefer to explore the mountains I love hiking and jogging there, and some- contacts with the Davos Festival, with per- by train or car? times I even go up on my bike. There are formances by musicians who received the I prefer to be on foot, but sometimes we take times, too, when I simply enjoy the fabulous Credit Suisse Young Artist Award in Lu- the train because my children are still young view you get from the Kulm, which is 2,132 cerne. And why not combine glacier skiing and I want them to be able to experience meters high. in autumn with the Zermatt Festival? I’ve the beauty of the Alps, plus have all the fun Do you like to spend vacations in actually already tried it myself – a truly fan-

of a train ride. the mountains, or do you prefer to head tastic experience. schi Photos: Credit Suisse | Judith Stadler

Credit Suisse Bulletin Premium Edition Ü EEKUNST NEUE FÜR HALLEN Not a day goes by without worries and problems. We have time for you. We look forward to your visit Not a day goes by without help from our volunteers. or phone call.

Arosa St. Moritz Oberseeplatz Via Maistra 6 Katja M., a nurse CH-7050 Arosa CH-7500 St. Moritz in the Red Cross +41 (0)81 255 66 66 +41 (0)81 837 52 00 Service, cares for paraplegic Peter Ascona Samnaun in a special camp Viale B. Papio 6 Chasa Riva for the handi- CH-6612 Ascona CH-7563 Samnaun capped organized +41 (0)91 785 74 11 +41 (0)81 861 80 50 by the Swiss Samaritan Petra army. Berne Scuol D. attends to Christoffelgasse 6 Stradun blood donors CH-3000 Berne CH-7550 Scuol Jürg B. enjoys during a collection +41 (0)31 358 85 00 +41 (0)81 861 02 25 campaign. helping with the 2 x Christmas Crans-Montana Verbier campaign for Immeuble Grand-Place Immeuble Alpina needy families During a REDOG in Switzerland. CH-3963 Crans-Montana CH-1936 Verbier course, Karin H. +41 (0)27 485 85 52 +41 (0)27 775 36 31 and her rescue dog Troj learn Davos Villars how to search Promenade 65 Rue Centrale Esther A. of the for people buried CH-7270 Davos Platz CH-18 8 4 Villars-sur-Ollon in rubble. +41 (0)81 415 33 22 +41 (0)24 496 66 03 Red Cross Home John W. and his Assistance Service Samaritan col- Geneva Zermatt goes for a walk Sara M. of the leagues get Quai des Bergues 1 Bahnhofstrasse 57 with widower Junior Red Cross infirmary supplies CH-1200 Geneva CH-3920 Zermatt Wilhelm F. ready for upcoming helps Goran public events. learn German +41 (0)22 393 21 11 +41 (0)27 966 32 40 and with his homework. Gstaad Zurich Promenade Paradeplatz 8 CH-3780 Gstaad CH-8001 Zurich +41 (0)33 748 97 01 +41 (0)44 333 44 44

Klosters Bahnhofstrasse 13 Lifesaver Nadja R. CH-7250 Klosters teaches pre- +41 (0)81 423 32 12 school children To locate the additional about the Medical trainer Pontresina 60 Private Banking branches dangers of being Peter W. teaches Villa Bellavita in Switzerland visit near water. teenagers how to dress a wound. CH-7504 Pontresina www.credit-suisse.com or call +41 (0)81 838 92 92 +41 (0)44 333 44 44.

Mario Merz, Vento preistorico dalle montagne gelate, Hallen für neue Kunst, Schaffhausen, Photo: Raussmüller Collection Red Cross volunteer driver Willi P. helps Erika U. get «If you are really interested in to the doctor’s. seeing work of the highest calibre, Volunteer work is first-hand experience of humanity. In Switzerland more than 50,000 Red Cross volunteers strive to improve the well-being very well presented, then it of their fellow men. In doing so they gain valuable experience and enhance their own lives. They provide more than 1.6 million hours every year – an inestimable contribution to our society. Without their participation we could not fulfil our mission: helping people in need. is necessary to visit Schaffhausen» The Swiss Red Cross and its member organizations would like to thank all their volunteers wholeheartedly. (The New York Times) Swiss Red Cross, Rainmattstrasse 10, 3001 Bern, Tel. +41 (0)31 387 71 11, [email protected], www.redcross.ch Hallen für neue Kunst | Baumgartenstrasse 23 | CH-8200 Schaffhausen | tel. 0041 (0)52 625 25 15 | fax. 0041 (0)52 625 84 74 | [email protected] | www.modern-art.ch Some think far from home. We think Some think close to far from home. private banking. The Credit Suisse Magazine Since 1895 | First Premium Edition We think close to private banking. Centered on Your Needs. Credit Suisse: Your Partner for All Financial Issues

The ability to implement pioneering ideas while at the same time maintaining the tried and tested has been one of our strengths for over 150 years. And our Private Banking clients value this tradition. The speedy development of markets, allied to the multitude of investment options and the challenges of international competition demand in- creasingly innovative strategies in order to open up new perspectives. Farsighted and comprehensive advice is – more than ever – irreplaceable. Our structured Private Ban k- ing advisory process helps you to make the right invest - ment decisions in accordance with your needs and interests, and provides you with timely advice linked to individual SWITZERLAND EXCLUSIVE solutions. At Credit Suisse we enjoy the privilege of being able to convince discerning people like you of our reliability as a partner with proven skills in all areas of finance and a focus on your complete satisfaction. We allow you to expe- rience another dimension of Private Banking: The advisors at Credit Suisse are committed to responding to your needs and offering you a varied range of innovative products and first-class services. As a global bank with a strong base in Switzerland, Credit Suisse endeavors to provide you with expertise and offer you services even when you are at your vacation destination.

Credit Suisse Investment Banking • Private Banking • Asset Management P. O. Box 100 CH-8070 Zurich Since 1856, we have focused on bringing new perspectives www.credit-suisse.com/privatebanking to our clients. Always looking at opportunities and +41 (0)44 333 44 44 challenges from a visionary point of view. Experience private banking at high altitudes. www.credit-suisse.com/privatebanking

Thinking New Perspectives.

Main sponsor of Switzerland’s national football team since 1993.

13629_220x297_BulletinSwiExcl_ku1 1 16.11.2007 14:24:17 Uhr Ü EEKUNST NEUE FÜR HALLEN Not a day goes by without worries and problems. We have time for you. We look forward to your visit Not a day goes by without help from our volunteers. or phone call.

Arosa St. Moritz Oberseeplatz Via Maistra 6 Katja M., a nurse CH-7050 Arosa CH-7500 St. Moritz in the Red Cross +41 (0)81 255 66 66 +41 (0)81 837 52 00 Service, cares for paraplegic Peter Ascona Samnaun in a special camp Viale B. Papio 6 Chasa Riva for the handi- CH-6612 Ascona CH-7563 Samnaun capped organized +41 (0)91 785 74 11 +41 (0)81 861 80 50 by the Swiss Samaritan Petra army. Berne Scuol D. attends to Christoffelgasse 6 Stradun blood donors CH-3000 Berne CH-7550 Scuol Jürg B. enjoys during a collection +41 (0)31 358 85 00 +41 (0)81 861 02 25 campaign. helping with the 2 x Christmas Crans-Montana Verbier campaign for Immeuble Grand-Place Immeuble Alpina needy families During a REDOG in Switzerland. CH-3963 Crans-Montana CH-1936 Verbier course, Karin H. +41 (0)27 485 85 52 +41 (0)27 775 36 31 and her rescue dog Troj learn Davos Villars how to search Promenade 65 Rue Centrale Esther A. of the for people buried CH-7270 Davos Platz CH-18 8 4 Villars-sur-Ollon in rubble. +41 (0)81 415 33 22 +41 (0)24 496 66 03 Red Cross Home John W. and his Assistance Service Samaritan col- Geneva Zermatt goes for a walk Sara M. of the leagues get Quai des Bergues 1 Bahnhofstrasse 57 with widower Junior Red Cross infirmary supplies CH-1200 Geneva CH-3920 Zermatt Wilhelm F. ready for upcoming helps Goran public events. learn German +41 (0)22 393 21 11 +41 (0)27 966 32 40 and with his homework. Gstaad Zurich Promenade Paradeplatz 8 CH-3780 Gstaad CH-8001 Zurich +41 (0)33 748 97 01 +41 (0)44 333 44 44

Klosters Bahnhofstrasse 13 Lifesaver Nadja R. CH-7250 Klosters teaches pre- +41 (0)81 423 32 12 school children To locate the additional about the Medical trainer Pontresina 60 Private Banking branches dangers of being Peter W. teaches Villa Bellavita in Switzerland visit near water. teenagers how to dress a wound. CH-7504 Pontresina www.credit-suisse.com or call +41 (0)81 838 92 92 +41 (0)44 333 44 44.

Mario Merz, Vento preistorico dalle montagne gelate, Hallen für neue Kunst, Schaffhausen, Photo: Raussmüller Collection Red Cross volunteer driver Willi P. helps Erika U. get «If you are really interested in to the doctor’s. seeing work of the highest calibre, Volunteer work is first-hand experience of humanity. In Switzerland more than 50,000 Red Cross volunteers strive to improve the well-being very well presented, then it of their fellow men. In doing so they gain valuable experience and enhance their own lives. They provide more than 1.6 million hours every year – an inestimable contribution to our society. Without their participation we could not fulfil our mission: helping people in need. is necessary to visit Schaffhausen» The Swiss Red Cross and its member organizations would like to thank all their volunteers wholeheartedly. (The New York Times) Swiss Red Cross, Rainmattstrasse 10, 3001 Bern, Tel. +41 (0)31 387 71 11, [email protected], www.redcross.ch Hallen für neue Kunst | Baumgartenstrasse 23 | CH-8200 Schaffhausen | tel. 0041 (0)52 625 25 15 | fax. 0041 (0)52 625 84 74 | [email protected] | www.modern-art.ch Some think far from home. We think Some think close to far from home. private banking. The Credit Suisse Magazine Since 1895 | First Premium Edition We think close to private banking. Centered on Your Needs. Credit Suisse: Your Partner for All Financial Issues

The ability to implement pioneering ideas while at the same time maintaining the tried and tested has been one of our strengths for over 150 years. And our Private Banking clients value this tradition. The speedy development of markets, allied to the multitude of investment options and the challenges of international competition demand in- creasingly innovative strategies in order to open up new perspectives. Farsighted and comprehensive advice is – more than ever – irreplaceable. Our structured Private Ban k- ing advisory process helps you to make the right invest - ment decisions in accordance with your needs and interests, and provides you with timely advice linked to individual SWITZERLAND EXCLUSIVE solutions. At Credit Suisse we enjoy the privilege of being able to convince discerning people like you of our reliability as a partner with proven skills in all areas of finance and a focus on your complete satisfaction. We allow you to expe- rience another dimension of Private Banking: The advisors at Credit Suisse are committed to responding to your needs and offering you a varied range of innovative products and first-class services. As a global bank with a strong base in Switzerland, Credit Suisse endeavors to provide you with expertise and offer you services even when you are at your vacation destination.

Credit Suisse Investment Banking • Private Banking • Asset Management P. O. Box 100 CH-8070 Zurich Since 1856, we have focused on bringing new perspectives www.credit-suisse.com/privatebanking to our clients. Always looking at opportunities and +41 (0)44 333 44 44 challenges from a visionary point of view. Experience private banking at high altitudes. www.credit-suisse.com/privatebanking

Thinking New Perspectives.

Main sponsor of Switzerland’s national football team since 1993.

13629_220x297_BulletinSwiExcl_ku1 1 16.11.2007 14:24:17 Uhr