Alpine Region in September 2026: the most important developments in economy
The Alpine region's economy in September 2026 was dominated by Russia's takeover of Nestlé's and Auchan's local businesses, Swiss bank capital rules and setbacks at Novartis.
On 17 and 18 September Russia placed the Russian assets of the Swiss food group Nestlé and the French retailer Auchan under temporary state management, by a decree of President Vladimir Putin, the largest such action since 2024. Nestlé's assets went to a company called L.E.V. Management. Kremlin spokesman Dmitry Peskov said the companies belong to countries involved in military actions, and Moscow described the move as retaliation for European aid to Ukraine. Nestlé said it was weighing all options, and by 22 September reported running its Russian business as normal. Moscow also placed Russian subsidiaries of other French companies under trusteeship. Elsewhere Nestlé agreed to sell its vitamin brands for $1 billion, announced a R$2 billion infant formula plant in Brazil and pressed ahead with a $900 million plant in Thailand.
In banking, the Swiss Senate voted on 23 September to require UBS to back its foreign subsidiaries with 90 percent CET1 capital, a setback for UBS, which said the decision was not a compromise. Lawmakers later backed the finance minister in the dispute. UBS bought back $7.9 billion of Credit Suisse bonds, and the Swiss National Bank left its policy rate at 0 percent. Revolut applied for a Swiss banking licence.
Novartis shares fell after a heart drug missed its main goal in a late-stage trial and a further drug, for ALS, failed. A major shareholder called for a board shake-up. The company paused cell therapy trials after three patient deaths, and cut up to 130 jobs in Basel. Roche reported trial success with Lunsumio and a 15.5 percent weight loss in an obesity trial, and restructured research to target 20 new drugs.
The Swiss Senate approved the Mercosur trade agreement on 15 September, with $646 million in support for farmers. Swiss inflation reached its fastest pace in two years in August, and Switzerland raised its growth forecast after a strong second quarter. Diesel prices crossed 2 euros in Slovenia for the first time.
by WorldBrief & Maksim Micheliov | AI-generated summary
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