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Switzerland rejects 50pc wealth tax over fears of millionaire exodus - THE TELEGRAPH
Switzerland has rejected plans for a new tax on the super-rich after wealthy residents threatened to leave the country.
Swiss households took to the polls in a referendum on Sunday on whether to impose a 50pc tax on all transfers of money or assets above 50m Swiss francs (£47m).
The proposal was put forward by the Left-wing youth party Young Socialists as a way of raising funds to tackle climate change. It would have affected around 2,500 people, or 0.03pc of the country’s population.
However, initial government estimates suggest that around 82pc of Swiss voters have opposed the move.
The plans, which would have upended Switzerland’s reputation as a low-tax haven, proved highly divisive and were met with staunch opposition from the Government and all political parties aside from those on the Left.
Critics warned that the measures would have damaged the country’s status as a home for the wealthy, adding that it risked a mass exodus of well-heeled individuals that would hit income tax takings and offset any proceeds.
Peter Spuhler, owner of rolling stock giant Stadler Rail and one of Switzerland’s richest people, was among the entrepreneurs who threatened to emigrate if the tax was introduced.
Switzerland has more than nine billionaires per one million inhabitants, more than five times the average for Western Europe, according to a study by UBS.
It also has favourable tax rules for wealthy foreigners that allow them to pay tax without fully declaring what they own.
But the country’s status is under threat from other low-tax hubs such as Dubai, Abu Dhabi, Hong Kong and Singapore, which are competing to lure wealthy individuals and families through generous tax concessions.
Switzerland’s rejection of the tax proposals comes as other countries across Europe take a more aggressive approach to taxing the wealthy.
This includes the UK, as Rachel Reeves last week introduced a mansion tax on properties worth more than £2m.
That followed her abolition of the non-dom regime that allowed wealthy residents to be domiciled outside the UK for tax purposes.
Italy has also stepped up a tax raid on the rich, raising its flat tax on ultra-rich foreigners by 50pc.
France’s parliament recently rejected a Left-wing demand for a wealth tax on households with assets worth more than €100m (£87.6m).
However, the country’s Socialist Party is now drawing up new plans to force rich individuals to lend money to the Government.
They say the measure, which would hit those with an income of more than €1m and net wealth of more than €10m, could raise up to €6bn.
African air travel grew 7.3% in October – IATA - PUNCH
African airlines recorded a 7.3 per cent year-on-year increase in passenger demand in October 2025, according to the latest data released by the International Air Transport Association.
The growth highlights the continued recovery and resilience of the region’s aviation sector.
Capacity for African carriers also increased, rising 5.3 per cent year-on-year, while the load factor improved to 74.1 per cent, up 1.4 percentage points compared to October 2024.
The report noted that global air travel is experiencing broad growth: “October was a strong month for air travel, with demand up 6.6 per cent on the previous year. Of particular note is the 4.5 per cent international traffic growth for carriers based in North America, which comes after several months of basically flat performance.
“The trends for the rest of the year look encouraging: scheduled seat capacity in November is set to expand 3.6 per cent and in December by 4.7 per cent.
This points to strong demand for holiday travel and businesses looking to complete deals by the end of the year.
“Considering the uncertainty in the economic outlook for 2026, the resilience of demand for air travel, with the jobs and growth it brings, is a bright spot that governments should nurture with care,” said IATA’s Director-General, Willie Walsh.
Regionally, European carriers also recorded strong performance, with a 7.4 per cent increase in demand, capacity up 6.0 per cent, and a load factor of 86.5 per cent (+1.2 percentage points compared to October 2024).
According to the report, “European carriers had a 7.4% year-on-year increase in demand. Capacity increased 6.0% year-on-year, and the load factor was 86.5% (+1.2 ppt compared to October 2024).”
For domestic travel in Africa, the sector remains on a steady growth path, contributing to broader economic activity across the continent. IATA’s data confirms that the African aviation market continues to recover and expand, supported by increasing international connectivity and improving operational efficiencies.
US mulls visa bans over alleged Christian killings in Nigeria - PUNCH
BY Gift Habib
The United States Department of State on Wednesday announced measures aimed at addressing what it described as mass killings and attacks targeting Christians in Nigeria.
The move signals that the US is considering visa restrictions against individuals and groups implicated in the violence.
“The United States is taking decisive action in response to the mass killings and attacks on Christians carried out by radical Islamic terrorists, Fulani militias, and other violent groups in Nigeria and beyond,” said Secretary of State Marco Rubio in a statement.
Under the new policy, implemented through Section 212(a)(3)(C) of the Immigration and Nationality Act, the State Department can restrict visas for anyone who has “directed, authorised, significantly supported, participated in, or carried out violations of religious freedom,” and, where appropriate, extend the restrictions to their immediate family members.
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Rubio added that these measures could be applied “to Nigeria and any other governments or individuals engaged in violations of religious freedom,” underscoring Washington’s concern over the rising attacks on vulnerable faith communities.
The announcement followed a briefing by US House Republicans on Tuesday, highlighting rising religious violence in Nigeria.
The session was convened at the direction of President Donald Trump, who instructed the House Appropriations Committee on October 31 to investigate what he described as the slaughter of Christians in the country.
The briefing, led by House Appropriations Vice Chair and National Security Subcommittee Chairman Mario Díaz-Balart, included members of the House Appropriations and House Foreign Affairs Committees, as well as religious freedom experts. Participants included Representatives Robert Aderholt, Riley Moore, Brian Mast, Chris Smith, US Commission on International Religious Freedom Chair Vicky Hartzler, Alliance Defending Freedom International’s Sean Nelson, and Dr Ebenezer Obadare of the Council on Foreign Relations.
President Bola Tinubu recently approved Nigeria’s delegation to the new US–Nigeria Joint Working Group, formed to implement security agreements from high-level talks in Washington led by National Security Adviser, Nuhu Ribadu.
The move follows growing concerns over terrorism, banditry, and targeted attacks on Christians in Nigeria, prompting increased US scrutiny and warnings about the protection of vulnerable faith communities.
President Trump, on Friday, October 31, 2025, put Nigeria on a list of “Countries of Particular Concern” for the reported killing of Christians in the country.
He previously designated Nigeria as a CPC in December 2020 during his first term in office, but that designation was reversed following his electoral defeat by President Joe Biden.
Following the re-listing, the US President, on November 3, said he would consider potential military action to protect Nigeria’s embattled Christians.
On November 20, the US House Subcommittee on Africa opened a public hearing to review Trump’s redesignation of Nigeria as a Country of Particular Concern, placing the country under heightened scrutiny for alleged religious-freedom violations. Lawmakers examined the potential consequences of the designation, which could pave the way for sanctions against Nigerian officials found complicit in religious persecution.
US widens travel ban to more than 30 countries, Noem says - REUTERS
Dec 4 (Reuters) – The U.S. plans to expand the number of countries covered by its travel ban to more than 30, U.S. Homeland Security Secretary Kristi Noem said on Thursday.
Noem, in an interview on Fox News’ “The Ingraham Angle,” was asked to confirm whether the administration of President Donald Trump would be increasing the number of countries on the travel ban list to 32.
“I won’t be specific on the number, but it’s over 30, and the president is continuing to evaluate countries,” she said.
Trump signed a proclamation in June banning the citizens of 12 countries from entering the United States and restricting those from seven others, saying it was needed to protect against “foreign terrorists” and other security threats. The bans apply to both immigrants and non-immigrants, such as tourists, students and business travelers.
Noem did not specify which countries would be added to the list.
“If they don’t have a stable government there, if they don’t have a country that can sustain itself and tell us who those individuals are and help us vet them, why should we allow people from that country to come here to the United States?” Noem said.
Reuters previously reported that the Trump administration was considering banning citizens of 36 additional countries from entering the United States, according to an internal State Department cable.
An expansion of the list would mark a further escalation of migration measures the administration has taken since the shooting of two National Guard members in Washington, D.C., last week.
Investigators say the shooting was carried out by an Afghan national who entered the U.S. in 2021 through a resettlement program under which Trump administration officials have argued there was insufficient vetting.
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Days after the shooting, Trump vowed to “permanently pause” migration from all “Third World Countries,” although he did not identify any by name or define “third-world countries.”
Prior to that, officials from the Department of Homeland Security said Trump had ordered a widespread review of asylum cases approved under the administration of his predecessor, Democratic President Joe Biden and Green Cards issued to citizens of 19 countries.
Since returning to office in January, Trump has aggressively prioritized immigration enforcement, sending federal agents to major U.S. cities and turning away asylum seekers at the U.S.-Mexico border. His administration has frequently highlighted the deportation push, but until now it has put less emphasis on efforts to reshape legal immigration.
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