Food speculation vote boils down to solidarity vs jobs

The initiative “No speculation on foodstuffs” proposed by the Young Socialists is likely to be rejected by Swiss voters on February 28, much to the relief of the numerous Swiss-based international commodity firms.  The backers of the initiative want to curb dramatic price rises on foodstuffs by restricting financial institutions from speculating on food and agricultural commodities. Opponents say it is unrealistic and if passed, would be damaging to Switzerland, which has become a European hub for several global commodity firms.  They can put the champagne to chill in the fridge given the results of the latest opinion poll by GfS Bern, in which 54% of 1,400 respondents said they would vote against the initiative. This makes it the initiative least likely to succeed of the four issues before voters on February 28.  The contest is likely to be closest in western Switzerland, especially around Lake Geneva, where the majority of commodity trading companies ...