Saturday , May 27 2017
Breaking News
Home / International Customs / Switzerland


Cellnex Telecom buys 2,239 Swiss cell towers for €430m


SWITZERLAND: Spanish celltower company Cellnex is expanding into Switzerland with the purchase of Sunrise Communications’ subsidiary Swiss Towers, owner of 2,239 sites. The deal, valued at €430 million, will see Cellnex, controlled by Spanish infrastructure company Abertis, take on 54% of the shares of Swiss Towers, with Deutsche Telekom Capital Partners taking 18% and Swiss Life Asset Managers the other ... Read More »

Switzerland, Rwanda new deal to boost bilateral ties

economic ties

SWITZERLAND: Trade volumes between Rwanda and Switzerland could increase thanks to a new set of agreements signed between the two countries on Monday in Bern, touching different areas of cooperation. Rwanda’s Foreign Affairs Minister Louise Mushikiwabo and Swiss Federal Councilor Didier Burkhalter of Switzerland signed the agreements on behalf of their respective countries. One of the pacts signed was the ... Read More »

Swiss firms to showcase investment projects at SPIEF-2017


MOSCOW: Swiss companies will showcase their investment projects at the St. Petersburg International Economic Forum, Switzerland’s embassy in Russia said Monday. “The St. Petersburg International Economic Forum is one of the leading global communication platforms for representatives of business circles discussing key economic issues,” the embassy’s representative said, adding that “the forum will see a Swiss-Russian round table, while Swiss ... Read More »

Jordan, Switzerland sign MoU in political, security consultations

Germany-Switzerland sign arbitration agreement for tax disputes

AMMAN: Jordan and Switzerland, Friday, signed a memorandum of understanding (MoU) to enhance political and security consultations, and boost cooperation. The MoU was signed by Minister of Foreign and Expatriate Affairs Ayman Safadi and his Swiss counterpart ‎Didier Burkhalter‎, who reiterated the two countries’ interests to take practical steps to cement economic, education and tourism ties. Safadi briefed the Swiss ... Read More »

Switzerland introduces new 20 franc banknote


BERN: The Swiss National Bank unveiled the second note in its new banknote series. The new 20 franc note, which will be in circulation from May 17th, follows the release of the first in the series, the 50 franc note, last year. Each note in the new series depicts a characteristic of Switzerland, illustrated by various graphic elements. The red ... Read More »

Swiss Franc weakens amid risk appetite

Swiss franc: A big challenge for businesses in Switzerland

ZURICH: The Swiss franc dropped against its most major rivals in the European session on Tuesday amid risk appetite, as oil prices steadied and a raft of encouraging corporate earnings underpinned investor sentiment. German lender Commerzbank posted a 28% rise in first-quarter net earnings, while Zurich-based Adecco reported better-than-expected earnings for the first quarter. Oil prices were supported on expectations ... Read More »

UPC Switzerland/Austria Q1 revenues down 2.2%


BERN: In the first quarter of 2017, UPC Switzerland/Austria recorded an organic RGU net loss of 2,400, which is better than the loss of 12,000 during Q1 2016, related to improved fixed telephony performance. Aggressive marketing efforts and new bundles from competitors impacted the sequential RGU growth. The company’s Swiss “Connect” and “Connect & Play” portfolios will be enriched by ... Read More »

Swiss bank account spying case raises German ire


BERLIN: German politicians have reacted angrily to reports that Switzerland planted a spy in a regional finance ministry to find out how it obtained details of secret Swiss bank accounts, days after police arrested another man also suspected of spying. The Sueddeutsche Zeitung newspaper and broadcasters NDR and WDR reported that the Swiss Federal Intelligence Service (FSI) had a mole ... Read More »

Swiss freight forwarder acquires ‘Carelog & Air Connection’


BASEL: Swiss logistics company Panalpina has this week announced that they have continued their global expansion plans with the acquisition of two freight forwarders in very different parts of the world so as to improve their service and tap more heavily into more specialist logistics markets. In Denmark, Panalpina has acquired Danish freight forwarding and logistics, Carelog. The company boasts ... Read More »

Swiss tax ‘Spy’ arrested in Germany


BERLIN: Authorities in Germany have arrested a man accused of spying on German tax agencies concerning their efforts to acquire and use stolen Swiss bank data. It is alleged that the Swiss national, who was arrested in Frankfurt on April 28, had worked for the Swiss intelligence agency and was using his position in the German tax authorities to gather ... Read More »

UBS shares up 3% after Q1 profit soars

UBS Switzerland

BERN: UBS said on Friday net profit rose 79 percent in the first-quarter of this year boosted by its investment bank business and cost-reduction program. Net Profit 1.3 billion Swiss francs ($1.3 billion) versus a 919 million average in a poll. The largest bank in Switzerland beat analysts’ expectations reporting a net profit of 1.3 billion Swiss francs ($1.3 billion), ... Read More »

New Swiss company tax reform plan well received in Brussels

Swiss Federal Council Approves WHT Reforms

BERN/BRUSSELS: The Swiss government’s company tax reform plans have been reborn after the last plan met with defeat in a popular vote on 12 February 2017. The new plan, dubbed “Tax proposal 17”, aims to avoid issues that bedeviled the last project. Last time many were concerned by the potential financial impact of lower company tax rates, and the proposal ... Read More »

Swiss Roche revenue up 4% at CHF12.94b on strong sales

images (8)

BASEL: Roche Holding AG said revenue rose in the first quarter, thanks to strong sales of several of its drugs. Basel based Roche said revenue climbed 4% to 12.94 billion Swiss francs ($13.03 billion), from CHF12.41 billion a year earlier. The company doesn’t report quarterly earnings. Among the medicines that drove growth was Roche’s trio of drugs aimed at women ... Read More »

Swiss watch exports rise in almost two years


ZURICH: The Federation of the Swiss Watch Industry’s latest statistics confirms that Hong Kong, which had been showing signs of recovery for some time, ended 25 months of a steep decline in March to record a year-on-year rise of 18.1% in the month. The United States continued its hesitant progression with a good monthly result of +15.6%. The faltering recovery ... Read More »

Vote launched to legalize cannabis in Switzerland


GENEVA: Last week a group called “Legalize it“, launched an initiative to have cannabis legalized. They now have 18 months to get 100,000 signatures, the minimum number required to qualify for a referendum, known as a popular initiative. Unlike a failed referendum on the subject in 2008, this one includes a ban on sales to young people and a plan ... Read More »

Credit Suisse plans to raise about £3b, cancels Swiss IPO plans

The Credit Suisse logo

ZURICH: Credit Suisse will raise around 4 billion Swiss francs ($4 billion) from its shareholders, the embattled bank said on Wednesday, trying to close the gap in financial strength with rivals. The bank said the decision, which saw management ditch an alternative plan to publicly list part of its Swiss business, should remove any concerns over the group’s capital strength. ... Read More »

Russia offers Switzerland to sign agreement on customs collaboration

download (6)

VIENNA: Russia has offered Switzerland to sign an agreement in collaboration in the sphere of customs, Ruslan Davydov, first deputy director of Russia’s Federal Customs Service told press. As the incumbent chairperson of the Council of the World Customs Organization (WCO), he took part in a conference of the organization’s Europe region, held in Vienna. “Russia and Switzerland don’t have ... Read More »

Swiss president eyes trade, infrastructure & energy cooperation


ZURICH: Swiss President Doris Leuthard took advantage of her official trip to Buenos Aires this week to advocate greater cooperation with Argentina in areas such as infrastructure investment, trade and multilateral cooperation at a time of rising spreading “nationalism and protectionism.” As the first president of the Swiss Confederation to travel to Argentina in an official capacity, Leuthard urged that ... Read More »

Swiss Franc trading lower in the morning session


BERN: For the 24 hours to 23:00 GMT, the USD rose 0.1% against the CHF and closed at 0.9987. In the Asian session, at GMT0300, the pair is trading at 0.9993, with the USD trading 0.06% higher against the CHF from yesterday’s close. The pair is expected to find support at 0.9956, and a fall through could take it to ... Read More »

Specter of tax evasion haunts Swiss banks

A man works on a new banner of the Swiss bank Credit Suisse in Zurich, Switzerland, Tuesday, May 10, 2016. Switzerland's second-biggest bank on Tuesday reported a net loss of 302 million Swiss francs ($311 million) in the three months through March, compared with a profit of 1.05 billion francs a year ago. (KEYSTONE/Ennio Leanza)

BERN: Swiss private banks have spent much of the past decade trying to rid themselves of lucrative accounts used to avoid taxes. But news of an international tax probe at Credit Suisse last month showed more work is needed to mend Switzerland’s image as a tax haven. Banks have written to tens of thousands of clients ordering them to “regularise” ... Read More »