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Swiss Bankers say pound sterling to fall towards parity in 2018-19


  ZURICH: One of Switzerland’s oldest private banks, J Safra Sarasin, warns clients to expect a notable depreciation in the value fo the Pound-to-Euro exchange rate in 2018 and 2019. J Safra Sarasin’s Global Economist Adolfo Laurenti says he expects UK economic growth to decelerate in 2018 due in part to persistently high inflation which will reduce real take-home pay ... Read More »

Swiss authorities arrest more suspected smugglers


  ZURICH: Switzerland is reporting higher numbers of smugglers believed to be ferrying migrants through the country to points north, according to the latest data and statements by the Federal Customs Office. David Marquis, a spokesperson for the customs authorities, told the SonntagsBlick newspaper that “more smuggling is taking place compared to previous years”. Border guards, Marquis said, are noticing ... Read More »

German court sentences Swiss tax spy


  ZURICH: A German court has given a Swiss intelligence agent a suspended jail sentence of a year and 10 months for spying on German tax officials. Daniel Moser, 54, admitted having spied for the Swiss intelligence service FIS. He targeted four officials in Germany’s North Rhine-Westphalia state, who were tracing secret Swiss bank accounts held by suspected German tax ... Read More »

Turkish businessmen to acquire Swiss chocolatier


  ZURICH: The Independent Industrialists and Businessmen’s Association (MÜSİAD) Bursa branch is preparing to buy a chocolate company in Switzerland with the aim of enabling Turkish food products to have a better say in international markets. MÜSİAD Bursa branch’s Food, Agriculture and Livestock Sector Chairman Murat Bayizit told Anadolu Agency (AA) that the export of processed food of $1 billion ... Read More »

Swisscom Q3 revenues up 1.4% as Fastweb growth offsets tough Swiss market


SWITZERLAND: Swisscom posted third-quarter net revenue of CHF 2.914 billion, up by 1.4 percent year-on-year. EBITDA increased year-on-year by 1.3 percent to CHF 1.094 billion, driven by growth at its Italian subsidiary Fastweb. Read More »

Swiss man who spied on German tax officials avoids jail time


  ZURICH: A Swiss man who admitted to spying on German tax officials was given a suspended sentence and fined by a German court, in a case that has tested ties between Berlin and Bern. Daniel Moser, 54, was arrested in the German business capital Frankfurt in April on spying charges after he compiled information on officials tasked by Germany’s ... Read More »

Compressors transported from Switzerland to USA


  ZURICH: Swiss logistics specialist, General Transport has successfully transported two large, liquified natural gas (LNG) compressor units and their auxiliaries (totalling 167 pieces, exceeding 1000 tons in weight, and occupying close to 2000m3 in volume) from its client’s premises in Switzerland, Europe to a jobsite at a refinery in Point Comfort, Texas, USA. The transportation job included transportation by ... Read More »

Credit Suisse net profit soars in Q3

The Credit Suisse logo

SWITZERLAND: Credit Suisse, Switzerland’s second-biggest lender, said Thursday that its net profit soared in the third quarter as it makes progress with an ambitious restructuring and cost-cutting programme. Credit Suisse said in a statement that its bottom-line net profit amounted to 244 million Swiss francs (209 million euros, $244 million) in the period from July to September, up from 41 ... Read More »

Swiss company Clariant to build cellulosic ethanol plant in Romania in 2018


BUCHAREST: Switzerland-based specialty chemicals company Clariant said on Tuesday it will start the construction of a cellulosic ethanol plant in Romania in 2018. The new plant will be located in southwestern Romania and will have a production capacity of 50,000 tonnes of cellulosic ethanol, Clariant said in statement filled to the NASDAQ bourse.  The size of the investment was not ... Read More »

Swiss National Bank reports record Q3 profit as franc weakens


ZURICH: The Swiss National Bank reported its highest ever quarterly profit of 32.5 billion Swiss francs ($32.66 billion) on Tuesday as the central bank’s campaign to weaken the Swiss franc starts to pay off. A combination of buoyant stock markets, rising gold prices and a fall in the franc’s value following a decline in European political risks combined to push ... Read More »

Novartis to buy France’s Advanced Accelerator for $3.9 bln


ZURICH: Swiss drugmaker Novartis on Monday offered to buy France’sAdvanced Accelerator Applications (AAA) in a $3.9 billion cash deal to strengthen the oncology portfolio at the world’s biggest maker of prescription medicines. Basel-based Novartis’s offer of $41 per ordinary share and $82 per American depositary share represents a 47 percent premium to AAA’s price before media reports on Sept. 27 ... Read More »

SNB’s Zurbruegg defends negative interest, intervention


ZURICH: Swiss National Bank Vice President Fritz Zurbruegg defended the bank’s main tools for taming the strong franc – negative interest rates and currency intervention – in a newspaper interview, despite concerns its policies are fueling a real estate bubble. “In Switzerland we need negative interest and the readiness to intervene in currency markets in order to be able to ... Read More »

UBS profits from wealthy client activity but warns may not last


ZURICH: UBS (UBSG.S), the world’s biggest private bank, on Friday posted a 14 percent year-on-year jump in third-quarter net profit but kept a cautious outlook for the rest of 2017 due to political and monetary policy uncertainty. The three months to end-September saw earnings in wealth management again pick up after a sluggish 2016, in which trading activity by the ... Read More »

Switzerland’s ABB revenues and profit rise in Q3

The logo of Swiss engineering group ABB is seen at a plant in Zurich, Switzerland September 29, 2016.  REUTERS/Arnd Wiegmann/File Photo

BERN: Switzerland’s ABB Ltd. (ABBN.EB) reported a slight rise in third-quarter net profit on Thursday, while revenue increased 6% largely due to higher orders from Europe and the Americas. Net profit at the Swiss industrial conglomerate was $571 million, up from $568 million a year earlier, but missing a consensus forecast of $579 million provided by FactSet. The company said ... Read More »

UBS Swiss consumption indicator rose to 1.56 pts in Sept


ZURICH: The UBS Swiss consumption indicator rose to 1.56 points in September from a revised 1.50 points in August, the Swiss bank’s economists said on Wednesday. Sep ’17 Aug ’17 Sep ’16 Consumption indicator 1.56 1.50 (1.53) 1.47 Numbers in brackets show the value as was originally reported COMMENTS FROM THE UBS STATEMENT: The UBS consumption indicator rose to 1.56 ... Read More »

Swiss National Bank buys 66,900 shares of the Kraft Heinz Company


BERN: Swiss National Bank grew its stake in The Kraft Heinz Company (NASDAQ:KHC) by 3.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,268,063 shares of the company’s stock after buying an additional 66,900 shares during the quarter. Swiss National Bank owned approximately ... Read More »

Credit Suisse activist seeks $1 bln to back breakup plan

Switzerland’s second largest bank to cut 6,500 jobs this year

SWITZERLAND: Rudolf Bohli, the activist hedge-fund manager pushing for a breakup of Credit Suisse Group AG, said he’s in talks with more than 150 potential investors with the goal of raising 1 billion francs ($1.02 billion) for his campaign. Bohli, whose firm RBR Capital Advisors AG currently manages about 250 million francs, said most of the potential backers he pitched ... Read More »

Swiss net palladium exports in August highest in more than 4 years


LONDON: Switzerland’s net palladium exports in August hit their highest since April 2013, Swiss customs data showed on Thursday, as a jump in shipments of both raw and semi-manufactured metal from the country outstripped a smaller rise in imports. Raw palladium exports reached 2,988 kilograms, their second highest since July 2014, after topping three tonnes in June. The UK was ... Read More »

Switzerland agrees to share tax information on multinationals

tax authority

ZURICH: Switzerland said on Wednesday it would start sharing information on the activities of multinationals in its territory with other countries in 2020, joining an international push to fight tax evasion.  The new measures will force about 200 large companies in the low-tax haven to prepare country-by-country reports – showing where they are generating revenues and where they are paying ... Read More »

Swiss ‘tax spy’ goes on trial in Germany


ZÜRICH: A Swiss man accused of spying on German officials who were hunting tax cheats goes on trial in Frankfurt on Wednesday, in a convoluted case that has strained ties between Bern and Berlin. Daniel M., 54, was arrested in Frankfurt in April on espionage charges after he compiled information on officials tasked by the German state of North Rhine-Westphalia ... Read More »