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Swiss law enforcers get tough on cross-border crime

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ZURICH: Switzerland’s top law enforcer took on 237 new criminal investigations last year, 25 percent more than in 2016, as one of the world’s most secretive financial centers steps up efforts to tackle international crime. Attorney General Michael Lauber, at a press conference on Friday, said his office was also working on 307 requests for mutual assistance from abroad, after ... Read More »

Switzerland and Cameroon to find a solution to double taxation of companies operating in both countries

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ZURICH: During the inauguration of Nestlé Cameroon’s new production unit on April 12, 2018, in Douala, Pietro Lazerri, the Swiss ambassador to Cameroon informed that his country and Cameroon would initiate discussions to find a solution to the double taxation of companies operating in both countries. The diplomat explains that such solution will boost those companies competitively. Indeed, according to ... Read More »

Switzerland to spend less on fighting poverty

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ZURICH: There are currently 615,000 people living in poverty in Switzerland, which corresponds to 7.5% of the permanent resident population, wrote the Federal Council in a statementexternal linkon Wednesday. Some 108,000 of the people affected are children. Compared to previous years the poverty rate is stable, the government added, but there is a slight upward trend.Over the last five years, the ... Read More »

Swiss steel company reduces ties to Vekselberg

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ZURICH: The board of specialist steel manufacturer Schmolz + Bickenbach has distanced itself from major shareholder Viktor Vekselberg and his investment group Renova in the wake of United States sanctions against Russian economic interests. Chairman Edwin Eichler will stand for re-election at next week’s annual general meeting, but no longer as a representative of Renova, the Swiss firm announced on ... Read More »

Luxury Swiss chocolatier opens in Dubai Mall

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ZURICH: This is the chocolatier’s second branch opening in five months following its success at the The Galleria Mall on Al Maryah Island in Abu Dhabi. Voted as one of the Top 10 World’s Best Chocolate Shops by National Geographic in 2016, Sprüngli offers exquisite, artisan crafted products from Switzerland, including the renowned Sprüngli macaroon ‘Luxemburgerli’, to irresistible pralines & ... Read More »

Switzerland renewable energy policy market analysis and overview 2018

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ZURICH: The Renewable Energy Policy market report presents the competitive scenario of the major market players based on the sales revenue, customer demands, company profile, the business tactics used in Renewable Energy Policy market which will help the emerging market segments in making vital business decisions.Renewable Energy Policy Market Report from Market Insights Reports covers market characteristics, size and growth, ... Read More »

Switzerland identify agenda for cooperation

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ZURICH: The Kazakh delegation at the consultations was headed by Deputy Minister of Foreign Affairs Roman Vassilenko, and the Swiss side was represented by Deputy State Secretary of the Federal Department of Foreign Affairs of the Swiss Confederation Krystyna Marty Lang. The meeting in Bern discussed a wide range of issues of bilateral and multilateral cooperation. The sides praised appreciated ... Read More »

Switzerland’s Sulzer buys back shares from Renova to limit US sanctions damage

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ZURICH: The purchase, expected to be finalised this week, will reduce Renova’s stake in Sulzer to below 50 percent, the company said in a statement. “Sulzer is in close contact with authorities and believes that this transaction will assuage any concern as to the independence of Sulzer from the Renova Group,” it further said. Sulzer, which specialises in industrial pumping ... Read More »

Arms exports to 21 countries rejected by Swiss officials

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ZURICH: A spokesperson for the Federal Department of Economic Affairs confirmed the figures, published in the SonntagsZeitung and Le Matin Dimanche papers on Sunday. Swiss companies wanted to export armoured vehicles and munitions to Turkey and large calibre ammunition to the United Arab Emirates. SECO’s veto also included mortar ammunition destined for Kuwait and the shipment of assault rifles, grenades ... Read More »

Swiss snatch victory from Canada to win world’s best banknote

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ZURICH: Switzerland’s 10-franc bill was named best banknote of 2017, edging out money from Scotland, Canada, Fiji, Norway and Djibouti to give the Swiss National Bank its second consecutive win.The first notes of the SNB’s new series were issued in 2016 and feature motifs from industry and nature rather than portraits of famous individuals. The winning bill, depicting watch movements ... Read More »

Swiss corporate tax rates likely to fall in some cantons

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ZURICH: Swiss corporate and income tax landscape, with cantons in central Switzerland like Zug offering attractive rates in international comparisons, the latest KMPG Clarity on Swiss Taxesexternal link report concludes. However, companies are bracing themselves for changes in the coming years. Having failed to get corporate tax changes past Swiss voters last year, the government has tweaked its plans. They will substantially alter the corporate ... Read More »

Swiss firms urged to invest in PH

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ZURICH: The Department of Trade and Industry (DTI) is encouraging more companies from Switzerland to invest in the Philippines and take advantage of its “liberalized trade and investment flows.” In the Philippine-Swiss Business Forum held at the Swiss city of Zurich on March 28, Trade Undersecretary Ceferino Rodolfo said the country “is maximizing the opportunities brought by bilateral, regional and ... Read More »

Swiss investment heats up Florida economy

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ZURICH: Swiss company that manufactures satellite parts, recently opened a new plant in Titusville. RUAG is teaming up with space technology firm OneWeb to build and launch 900 communications satellites, which will offer fast internet connections to rural communities across the globe. The project will generate more than 600 jobs along the Space Coast. The satellite maker isn’t the only ... Read More »

Swiss real coin offering a digital slice of Swiss commercial real estate

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ZURICH: People finding real-world REITs too sober, opaque, or boring, may soon be able to invest in slivers of digitally-tokenized real restate in the tony heart of Europe. If their forthcoming ICO-funded venture succeeds, Switzerland-based Swiss Real Coinwill soon be offering a Blockchain token-based RE investment vehicle, “far more transparent than direct real estate investments or classic real estate funds.” The ... Read More »

Switzerland at epicentre of cryptocurrency revolution

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ZURICH:  Switzerland has become a global hub for cryptocurrencies and the blockchain technology they are built on, with investors flocking to the wealthy Alpine nation to get in on the virtual action. The country’s largest city, Zurich, set up its first bitcoin ATM four years ago, while the Swiss national rail company has since 2016 provided the possibility of purchasing ... Read More »

Switzerland’s corporate tax proposal heads to parliament

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ZURICH: The Swiss Federal Council has adopted the Finance Department’s updated report on the country’s corporate tax proposal, paving the way for parliamentary deliberations. The council rubber-stamped the so-called dispatch for the country’s tax plan, known as Tax Proposal 17, according to a statement the council published on March 21. The adoption of the dispatch means that the Swiss Parliament ... Read More »

Swiss Post and Amazon sign contract to simplify delivery

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ZURICH: Swiss Post confirmed this week it had signed a contract with e-commerce giant Amazon, months after rumours first emerged. The contract simplifies the transfer of merchandise across the Swiss border and allows the American company to bill customers the exact customs clearance fees. The head of the Swiss Post distribution centre in Daillens, canton Vaud, told Swiss public radio, ... Read More »

Switzerland urged to do more to fight

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ZURICH: A group of mostly rich, industrialized countries said Tuesday that Switzerland should do more to prosecute companies and apply tougher penalties for bribery. The Organization for Economic Cooperation and Development also praised the Swiss Attorney General’s office for expanding the number of cases it’s investigating, pointing to a nearly six-fold increase in money laundering and bribery probes from 2011 ... Read More »

Swiss private bank Mirabaud reports 28 percent rise in profit

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ZURICH:  Swiss private bank Mirabaud reported a 28 percent increase in net profit during 2017, it said on Tuesday, helped by new business and a market upswing. The Geneva bank, which was founded in 1819, said net income rose to 40.5 million Swiss francs ($42.80 million), while revenue increased to 305.3 million francs, from 289 million francs a year earlier. ... Read More »

IMF sees Swiss economic upturn at risk from trade disputes

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ZURICH: Switzerland’s economic recovery could be endangered by rising global trade tensions and the country’s stretched real-estate and mortgage market, the International Monetary Fund has found, according to a Swiss government summary on Monday. The IMF said the Swiss economic upswing was strengthening as it forecast growth of 2.25 percent in 2018, slightly slower than the latest government forecast of ... Read More »