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President Kovind embarks on visit to Slovenia from Switzerland

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President Kovind embarks on visit to Slovenia from Switzerland Switzerland, Sep 16 (ANI): President Ram Nath Kovind left for Slovenia on September 15. President Kovind, accompanied by his wife Savita Kovind, had wide range of discussions with his Swiss counterpart Ueli Maurer. Air India One flight carrying President Ramnath Kovind detected ‘Rudder Fault’ at Zurich (Switzerland) airport on Sep 15. ... Read More »

Facebook’s Libra seeks payment system licence from Swiss FINMA

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ZURICH : The Facebook-led (FB.O) Libra cryptocurrency project is seeking a payment system licence under Swiss financial watchdog FINMA, it said on Wednesday, spelling out in more detail how it hopes to be regulated. “Switzerland offers a pathway for responsible financial services innovation harmonised with global financial norms and strong oversight,” the Libra Association said in a statement. “We are ... Read More »

Swiss Combi buys stake in SBB Cargo

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SWITZERLAND: Swiss Combi AG, a joint venture formed of four road transport and logistics companies in the private sector, has bought a 35% stake in SBB Cargo AG for an undisclosed sum, although SBB AG retains a 65% majority holding. Swiss Combi consists of Planzer Holding AG (40%), Camion Transport AG (40%), Galliker Holding (10%) and Bertschi AG (10%). The ... Read More »

Switzerland pessimistic on swift EU treaty

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Switzerland is unlikely to strike a deal with the European Union this year over a stalled partnership treaty, its economy minister said, extending an impasse that has hurt bilateral ties and disrupted cross-border share trading. European Commission President Jean-Claude Juncker has urged Bern to wrap up the accord before his term ends on Oct. 31, when German politician Ursula von ... Read More »

World’s 1st crypto banks get licenses in Switzerland

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ZURICH: The Swiss financial regulator has granted capital market and securities dealer licenses to two blockchain companies, set to become the world’s first crypto banks. The Swiss Financial Market Supervisory Authority (FINMA) has issued licenses to Zug-based SEBA Crypto AG and Zurich-headquartered Sygnum AG earlier this week, making them the first companies registered in Switzerland as broker-dealers with a blockchain ... Read More »

Credit Suisse to shift focus from branches to digital banking

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ZURICH: Credit Suisse said on Monday (Aug 26) it would invest hundreds of millions of francs in digital services and other parts of its Swiss division by the end of 2021 and said it no longer needed a bigger branch network in its home market than its rivals. Banks across Europe have been closing branches and cutting tens of thousands ... Read More »

Swiss telco Sunrise fights to save $6.4 billion Liberty deal

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ZURICH : Swiss telecoms firm Sunrise Communications on Thursday stepped up efforts to rescue its takeover of Liberty Global’s Swiss unit amid criticism from its top shareholder, saying it had found new synergies and could cut a planned rights issue to fund the deal. However, Sunrise shares fell more than 6% as analysts picked out some weaknesses in its second-quarter ... Read More »

Firms named and shamed over ‘absurd’ freight

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A Swiss environmental group has named and shamed companies for the “absurd transport” of goods, including one firm that flew cans of alpine air almost 20,000km for sale in Asia. The Alpine Initiative wants to fight environmental pollution and make consumers more aware of the environmental cost of freight transportation. It is encouraging members of the public to vote for ... Read More »

United Cannabis Corporation Establishes Distribution Relationship with Cloud 9 Switzerland

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DENVER,: United Cannabis Corporation (has announced that it has begun selling its patented Prana Hemp products as well as hemp-derived extracts in Italy, and shortly will be selling these products in Switzerland, through a partnership with Cloud 9 Switzerland. Cloud 9 Switzerland is a based in Lugano Switzerland, with active affiliates in Italy, Switzerland, France and Jamaica. Cloud 9 Switzerland ... Read More »

Swiss companies keep watchful eye on Hong Kong protests

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Democracy protests in Hong Kong have disrupted flights, closed shops and have placed the global spotlight on the Chinese territory. Swiss companies are monitoring the situation, wary that the chaos could impact their bottom line. While Hong Kong’s economy has stagnated in recent months, the recent turmoil’s impact so far appears mostly sartorial. Sally Yan, a Switzerland-based Chinese executive travelled ... Read More »

Swiss Companies Have Invested USD 1.6 Bn In Africa’s Gateway Market

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Courtesy of the General Authority For Investments and free zones (GAFI), we’ve learned that 462 companies from Switzerland are operating in Egypt. All of these account for a total USD 1.6 Bn investments in the North African country. Per an exclusive document revealing this, a more substantial portion of the Swiss companies in Egypt is working in the services sector, ... Read More »

SEBA plans textile roadshow to Switzerland: Executive Director

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The Swiss-Egyptian Business Association (SEBA) is planning a textile roadshow to Switzerland to promote the textile sector in Egypt (garments and machinery) and to know the requirements of the Swiss market, SEBA‘s Executive Director, Marwa Taher, said. “We believe that the Egyptian economy holds great potential for more investments and business expansion. In fact, Egypt is currently looked at as ... Read More »

Crypto-Focused Finance App Aximetria Wins License From Swiss Regulator

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Aximetria, a firm offering a personal finance app for both fiat and cryptocurrencies, has been awarded a license from the Swiss Financial Services Standards Association (VQF). The firm told CoinDesk exclusively on Monday that the license – which is recognized by Switzerland’s Financial Market Supervisory Authority (FINMA) – enables it to definitively state that its product is “fully compliant” with ... Read More »

Swiss company looks back on 30 years of business in Ireland

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CO. WEXFORD, Ireland – Designer and distributor of electronic power supplies, Traco Power Solutions, on Thursday marked its 30th anniversary of doing business in Wexford, Ireland. The event was attended by the company’s owner Rolf Caspar and other senior company leaders, and by Brendan Howlin TD, who officially opened the company when it established operations in Wexford in 1989, trading ... Read More »

China, Belarus implement AEO customs agreement

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BEIJING,: The agreement on mutual Authorized Economic Operator (AEO) status signed between China and Belarus went into effect Wednesday, offering easier customs clearance for exporters from both countries, according to the General Administration of Customs (GAC). Under the agreement, companies that obtain the AEO status in the two countries will enjoy simplified customs procedures, including reduced examination and prioritized clearance, ... Read More »

Switzerland’s SIX to launch marijuana data service

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SIX, the operator of Switzerland’s stock exchange, said it plans to launch a data service for more than 30,000 securities connected to marijuana related businesses (MRB) to help investors assess their exposure to cannabis-linked companies. Aimed at investors who don’t want their money being used for buying securities involved in producing alcohol, tobacco and recreational drugs, the service identifies and ... Read More »

Crypto foundations continue to thrive in Switzerland

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Yet more overseas blockchain firms are coming to Switzerland to set up foundations. British company Atlas City will establish a non-profit entity for its Catalyst project. But what’s in it for commercial enterprises that develop cutting-edge technologies? The Swiss foundation model looked to be faltering with disputes at Tezos and Cardano last year. But 18 crypto foundations were set up ... Read More »

Smart Ports Market Worth $5.3 Billion by 2024

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CHICAGO, According to the new market research report “Smart Ports Market by Technology (IoT, Blockchain, Process Automation, Artificial Intelligence (AI)), Elements (Terminal Automation, PCS, Smart Port Infrastructure, and Others), Throughput Capacity, Port Type, and Region – Global Forecast to 2024”, published by MarketsandMarkets™, the Global Smart Ports Market is projected to reach USD 5.3 billion by 2024 from an estimated ... Read More »

India to get Swiss bank details of all Indians from September

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India’s fight against suspected black money stashed abroad will get a major boost this September in the form of first set of detailed financial information about all Indians having Swiss bank accounts, including those closed since last year. The details that Switzerland would share with Indian tax authorities under the Automatic Exchange of Information (AEOI) framework would include account numbers, ... Read More »

Expats rate Switzerland as their top destination

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Geneva — Switzerland has knocked Singapore off its perch as the world’s top-ranked destination for expatriates. The nation, home to some of the biggest private banks, commodity traders and pharmaceuticals companies, was judged the best place to live and work, according to a study published on Thursday by HSBC Holdings. Switzerland jumped from number eight in 2018 as it garnered ... Read More »