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Swiss Credit Suisse CEO paid €11m despite back-to-back losses

Swiss Credit Suisse post SF2.44b net loss for 2016a whistle-blower, a prosecutor in Dusseldorf said. The 150 tax officials and prosecutors were searching for
information on tax evasion by German customers of the bank. They were acting on a warrant issued by a Dusseldorf district court. Wealthy Germans often park money in secret investment accounts abroad and fail to declare the investment income, although German taxes are calculated on an individual‘s global income.  EPA/STEFFEN SCHMIDT

ZURICH: Credit Suisse bucked the trend set by its European peers and increased bonuses by 6 percent last year despite reporting a large annual loss, as Tidjane Thiam, chief executive, pressed ahead with restructuring. The Swiss bank also revealed that the pay of its chairman Urs Rohner had risen by 23 percent to almost SFr4 million ($4m) for the 12 ... Read More »

France, Switzerland inks accord on tax system to EAP

France, Switzerland

BASEL: France and Switzerland have signed an international agreement on the tax system applicable to EuroAirport Basel Mulhouse Freiburg (EAP). The agreement was signed by Swiss Federal Councillor Didier Burkhalter and the French Secretary of State for European Affairs, Harlem Desir. The agreement aims to establish a long-term legal regime to ensure that the airport and its businesses remain attractive ... Read More »

Swiss current account surplus widens by $5.04b

current account

BERN: Switzerland’s fourth-quarter (Q4) current account surplus widened by 5 billion Swiss francs ($5.04 billion) year on year to 22 billion francs as surpluses in services and in trade in goods both rose, data from the Swiss National Bank showed on Friday. The financial account balance — the increase in the net international investment position resulting from cross-border investment — ... Read More »

Swiss watchmakers expect challenging US market this year

swiss watches

BASEL: Swiss watchmakers expect the market to stay challenging this year with the United States, their second-biggest market, showing no signs of recovering, executives said at an industry fair in Basel. Swiss watchmakers are grappling with declining sales in their biggest markets – Hong Kong and the United States – and have been hit by tourist shoppers avoiding Europe for ... Read More »

Ahead of Basel trade fair, Swiss watches slide 10%


BASEL: The world’s biggest watch fair will open in Switzerland this week, even as slumping exports of luxury Swiss timepieces appear to dash hopes of a market rebound. Global exports of Swiss watches slid 10 percent in February to 1.5 billion Swiss francs ($1.5 billion, 1.4 billion euros), the Federation of the Swiss Watch Industry (FHS) said Tuesday. The news ... Read More »

Switzerland-Pakistan inks accord to avoid double taxation

pak-swiss (1)

ISLAMABAD: Pakistan and Switzerland signed the revised Agreement on Avoidance of Double Taxation with respect to Taxes on Income. The revised Avoidance of Double Taxation Agreement will open new vistas for cooperation, especially in the areas of exchange of information for tax purposes. It contains improvements with regard to the taxation of service fees and capital gains resulting from the ... Read More »

Swiss govt. lowers economic growth outlook by 1.6%


ZURICH: The Swiss government lowered its economic growth outlook for 2017 on Tuesday, saying the recovery from a currency shock two years ago had lost pace late last year. The State Secretariat for Economic Affairs (SECO) said in its latest quarterly forecasts it now expected economic growth of 1.6 percent in 2017, down from its view of 1.8 percent in ... Read More »

Switzerland trade surplus shrinks in February


ZURICH: Switzerland’s trade surplus declined in February as exports decreased amid an increase in imports, the Federal Customs Administration said Tuesday. The trade surplus declined to CHF 3.3 billion in February from CHF 4.8 billion in January. Exports decreased 2.2 percent month-on-month, but smaller than the 3.6 percent fall in January. Meanwhile, imports climbed 2.9 percent, reversing a 3.9 percent ... Read More »

Swiss UBS faces trial over tax case in France


ZURICH: Swiss UBS and its French subsidiary face a trial in France over a tax case after authorities laid out charges against the pair, the Swiss bank said on Monday. “We will now have the possibility to respond in detail in a court of law,” UBS said in an emailed statement. “UBS has made clear that the bank disagrees with ... Read More »

Credit Suisse set to decide in April on Swiss bank IPO

The Credit Suisse logo

ZURICH: Credit Suisse’s board of directors is set to decide in April whether to go ahead with a partial initial public offering of its Swiss bank, two people familiar with the matter said, with alternative options being considered. Zurich-based Credit Suisse announced plans to sell 20-30 percent of its highly profitable Swiss business back in October 2015, partly in an ... Read More »

Swiss court overturns ban on releasing UBS client data to France

Swiss bank UBS

GENEVA: Switzerland’s Supreme Court ruled that the government can comply with a French request for information about a UBS client’s bank account, despite the request probably being founded on stolen data. The decision overturns a 2016 Swiss Federal Court ruling ordering the Swiss Federal Tax Agency (SFTA) not to comply with the French request the detail of hundreds of people ... Read More »

Swiss Reinsurance Co. Ltd to propose regular dividend of CHF 4.85 per share

Swiss Reinsurance Co. Ltd to propose regular dividend of CHF 4.85 per share

ZURICH: At Swiss Reinsurance Company Limited’s (commonly known as Swiss Re) upcoming Annual General Meeting of shareholders (AGM) on 21 April 2017, the Board of Directors proposes a regular dividend of CHF 4.85 per share. Together with the share buy-back that finished on 9 February 2017, this will bring total pay-out to shareholders for 2016 to CHF 2.5 billion. In ... Read More »

Swiss watch maker Swatch sees rebound in U.S., Europe, aimed sales improve


ZURICH: Swatch Group AG, the largest maker of Swiss watches, forecast a rebound in U.S. and European markets as well as higher demand for components sold to rival watchmakers, a further signal the industry’s longest slump on record may be ending. The first months of 2017 have been “encouraging,” the Biel-based company said in its annual report Thursday. Swatch fleshed ... Read More »

Switzerland, Italy inks accord to exchange tax data

Switzerland, Italy inks accord to exchange tax data

ROME: Italian and Swiss tax authorities have signed an accord to improve the exchange of information to fight tax evasion, the Italian economy ministry said. The agreement took effect at the start of this month and aims to further enhance transparency following a previous accord which was introduced last summer, the ministry said in a statement. It said the latest ... Read More »

Switzerland, Bangladesh vows to strengthen bilateral trade ties

Switzerland, Bangladesh vows to strengthen bilateral trade ties

DHAKA: Highlighting strong ties between the two countries, the foreign ministers of Switzerland and Bangladesh vowed to strengthen their cooperation on a wide range of bilateral, regional and multilateral issues. According to details, the foreign ministers of Switzerland and Bangladesh have exchanged letters extending cordial congratulations to each other and underscoring the excellent relations and friendship between the two countries, ... Read More »

Swiss Federal Council approves WHT Reforms

Swiss Federal Council Approves WHT Reforms

BERN: Changes to Switzerland’s Withholding Tax (WHT) Ordinance will enter into force on April 1, with the aim of facilitating group financing activities. The Swiss Federal Council approved the amendments on March 10. The reforms will affect groups in which a Swiss group company (guarantor) provides a guarantee for a bond of a foreign group company (issuer) belonging to the ... Read More »

Germany-Switzerland sign arbitration agreement for tax disputes

Germany-Switzerland sign arbitration agreement for tax disputes

BERLIN: Germany’s Ministry of Finance revealed an agreement with Switzerland regarding the procedure for arbitration of tax disputes. The 15-page consultation agreement, signed December 21, 2016, is meant to ensure uniform application and interpretation of Article 26 (5) to (7) of the German-Swiss tax treaty, including a protocol, signed October 2010, relating to arbitration. While described as a consultation, it ... Read More »

Swiss trade with Pakistan rises 15% in 2016

Pakistan to ink accord with Switzerland to exchange bank accounts information: Finance Minister

KARACHI: The bilateral trade volume between Switzerland and Pakistan has increased by 15 percent during the year 2016. A statement said that according to Swiss Customs Administration latest statistics, the bilateral trade volume between Switzerland and Pakistan during 2016 was to the tune of a total of Swiss Franc (CHF) 481.42 million. The main contributors to this growth were Swiss ... Read More »

Man loses Swiss citizenship on tax evasion

Man loses Swiss citizenship on tax evasion

GENEVA: A German national who married a Swiss citizen lost his Swiss citizenship after Swiss authorities learned he had evaded tax in Germany. Switzerland’s Federal Tribunal confirmed the decision of the State Secretariat for Migration (SEM). The individual was granted Swiss citizenship in March 2014 under the facilitated process offered to those married to Swiss citizens. Two months later, the ... Read More »

Swiss Customs seizes 1000+ shipments of therapeutic products in 2016


GENEVA: Swiss customs seized over 1,000 shipments of illegally imported therapeutic products last year, says Swissmedic, the body responsible for the authorization and supervision of therapeutic products in Switzerland. More than half the confiscated products were treatments for erectile dysfunction. About 13% consisted of sleeping pills or tranquillizers, and another 13% were other medically important, prescription-only medicines. About half of ... Read More »