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Switzerland must ‘urgently’ do more to tackle bribery and protect whistleblowers, OECD says

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Switzerland must urgently do more to protect whistleblowers and stop money laundering and bribery, a group of industrialised nations has said. After a year-long investigation, the Organisation for Economic Co-operation Development said companies, lawyers and trustees operating in Switzerland must face tougher penalties for perpetrating or facilitating bribery taking place abroad. It said Switzerland “presents a specific risk of corruption” ... Read More »

Swiss median monthly wage exceeds CHF6,500 ($6,506)


A government survey analysing wage structures in the Alpine nation found that the median salary for a full-time job in 2016 was CHF6,502 ($6,509) for the entire Swiss economy. The bottom 10% of Swiss earners had a salary of less than CHF4,313 ($4,317), while the best paid 10% earned more than CHF11,406 ($11,418) a month. These numbers were published by ... Read More »

The pros and cons of working in Switzerland

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Switzerland: There is no federal minimum wage in Switzerland – the Swiss rejected the idea in 2014 – though several cantons have mulled it over, with Neuchâtel likely to be the first canton to introduce it (at 20 francs an hour). Nevertheless salaries are generally high. According to figures from the Organization for Economic Cooperation and Development (OECD), in 2016 ... Read More »

Russian billionaire appears in Swiss court


Switzerland: Roman Abramovich, a Russian billionaire, is on trial in Switzerland. He is accused of defrauding a publicly-funded European bank of millions of taxpayers’ money. A court in the city of Fribourg on Wednesday opened proceedings against the 52-year-old businessman and owner of the English football club, Chelsea, amid heightened security. The European Bank for Reconstruction and Developmentexternal link (EBRD) ... Read More »

Swiss central bank chief says sovereign money would bring great uncertainty


ZURICH: A switch to so-called sovereign money risks plunging Switzerland into “great uncertainty”, Swiss National Bank (SNB) Chairman Thomas Jordan said on Friday, ahead of a June 10 referendum on the issue. The sovereign money initiative aims to bar commercial banks from creating money electronically and reserve for the SNB the sole right to create money in Switzerland. The proposal ... Read More »

Weaker Swiss franc bolsters central bank options


ZURICH: The Swiss franc has fallen to its cheapest level against the euro since January 2015, when the Swiss National Bank stunned markets by abandoning a cap that limited the currency’s strength. A weaker “Swissie” helps the economy, and at some point could see the central bank begin to talk publicly about reversing negative interest rates and normalising a monetary ... Read More »

Swiss authorities allowed isopropanol exports to Syria


ZURICH: The Organization for the Prohibition of Chemical Weapons (OPCW) announced in May 2014 that Syria had destroyed its stock of 120 metric tons of isopropanol. However, six months after the elimination of the stock, a Swiss firm was able to export five metric tons of isopropanol to Syria without any opposition from the Swiss authorities, RTS reported on Tuesdayexternal link. ... Read More »

Swiss bank UBS sees profits rise confident on economy


ZURICH: Swiss bank UBS says its net profit rose 19 percent in the first quarter, saying “momentum is good” amid sharp upswings in wealth management and investment banking profits. The Zurich-based bank said net income rose to 1.51 billion Swiss francs ($1.55 billion) in the first quarter, from 1.27 billion francs a year earlier and following a 2.34-billion-franc loss in ... Read More »

Swiss stocks Factors to watch on April 23


ZURICH:  The Swiss blue-chip SMI was seen opening 0.2 percent higher at 8,808 points on Monday, according to premarket indications by bank Julius Baer .Switzerland’s biggest bank on Monday posted a 1.51 billion Swiss franc ($1.55 million) net profit for the first quarter of 2018, helped by a rise in income from its investment bank amid increasing global market volatility. ... Read More »

Switzerland Wants To Be World Capital of Cryptocurrency


ZURICH:  Launched his crypto-investment startup MyBit last year, he chose this Swiss lakeside city. It was an odd fit: the no-holds-barred corner of the financial markets meeting button-down Switzerland.    Yet this nation, as closely tied to its ultrasafe Swiss franc as it is to the Alps, is entranced by volatile digital currencies. Buildings in Zug and in Zurich, Switzerland’s financial center, are blossoming ... Read More »

Swiss law enforcers get tough on cross-border crime


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


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


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


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


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


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


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


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


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


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 »