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Swiss private bank Mirabaud reports 28 percent rise in profit


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


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 »

Swiss gold refiners accused of sourcing illegal and conflict gold


ZURICH: The refiner’s main supplier, the Peruvian export company Minerales del Sur (Minersur), delivered more than 47 tons of the precious metal to Metalor between 2012 and 2017. STP says that Minersur only has the right to sell gold from the Puno region, but manages four concessions in Huepetuhe, one of the main illegal gold mines located in Madre de ... Read More »

Swiss launch probe after Italy seeks help in tax case


ZURICH: The Swiss attorney general’s office (OAG) has opened a criminal investigation in a tax case involving a former manager of luxury goods maker Kering after a request for help from Italian authorities.  “The OAG confirms it has received and executed a request for mutual legal assistance from the public prosecutor’s office at the court of Milan,” it said in ... Read More »

Swiss trade surplus grows in February


ZURICH: Switzerland’s foreign trade surplus increased notably in February, as exports rebounded and imports plunged, the Federal Customs Administration reported Tuesday. The trade surplus rose to CHF 3.2 billion in February from CHF 1.1 billion in January. In real terms, exports rose 2.3 percent monthly in February, reversing a 4.8 percent decline in the prior month. A report released by the ... Read More »

Switzerland’s a larger market for us than UK


ZURICH: Switzerland is known as one of the most competitive economies in the world, with one of the highest rates of GDP per capita, an attractive tax regime, and a stable legal and political system. What is less well known is that Switzerland imported more from Ireland than from the United Kingdom in 2016, with a figure of €6.4bn. Switzerland ... Read More »

Swiss National Bank fears trade war could fuel franc demand


ZURICH: Swiss National Bank fears that a rise in global trade tensions and protectionism could trigger renewed demand for the Swiss franc, even as the central bank keeps its ultra-expansive monetary policy in place. Chairman Thomas Jordan said U.S. protectionism could become a threat to the export-dependent Swiss economy and could quickly trigger safe-haven flows that would drive up the ... Read More »

Swiss investigate alleged Turkish attempt to kidnap businessman


ZURICH:  Switzerland is investigating whether Turkish diplomats planned to drug and kidnap a Swiss-Turkish businessman as part of a crackdown after the 2016 coup attempt in Turkey, federal prosecutors said on Wednesday. The Swiss daily Tages-Anzeiger said that one of the two envoys linked to the plot to snatch the Swiss-based businessman – who was active in the Gulenist movement ... Read More »

Swiss stocks factors to watch on March 12


ZURICH: The Swiss blue-chip SMI was seen opening 0.5 percent higher at 8,973 points on Monday, according to premarket indications by bank Julius Baer . Here are some of the main factors that may affect Swiss stocks. Chief Executive Vas Narasimhan is remaking leadership at the Swiss drugmaker as operations president Andre Wyss departs and three people including the company’s ... Read More »

Swiss bank Raiffeisen’s chairman steps down amid probe of ex-CEO


ZURICH: The chairman of Switzerland’s third-largest bank, Raiffeisen, will step down with immediate effect after former CEO Pierin Vincenz was placed under investigation by prosecutors in a breach of trust probe, the lender said. Johannes Rueegg-Stuerm is taking the step “to preserve Raiffeisen Swiss’s long-term credibility”, it said in a statement late on Thursday. “With this step the veteran chairman ... Read More »

Swiss project debt ratio to fall to 28.8 pct in 2018


ZURICH:  Switzerland’s public sector debt ratio is set to fall below 29 percent of economic output this year as the country runs budget surpluses and its social security funds reduce debt, the finance ministry projected. Although not a European Union member, Switzerland forecast the debt ratio using the EU’s Maastricht criteria for overall government and social security finances would dip ... Read More »

Swiss company opening first overseas plant in Buford


ZURICH: Gwinnett County is gaining another international manufacturing business, this time a Swiss company’s first plant outside of Switzerland. Gezolan makes granules used in synthetic flooring, running tracks and playground surfaces. It is opening a new 60,000-square-foot facility at 4345 Hamilton Mill Road in Buford. Gezolan officials joined officials from Partnership Gwinnett to announce the opening. The $12 million facility ... Read More »

Switzerland informs Russian election commission about Grudinin’s bank accounts


ZURICH: According to the official, the CEC is set to discuss this issue at a meeting on Wednesday. The CEC member noted that most likely the commission would request lower-level commissions to supplement posters, which would be put at polling stations, with the information on the newly discovered bank accounts. Grudinin is the Communist Party candidate in the upcoming presidential election. He is running for the top post in Russia along with ... Read More »

Swiss vote results on public broadcasting fee and federal tax


ZURICH: Switzerland’s federal government must periodically seek voter approval to collect taxes. Currently, the federal government has the right to levy these taxes until 2020. Today’s New Financial Regime 2021 vote, is aimed at extending this right until 2035. The Swiss Broadcasting Corporation, Switzerland’s public broadcaster is largely funded by a broadcasting fee. This fee, known colloquially as Billag, the name of the ... Read More »

Swiss investor in talks to buy United Grinding


ZURICH: Swiss investor Martin Ebner is in talks to buy Swiss-German United Grinding, as other bidders have dropped out of the race for the machine tool maker, two people close to the matter said. China Jianyin Investment (JIC), which had been keen to buy Bern-based UGG, is no longer in the running, one of them said. Switzerland’s Oerlikon (OERL.S) has ... Read More »

Switzerland economy turning the page after weak 2017


ZURICH: Private consumption grew at a weak pace of just 1.2% in 2017 compared to 2016  and 2015 . Economic uncertainties were still weighing on companies’ hiring intentions and the unemployment rate remained above 3% all year. This lead to a further decline in retail sales which are back at their 2007 level. Consumer confidence has been very low in ... Read More »

Changes in swiss value added tax legislation


ZURICH: Switzerland will now be liable to register for VAT if they have a turnover in Switzerland and abroad totaling at least CHF 100,000 from supplies which are not tax-exempt (at present only the turnover in Switzerland is taken into account). Foreign businesses will thus be treated in the same way in Switzerland as Swiss businesses are in the EU. ... Read More »

Swiss insurer starr appeals denial of 38M tax refund


ZURICH: Swiss insurer fighting for a $38.2 million tax refund in the U.S. appealed two decisions against it from a D.C. federal court on Monday, saying that the Internal Revenue Service was wrong to deny it preferential tax treatment under a U.S.-Switzerland tax treaty. Starr International Co. Inc. has lost twice in its September 2014 lawsuit against the U.S. government. ... Read More »

Zurich to buy operations become biggest insurer in Argentina


ZURICH: Zurich Insurance said Sunday it had reached an agreement to buy Australian insurer QBE’s Latin America operations, in a move it said would make it the industry leader in Argentina. Switzerland’s largest insurer said in a statement that the acquisition carried a $409-million (333-million-euro) price tag, and would be subject to “closing adjustments”, as well as regulatory approvals. “This ... Read More »

Swiss chocolate makers’ exports grow in 2017


ZURICH: Sales of Swiss chocolate grew by 3.1 per cent in 2017 thanks to foreign demand, despite a decline in domestic consumption, Chocosuisse reported Thursday. Chocosuisse, the Federation of Swiss Chocolate Manufacturers, reported total sales of 1.85 billion Swiss francs (1.98 billion US dollars) for the year. The total volume of chocolate sold also increased by 2.7 per cent to ... Read More »