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Swiss Life speaks to DOJ about possible tax evasion by U.S. clients

tax evasion

ZURICH:  Swiss Life could face a fine in the United States after it was contacted by the U.S. Department of Justice (DOJ) about whether it helped U.S. clients avoid tax, Switzerland’s biggest life insurer said on Thursday. The disclosure comes as U.S prosecutors have been widening their probe of Swiss banks who have been helping wealthy American clients dodge taxes ... Read More »

SNB to keep rates on hold, but may change wording on franc


ZURICH: Switzerland’s central bankers may be feeling more relaxed following the recent weakening of the Swiss franc against the euro, but they are still expected to hold their ultra-loose monetary policy at their September policy meeting. Instead, the main focus for the Swiss National Bank’sSept 14 meeting will be whether or not to depart from its description of the franc ... Read More »

NEC unit to install 18 MW storage system in Switzerland


BERN: NEC Energy Solutions (NEC ES), a wholly owned U.S. subsidiary of Japan’s NEC Corp., has agreed to provide an 18 MW, 7.5 MWh energy storage system to renewables-focused Swiss utility Elektrizitätswerke des Kantons Zürich (EKZ). The Tokyo-based IT group claims the installation will be the biggest energy storage system in Switzerland. It is scheduled for completion in early 2018, ... Read More »

Central bank payout keeps Swiss budget in surplus


ZURICH: Big profits from the Swiss National Bank’s massive foreign currency investments should help keep the country’s public finances in the black during 2017, Switzerland’s government said on Thursday. Interest and dividend payments from investments bought by the SNB during its campaign to weaken the highly-valued Swiss franc allowed it to hand over some 577 million Swiss francs ($605.52 million) ... Read More »

Transocean Ltd (Switzerland) (RIG) rises 2.69% for Sep 05

profit rises

SWITZERLAND: Among the biggest risers on the S&P 500 on Tuesday September 05 was Transocean Ltd (Switzerland) ($RIG), popping some 2.69% to a price of $8.79 a share with some 13.78 million shares trading hands. Starting the day trading at $8.64, Transocean Ltd (Switzerland) reached an intraday high of $8.89 and hit intraday lows of $8.62. Shares gained $0.23 apiece ... Read More »

Switzerland GDP disappoints in Q2


BERN: Switzerland’s economy grew at a slower pace than expected in the three months to June as growth provided by the financial sector and hotels was offset by “sluggish” growth for trade and public administration. Gross domestic product grew 0.3 per cent quarter on quarter in the three months to June, according to the State Secretariat for Economic Affairs, coming ... Read More »

Swiss inflation picks up as currency pressure eases

Finland inflation highest since Sep-2014

BERN: Inflation in the country ticked up in August, as the recent sell-off in the Swiss franc helps to ease some of the downward pressure on prices that has been afflicting Switzerland in recent years. Prices were stagnant over the month – an improvement after a decline in July. On a year on year basis, inflation climbed to 0.5 per ... Read More »

Switzerland keen on early conclusion of India-EFTA trade pact


BERN: EFTA, comprising Switzerland, Norway, Iceland and Liechtenstein, is negotiating a free trade pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), with India since October 2008. Early conclusion of the proposed free trade agreement between India and European Free Trade Association (EFTA) would further boost economic ties between the two sides, Swiss President Doris Leuthard today said. She ... Read More »

UBS Swiss consumption indicator edges higher to 1.38 in July


ZURICH:  The UBS Swiss consumption indicator rose slightly to 1.38 points in July from a revised 1.3 points in June, the Swiss bank’s economists said on Wednesday. July ’17 June ’17 July ’16 Consumption indicator 1.38 1.3 (1.38) 1.45 * Numbers in brackets show the value as was originally reported COMMENTS FROM THE UBS STATEMENT: * The results suggested that ... Read More »

Switzerland coach Petkovic signs 2-year contract extension


BERN: Switzerland coach Vladimir Petkovic has signed a two-year contract extension as reward for a perfect record in World Cup qualifying. The Swiss football federation says Petkovic was contacted by clubs after the team’s rise to No. 4 in the FIFA rankings. The statement did not identify clubs wanting to hire Petkovic. Petkovic’s team has won six straight qualifying games, ... Read More »

Switzerland changes tax rules for foreign companies


SWITZERLAND: Switzerland changes the calculation of the guarantee for taxpayers who are not domiciled in the country, announced the Embassy of Bulgaria in Bern and the Executive Agency for Promotion of Small and Medium-Sized Enterprises. The changes affect Bulgarian companies and individuals who have business relations with Switzerland. So far, they owed a cash deposit guarantee or a Swiss bank ... Read More »

Switzerland’s ZKB sees H1 net profit rise 7% to 420 mln Sfr


ZURICH: Local-government-owned Zuercher Kantonalbank (ZKB) on Friday posted first-half net profit of 420 million Swiss francs ($435.5 million), up 7 percent year on year. “With our broadly diversified business model and our close proximity to our customers, we are confident that we can generate another pleasing result in the second half of the year despite the challenging and highly competitive ... Read More »

Transocean Ltd (Switzerland) (RIG) rises 2.73% for August 22

profit rises

SWITZERLAND: Among the biggest risers on the S&P 500 on Tuesday August 22 was Transocean Ltd (Switzerland) ($RIG), popping some 2.73% to a price of $7.52 a share with some 9.37 million shares trading hands. Starting the day trading at $7.41, Transocean Ltd (Switzerland) reached an intraday high of $7.54 and hit intraday lows of $7.36. Shares gained $0.2 apiece ... Read More »

Swiss trade surplus widens to 3.51 bln Sfr in July

logs trade surplus

ZURICH: Exports from Switzerland rose year on year by a real, work-day adjusted 0.6 percent in July to 19.1 billion Swiss francs ($19.8 billion), the Federal Customs Office said on Tuesday. Overall Switzerland ran a merchandise trade surplus of 3.51 billion Swiss francs in July. Watch exports rose 3.6 percent year on year in nominal terms to 1.70 billion francs. ... Read More »

Switzerland to host Int’l Conference on Iran


SWITZERLAND: Switzerland is slated to host an international conference on Iran in the coming days and after 20 months since the western sanctions on Tehran have been lifted. Iran’s private sector will send a delegation to Switzerland to participate in the International Conference of Iran after 20 months of the lifting of sanctions against Tehran. The conference will examine the ... Read More »

Transocean Ltd (Switzerland) (RIG) rises 2.75% for August 18

profit rises

SWITZERLAND: Among the biggest risers on the S&P 500 on Friday August 18 was Transocean Ltd (Switzerland) ($RIG), popping some 2.75% to a price of $7.48 a share with some 22 million shares trading hands. Starting the day trading at $7.35, Transocean Ltd (Switzerland) reached an intraday high of $7.60 and hit intraday lows of $7.20. Shares gained $0.2 apiece ... Read More »

Swiss retailer Mobilezone’s H1 sales up by 1.9%


SWITZERLAND: Swiss retailer Mobilezone has reported positive business development for the first half of 2017. Sales amounted to CHF 513 million, down by 1.9 percent from CHF 523 million in H1 2016, and operating profit EBIT was reported at CHF 18.4 million, up from CHF 18.3 million in H1 2016. Consolidated profit grew by 11 percent to CHF 13.7 million ... Read More »

Transocean Ltd (Switzerland) (RIG) dips 4.17% for August 16


SWITZERLAND: Among the S&P 500’s biggest fallers on Wednesday August 16 was Transocean Ltd (Switzerland) (RIG). The stock experienced a 4.17% decline to $7.58 with 25.3 million shares changing hands. Transocean Ltd (Switzerland) started at an opening price of 7.92 and hit a high of $7.94 and a low of $7.47. Ultimately, the stock took a hit and finished the ... Read More »

Swiss Life raises H1 profit as real estate helps


ZURICH:  Swiss Life on Wednesday posted a larger-than-expected rise in half-year profit as growing real estate holdings helped increase income at Switzerland’s biggest life insurer. “We are ahead of schedule in implementing our group-wide programme ‘Swiss Life 2018’ and the sustained and consistent orientation of our business towards profitability and capital efficiency enabled us to again improve our profit sources,” ... Read More »

Swiss National Bank raises stake in CVS Health Corporation


SWITZERLAND: Swiss National Bank raised its position in shares of CVS Health Corporation (NYSE:CVS) by 26.9% during the first quarter, according to its most recent filing with the SEC. The fund owned 3,826,410 shares of the pharmacy operator’s stock after buying an additional 811,100 shares during the period. Swiss National Bank owned 0.36% of CVS Health Corporation worth $300,373,000 as ... Read More »