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Haryana, Switzerland to sign MOU for hotel management training

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SWITZERLAND: Haryana and Switzerland have agreed to explore the possibilities of signing a Memorandum of Understanding (MOU) for imparting training to the students in the field of hotel management so that maximum youth could be provided employment in the booming hotel industry. A five-member delegation of Switzerland led by Bruno Sauter, Deputy Minister for  Economic Affairs and Labour, Zurich, Switzerland ... Read More »

China, Switzerland to implement AEO agreement in Sep

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BEIJING: The China-Switzerland agreement on mutual authorized economic operator (AEO) status will go into effect on September 1 to provide easier customs clearance for exporters, the General Administration of Customs said Thursday. Under the agreement, companies that obtain AEO status in the two countries will enjoy simplified customs procedures, such as reduced examination or prioritized clearance, when they export products ... Read More »

Switzerland’s unemployment rate remained steady in July

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SWITZERLAND: For the 24 hours to 23:00 GMT, the USD declined 0.07% against the CHF and closed at 0.9727. Macroeconomic data revealed that Switzerland’s seasonally adjusted unemployment rate remained steady at 3.2% in July, at par with market expectations. In the Asian session, at GMT0300, the pair is trading at 0.97, with the USD trading 0.28% lower against the CHF ... Read More »

Switzerland’s consumer prices fell further in July

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SWITZERLAND: For the 24 hours to 23:00 GMT, the USD rose 0.16% against the CHF and closed at 0.9734. On the data front, Switzerland’s consumer price index (CPI) fell 0.3% on a monthly basis in July, in line with market expectations. In the previous month, the CPI had registered a drop of 0.1%. Also, the nation’s total sight deposits inched ... Read More »

Swiss union demands 2% wage increase as economy improves

economy

SWITZERLAND: Staff should start enjoying the benefits of Switzerland’s improving economic performance, says the country’s second-largest trade union, Travail.Suisse, which is demanding a 2% salary increase for Swiss workers.  “It’s been some time since the economic perspectives have looked this positive. The forecasts announce solid and lasting economic growth. This recovery must have an impact on employees,” Travail.Suisse and associated ... Read More »

UPC Switzerland, Austria Q2 revenues fall by 1.9%

FALL

SWITZERLAND: UPC’s revenues in Switzerland and Austria decreased by 1.9 percent in the second quarter to CHF 334 million. The rebased revenue decrease in US dollars of 1.5 percent year-on-year to USD 435.1 million was mainly driven by the net effect of lower ARPU per RGU, primarily related to a weaker tier mix and competitive pressures and a higher contribution ... Read More »

Switzerland, India inks accord to share black money details

India Switzerland

NEW DELHI/BERN: Switzerland found India’s data security and confidentiality laws “adequate” for entering into an automatic exchange of information pact, which will open a continuous access to details about alleged black money hoarders in once-all-secret Swiss banks. In a detailed notification and fact sheet published in its official gazette for introduction of “automatic exchange of information relating to financial accounts ... Read More »

Swiss bank Julius Baer opens UK offices to seize on Brexit nerves

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ZURICH: Swiss private Julius Baer is opening three new UK offices as it looks to bank for wealthy residents spooked by uncertainty over Britain’s planned exit from the European Union. The offices will be in Manchester, Leeds and Glasgow while Julius Baer will also establish a small team in Belfast, Northern Ireland, the Zurich-based bank said in a statement on ... Read More »

Swiss manufacturing in July posts strongest growth in 6 years

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ZURICH: Switzerland’s manufacturers posted their strongest growth in more than six years for July, figures on Wednesday showed, pointing towards a sustained upswing for the sector that has been battered by the highly-valued Swiss franc. The Manufacturing Purchasing Managers Index reached 60.9 points during July, its highest level since February 2011, and well above the growth threshold of 50 points ... Read More »

Consumers more optimistic about economy, job market in Switzerland

economy

BERN: Consumer sentiment in Switzerland is on the rise again in July. The index reached -3 points – well above the long-term average (-9 points). This confirms the recovery in sentiment from the lows following the sharp rise in the Swiss franc. In comparison to the survey of April, consumers’ expectations for economic growth and for the job market have ... Read More »

Swiss central bank posts 1.2 bln Swiss francs H1 profit as forex weighs

SWISS CENTRAL BANK

ZURICH: Switzerland’s central bank on Monday reported a net profit of 1.2 billion Swiss francs (913.66 million pounds) for the first half of 2017 as big foreign exchange losses weighed on earnings from its foreign investments. The Swiss National Bank (SNBN.S) made a profit of 100 million francs from its foreign currency positions, as exchange related losses of 11.8 billion ... Read More »

Swiss, EU ease trade in industrial goods as ties thaw

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ZURICH: Switzerland and the European Union have struck a deal to remove technical barriers to trade in some industrial goods, unblocking a dossier that had been frozen in a row over Swiss efforts to curb immigration from its biggest trading partner. Parliament last year skirted a clash with the EU by adopting a local preference system for jobseekers, stopping short ... Read More »

Azerbaijan’s Central Bank deposits 362.6 kg of gold from Switzerland

gold

SWITZERLAND: The Central Bank of Azerbaijan (CBA) has deposited 362.6 kilograms (11,655.2 troy ounces) of consumer gold from Switzerland, said the country’s Finance Ministry. The ministry said that gold, produced at the Gadabay field, after refining in Geneva, was given to the CBA by the State Service for Control on Precious Metals and Stones of the Ministry of Finance. Earlier, ... Read More »

Switzerland’s UBS sees 2nd-quarter profit rise 14%

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SWITZERLAND: Swiss bank UBS says its earnings rose 14 percent in the second quarter as its wealth management operation performed strongly. UBS said Friday that net profit for the April-June period was up to 1.17 billion francs ($1.2 billion) from 1.03 billion francs a year earlier. The company also saw operating expenses decline and said that it is on track ... Read More »

Switzerland’s Roche raises 2017 outlook as MS drug shines

The logo of the Swiss drugmaker Roche is seen on a factory in Burgdorf near Bern November 17, 2010. REUTERS/Pascal Lauener

SWITZERLAND: Switzerland’s Roche <ROG.S>, the world’s biggest maker of cancer drugs, raised its 2017 outlook on Thursday after first-half profit beat market expectations and its new multiple sclerosis drug got off to a solid start. Chief Executive Severin Schwan told reporters he remained confident the group could deliver sales growth, despite the arrival of biosimilar rivals, by introducing new drugs ... Read More »

Switzerland’s investment grows in CPEC related projects

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SWITZERLAND: Pakistan is once again surfacing as an emerging market offering attraction to foreign investors. The GDP growth of over 5 percent, a growing consumer market driven by the growing middle class, functional democratic institutions in the country and substantial improvements in the security situation of the country are all positive economic indicators. The economic horizon of the country is ... Read More »

UBS Swiss consumption indicator rises to 1.38 pts in June

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ZURICH: The UBS Swiss consumption indicator rose to 1.38 points in June from a downwardly revised 1.32 in May, the Swiss bank’s economists said on Wednesday. JUNE 2017 MAY 2017 JUNE 2016 Consumption indicator 1.38 1.32 (1.39) 1.14 Numbers in brackets show the value as was originally reported COMMENTS FROM THE UBS STATEMENT: “UBS consumption indicator printed 1.38 in June, ... Read More »

Citi hires UBS executive to head Switzerland investment banking business

citi bank

SWITZERLAND: Citi has poached UBS’s head of Europe, Middle East and Africa capital goods, Heiko Horn, as the new head of its investment banking business in Switzerland. Mr Horn will also head Citi’s Emea diversified industrials group, according to an internal memo seen by the Financial Times. “Heiko brings with him over 10 years of experience covering the Swiss investment ... Read More »

Swiss watch exports regain pace

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ZURICH: Swiss watch exports gained for a third time in four months as Chinese demand strengthened and the UK attracted buyers with its weak currency. Shipments climbed 5.3% to 1.7 billion francs (US$1.8bil) in June, the Federation of the Swiss Watch Industry said in a statement Thursday that underpinned signs of a rebound from the longest slump on record. Exports ... Read More »

British imports of Swiss watches highest in two years

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BERN: Exports of Swiss watches to the UK rose at their fastest rate for two years in June. The Federation of the Swiss Watch Industry recorded a spike of +35.6% of exports to the UK, compared to June 2016, the month of the Brexit vote that sent the pound tumbling. The UK imported watches worth CHF124.1 million in June 2017, ... Read More »