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Transocean Ltd (Switzerland) (RIG) rises 5.35% for July 04

profit rises

SWITZERLAND: Among the biggest risers on the S&P 500 on Tuesday July 04 was Transocean Ltd (Switzerland) ($RIG), popping some 5.35% to a price of $8.67 a share with some 10.06 million shares trading hands. Starting the day trading at $8.30, Transocean Ltd (Switzerland) reached an intraday high of $8.83 and hit intraday lows of $8.29. Shares gained $0.44 apiece ... Read More »

Switzerland retail sales declined less than expected

People enter and  exit a Macy's department store in Boston's Downtown Crossing district, Wednesday, July 11, 2007.  As merchants reported their June sales results Thursday July 12, 2007, the disappointments cut across many segments of the retail  industry including Macy's Inc. Macy's suffered a 2.7 percent drop in same-stores sales, worse than the 0.8 percent decline expected. (AP Photo/Steven Senne)

SWITZERLAND: The Swiss franc is still trading below 1.10 against the single currency despite short-term bullish pressures on the pair. We believe that there is at the moment two major reasons that are pushing the euro against the Helvetic currency. The French Presidential election and the start of the “Brexit” negotiations have removed – at least reducing the political and ... Read More »

Imports of Bulgarian goods to Switzerland on the rise

Morocco’s auto industry exports likely to rise to $10b by 2020

SWITZERLAND: For Switzerland, Bulgaria might not be the most important trade partner, but there is a sharp increase regarding the import of Bulgarian goods to Switzerland. This is what is says in a statement released by the Swiss Customs Administration (EZV). According to the EZV, Bulgaria is only the 43rd most important trade partner for Switzerland. But while imports from ... Read More »

Swiss trade surplus rose in May

tradesurplus

SWITZERLAND: For the 24 hours to 23:00 GMT, the USD declined 0.08% against the CHF and closed at 0.9719. On the economic front, Switzerland trade surplus widened to a level of CHF3.40 billion in May, as exports grew faster than imports. The nation had reported a revised surplus of CHF1.96 billion in the prior month. In the Asian session, at ... Read More »

Transocean Ltd (Switzerland) (RIG) Dips 5% for June 21

dips

SWITZERLAND: Among the S&P 500’s biggest fallers on Wednesday June 21 was Transocean Ltd (Switzerland) (RIG). The stock experienced a 5% decline to $7.79 with 18.74 million shares changing hands. Transocean Ltd (Switzerland) started at an opening price of 8.16 and hit a high of $8.18 and a low of $7.67. Ultimately, the stock took a hit and finished the ... Read More »

Switzerland ready to assist Central Asian countries with water management

switzerland

SWITZERLAND: Kazakh Foreign Minister Kairat Abdrakhmanov and Swiss Head of the Federal Department of Foreign Affairs Didier Burkhalter discussed bilateral cooperation and took part June 19 in an international conference on water resources management in Central Asia in Astana. During the meeting, Abdrakhmanov noted the high level of bilateral political and economic partnership and said Switzerland is one of Kazakhstan’s ... Read More »

Swiss gov’t cuts 2017 growth outlook, sees tame inflation

inflation

BERN: The Swiss government cut its outlook for 2017 economic growth in its latest forecast on Tuesday, adding it expected inflation to remain subdued. The State Secretariat for Economic Affairs (SECO) said it expected economic growth of 1.4 percent in 2017, below the forecast of 1.6 percent it gave in March. “The slight downward adjustment compared with the previous forecast ... Read More »

Switzerland vows to tighten oversight of funding to Palestinian groups

funding-company

SWITZERLAND: Didier Burkhalter made the promise during a debate in the Swiss Senate on Tuesday after the federal upper house of Switzerland adopted parts of a motion passed by the lower house earlier this week, the RFJ broadcaster reported. ‘We are going to take a series of measures” to prevent the use of Swiss funds for activity deemed conducive to ... Read More »

Swiss National Bank leaves key deposit rate unchanged

SNB

BERN: The Swiss National Bank on Thursday defended its oft-repeated claim that the Swiss franc is “significantly overvalued,” despite signs of modest economic growth, a high trade surplus and low unemployment which appear to undercut this view. The SNB has for many years warned that the franc is too strong and repeated the “significantly overvalued” assessment on Thursday as it ... Read More »

Petrobangla, Swiss co ink MoU on LNG supply

Switzerland, Italy inks accord to exchange tax data

SWITZERLAND: State-owned Petrobangla signed a memorandum of understanding (MoU) with Switzerland-based private firm AOT Energy AG on Tuesday for procurement and supply of liquefied natural gas (LNG) to meet the country’s mounting energy demand. Under the MoU both the parties will initiate negotiations to settle the quantity and the price of LNG. “AOT Energy intends to supply LNG under term ... Read More »

Swiss envoy urges PH to ratify free trade deal

deal

SWITZERLAND: Switzerland is urging the Philippines to ratify a free trade agreement (FTA) that will benefit both Swiss and Filipino producers and consumers. “Both Swiss and Filipino producers will profit from input goods at lower prices. Both Swiss and Filipino consumers will have access to lower priced products and a wider choice of products. The increased competition will foster productivity ... Read More »

Switzerland’s unemployment rate remains stable in May

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SWITZERLAND: Switzerland’s unemployment rate remained stable in May, data from the State Secretariat for Economic Affairs showed Thursday. The unemployment rate held steady at a seasonally adjusted 3.2 percent in May. The rate was forecast to fall to 3.1 percent from April’s initially estimated 3.3 percent. On an unadjusted basis, the jobless rate dropped to 3.1 percent in May from ... Read More »

Tax revenue helps cloak lower Swiss National Bank forex intervention

SNB

SWITZERLAND: The Swiss National Bank appears to have dialled back its currency market interventions, the scale of which in recent weeks has been hidden by seasonal effects such as early tax payments. The SNB on Wednesday reported the first decline in its foreign exchange holdings since January and this week posted a drop in domestic sight deposits, a proxy for ... Read More »

Switzerland renews push for tax reform following referendum vote

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SWITZERLAND: Switzerland’s executive branch has launched an ambitious effort to modernize its preferential tax regime by eliminating some of the benefits that undermined the alpine nation’s 2016 corporate tax reform law. The country’s lawmakers are targeting a key change that omits notional interest deductions—which would have permitted Swiss multinational companies to deduct from their interest-adjusted corporate income tax on above-average ... Read More »

Switzerland’s revised VAT regime to enter into force in 2018

Vietnam Ministry of Finance rejects VAT cut proposal

SWITZERLAND: The partial revision of Switzerland’s Value Added Tax Act will come into force on 1 January 2018, the Federal Council determined 2 June. Under the new regime, to become VAT liable, global turnover should be taken into account instead of just Swiss turnover. Therefore, companies whose global turnover is at least 100,000 CHF will be liable to VAT from ... Read More »

Swiss economic growth improves in Q1

economic growth

SWITZERLAND: Switzerland’s economy expanded at a slightly faster pace in the first quarter, data from the State Secretariat for Economic Affairs showed Thursday. Gross domestic product grew 0.3 percent sequentially, faster than the revised 0.2 percent growth seen in the fourth quarter. However, the pace of expansion was weaker than the expected 0.5 percent. On a yearly basis, GDP growth ... Read More »

Swiss economy might not outpace Germany for a while

economy

SWITZERLAND: If the Swiss economic growth is still left in the shade by Germany this week, its central bank knows exactly why. Two-and-a-half years after suffering an exchange-rate shock that made its exports even more expensive, Switzerland has yet to rediscover its knack of outperforming neighboring Germany. While the two economies boast significant similarities, prompting the Swiss to dub their ... Read More »

Kosovo, Switzerland sign agreement on double taxation

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PRISTINA: Kosovo and Switzerland signed on Friday an agreement regulating taxation of income and capital, which is beneficial for both countries, the Swiss federal government said. Under the agreement on double taxation dividends will be taxed at source at a maximum rate of 15%, while qualified participations –  at no more than 5%, the Federal Council of Switzerland said in ... Read More »

Cellnex Telecom buys 2,239 Swiss cell towers for €430m

CELLNEX TELECOM

SWITZERLAND: Spanish celltower company Cellnex is expanding into Switzerland with the purchase of Sunrise Communications’ subsidiary Swiss Towers, owner of 2,239 sites. The deal, valued at €430 million, will see Cellnex, controlled by Spanish infrastructure company Abertis, take on 54% of the shares of Swiss Towers, with Deutsche Telekom Capital Partners taking 18% and Swiss Life Asset Managers the other ... Read More »

Switzerland, Rwanda new deal to boost bilateral ties

economic ties

SWITZERLAND: Trade volumes between Rwanda and Switzerland could increase thanks to a new set of agreements signed between the two countries on Monday in Bern, touching different areas of cooperation. Rwanda’s Foreign Affairs Minister Louise Mushikiwabo and Swiss Federal Councilor Didier Burkhalter of Switzerland signed the agreements on behalf of their respective countries. One of the pacts signed was the ... Read More »