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Food retail revenues drop by 3% during 2Q in Switzerland


BASEL: Supermarket sales have sunk below the £100 billion mark for the first time in six years amid fierce competition in the UK grocery sector, a report has found. Food retail revenues dropped by 3% to £99 billion in the second quarter, according to The Share Centre’s Profit Watch UK study, with overall revenues of UK plc slipping 2% to ... Read More »

Swiss company Luxoft earns $14.1m in 1H


ZUG:  Luxoft Holding Inc. (LXFT) on Thursday reported fiscal first-quarter earnings of $14.1 million. The Zug, Switzerland-based company said it had net income of 42 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 62 cents per share. The software and IT company posted revenue of $178 million in the period, which topped Street forecasts. Three ... Read More »

Zalando earnings decrease 32.5 to 14.7% in Switzerland


BASEL: Zalando, Europe’s biggest pure online fashion retailer, reported a big jump in second-quarter profitability in its core business in Germany, Austria and Switzerland as investments in logistics and marketing paid off. Zalando said second-quarter adjusted earnings before interest and taxation (EBIT) almost tripled to 80.9 million euros (69.4 million pounds) on revenue up 25 percent to 916 million euros, ... Read More »

Swiss company Adecco profit rises 7%


ZURICH: Swiss staffing giant Adecco Group SA (ADEN.EB) said Wednesday that second-quarter net profit rose 7% on a 4% rise in organic revenue helped by growth in parts of Europe, including Italy. Zurich based Adecco said net profit rose to 190 million euros ($211.9 million) in the three months to end-June from the same period a year earlier. Revenue rose ... Read More »

Swiss cable UPC revenue increases 1.1% in 2Q


BASEL: Swiss cable operator UPC reported second-quarter revenue up 1.1 percent year-on-year to CHF 340 million. Growth was led by its expansion in the mobile market, where revenues grew to CHF 12.7 million from CHF 3.1 million a year ago. Mobile customers were up 36 percent year-on-year and by 14,900 in the quarter to 55,600 in Switzerland. Total revenue-generating units ... Read More »

LafargeHolcim earning increases 6% in 2Q


BASEL: Eric Olsen, CEO of LafargeHolcim said: “Our focus on pricing and synergies is delivering visible earnings momentum, driving a 210 basis points year-on-year improvement in operating margins and a 6% increase in like for like Adjusted Operating EBITDA in Q2. “Without the effect of Nigeria, where our plants were affected by gas shortages, adjusted operating EBITDA would have increased ... Read More »

Switzerland tire market grows 6% until 2021: TechSci report


BASEL:  According to TechSci Research report, “Switzerland Tire Market Forecast & Opportunities, 2021”, tire market in Switzerland is forecast to grow at a CAGR of more than 6% during 2016 – 2021 on account of expanding automotive fleet, especially of the passenger car segment in the country. In 2015, the country’s tire market was majorly dominated by the passenger car ... Read More »

Switzerland provides $665b to Indonesia


BASEL:  Switzerland, a USD $665 billion economy (2015 data), will also provide assistance and support for the development of Indonesia’s small and medium sized enterprises, the agriculture industry and vocational education. Minister Hartanto hopes that Switzerland will also raise investment in Indonesia’s manufacturing, pharmaceutical and bio-energy sectors. He added that Indonesia can benefit significantly from cooperation with Switzerland – particularly ... Read More »

UBS profit down 14%


BASEL: UBS Group AG reported a 14 percent drop in net profit in the second quarter, citing “pronounced low client activity” amid economic and geopolitical uncertainties and other market weakness. The company said net income fell to 1.03 billion Swiss francs ($1.05 billion), from SF1.21 billion a year earlier. The latest figures topped an average of analysts’ estimates expecting net ... Read More »

SNB swells foreign currency reserves after Brexit


GENEVA: The foreign currency reserves at Switzerland’s central bank swelled to CHF609 billion ($623 billion) in June – the month that Britain voted to leave the European Union. Brexit has further strengthened the safe haven franc compared to other currencies. The Swiss National Bank (SNB) has been working overtime since the June 23 Brexit vote to prevent the franc from ... Read More »

Cantons demand higher quotas for non-EU skilled workers

Blick in die neuen Raeumlichkeiten des Google-Sitzes in Zuerich, am Mittwoch, 9. Maerz 2011. Die Suchmaschinenbetreiberin Google in Zuerich expandiert: In den vergangenen drei Jahren die wuchs die Praesenz von rund 300 auf heute ueber 700 Mitarbeiter. Damit sei Zuerich der groesste Entwicklungsstandort ausserhalb der USA. (KEYSTONE/Alessandro Della Bella)

GENEVA: The economic ministers from three of Switzerland’s most prosperous cantons – Basel City, Geneva and Zurich – are calling for more skilled workers from non-European Union states to be allowed to come and work. The cantonal economic directors from the three regions have issued a joint demand to the federal government to raise the number of residence permits and ... Read More »

Roche to cut 350 IT jobs


GENEVA: Swiss pharmaceutical giant Roche is set to cut 350 IT jobs by the end of 2017, it has confirmed. A spokesman told Reuters that 100 posts would be cut in Switzerland and another 100 in the United States, confirming a report by the Basler Zeitung newspaper. The remainder of the job cuts would be spread across several other countries, ... Read More »

EU withholding tax closes in on CHF4 billion mark

Swiss bank UBS

GENEVA: Switzerland collected more than CHF3.9 billion ($4 billion) in taxes from European Union bank clients in the first decade of a controversial treaty dealing with tax evasion. The CHF127 million handed over to EU countries last year was well below the average, but far more clients are now opting to declare their Swiss-based assets to their domestic tax authorities. ... Read More »

Brexit worries for Swiss watchmakers

Besucher an der Baselworld, der Weltmesse fuer Uhren und Schmuck, in Basel am Mittwoch, 16. Maerz 2016. (KEYSTONE/Walter Bieri)

GENEVA: Swiss watch exports are set to fall by 10% this year, according to the Federation of the Swiss Watch Industry. Demand for luxury watches will suffer due to additional uncertainties linked to the British vote to leave the European Union, and to the stronger Swiss franc. “The British vote to leave the European Union, the so-called Brexit, is increasing ... Read More »

Glencore paid $5 billion to foreign governments


BAAR: Commodities giant Glencore shelled out $5 billion (CHF4.9 billion) in taxes, royalties and other payments to countries where it extracted raw materials last year, the Baar-based company revealed on Wednesday. Glencore was forced to reveal the figures by a new European Union law that addresses allegations of tax dodging by the commodities industry and of corruption within the countries ... Read More »

Brexit pushes Swiss mortgage rates to new lows


GENEVA: As spooked investors take refuge in the king of currencies, the Swiss franc, several Swiss banks and insurance companies have lowered their basic mortgage rates following Britain’s vote to leave the European Union. Long and medium-term rates are at record lows. Swiss home owners or future buyers have received some good post-Brexit news. Following Britain’s referendum on Friday in ... Read More »

Swiss sign free-trade treaty with Georgia


GENEVA: EFTA states Switzerland, Norway, Iceland and Liechtenstein have signed in Bern a free-trade agreement with Georgia, represented by Prime Minister Giorgi Kvirikashvili. Brexit was also placed on the agenda at short notice. Swiss Economics Minister Johann Schneider-Ammann, who holds the rotating Swiss presidency this year, received Kvirikashvili for an official working visit on Monday. Bilateral talks focused on efforts ... Read More »

UBS legal fight ends

Swiss bank UBS

GENEVA: UBS Group AG has ended a legal fight with the Internal Revenue Service (IRS), agreeing to hand over records on a US client’s account in Singapore as US authorities seek to move beyond Switzerland in their fight against offshore tax evasion. The IRS on Feb. 23 asked a federal judge in Miami to force UBS to produce documents on ... Read More »

Switzerland’s Nespresso to bring Cuban coffee to US


GENEVA: Nestle-owned Nespresso announced here the other day that it will reintroduce Cuban coffee to the US for the first time in more than 50 years following the easing of United States sanctions on Cuba. The Swiss food giant’s company plans to sell Cuban coffee under its individual-capsule Nespresso brand, initially as a limited edition, starting in several months. “Nespresso ... Read More »

Swiss watch exports fall by 9.7% in May


GENEVA: Swiss watch exports dropped last month, bringing the industry’s slump close to a full year as it faced plunging demand across Asia and Europe. Shipments fell 9.7 percent to 1.56 million Swiss francs (US$1.62 million), the Federation of the Swiss Watch Industry said in a statement yesterday. Exports have declined for the past 11 months and had back-to-back monthly ... Read More »