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Switzerland

Swiss Federal Council to amend Withholding Tax Ordinance

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BASEL: The Swiss Federal Council has proposed an amendment to the Withholding Tax Ordinance that it said will facilitate group financing. The Council said that groups established in Switzerland often carry out targeted financing activities abroad, thereby avoiding any withholding tax (WHT) that would be due on financing conducted via group companies established in Switzerland. It added that the Swiss ... Read More »

Swiss Aryzta’s pre-tax profits fall by 8.3% in FY

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BASEL: Pre-tax profits at food group Aryzta fell by 8.3% in its financial year to the end of July. The company, which includes Cuisine De France amongst its brands, reported profits of €365.5m. Revenues for the year came to just under €3.9 billion, up 1.5%. Its underlying net profits fell by 13.4% to €311.5m. The company said revenue growth had ... Read More »

Swiss company Dufry boasts 24% market share

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BASEL: Dufry, which operates duty-free and retail stores at airports, seaports, and railway stations, could offer an attractive destination for investors. The Basel, Switzerland–based company, whose network comprises more than 2,200 outlets in 63 countries—including the U.S.-based Hudson Group and its Hudson News chain of newsstands—has expanded rapidly in the past two years. It generates approximately three-quarters of its sales ... Read More »

Swiss govt grants EUR1m to Romanian tax authority

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BASEL: Switzerland will give Romania a grant of CHF 1.38 million (EUR 1.26 million) for developing an electronic system for document management for the tax agency ANAF. Finance minister Anca Dracu and Urs Herren, the Swiss Ambassador to Romania, have signed the financing agreement. The project’s aim is to create an efficient system for managing all the documents within ANAF. ... Read More »

SECO forecasts to expand Swiss economy by 1.5% in 2016

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BASEL: Swiss State Secretariat for Economic Affairs (SECO) slightly upgraded Switzerland’s economic growth forecast for 2016 as uncertainties created by the Brexit vote is not expected to have a significant negative impact on the nation’s economic recovery. It now expects the Swiss economy to expand by 1.5% in 2016, revised upward from 1.4% estimated earlier and by 1.8% in 2017. ... Read More »

Iranian Perse Transport Bar, Swiss TransInvest Holding sign deal

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BASEL: The Iranian Perse Transport Bar and Switzerland’s TransInvest Holding signed a deal to jointly develop a rail hub in the vicinity of Iran’s capital city Tehran. Called Aprin Dry Port, the facility will connect Iran’s port cities to the center and will act as Iran’s central cargo train intersection, Trend correspondent reported from the signing ceremony held at Islamic ... Read More »

Swiss gold exports decrease 7% in August

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BASEL: Gold exports from Switzerland totaled 160 mt in August, down 7% from 172 mt a year earlier, Swiss federal customs data showed Tuesday. The figure is 17% lower than 192 mt in July,the largest flow out of the country this year. August is also the lowest monthly export total since April. The world’s largest refiner and exporter of gold, ... Read More »

Swiss tourism industry revenue faces decline

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BASEL: Bali security authorities arrested a Singaporean national for allegedly trying to pick up mail packages containing methamphetamine and cocaine sent through a post office and are in pursuit of a Briton allegedly related to the case. Muhammad Faliq Bin Nordin, 32, was arrested on Sept. 10 by a joint team of the Denpasar Customs Office, Bali and Nusa Tenggara ... Read More »

IMF receives $7.1m from Switzerland for Global Resource Fund

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BASEL: Hopes may be rising for Nigeria and other natural resource endowed nations as the International Monetary gets the first contribution of $7.1 million into the dedicated fund for capacity development from Switzerland. The planned pool to uplift management capacity of resource endowed countries known as Managing Natural Resource Wealth Fund was launched in 2011, as a way to help ... Read More »

Swiss company Leclanché revenue increase by 65% in H1

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BASEL: Lithium-ion energy storage manufacturer Leclanché saw revenue of around CHF28 million (US$28.89 million) through H1 2016, up 65% year-on-year, according to the firm’s interim results for the half year ending 30 June 2016. Leclanché had planned for a 100% increase in revenue, but was hampered by a delay in financial closing of its 120MW / 53 MWh IESO energy ... Read More »

Swiss economy increases by 0.6% in Q2

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BASEL: Swiss economic momentum accelerated in the second quarter, exceeding that of the euro area and hitting its fastest pace since 2014. Gross domestic product rose 0.6 percent in the three months through June, after gaining a revised 0.3 percent in the prior quarter, the State Secretariat for Economic Affairs in Bern said on Tuesday. That jump, helped by government ... Read More »

Swiss economy grows since 2014

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BASEL: Swiss economic momentum accelerated in the second quarter, exceeding that of the euro area and hitting its fastest pace since 2014. Gross domestic product rose 0.6 percent in the three months through June, after gaining a revised 0.3 percent in the prior quarter, the State Secretariat for Economic Affairs in Bern said on Tuesday. That jump, helped by government ... Read More »

Swiss bank Hinduja declares to grow business

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BASEL: Hinduja Bank (Switzerland), a Sfr2.3 billion private bank controlled by the Indian billionaire family, has declared it will stay in the country and invest in growing its business there, in an effort to quell speculation over its future following comments over the summer from Gopichand Hinduja. In a statement on September 1, the bank’s vice-chairman Michel Broch said that ... Read More »

Switzerland household apparatus imports increase

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BASEL: Imports of Household Apparatus in Switzerland increased to 56.25 CHF Million in June from 51.74 CHF Million in May of 2016. Imports of Household Apparatus in Switzerland averaged 2143.85 CHF Million from 2014 until 2016, reaching an all time high of 54406 CHF Million in May of 2014 and a record low of 41.55 CHF Million in May of ... Read More »

Switzerland gold exports to US increased 19%

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BASEL: Switzerland gold exports increased 19 percent to 192 metric tons (mt) in July compared to an year ago, as per the Swiss federal customs data. This is the highest monthly export total since December last year and is 13% higher than 171 mt reported in June this year. Exports to US have increased this year to 68 mt compared ... Read More »

Swiss city Geneva to decreases corporate tax by 10%

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GENEVA: When the European Union pressured Switzerland to scrap tax breaks for foreign companies, Geneva had most to lose. Now, the canton that is home to almost 1,000 multinationals is set to use tax to burnish its appeal. Geneva will on August 30th propose cutting its corporate tax rate to 13.49 per cent from 24.2 per cent, according to sources. ... Read More »

Swiss coffers fill with CHF1.7b

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BASEL: The finance ministry, which had budgeted for a deficit for 2016 of CHF500 million ($517 million) is in fact projecting a surplus of CHF1.7 billion. Despite this, the government will move ahead with planned savings programmes. The finance ministry put the apparition of an extra CHF2.2 billion down to “special factors”, mainly negative interest rates. It said on Wednesday ... Read More »

Trade surplus of Switzerland decreases in July

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BERN: Switzerland’s trade surplus declined to a 3-month low in July, the Federal Customs Administration reported Tuesday. The trade surplus fell to CHF 2.9 billion in July from CHF 3.5 billion in June. This was the lowest since April, when the surplus totaled CHF 2.4 billion. Exports rebounded 5.5 percent in July from June, when it fell 4 percent. Imports ... Read More »

Swiss company Nestle’s net profit increases 52% in Malaysia

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BERN: Nestle (M) Bhd has registered improved net profit and revenue in the second quarter ended June, contributed by favourable domestic and export businesses and lower effective tax rate. Its net profit in the second quarter increased 52.4 per cent to RM188.79 million from RM123.9 million in the same quarter last year, while revenue increased 8.2 per cent to RM1.24 ... Read More »

Swiss tire market to grow CAGR 6% during 2016-2021

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BERN: Research and Markets has announced the addition of the “Switzerland Tire Market Forecast & Opportunities, 2021” report to their offering. The tire market in Switzerland is projected to grow at a CAGR of over 6% during 2016-2021. Furthermore, in 2015, passenger car tire segment dominated the country’s tire market, followed by two-wheeler vehicle tire and light commercial vehicle tire ... Read More »