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Swiss govt may open doors for banks abroad

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BASEL: The Swiss government will work to boost the competitiveness of the country’s financial sector against international rivals, it said on Thursday, striking a more supportive tone towards the industry. Home to banking and insurance giants UBS, Credit Suisse and Zurich Insurance, Switzerland is the world’s biggest centre for foreign wealth, with an estimated $2.3 trillion kept in the Alpine ... Read More »

Morgan Stanley profit jumps 61.7% in Switzerland

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BASEL: Morgan Stanley reported a better-than-expected quarterly profit on Wednesday, boosted by a surge in bond trading that followed Britain’s surprise vote to leave the European Union and bouts of anxiety about monetary policy around the world. Earnings applicable to shareholders rose 61.7 percent to $1.52 billion from $939 million for the quarter ended Sept. 30, while earnings per shares ... Read More »

Swiss J&J revenues increase in 3Q

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BASEL: Johnson & Johnson , the world’s largest maker of healthcare products, reported third-quarter revenue and profit just ahead of Wall Street estimates, fueled by strong sales in its prescription drugs business. J&J, the first major U.S. drugmaker to report quarterly results, said pharmaceutical drug sales jumped 9.2 percent to US$8.40 billion, buoyed by demand for its cancer medicines, Imbruvica ... Read More »

Swiss firm pays Sh17.7b excise tax

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BASEL: A Swiss firm awarded the Sh17.7 billion excise tax system says it has not employed any Kenyan related to a Kenya Revenue Authority staff in their offices abroad. SICPA Security Solutions said it has a clear corporate code of conduct and recruitment policies that prevent it from known conflicts of interest. “SICPA has a clear corporate code of conduct ... Read More »

Swiss cross-border shopping declines in 2016

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BASEL: Swiss cross-border shopping peaked in 2015 and local customs posts have seen a decline in VAT and duty collected since March. At the border in Kreuzlingen, near Lake Constance, VAT and import duty collected was down 10%. At the Lörrach bei Riehen crossing near Basel, receipts were down by 31%. The situation in Geneva is similar. SIX, the company ... Read More »

Switzerland’s biggest dairy company to counter stagnating sales

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BASEL: Switzerland’s biggest dairy company is trying to counter stagnating sales in its home market by getting the Swiss to eat microwaveable fondue, prompting cheese purists to cry sacrilege. Emmi AG plans to introduce its All-in-One Fondü kit in its home market next year, Chief Executive Officer Urs Riedener said in an interview. The $15 set has been on sale ... Read More »

Swiss Datwyler Group completes acquisition of German company Ott

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BASEL: Datwyler Group has completed the acquisition of German company Ott, which it said will add injection molding expertise with thermoplastics and liquid silicone to the group’s Sealing Solutions division. The previously announced transaction was finalized Sept. 30. The deal will strengthen and expand the Swiss group’s technology and product portfolio in the automotive and health care industry, according to ... Read More »

Switzerland’s bank to cover South African, Gulf stocks

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BASEL: Switzerland’s second-biggest bank will cover some South African and Gulf stocks affected by the changes by using existing research staff elsewhere, two of the people said, asking not to be identified because the information is private. Credit Suisse equity analysts in other emerging markets may also be affected, one of the people said. Chief Executive Officer Tidjane Thiam said ... Read More »

Queensland’s Bank hopes for tax relief from Switzerland

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BASEL: During his 20 years in banking, Bank of Queensland chief executive Jon Sutton has never witnessed a more competitive market for banking services. He says the recent spike in 12-month term deposit rates combined with the competition for retail and commercial borrowers has placed pressure on BoQ’s net interest margin. In the year to August 31, BoQ’s net interest ... Read More »

Switzerland, Sri Lanka sign immigration agreement

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AMSTERDAM: Swiss Justice Minister Simonetta Sommaruga and Sri Lankan Interior Minister Seneviratne Bandara Nawinne have signed a bilateral immigration treaty in Colombo. It will cover, among other things, the repatriation of Sri Lankans who no longer fulfil the conditions for continued residence in Switzerland. In a statement on Tuesday, the justice ministry said the agreement with Sri Lanka established a ... Read More »

Switzerland to amend tax rules for banks

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BASEL: Switzerland is to amend its “too big to fail” legislation to reduce the tax burden on certain banks. The Swiss Federal Council has asked the Federal Department of Finance to prepare a draft consultation paper on amending the participation deduction provisions in the TBTF legislation. It said that the proposed reform would “prevent the tax burden of the top ... Read More »

Swiss gov’t to amend tax burden for UBS

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BASEL: Switzerland’s government on Friday tasked its finance ministry with limiting the tax burden on UBS and Credit Suisse as the nation’s two biggest banks issue bonds to meet new too-big-to-fail (TBTF) requirements. “The proposed solution would prevent the tax burden of the top holdings of systemically important banks from rising with the issuance of CoCos (Contingent Convertibles), write-off bonds ... Read More »

Weatherford International to pay $140m fine over accounting fraud in Switzerland

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BASEL: The Securities and Exchange Commission hit Weatherford International with its biggest financial penalty of the year, alleging that deceptive accounting practices used by the oilfield services company to inflate profits extended beyond gross negligence to outright fraud. Weatherford, which has its main operations in Houston, agreed to pay $140 million to settle charges that it overstated its earnings by ... Read More »

Swiss watch industry outlook worsens 82%

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BASEL: A consulting-firm study released Tuesday painted a bleak picture of the Swiss watch industry, with four-in-five executives saying they are pessimistic about the outlook for an industry that is as synonymous with the Alpine economy as chocolate, banking and skiing. “According to the vast majority of watch executives surveyed, the downward trend in the Swiss watch industry will continue ... Read More »

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 »