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ExecuJet Prepares Swiss FBO for July Closing of Linate

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The three-month closing of Italy’s Milan Linate Airport (LIN) beginning in July has ExecuJet preparing to handle a record number of aircraft movements in southern Switzerland, the unit of Luxaviation Group announced today. ExecutJet’s co-branded FBO at Lugano Airport (LUG) is expected to take traffic diverted from LIN. “Our FBO at Lugano Airport is ideally located for travelers who might ... Read More »

Swiss government to overhaul customs service

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Switzerland is revamping its national custom services to make it fit for the digital era. The differentiation between border guard and custom specialists will disappear under a new organisational structure. The government outlined its reform plan on Wednesday for the Federal Customs Administrationexternal link (FCA), which will become the Federal Customs and Border Security Office, saying it wants to “seize ... Read More »

Switzerland – Between a rock and a hard place

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As the eurozone economy slows down after six years of uninterrupted growth, Switzerland is an anxious spectator. Amid increased concerns among the EU27 over the potential impact of a disorderly Brexit and the halt to quantitative easing from the European Central Bank’s asset-purchasing programme, Europe’s big three are bracing themselves while Switzerland sits in the middle, watching intently. To the ... Read More »

Switzerland plans to tighten capital rules for its biggest banks

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Switzerland is proposing bigger capital cushions for the country’s top banks that could force UBS Group and Credit Suisse Group to set aside an additional 24 billion Swiss francs ($24 billion) in reserves. The Finance Ministry is weighing an amendment to capital adequacy rules to try to ensure that the parent companies of systemically important banks are sufficiently well capitalized ... Read More »

Life as an EU satellite: Swiss hold lessons for UK

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Britons may think about how the Swiss, Norwegians or even Turks have fared: They understand headaches and well the benefits of being near — but not a part of — the political and economic bloc. Norway, switzerland and Turkey are one of many countries that are not members of their 28-country EU however are economically to varying levels — a ... Read More »

Swiss National Bank can make monetary policy even looser

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BERN: The Swiss National Bank (SNB) can further relax already ultra-loose monetary policy and take its interest rates deeper into negative territory, enlarged governing board member Martin Schlegel said on Monday. The central bank charges a rate of -0.75 percent on cash it holds for commercial banks over a certain limit, one of its tools to combat the rise of ... Read More »

IMF predicts Swiss growth to slow to 1.1% in 2019

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The Swiss economy is likely to slow in 2019, with gross domestic product growth expected to hit 1.1%, followed by a “moderate” recovery in 2020, the International Monetary Fund said on Monday. The IMF said in a concluding statement, published on Monday following a mission to Switzerland and an annual evaluationexternal link, that a “sustained regional slowdown, intensification of global ... Read More »

UnionBank partners with Swiss bank to serve PH’s superrich

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Switzerland-based Lombard Odier and Aboitiz-led Union Bank of the Philippines have teamed up to launch a new private banking platform that seeks to dip into a small but growing pool of affluent Filipinos with discerning investment requirements. The newly launched Union Bank Private Banking service targets wealthy families and individuals, defined as those with net worth of over P100 million. ... Read More »

Supply chain radar: Expeditors’ core customs business is the next battlefield for supply chain consolidators

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The takeover of Switzerland’s Panalpina – still apparently destined to tie the knot either with Kuwait’s Agility or Denmark’s DSV, and set to add firepower to either partner’s freight forwarding activities – is uniquely attractive size-wise, and great M&A stuff for the headlines. However, more strategic M&A action, on a smaller scale, is taking place elsewhere, where the interests of ... Read More »

Swiss companies make contingency plans amid Brexit uncertainty

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As the Brexit saga continues, Swiss companies are preparing for the worst and hoping for the best. But optimism is waning among companies that are trying to minimise disruptions from any deal/no-deal scenarios. With the UK’s departure from the EU scheduled for March 29, British Prime Minister Theresa May on Wednesday asked the EU bloc to postpone the UK’s departure ... Read More »

The Swiss people are teaching us how to deal with an EU trade ultimatum

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Meanwhile, the EU’s other showdown with a democratic European state is going badly wrong. The Swiss are holding out against the hegemony of the European Court and an attempt to gut their national sovereignty. Switzerland is facing an excruciating squeeze. Its old bilateral accords with the EU are no longer deemed acceptable. Brussels wants to shut down the idiosyncratic “Swiss ... Read More »

We must leave the customs union, the worst aspect of EU membership

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time traveller from 2016 would be bemused by the current economic debate around Brexit. Think back to the referendum. The Treasury published its controversial report laying out the “long-term economic impacts” of leaving. It saw three feasible scenarios: remaining in the single market (like Norway); a bilateral free-trade agreement (FTA, like Canada); or trading on World Trade Organisation terms. Economists ... Read More »

Zurich CEO in line for massive pay boost

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Zurich Insurance Group’s CEO will be eligible for a 13.4 million Swiss franc (around CA$17.8 million) payout when his shares are unlocked next month. Shares worth about 8.2 million francs, granted to CEO Mario Greco as part of a company incentive program, will vest in April, raising the executive’s 2018 compensation to US$13.3 million (around CA$17.8 million), according to a ... Read More »

Proportion of women in company tips to only takes up in the creeper

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Only three women currently on the operative tip of the 117 largest Swiss companies: BKW-Boss, Suzanne Thoma, Philomena Colatrella, head of the health insurance company CSS, and Magdalena Martullo-Blocher, Head of the Ems group. A year ago, Jasmine Staiblin the energy company Alpiq and Susanne Ruoff at the Post office in this illustrious group were. Today, women’s day, it is ... Read More »

Switzerland releases new version of banknote worth $1,000

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BERLIN : It’s purple and yellow, and very valuable: Switzerland’s central bank has unveiled a redesigned version of its 1,000-franc ($1,000) note. The Swiss National Bank said Tuesday the overhauled version of its highest-denomination note is “smaller and thus easier to handle” than its predecessor, as well as incorporating “complex security features.” The note, featuring a handshake on one side ... Read More »

Swiss Company Taking The Pain Out Of IT Support Raises $85 Million For Growth

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The two most dreaded letters in today’s office environment are “IT,” according to the Swiss-based company, Nexthink. Employees waste an average of 22 minutes a day frustrated by IT problems, and the IT department spends a lot more time than that trying to fix things, says Nexthink. Nexthink Co-founder and CEO Pedro Bados made it his mission to transform the ... Read More »

Sunrise in advanced talks for Liberty Global’s $6.3 billion Swiss unit

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ZURICH : Sunrise Communications has entered “advanced discussions” to buy Liberty Global’s Swiss business in a deal which values the internet and digital television provider at 6.3 billion Swiss francs ($6.30 billion). Sunrise said it would only pursue a deal for UPC Schweiz if it was “strategically compelling and demonstrably value creative for its shareholders,” and said no final decision ... Read More »

Switzerland, UK aim to keep status quo for residents after Brexit

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ZURICH : Switzerland and the United Kingdom have signed an agreement to help their citizens living in the respective countries keep their existing rights, including being able to move and change jobs, after the UK leaves the European Union. “Both Swiss and British citizens will retain the rights obtained under the Agreement on the Free Movement of Persons (AFMP) between ... Read More »

Lakshadweep mum on foreign yacht in custody

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Customs seeks help of administration’s senior standing counsel Having failed to evoke any response more than a fortnight after it wrote to the Lakshadweep Administration seeking clarifications about the visit of a foreign-owned yacht at many of its islands, the Customs on Friday solicited the help of the administration’s senior standing counsel at the High Court on the matter. It ... Read More »

Council conclusions on EU relations with the Swiss Confederation

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1. In accordance with its conclusions of 28 February 2017 and 11 December 2018, the Council has assessed the overall state of EU relations with the Swiss Confederation. The Council will reassess the state of these relations, as well as those with the other Western European countries that are not members of the EU, by the end of 2020, as ... Read More »