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Swiss gold exports to India surge 67% to 69,393Kgs in July

venezuelagold

ZURICH: Switzerland’s gold shipments to number one consumer India more than tripled in July from the previous month, data from the Swiss customs bureau showed on Thursday, though exports to China and Hong Kong fell. Swiss gold exports to India totalled 69,393 kg in July, the data showed, against 21,493 kg the previous month, helping drive total exports to a ... Read More »

Novartis acquires all rights of Ofatumumab from GSK for $1b

novartis

BASEL: Swiss drug manufacturer Novartis has entered into a $1 billion deal to acquire all remaining rights to multiple sclerosis drug Ofatumumab from GlaxoSmithKline plc (GSK) in a $1 billion deal. Multiple sclerosis (MS) is a chronic disorder of the central nervous system (CNS) that disrupts the normal functioning of the brain and spinal cord through inflammation and tissue loss. ... Read More »

Swiss stock exchange falls 3.44% on Monday

STOCK SWISS

ZURICH: The SIX Swiss stock exchange plunged 3.44 percent on Monday morning following sharp falls in the Asian markets. Several Chinese indices fell by around eight percent in early trading, while bourses in Hong Kong, Taiwan and Japan were also hit hard. The Tokyo-based Nikkei index fell by 3.21 percent in morning trading to below 19,000 points, its lowest point ... Read More »

Swiss gold exports to India amount 69,393kg in July

gold import

BASEL: Switzerland’s gold shipments to number one consumer India more than tripled in July from the previous month, data from the Swiss customs bureau. Swiss gold exports to India totalled 69,393 kg in July. Switzerland’s gold shipments to number one consumer India more than tripled in July from the previous month, data from the Swiss customs bureau showed on Thursday, ... Read More »

Swiss gold exports to India surge 67% to 69,393Kgs in July

venezuelagold

ZURICH: Switzerland’s gold shipments to number one consumer India more than tripled in July from the previous month, data from the Swiss customs bureau showed on Thursday, though exports to China and Hong Kong fell. Swiss gold exports to India totalled 69,393 kg in July, the data showed, against 21,493 kg the previous month, helping drive total exports to a ... Read More »

Swiss strong franc gloom deepens for exporters

FRANC

BERN: With the sky-high franc showing no signs of returning to earth, task forces at export-oriented Swiss companies are busily working out ways to tighten belts and stay competitive in the face of the currency crisis. Baumann Springs is one such small and medium-sized enterprise (SME). Unless it makes changes, the firm calculates it will lose around 10% of its ... Read More »

Swiss banks settle tax evasion probe with US

bank swiss

BERN: The US tax evasion investigation fundamentally changed Swiss banking, the symbolic centre of which is at Paradeplatz in Zurich, home to Credit Suisse and UBS. Three further Swiss banks have come to an agreement with the United States authorities over clients who evaded US taxes by using Swiss bank accounts. The financial institutions include the Banque Cantonale du Jura ... Read More »

Swiss watch exports decline 9.3% to 1.9b Swiss francs

export-crate1-620x330

BERN: Switzerland’s watch industry has been struggling in China since 2012, when the country began a crackdown on extravagant spending among government officials. Switzerland’s watch industry has been struggling in China since 2012, when the country began a crackdown on extravagant spending among government officials. Photographer: Xaume Olleros/Bloomberg Swiss watch exports slid the most in more than five years in ... Read More »

Swiss Verbier to cut price 5% of ski passes

verbiaer

BERN: Virginie Barras, marketing coordinator for the 4 Valleys ski area, which includes Verbier, told the Swiss newspaper Le Matin. Next ski season however prices will go down. “We must respond to two big challenges with the strong franc and declining numbers” she added. According to the interview the ski resort, inspired by the airline Easyjet, wants to stimulate demand ... Read More »

Swiss government to be release new banknotes: officials

NEW BANK NOPTES

BERN: The Swiss National Bank (SNB) plans to introduce the first of its new high-tech banknotes in April next year — six years later than initially planned after reported technical problems with its paper supplier. The new 50-franc banknote will be released next year followed by the 20-franc note in 2017, the central bank said in a statement on Friday. ... Read More »

LafargeHolcim to sell two Indian cement plants worth 750m francs

LAGR

BERN: Swiss-based cement giant LafargeHolcim said Monday that it was selling some of its operations in India to Birla Corporation Limited for 750 million francs (€692 million, $767 million). The move comes after the July merger of Lafarge and Holcim to create the world’s largest cement company, and “the proceeds will be used to further reduce debt,” it said in ... Read More »

Swiss government to be release new banknotes: officials

NEW BANK NOPTES

BERN: The Swiss National Bank (SNB) plans to introduce the first of its new high-tech banknotes in April next year — six years later than initially planned after reported technical problems with its paper supplier. The new 50-franc banknote will be released next year followed by the 20-franc note in 2017, the central bank said in a statement on Friday. ... Read More »

Swiss Verbier to cut price 5% of ski passes

verbiaer

BERN: Virginie Barras, marketing coordinator for the 4 Valleys ski area, which includes Verbier, told the Swiss newspaper Le Matin. Next ski season however prices will go down. “We must respond to two big challenges with the strong franc and declining numbers” she added. According to the interview the ski resort, inspired by the airline Easyjet, wants to stimulate demand ... Read More »

Swiss food giant Nestlé $100m sued in India over noodle marketing

MEGI

BERN: Maggi noodles, produced by Nestlé, were popular amongst Indian consumers, before being pulled from store shelves The Indian government is seeking $100 million (CHF98 million) in damages from Swiss multinational company Nestlé for misleading advertising related to its sale of Maggi brand noodles. Officials at the consumer affairs department said they filed a complaint on Tuesday, alleging that the ... Read More »

Swiss UBS bank among two other banks settle tax evasion with US

UBS

BERN: The US tax evasion investigation fundamentally changed Swiss banking, the symbolic centre of which is at Paradeplatz in Zurich, home to Credit Suisse and UBS. Three further Swiss banks have come to an agreement with the United States authorities over clients who evaded US taxes by using Swiss bank accounts. The financial institutions include the Banque Cantonale du Jura ... Read More »

Switzerland, Belize Signs 9thTIEA

tiea

BERN: The agreement is Switzerland’s ninth TIEA. It provides for the exchange of information upon request. It covers Swiss federal, cantonal, and communal taxes on income and capital, and the cantonal and communal inheritance and gift taxes. In the case of Belize, it covers the income tax, business tax, and general sales tax. The agreement must now be approved by ... Read More »

Swissport sells to Chinese group worth CHF2.73b

swissport

BERN: The Zurich-based airport luggage handler Swissport has been sold to the HNA Group, owner of China’s fourth-largest airline, for CHF2.73 billion ($2.8 billion). PAI Partners, the owners of Swissport, concluded the deal with the Haikou-based group which owns the Chinese airline company Hainan airlines.  The HNA Group joined the Fortune Global 500 List for the first time this month ... Read More »

Food companies agree to cut back on sugar

REETAIL

BERN: Sugary processed foods of which breakfast products compose a healthy fraction  are under scrutiny amid worries over obesity, cardiovascular disease, and diabetes. Ten food producers and distributors have signed an agreement with the Swiss interior ministry, promising to rethink the sugar content of their breakfast products. They say that breakfast is the most important meal of the day, which ... Read More »

Airport luggage handler Swissport sells worth CHF2.73b to HNA group

swissport

BERN: The Zurich-based airport luggage handler Swissport has been sold to the HNA Group, owner of China’s fourth-largest airline, for CHF2.73 billion ($2.8 billion). PAI Partners, the owners of Swissport, concluded the deal with the Haikou-based group which owns the Chinese airline company Hainan airlines. The HNA Group joined the Fortune Global 500 List for the first time this month ... Read More »

Swiss exports goods worth CHF7.2b china, Hong Kong in H1- 2015

export-crate1-620x330

BERN: The Swiss Center Shanghai is a non-profit organisation that facilitates the market entry of Swiss companies in the Far East. In the first six months of 2015, Swiss goods in the value of CHF7.2 billion ($7.5 billion) have been exported to China and Hong Kong. That means China remains the third biggest market for Swiss goods behind Germany and ... Read More »