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Italy, Switzerland sign agreement to exchange tax-relevant information deal

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ROME: Italy and Switzerland signed an agreement to exchange tax-relevant information as part of wider negotiations on contentious financial issues between the two countries. The agreement will allow Italian tax authorities to ask for financial information about Italian residents who hold assets in Swiss bank accounts. So far, these requests weren’t possible due to secrecy laws covering assets stashed in ... Read More »

Swiss arm of British bank HSBC helped over 7,000 Italians in concealing wealth

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ROME: The Swiss arm of British bank HSBC may have helped over 7,000 Italians, including the ex-Formula One team boss Flavio Briatore, hide their wealth from the authorities. A data trove of leaked secret bank account files, obtained through an international collaboration of journalists, revealed on Sunday that HSBC’s Swiss private bank may have helped 7,499 Italian customers conceal $7.5 ... Read More »

Swiss banks to face costly manpower from new market in Zurich

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WARSAW: Swiss financial titans UBS and Credit Suisse are expanding their operations in provincial Poland in a cost-saving drive made more urgent by the surge in the value of the Swiss franc. Economic imperatives are forcing the banks to transfer some of their functions to cheaper locations and swap lakeside Zurich, with its streets lined with luxury boutiques, for the ... Read More »

UBS AG, Credit Suisse to expand operations to Zurich’s expensive charm

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ZURICH: Swiss financial titans UBS AG, Credit Suisse are expanding their operations in provincial Poland in a cost saving drive made more urgent by the surge in the value of the Swiss franc. Economic imperatives are forcing the banks to transfer some of their functions to cheaper locations and swap lakeside Zurich, with its streets lined with luxury boutiques, for ... Read More »

Rise in Swiss france value slows mergers, acquisitions activity in Poland

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GENEVA: Surprising surge in value of the Swiss franc has slowed down merger and acquisitions activity in Poland’s banking sector, as buyers and sellers are cautious of a sharp rise in the cost of mortgages denominated in the Swiss currency. Executives had anticipated a wave of deals this year in Poland, whose banking sector looked ripe for consolidation because it ... Read More »

Swiss lender ‘Notenstein Private Bank’ to buy rival La Roche

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ZURICH: Swiss lender Notenstein Private Bank said on it would buy Basel based bank La Roche 1787, which manages 6.5 billion Swiss francs ($7 billion) of assets, for an undisclosed price. La Roche is the latest in a string of smaller Swiss players to sell out. Experts and bankers predict the Swiss banking sector will shrink by about a third ... Read More »

Swiss lender ‘Notenstein Private Bank’ to buy rival La Roche

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Swiss private bank Notenstein to buy rival La Roche ZURICH: Swiss lender Notenstein Private Bank said on it would buy Basel based bank La Roche 1787, which manages 6.5 billion Swiss francs ($7 billion) of assets, for an undisclosed price. La Roche is the latest in a string of smaller Swiss players to sell out. Experts and bankers predict the ... Read More »

Schindler cautions high franc on profit rise

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ZURICH: The Schindler, a Switzerland insurance group based in Ebikon in the canton of Lucerne, has warned of high franc, saying that net profit rose to 902 million francs last year, a lift of 95 percent from 2013, raising revenue to five percent to 9.25 billion francs. The company received orders last year amounting to more than 9.9 billion francs, with ... Read More »

Switzerland’s global gold export touches 1,746 tonnes worth 65b Swiss francs

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BERN: Switzerland has globally exported gold worth 65 billion Swiss francs. India was the biggest buyer, Germany was ranked 5th. Russia was delivered 55 tonnes more than it drew. The Swiss customs administration released numbers on Tuesday this week regarding Swiss foreign trade in 2014. It contains detailed information about the country’s gold imports and gold exports. According to the ... Read More »

Swiss exports rise 2.1% YoY to $17.01 billion

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BERN: Switzerland’s exports hit a record high in 2014 after rising in December, a month before the Swiss central bank abandoned its cap on the franc, data showed. Exports rose by a real 2.1 percent year-on-year in December to 15.776 billion Swiss francs ($17.01 billion). On a nominal basis, the increase was 7.2 percent, the Customs Office said in a ... Read More »

Switzerland gold exports to India touch 17.1 billion francs in 2014

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BERN: Switzerland gold exports to India crossed Rs 1.2 lakh crore in 2014 even as concerns persist over bullion being used to channel illicit funds into the Indian shores. The value of precious metal imported from Switzerland touched 17.1 billion Swiss francs (over Rs 1.2 lakh crore) during the 11-month period from January till November end in 2014, according to ... Read More »

Trading in renminbi: Swiss central bank signs pact with People’s Bank of China

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ZURICH: Switzerland’s central bank had signed a pact with the People’s Bank of China (PBOC) to set up clearing arrangements for renminbi trading in a move hailed by the domestic banking lobby, bank said here the other day. The Swiss banking sector, facing the end of the secrecy that was once the bedrock of its business is turning to China ... Read More »

Switzerland Police smash international illegal antiques worth £38million

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BERN: The rare art works, including vases, jewellery, bronze statues and frescoes looted from illegal digs in Italy, were discovered in warehouses in Switzerland. Police have seized more than 5,000 antiquities worth a record £38 million, after smashing a criminal art network which smuggled classical treasures out of Italy through Switzerland. The rare art works, including vases, jewellery, bronze statues ... Read More »

Swiss central bank to spend over $100b to hold down currency value

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GENEVA: Central Bank senior official said Switzerland would have had to spend more than $100 billion this month alone if it had continued efforts to hold down the value of its currency. The Swiss National Bank scrapped a three-year-effort to keep down the value of the franc, sending the Swiss currency soaring by as much as 30 percent. The soaring ... Read More »

Swiss Finance Dept proposes changes to withholding tax system

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BERN: The Swiss Federal Finance Department launched an explanatory report and a proposed legislative bill concerning some important changes of the federal withholding tax system. At the core of the proposed reform is a system change of bond interest taxation from the present ‘debtor’ system to a ‘paying agent’ system, whereby the duty to withhold and pay tax from relevant ... Read More »

Switzerland launches 3-month consultation to implement tax agreements with other countries

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ZURICH: The Swiss Government has launched a three-month consultation period on draft legislation that will pave the way for Switzerland to implement tax information sharing agreements with other countries. Finance minister Eveline Widmer-Schlumpf announced the schedule in Berne and explained in outline that the cabinet wants Switzerland to agree to a number of forms of information sharing. She said Switzerland ... Read More »

Swiss police burst int’l smuggling ring, nab 15 smugglers

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ZURICH: Swiss police arrested 15 people and seized 55 kg of heroin in raids to smash an international network smuggling drugs from Turkey to the Alpine country, police said here the other day. Raids on 20 homes in the town of Zug, south of Zurich, also netted caches of money and weapons as well as a dozen cars, they said. ... Read More »

Switzerland, Italy agree to amend double tax agreement

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BERN: Italy and Switzerland have agreed an amendment to their double tax agreement to enhance tax information exchange provisions. It is hoped that the agreement will be signed before the March 2 deadline set by Italy’s new voluntary disclosure program to enable Switzerland’s removal from Italy’s “black list.” After three years of talks, the conclusion of the agreement follows a ... Read More »

Swiss WorldCargo, Cargologic, SATS sign MoU to revamp cargo handling services

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GENEVA: Swiss WorldCargo, the airfreight unit of Swiss International Air Lines, and its partner ground handling companies Cargologic and SATS signed a deal to revamp cargo handling services. Under the MoU, the three companies will collaborate and focus on quality, e-initiatives, temperature-controlled transport management and specialized handling solutions. The new alliance will collaborate in the fields of information technology, facility ... Read More »

Customs ruling lifts cold Pizza deliveries across Swiss border

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BERN:  Double pepperonis and garlic bread get cold waiting at customs, complain Swiss pizza lovers hoping to take advantage of lower French and German prices A recent ruling by the Swiss authorities has highlighted one of Europe’s more bizarre border rituals: customs inspections of pizza deliveries. Swiss residents prefer to order their pizzas from across the border in Germany and ... Read More »