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Singapore-Based Canopy Opens Swiss Office


Switzerland : Financial data company Canopy appointed a business development manager to lead the expansion in Europe. He is based in Switzerland and responsible for new markets. Sinan Biren 160Sinan Biren (pictured left) is the new business development leader for Europe, Canopy said in a memo on Monday. Based in Switzerland he will be responsible for setting up the company’s ... Read More »

Fewer foreigners commuting to Switzerland for work


In the third quarter of 2018, around 312,000 foreign residents commuted to work in Switzerland. In 2017 the figure was around 317,000. This near 2% drop is the first since 2002. In 2002, there were only around 162,000 crossing into Switzerland to work, roughly half (52%) of today’s number. The fastest growing group until 2017 was from France. The number ... Read More »

Switzerland and Indonesia to sign free trade deal agreement


Switzerland:A free trade agreement will be concluded between Switzerland and Indonesia by the end of the year. The two countries have agreed, Swiss Economics Minister Johann Schneider-Ammann announced on Thursday on Swiss public radio SRF. The agreement was reached after 17 rounds of negotiations during Thursday night. According to Economics Ministry, the joint declaration on the conclusion is planned for ... Read More »

UBS may seek clearance to sell more products to U.S. ex-pats in Switzerland


ZURICH : Swiss bank UBS may ask U.S. regulators to expand its license to sell more complex products and sophisticated investment advice to wealthy Americans living in Switzerland as it seeks to woo U.S. taxpayers abroad for growth. In an interview published on Sunday, Chief Executive Sergio Ermotti told Swiss newspaper SonntagsZeitung that UBS currently cannot sell some products and ... Read More »

Opinion: Americans and Swiss do good business


Switzerland has fewer residents than New York City. Yet it is America’s seventh largest foreign investor. Swiss companies have poured a cumulative $224 billion into the U.S. economy, eclipsing European stalwarts like France and Italy, global behemoths China and India, and even NAFTA-partner Mexico. Some of America’s largest employers — including mining giant Glencore, pharmaceutical powerhouse Novartis, and food and ... Read More »

Swiss enforcement of economic sanctions is ‘deficient’


The Swiss federal authorities fail to correctly monitor the application of economic sanctions, an influential Senate committee has warned. An evaluation published by the Senate Management Committee on Tuesday found that the Federal Council had a clear policy regarding economic sanctions coupled with appropriate legislation, but the implementation of sanctions was “deficient”. Economic sanctions are the responsibility of the seven-member ... Read More »

Switzerland sees cold start to week as Indian summer ends


Switzerland : After a long period of very mild sunny weather, temperatures dipped below freezing in parts of Switzerland on Monday morning. The temperature at Zurich airport was a very autumnal -1.9C this morning, while in the watchmaking centre of Le Local in canton Neuchâtel, the thermometer read -6C, according to private weather site Meteonews. Meanwhile, in La Brévine – ... Read More »

57% of cocoa beans imported into Switzerland from Ghana : Swiss Ambassador


Swiss Ambassador to Ghana, Markus Dutly has expressed optimism that bilateral relations between Ghana-Switzerland will witness a major boost in the coming years after recording some significant gains in recent times. Trade volumes between the two countries last year, Markus Dutly noted reached $1.8 billion though the figure predominantly represents imports of gold by Switzerland. In addition to gold imports, ... Read More »

The day UBS, the biggest Swiss bank, was saved


Swiss bank UBS fell victim to its high-risk strategy of expansion in the US market when the financial crisis erupted ten years ago. But the Swiss government and central bank’s plan to bail out UBS was not only successful, but profitable too. “We are not surprised by the development of the financial markets in recent weeks, but we have been ... Read More »

Switzerland: Super strong growth in the first half : ING

LNG import terminal

Switzerland: Charlotte de Montpellier, Economist at ING, notes that the Swiss economy is doing really well as it grew at a fast pace in the first half, with GDP growth reaching 1% and 0.7% quarter-on-quarter in the first and the second quarters, respectively, thanks to a robust foreign demand. “The Swiss economy has recorded a QoQ growth rate of more ... Read More »

Swiss court clears ex-banker who gave secrets to WikiLeaks


Bern : Switzerland’s high court has upheld the acquittal of a former bank accountant who handed over confidential client information to WikiLeaks, ruling Wednesday he wasn’t bound by the country’s strict banking secrecy laws at the time. The Federal Tribunal validated a ruling by Zurich’s regional supreme court in the case of Rudolf Elmer, a former top accountant at a ... Read More »

Switzerland’s growing consulting industry approaches €2 billion mark


The Swiss management consulting market has reached the CHF 2 billion (€1.8 billion) threshold for the first time in 2017, according to the latest available figures. The Swiss consultancy industry is set for further growth this year, and will likely next year break through the €2 billion mark. Data sourced from ASCO – the Swiss association for management consulting firms – ... Read More »

Parliament approves combined corporate tax and pensions bill

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The Swiss parliament has approved an ambitious government bill aiming to combine the contentious issue of corporate tax reform with changes to the pension system. The package could yet come to a nationwide vote in 2019. The repackaged bill was drawn up after Swiss voters threw out an initial plan for a sweeping reform of corporate tax in the country ... Read More »

Novartis Plans to Cut 2,100 Jobs in Switzerland, Britain

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GENEVA : NOVARTIS said Tuesday it’s cutting some 2,100 jobs in Switzerland and Britain over several years as the Swiss pharmaceuticals giant tweaks its corporate structure to become more nimble and more efficient. CEO Vas Narasimhan said Novartis hopes to lower its overall headcount worldwide to below 100,000, from about 126,000 today. Much of that is due to the planned ... Read More »

Could Switzerland see a record number of mountain deaths this year?


Heading up to the mountains is a national pastime in Switzerland but 2018 got off to a particularly deadly start and experts are worried the Alpine country is set for a record number of mountain fatalities this year. Eighty people died while carrying out sporting activities in the Swiss mountains from January to June this year. That’s more than double ... Read More »

Switzerland seeks bank access to Israeli markets

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JERUSALEM:Switzerland has asked Israel to open its markets so Swiss banks can trade funds there, a senior Finance Ministry official said. Israel allows European Union banks market access, but not Switzerland as it is not an EU country and has different regulations from countries inside the bloc. “We need market access and each other’s markets unfettered and as free as ... Read More »

The financial crisis of 2008 and the Swiss ‘miracle’


The collapse of Lehman Brothers ten years ago triggered one of the biggest financial and economic crisis in a century. Switzerland did not escape unscathed but fared better than other countries, without amassing huge debt. On September 15, 2008, the fourth largest US investment bank filed for bankrupcy over the crisis in the subprime mortgage market. The government refused to ... Read More »

Online Trade with Switzerland and Swiss VAT: Authorities Tighten Reins as per 01.01.2019


Cross-border online trading is coming under scrutiny by the Swiss tax and customs authorities. In mid-August, the Federal Council decided that foreign online traders should not benefit from VAT tax advantages. According to the Federal Tax Administration, foreign online traders and mail order companies will also have to pay VAT on small consignments from January 1, 2019. Foreign online platforms ... Read More »

Swiss banks are more crisis resistant but must do more


LUCERNE: Switzerland’s big banks are more “weatherproof” now than they were ten years ago, but must do more to prevent any failures dragging down the financial system, Swiss National Bank Vice Chairman Fritz Zurbruegg said on Thursday. Regulations like stricter capital requirements and bail-in instruments, where shareholders bear the costs of losses rather than taxpayers, are effective ways to tackle ... Read More »

Laing explains his role as lead negotiator for WTO


The Business Community is showing reluctance to the potential of The Bahamas joining the World Trade Organization (WTO) as Minister of Financial Services, Trade and Industry and Immigration Minister Brent Symonette and newly appointed WTO lead negotiator, Zhivago Laing prepare to travel to Geneva, Switzerland to introduce The Bahamas’ formal application into WTO. Eyewitness News Monday spoke with former Minister ... Read More »