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

gold

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

exports

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

gold biscuits

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

currency

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

pploice smach

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

central-bank-of-switzerland-m

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

tax

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

7kg heroin

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

tax

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

Swiss cargo

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

PIZZA

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 »

Solar plane to leave Switzerland for world’s radical round

solar

BERN:  A solar plane was loaded onto a cargo carrier in Switzerland late heading for the Middle East from where it will attempt a revolutionary round-the-world trip. The air carrier transporting Solar Impulse 2 is due to leave early for Abu Dhabi, from where the long-winged plane will begin its record-making bid in March with the aim of completing the ... Read More »

Swiss police confiscate 55kg illicit heroin worth $10.35 million

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ZURICH: Swiss police have seized 55 kg of heroin and nabbed 15 people 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 ... Read More »

Illicit financial flow: Swiss Customs seizes €573 million in 2014 at German-Swiss border

currency

ZURICH: Swiss Customs has seized illicit €573 million in the last year, the number of Germans smuggling money out of Switzerland rose dramatically. Customs officers on the German-Swiss border said they made a find in almost every third car they checked, here the other day. The limit for bringing undeclared cash across an EU border is €10,000 (12,200 francs), but ... Read More »

Swiss gold exports to China decline in Nov

gold ornaments

ZURICH: Swiss gold exports to china fall to 34 tns in November, Switzerland exported 232.2 tonnes of gold in November, according to official Swiss Customs Administration statistics here the other day. Swiss statistics are a good indicator of the volume of metal being shipped into China, which does not publish official figures gold imports. “As expected, shipments from Switzerland to ... Read More »

Swiss drugmaker Roche says agree to buy Bina Technologies for undisclosed price

Roche

ZURICH: Swiss drugmaker Roche said it had agreed to buy privately held Bina Technologies for an undisclosed price. The deal comes on a day when Roche suffered a double blow, as two clinical studies of drugs for breast cancer and Alzheimer’s disease failed, sparking the biggest percentage fall in its stock in five years. On Thursday, Roche agreed to pay ... Read More »

Swiss gold exports to India to touch Rs 1tr mark

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ZURICH: Switzerland and Indian authorities have serious concerns about their trading rout, which they might think used for the money laundering. Switzerland’s gold export to India has risen further and is fast approaching Rs one-trillion mark for the entire 2014. The Swiss gold exports to India stood at over 2.8 billion Swiss francs (over Rs 18,000 crore) in October, up ... Read More »

Swiss Court sentences Pierre Condamin-Gerbier in French tax fraud investigation

jail

Geneva: Swiss Federal Court sentenced a man to two years, who accepted lying when he served as a key witness in a major French tax fraud investigation here the other day. Frenchman Pierre Condamin-Gerbier was sentenced by the Swiss Federal Criminal Court in Bellizone, in the southern canton of Ticino, after his defence and prosecutors struck a deal, the ATS ... Read More »

Swiss utility company Axpo to write down 1.5b francs on value of power plants

energy plant

ZURICH: The crumble wholesale prices for electricity have forced us to write down 1.5 billion francs on the value of its power plants and energy supply contracts, Swiss utility company Axpo said on here the other day. This resulted in an operating loss for the financial year ending September 30th of 730 million francs ($744 million), compared to an operating ... Read More »