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Swiss police found ‘Russian spies’ in Davos last year

Swiss police last year discovered two suspected Russian agents in the luxury resort town of Davos – including one who claimed to be a plumber, a Swiss newspaper has reported. Tages Anzeiger said the two men, who were stopped but not arrested in August 2019, were suspected of carrying out “preparatory work” for spying on the World Economic Forum, which ... Read More »

Swiss National Bank under rising pressure after five years of negative rates

The franc surged 40% against the common currency after the Swiss National Bank abandoned its 1.20 per euro cap on Jan. 15, 2015, before settling 21% higher on the day. The SNB has since used market interventions and the world’s most deeply negative interest rates to keep a lid on the safe-haven currency, whose strength hurts exporters and hampers the ... Read More »

Switzerland’s Veeam Snapped Up in $5 Billion Private Equity Deal

Insight Partners, a US-based private equity firm, has agreed to buy Swiss data backup specialist Veeam Software for $5 billion (£3.8 billion). The acquisition will see Veeam will become a US company “with a US-based leadership team” and is expected to close this quarter. Veeam specialises in the backup of virtual machines. It is delivered to customers completely via the ... Read More »

Bühler sells China-based flour ingredient business to Bakels

Bühler has announced that it has sold its flour ingredient business to global bakery ingredients group Bakels for an undisclosed sum. The deal includes all shares of China-based Bühler Bangsheng Food Ingredients (Guangzhou), in a move that will strengthen Bakels’ position in China. Also based in Switzerland, Bakels manufactures and distributes bakery ingredients and application solutions to the global bakery ... Read More »

Avalanche hits ski piste in central Switzerland

On Thursday morning, an avalanche swept down a ski piste in the ski resort town of Andermatt in canton Uri in central Switzerland. Two people have been rescued with minor injuries but cantonal authorities fear that several other people may be buried. An extensive rescue operation is underway. Cantonal policeexternal link spokesperson Reto Pfister confirmed to Keystone-ATS news agency that ... Read More »

Switzerland drops case against Saudi- and UAE-linked aerospace firm Pilatus

GENEVA – Switzerland has dropped a case against aerospace firm Pilatus over charges that it failed to inform the government of its ties to Saudi Arabia and the UAE, which have been fighting Yemen’s Houthi rebels since 2015. The Attorney General (OAG) confirmed reports Sunday that it had closed its investigation into part of the matter, after determining the Swiss ... Read More »

Swiss government to cut and downgrade staff flights to reduce emissions

Journeys of less than six hours will be taken by train rather than plane. In addition, staff will be required to fly in economy class rather than business class for journeys of less than 9 hours. Choosing economy class over business class has a big impact on emissions. On long haul flights a business class seat typically takes up three ... Read More »

Electronic Swiss franc? Not so fast, government says

ZURICH : The Swiss government took a downbeat view of creating a central bank digital currency for public use, saying it could do more harm than good and destabilize the financial system. “Universally accessible central bank digital currency would bring no additional benefits for Switzerland at present. Instead, it would give rise to new risks, especially with regard to financial ... Read More »

Trade war goes digital: countries eye tariffs on Internet economy

A 20-year global moratorium on imposing tariffs on digital trade could end next week if India or South Africa makes good on threats, according to trade officials and documents, potentially forcing people to pay duties on software and movie downloads. Since 1998, the World Trade Organisation (WTO) members have renewed a ban on import duties on so-called “electronic transmissions”, worth ... Read More »

Switzerland’s dark business with Ukrainian coal

Pro-Russian separatists are financing their war in Ukraine with coal deliveries to the West. Now the role of Swiss companies in Zug and Geneva is being investigated, according to a reportexternal link in the SonntagsZeitung. Fontus AGexternal link describes itself on its website as a “reliable and responsible supplier of high-grade solid fuels”, selling “coal of Russian and Kazakh production”. ... Read More »

Well-heeled but humble: lessons from setting up a business in Switzerland

You’d never guess by looking at its citizens’ Instagram feeds – images of jet-setting Gucci-clad influencers wearing watches made from moon dust are thin on the ground – but Switzerland is the world’s richest country in terms of average wealth per adult. While conspicuous consumption is not the done thing here, the Swiss certainly aren’t afraid to splash the cash. ... Read More »

Why Swiss people don’t want anyone touching their emergency coffee stockpiles

It’s a question the Swiss government has been grappling with since they announced earlier this year that they were planning to quit stockpiling coffee, declaring the drink not vital for human survival. It’s one of several basic goods Switzerland keeps on reserve in case of an emergency, along with items like flour, sugar and medicines. The government started this stockpiling ... Read More »

Round tables held on Trade Policy & World Trade Organization topics in Baku (PHOTO)

three roundtable discussions dedicated to international trade-related issues were held at the premises of Ekvita Consulting in Baku, Azerbaijan. Representatives of different ministries and agencies of the Republic of Azerbaijan, including the Ministry of Economy, Ministry of Foreign Affairs, Ministry of Taxes, Ministry of Finance, Ministry of Transport, Communications and High Technologies, Central Bank, State Customs Committee, Financial Markets Supervisory ... Read More »

Wework rival IWG sells Swiss business for £94m

Wework rival IWG has made its latest international divestment with the sale of its Swiss business in a deal worth £94m. IWG has sold its 38 flexible co-working locations in Switzerland to a joint entity owned by private banking group J. Safra Group and real estate investor P. Peress Group. The office space giant has also entered into a master ... Read More »

Greens make strong election gains, but don’t expect much change

Green parties have won the legislative elections in Switzerland, but we don’t expect major changes in government policies. Swiss growth is negatively impacted by the global slowdown and uncertainties Sunday’s parliamentary elections in Switzerland gave Green parties a big breakthrough, as we’ve seen in other European countries, and they’re considered the winners. First, the Green Party (left), obtained 17 additional ... Read More »

93% of the value of Spanish fruit and vegetable exports came from the EU

According to data from the Department of Customs and Special Taxes, during the first seven months of 2019, the turnover generated by Spanish fresh fruit and vegetable exports stood at 8,673 million Euro, 8,035 of which corresponded to the EU market. This is 93% of the total and 4% more than in the same period of 2018. Exports outside the ... Read More »

Vanguard makes Switzerland push with new head

Vanguard has named Andreas Zingg as managing officer for Vanguard Investments Switzerland GmbH. Zingg has been with Vanguard since 2016. Prior to assuming his current role, he was head of ETF Distribution Europe from August 2016 to September 2019. Before Vanguard he was head of iShares Middle East & Africa and head of iShares Sales for the German-speaking parts of ... Read More »

India’s Swiss black money probe reaches ‘software’ firm in Andheri bylane

BERNE : India’s fight against suspected black money stashed in Swiss banks has reached a village lane in Andheri area of Mumbai, where an obscure-sounding company, Motech Software Pvt Ltd, was set up nearly two decades ago that allegedly went on to deposit millions of dollars in Switzerland through a maze of offshore entities. Indian tax authorities have sought the ... Read More »

Why Venezuelan Money Is No Longer Welcome In Switzerland

Swiss banks have joined the US sanctions against Venezuela, meaning the South American country’s diplomatic missions in Bern and Geneva are running out of funds to do their work and pay their staff. “We’re in a situation of financial impotence,” complains César Méndez, the Venezuelan ambassador in Bern. The embassy’s bank accounts at Credit Suisse were suddenly closed, he says. ... Read More »

Brexit deal to take 20 YEARS? How Switzerland example exposes dithering EU

THE EU and Switzerland took 17 years to hammer out a one-off bilateral trade deal, which was reportedly nowhere near as complex as the one Boris Johnson is trying to negotiate. Does this example prove it might take almost two decades before a proper withdrawal agreement is confirmed by both Britain and the bloc? Boris Johnson became Prime Minister in ... Read More »