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Swiss companies keep watchful eye on Hong Kong protests

Democracy protests in Hong Kong have disrupted flights, closed shops and have placed the global spotlight on the Chinese territory. Swiss companies are monitoring the situation, wary that the chaos could impact their bottom line. While Hong Kong’s economy has stagnated in recent months, the recent turmoil’s impact so far appears mostly sartorial. Sally Yan, a Switzerland-based Chinese executive travelled ... Read More »

Swiss Companies Have Invested USD 1.6 Bn In Africa’s Gateway Market

Courtesy of the General Authority For Investments and free zones (GAFI), we’ve learned that 462 companies from Switzerland are operating in Egypt. All of these account for a total USD 1.6 Bn investments in the North African country. Per an exclusive document revealing this, a more substantial portion of the Swiss companies in Egypt is working in the services sector, ... Read More »

SEBA plans textile roadshow to Switzerland: Executive Director

The Swiss-Egyptian Business Association (SEBA) is planning a textile roadshow to Switzerland to promote the textile sector in Egypt (garments and machinery) and to know the requirements of the Swiss market, SEBA‘s Executive Director, Marwa Taher, said. “We believe that the Egyptian economy holds great potential for more investments and business expansion. In fact, Egypt is currently looked at as ... Read More »

Crypto-Focused Finance App Aximetria Wins License From Swiss Regulator

Aximetria, a firm offering a personal finance app for both fiat and cryptocurrencies, has been awarded a license from the Swiss Financial Services Standards Association (VQF). The firm told CoinDesk exclusively on Monday that the license – which is recognized by Switzerland’s Financial Market Supervisory Authority (FINMA) – enables it to definitively state that its product is “fully compliant” with ... Read More »

Swiss company looks back on 30 years of business in Ireland

CO. WEXFORD, Ireland – Designer and distributor of electronic power supplies, Traco Power Solutions, on Thursday marked its 30th anniversary of doing business in Wexford, Ireland. The event was attended by the company’s owner Rolf Caspar and other senior company leaders, and by Brendan Howlin TD, who officially opened the company when it established operations in Wexford in 1989, trading ... Read More »

China, Belarus implement AEO customs agreement

BEIJING,: The agreement on mutual Authorized Economic Operator (AEO) status signed between China and Belarus went into effect Wednesday, offering easier customs clearance for exporters from both countries, according to the General Administration of Customs (GAC). Under the agreement, companies that obtain the AEO status in the two countries will enjoy simplified customs procedures, including reduced examination and prioritized clearance, ... Read More »

Switzerland’s SIX to launch marijuana data service

SIX, the operator of Switzerland’s stock exchange, said it plans to launch a data service for more than 30,000 securities connected to marijuana related businesses (MRB) to help investors assess their exposure to cannabis-linked companies. Aimed at investors who don’t want their money being used for buying securities involved in producing alcohol, tobacco and recreational drugs, the service identifies and ... Read More »

Crypto foundations continue to thrive in Switzerland

Yet more overseas blockchain firms are coming to Switzerland to set up foundations. British company Atlas City will establish a non-profit entity for its Catalyst project. But what’s in it for commercial enterprises that develop cutting-edge technologies? The Swiss foundation model looked to be faltering with disputes at Tezos and Cardano last year. But 18 crypto foundations were set up ... Read More »

Smart Ports Market Worth $5.3 Billion by 2024

CHICAGO, According to the new market research report “Smart Ports Market by Technology (IoT, Blockchain, Process Automation, Artificial Intelligence (AI)), Elements (Terminal Automation, PCS, Smart Port Infrastructure, and Others), Throughput Capacity, Port Type, and Region – Global Forecast to 2024”, published by MarketsandMarkets™, the Global Smart Ports Market is projected to reach USD 5.3 billion by 2024 from an estimated ... Read More »

India to get Swiss bank details of all Indians from September

India’s fight against suspected black money stashed abroad will get a major boost this September in the form of first set of detailed financial information about all Indians having Swiss bank accounts, including those closed since last year. The details that Switzerland would share with Indian tax authorities under the Automatic Exchange of Information (AEOI) framework would include account numbers, ... Read More »

Expats rate Switzerland as their top destination

Geneva — Switzerland has knocked Singapore off its perch as the world’s top-ranked destination for expatriates. The nation, home to some of the biggest private banks, commodity traders and pharmaceuticals companies, was judged the best place to live and work, according to a study published on Thursday by HSBC Holdings. Switzerland jumped from number eight in 2018 as it garnered ... Read More »

Cross-border shoppers declare goods via Swiss customs app

Some 90,000 people have downloaded a mobile phone app to speed them through customs when they declare goods at the Swiss border. Swiss customs said on Tuesday the innovation had netted them CHF1.1 million ($1.1 million) in duties since it was launched a year ago. The Federal Customs Administrationexternal link has declared the QuickZoll app a success, registering more than ... Read More »

European traders banned from trading Swiss blue chips as EU talks break down

European traders are banned from trading stock in hundreds of Swiss companies from Monday following a breakdown of treaty talks between Switzerland and the European Union. Swiss regulators have imposed a ban on EU exchanges trading Swiss equities after the European Commission allowed the ‘equivalence’ status granted to the Swiss stock exchange to lapse. The move followed a lengthy standoff ... Read More »

Business co-op with Switzerland expands

The development of economic cooperation is a priority in the bilateral relations between Switzerland and Azerbaijan. Azerbaijani-Swiss business forum, organized by Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and the Embassy of Azerbaijan in Switzerland, was held in Zurich, Switzerland, on June 27. Representatives of companies working in the fields of energy, agriculture, construction, tourism, ICT, food industry, along with ... Read More »

Indian Money in Swiss Banks Falls by 6% in 2018, Hits Second-lowest Level in Two Decades

Zurich/New Delhi: Money parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell by nearly 6 per cent in 2018 to 955 million Swiss francs (about Rs 6,757 crore) to hit its second-lowest level in over two decades, Swiss National Bank data showed on Thursday. Aggregate funds of all foreign clients of Swiss banks also fell ... Read More »

Switzerland to return millions in laundered funds to Uzbekistan

The Office of the Attorney General said on Monday it would return CHF130 million ($133 million) after securing a conviction in its six-year investigation into allegations of money laundering involving the eldest daughter of the former Uzbek president, Islam Karimov. A relative of Gulnara Karimova has been convicted by a Swiss federal court for taking part in a scheme to ... Read More »

Tax Reform Package For Swiss Companies Is Approved

Historically, Swiss companies have enjoyed a zero tax regime for capital gains and dividend income. Trading companies, however, have always attracted a local canton (region) tax rate. The new tax changes focus on trading profits. New Corporate Tax Rate – Geneva As from January 2020, the corporate tax rate (combined federal and cantonal tax) for all companies in Geneva, will ... Read More »

How do we keep companies honest on human rights?

Our analysis of what the biggest global companies in Switzerland are up to. There was a time in the not-too-distant past when a CEO of a major multinational wouldn’t be caught dead saying the words “human rights”. Times have changed. Just this week, more than 30 CEOs signed a call to actionexternal link on human rights, and big companies from ... Read More »

Switzerland eyes great potential for developing trade with Russia

MOSCOW, : Swiss companies consider Russia and the Eurasian Economic Union as an important market with a high growth potential, Head of Switzerland’s Department of Foreign Affairs Ignazio Cassis said in an interview with TASS published on Wednesday. According to him, last year Russia was ranked 25th among Switzerland’s trade partners, with trade volume reaching $2.8 bln, a 14% increase ... Read More »

Bourse sanctions loom as EU-Swiss talks stall

BRUSSELS (Reuters) – Swiss bourses face losing direct access to EU investors from July 1, as the European Commission reported on Tuesday that talks with Bern over a new partnership treaty had failed to progress. The loss of access granted under a so-called “equivalence” regime would have broad financial repercussions for Switzerland, and for the 28-country European Union itself. But ... Read More »