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Switzerland’s investment grows in CPEC related projects

SWITZERLAND: Pakistan is once again surfacing as an emerging market offering attraction to foreign investors. The GDP growth of over 5 percent, a growing consumer market driven by the growing middle class, functional democratic institutions in the country and substantial improvements in the security situation of the country are all positive economic indicators. The economic horizon of the country is ... Read More »

UBS Swiss consumption indicator rises to 1.38 pts in June

ZURICH: The UBS Swiss consumption indicator rose to 1.38 points in June from a downwardly revised 1.32 in May, the Swiss bank’s economists said on Wednesday. JUNE 2017 MAY 2017 JUNE 2016 Consumption indicator 1.38 1.32 (1.39) 1.14 Numbers in brackets show the value as was originally reported COMMENTS FROM THE UBS STATEMENT: “UBS consumption indicator printed 1.38 in June, ... Read More »

Citi hires UBS executive to head Switzerland investment banking business

SWITZERLAND: Citi has poached UBS’s head of Europe, Middle East and Africa capital goods, Heiko Horn, as the new head of its investment banking business in Switzerland. Mr Horn will also head Citi’s Emea diversified industrials group, according to an internal memo seen by the Financial Times. “Heiko brings with him over 10 years of experience covering the Swiss investment ... Read More »

Swiss watch exports regain pace

ZURICH: Swiss watch exports gained for a third time in four months as Chinese demand strengthened and the UK attracted buyers with its weak currency. Shipments climbed 5.3% to 1.7 billion francs (US$1.8bil) in June, the Federation of the Swiss Watch Industry said in a statement Thursday that underpinned signs of a rebound from the longest slump on record. Exports ... Read More »

British imports of Swiss watches highest in two years

BERN: Exports of Swiss watches to the UK rose at their fastest rate for two years in June. The Federation of the Swiss Watch Industry recorded a spike of +35.6% of exports to the UK, compared to June 2016, the month of the Brexit vote that sent the pound tumbling. The UK imported watches worth CHF124.1 million in June 2017, ... Read More »

Switzerland promoting tax transparency efforts

SWITZERLAND: Switzerland has signed an agreement on the automatic exchange of tax information with Singapore, and is this week hosting a working meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The agreement with Singapore was signed by the Deputy State Secretary of Switzerland’s State Secretariat for International Financial Matters and by the Deputy Commissioner ... Read More »

Switzerland, Indonesia renew economic cooperation

SWITZERLAND: Switzerland and Indonesia launched an economic cooperation and development strategy for the 2017-2020 period on Friday (14/07), renewing the European country’s commitment to support economic development in the archipelago for the next four years. The Swiss government – through its State Secretariat for Economic Affairs (SECO) – is supporting middle-income countries such as Indonesia, Egypt, Ghana, South Africa, Vietnam, ... Read More »

Transocean Ltd (Switzerland) (RIG) rises 2.97% for July 13

SWITZERLAND: Among the biggest risers on the S&P 500 on Thursday July 13 was Transocean Ltd (Switzerland) ($RIG), popping some 2.97% to a price of $8.31 a share with some 9.65 million shares trading hands. Starting the day trading at $8.10, Transocean Ltd (Switzerland) reached an intraday high of $8.36 and hit intraday lows of $8.06. Shares gained $0.24 apiece ... Read More »

Switzerland supports Ghana with $80 mln

SWITZERLAND: The Federal Republic of Switzerland has earmarked an amount of $80 million to support the enhanced competitiveness of Ghanaian enterprises in the global market space, as well as help in government’s efforts at diversifying the Ghanaian economy. Ghana has been classified by Switzerland’s State Secretariat for Economic Affairs (SECO) as a priority country for economic development, resulting in the ... Read More »

Swiss forex first timers deposit most in May 2017

SWITZERLAND: The latest report from the Finance Magnates Intelligence Department and the retention automation firm CPattern shows that Switzerland was the best market for getting new deposits on the global forex trading map during the month of May 2017. Surprisingly, following the wealthy, developed nation of Switzerland some relatively poor developing nations made it onto the list of top ten ... Read More »

Switzerland’s unemployment rate remained unchanged in June

SWITZERLAND: For the 24 hours to 23:00 GMT, the USD rose 0.34% against the CHF and closed at 0.9639 on Friday. In economic news, Switzerland’s seasonally adjusted unemployment rate remained steady at 3.2% in June, at par with market expectations. In the Asian session, at GMT0300, the pair is trading at 0.9639, with the USD trading flat against the CHF ... Read More »

Transocean Ltd (Switzerland) (RIG) rises 5.35% for July 04

SWITZERLAND: Among the biggest risers on the S&P 500 on Tuesday July 04 was Transocean Ltd (Switzerland) ($RIG), popping some 5.35% to a price of $8.67 a share with some 10.06 million shares trading hands. Starting the day trading at $8.30, Transocean Ltd (Switzerland) reached an intraday high of $8.83 and hit intraday lows of $8.29. Shares gained $0.44 apiece ... Read More »

Switzerland retail sales declined less than expected

SWITZERLAND: The Swiss franc is still trading below 1.10 against the single currency despite short-term bullish pressures on the pair. We believe that there is at the moment two major reasons that are pushing the euro against the Helvetic currency. The French Presidential election and the start of the “Brexit” negotiations have removed – at least reducing the political and ... Read More »

Imports of Bulgarian goods to Switzerland on the rise

SWITZERLAND: For Switzerland, Bulgaria might not be the most important trade partner, but there is a sharp increase regarding the import of Bulgarian goods to Switzerland. This is what is says in a statement released by the Swiss Customs Administration (EZV). According to the EZV, Bulgaria is only the 43rd most important trade partner for Switzerland. But while imports from ... Read More »

Swiss trade surplus rose in May

SWITZERLAND: For the 24 hours to 23:00 GMT, the USD declined 0.08% against the CHF and closed at 0.9719. On the economic front, Switzerland trade surplus widened to a level of CHF3.40 billion in May, as exports grew faster than imports. The nation had reported a revised surplus of CHF1.96 billion in the prior month. In the Asian session, at ... Read More »

Transocean Ltd (Switzerland) (RIG) Dips 5% for June 21

SWITZERLAND: Among the S&P 500’s biggest fallers on Wednesday June 21 was Transocean Ltd (Switzerland) (RIG). The stock experienced a 5% decline to $7.79 with 18.74 million shares changing hands. Transocean Ltd (Switzerland) started at an opening price of 8.16 and hit a high of $8.18 and a low of $7.67. Ultimately, the stock took a hit and finished the ... Read More »

Switzerland ready to assist Central Asian countries with water management

SWITZERLAND: Kazakh Foreign Minister Kairat Abdrakhmanov and Swiss Head of the Federal Department of Foreign Affairs Didier Burkhalter discussed bilateral cooperation and took part June 19 in an international conference on water resources management in Central Asia in Astana. During the meeting, Abdrakhmanov noted the high level of bilateral political and economic partnership and said Switzerland is one of Kazakhstan’s ... Read More »

Swiss gov’t cuts 2017 growth outlook, sees tame inflation

BERN: The Swiss government cut its outlook for 2017 economic growth in its latest forecast on Tuesday, adding it expected inflation to remain subdued. The State Secretariat for Economic Affairs (SECO) said it expected economic growth of 1.4 percent in 2017, below the forecast of 1.6 percent it gave in March. “The slight downward adjustment compared with the previous forecast ... Read More »

Switzerland vows to tighten oversight of funding to Palestinian groups

SWITZERLAND: Didier Burkhalter made the promise during a debate in the Swiss Senate on Tuesday after the federal upper house of Switzerland adopted parts of a motion passed by the lower house earlier this week, the RFJ broadcaster reported. ‘We are going to take a series of measures” to prevent the use of Swiss funds for activity deemed conducive to ... Read More »

Swiss National Bank leaves key deposit rate unchanged

BERN: The Swiss National Bank on Thursday defended its oft-repeated claim that the Swiss franc is “significantly overvalued,” despite signs of modest economic growth, a high trade surplus and low unemployment which appear to undercut this view. The SNB has for many years warned that the franc is too strong and repeated the “significantly overvalued” assessment on Thursday as it ... Read More »