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Swiss bank Julius Baer opens UK offices to seize on Brexit nerves

ZURICH: Swiss private Julius Baer is opening three new UK offices as it looks to bank for wealthy residents spooked by uncertainty over Britain’s planned exit from the European Union. The offices will be in Manchester, Leeds and Glasgow while Julius Baer will also establish a small team in Belfast, Northern Ireland, the Zurich-based bank said in a statement on ... Read More »

Swiss manufacturing in July posts strongest growth in 6 years

ZURICH: Switzerland’s manufacturers posted their strongest growth in more than six years for July, figures on Wednesday showed, pointing towards a sustained upswing for the sector that has been battered by the highly-valued Swiss franc. The Manufacturing Purchasing Managers Index reached 60.9 points during July, its highest level since February 2011, and well above the growth threshold of 50 points ... Read More »

Consumers more optimistic about economy, job market in Switzerland

BERN: Consumer sentiment in Switzerland is on the rise again in July. The index reached -3 points – well above the long-term average (-9 points). This confirms the recovery in sentiment from the lows following the sharp rise in the Swiss franc. In comparison to the survey of April, consumers’ expectations for economic growth and for the job market have ... Read More »

Swiss central bank posts 1.2 bln Swiss francs H1 profit as forex weighs

ZURICH: Switzerland’s central bank on Monday reported a net profit of 1.2 billion Swiss francs (913.66 million pounds) for the first half of 2017 as big foreign exchange losses weighed on earnings from its foreign investments. The Swiss National Bank (SNBN.S) made a profit of 100 million francs from its foreign currency positions, as exchange related losses of 11.8 billion ... Read More »

Swiss, EU ease trade in industrial goods as ties thaw

ZURICH: Switzerland and the European Union have struck a deal to remove technical barriers to trade in some industrial goods, unblocking a dossier that had been frozen in a row over Swiss efforts to curb immigration from its biggest trading partner. Parliament last year skirted a clash with the EU by adopting a local preference system for jobseekers, stopping short ... Read More »

Azerbaijan’s Central Bank deposits 362.6 kg of gold from Switzerland

SWITZERLAND: The Central Bank of Azerbaijan (CBA) has deposited 362.6 kilograms (11,655.2 troy ounces) of consumer gold from Switzerland, said the country’s Finance Ministry. The ministry said that gold, produced at the Gadabay field, after refining in Geneva, was given to the CBA by the State Service for Control on Precious Metals and Stones of the Ministry of Finance. Earlier, ... Read More »

Switzerland’s UBS sees 2nd-quarter profit rise 14%

SWITZERLAND: Swiss bank UBS says its earnings rose 14 percent in the second quarter as its wealth management operation performed strongly. UBS said Friday that net profit for the April-June period was up to 1.17 billion francs ($1.2 billion) from 1.03 billion francs a year earlier. The company also saw operating expenses decline and said that it is on track ... Read More »

Switzerland’s Roche raises 2017 outlook as MS drug shines

SWITZERLAND: Switzerland’s Roche <ROG.S>, the world’s biggest maker of cancer drugs, raised its 2017 outlook on Thursday after first-half profit beat market expectations and its new multiple sclerosis drug got off to a solid start. Chief Executive Severin Schwan told reporters he remained confident the group could deliver sales growth, despite the arrival of biosimilar rivals, by introducing new drugs ... Read More »

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 »