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Petrobangla, Swiss co ink MoU on LNG supply

SWITZERLAND: State-owned Petrobangla signed a memorandum of understanding (MoU) with Switzerland-based private firm AOT Energy AG on Tuesday for procurement and supply of liquefied natural gas (LNG) to meet the country’s mounting energy demand. Under the MoU both the parties will initiate negotiations to settle the quantity and the price of LNG. “AOT Energy intends to supply LNG under term ... Read More »

Swiss envoy urges PH to ratify free trade deal

SWITZERLAND: Switzerland is urging the Philippines to ratify a free trade agreement (FTA) that will benefit both Swiss and Filipino producers and consumers. “Both Swiss and Filipino producers will profit from input goods at lower prices. Both Swiss and Filipino consumers will have access to lower priced products and a wider choice of products. The increased competition will foster productivity ... Read More »

Switzerland’s unemployment rate remains stable in May

SWITZERLAND: Switzerland’s unemployment rate remained stable in May, data from the State Secretariat for Economic Affairs showed Thursday. The unemployment rate held steady at a seasonally adjusted 3.2 percent in May. The rate was forecast to fall to 3.1 percent from April’s initially estimated 3.3 percent. On an unadjusted basis, the jobless rate dropped to 3.1 percent in May from ... Read More »

Tax revenue helps cloak lower Swiss National Bank forex intervention

SWITZERLAND: The Swiss National Bank appears to have dialled back its currency market interventions, the scale of which in recent weeks has been hidden by seasonal effects such as early tax payments. The SNB on Wednesday reported the first decline in its foreign exchange holdings since January and this week posted a drop in domestic sight deposits, a proxy for ... Read More »

Switzerland renews push for tax reform following referendum vote

SWITZERLAND: Switzerland’s executive branch has launched an ambitious effort to modernize its preferential tax regime by eliminating some of the benefits that undermined the alpine nation’s 2016 corporate tax reform law. The country’s lawmakers are targeting a key change that omits notional interest deductions—which would have permitted Swiss multinational companies to deduct from their interest-adjusted corporate income tax on above-average ... Read More »

Switzerland’s revised VAT regime to enter into force in 2018

SWITZERLAND: The partial revision of Switzerland’s Value Added Tax Act will come into force on 1 January 2018, the Federal Council determined 2 June. Under the new regime, to become VAT liable, global turnover should be taken into account instead of just Swiss turnover. Therefore, companies whose global turnover is at least 100,000 CHF will be liable to VAT from ... Read More »

Swiss economic growth improves in Q1

SWITZERLAND: Switzerland’s economy expanded at a slightly faster pace in the first quarter, data from the State Secretariat for Economic Affairs showed Thursday. Gross domestic product grew 0.3 percent sequentially, faster than the revised 0.2 percent growth seen in the fourth quarter. However, the pace of expansion was weaker than the expected 0.5 percent. On a yearly basis, GDP growth ... Read More »

Swiss economy might not outpace Germany for a while

SWITZERLAND: If the Swiss economic growth is still left in the shade by Germany this week, its central bank knows exactly why. Two-and-a-half years after suffering an exchange-rate shock that made its exports even more expensive, Switzerland has yet to rediscover its knack of outperforming neighboring Germany. While the two economies boast significant similarities, prompting the Swiss to dub their ... Read More »

Kosovo, Switzerland sign agreement on double taxation

PRISTINA: Kosovo and Switzerland signed on Friday an agreement regulating taxation of income and capital, which is beneficial for both countries, the Swiss federal government said. Under the agreement on double taxation dividends will be taxed at source at a maximum rate of 15%, while qualified participations –  at no more than 5%, the Federal Council of Switzerland said in ... Read More »

Cellnex Telecom buys 2,239 Swiss cell towers for €430m

SWITZERLAND: Spanish celltower company Cellnex is expanding into Switzerland with the purchase of Sunrise Communications’ subsidiary Swiss Towers, owner of 2,239 sites. The deal, valued at €430 million, will see Cellnex, controlled by Spanish infrastructure company Abertis, take on 54% of the shares of Swiss Towers, with Deutsche Telekom Capital Partners taking 18% and Swiss Life Asset Managers the other ... Read More »

Switzerland, Rwanda new deal to boost bilateral ties

SWITZERLAND: Trade volumes between Rwanda and Switzerland could increase thanks to a new set of agreements signed between the two countries on Monday in Bern, touching different areas of cooperation. Rwanda’s Foreign Affairs Minister Louise Mushikiwabo and Swiss Federal Councilor Didier Burkhalter of Switzerland signed the agreements on behalf of their respective countries. One of the pacts signed was the ... Read More »

Swiss firms to showcase investment projects at SPIEF-2017

MOSCOW: Swiss companies will showcase their investment projects at the St. Petersburg International Economic Forum, Switzerland’s embassy in Russia said Monday. “The St. Petersburg International Economic Forum is one of the leading global communication platforms for representatives of business circles discussing key economic issues,” the embassy’s representative said, adding that “the forum will see a Swiss-Russian round table, while Swiss ... Read More »

Jordan, Switzerland sign MoU in political, security consultations

AMMAN: Jordan and Switzerland, Friday, signed a memorandum of understanding (MoU) to enhance political and security consultations, and boost cooperation. The MoU was signed by Minister of Foreign and Expatriate Affairs Ayman Safadi and his Swiss counterpart ‎Didier Burkhalter‎, who reiterated the two countries’ interests to take practical steps to cement economic, education and tourism ties. Safadi briefed the Swiss ... Read More »

Switzerland introduces new 20 franc banknote

BERN: The Swiss National Bank unveiled the second note in its new banknote series. The new 20 franc note, which will be in circulation from May 17th, follows the release of the first in the series, the 50 franc note, last year. Each note in the new series depicts a characteristic of Switzerland, illustrated by various graphic elements. The red ... Read More »

Swiss Franc weakens amid risk appetite

ZURICH: The Swiss franc dropped against its most major rivals in the European session on Tuesday amid risk appetite, as oil prices steadied and a raft of encouraging corporate earnings underpinned investor sentiment. German lender Commerzbank posted a 28% rise in first-quarter net earnings, while Zurich-based Adecco reported better-than-expected earnings for the first quarter. Oil prices were supported on expectations ... Read More »

UPC Switzerland/Austria Q1 revenues down 2.2%

BERN: In the first quarter of 2017, UPC Switzerland/Austria recorded an organic RGU net loss of 2,400, which is better than the loss of 12,000 during Q1 2016, related to improved fixed telephony performance. Aggressive marketing efforts and new bundles from competitors impacted the sequential RGU growth. The company’s Swiss “Connect” and “Connect & Play” portfolios will be enriched by ... Read More »

Swiss bank account spying case raises German ire

BERLIN: German politicians have reacted angrily to reports that Switzerland planted a spy in a regional finance ministry to find out how it obtained details of secret Swiss bank accounts, days after police arrested another man also suspected of spying. The Sueddeutsche Zeitung newspaper and broadcasters NDR and WDR reported that the Swiss Federal Intelligence Service (FSI) had a mole ... Read More »

Swiss freight forwarder acquires ‘Carelog & Air Connection’

BASEL: Swiss logistics company Panalpina has this week announced that they have continued their global expansion plans with the acquisition of two freight forwarders in very different parts of the world so as to improve their service and tap more heavily into more specialist logistics markets. In Denmark, Panalpina has acquired Danish freight forwarding and logistics, Carelog. The company boasts ... Read More »

Swiss tax ‘Spy’ arrested in Germany

BERLIN: Authorities in Germany have arrested a man accused of spying on German tax agencies concerning their efforts to acquire and use stolen Swiss bank data. It is alleged that the Swiss national, who was arrested in Frankfurt on April 28, had worked for the Swiss intelligence agency and was using his position in the German tax authorities to gather ... Read More »

UBS shares up 3% after Q1 profit soars

BERN: UBS said on Friday net profit rose 79 percent in the first-quarter of this year boosted by its investment bank business and cost-reduction program. Net Profit 1.3 billion Swiss francs ($1.3 billion) versus a 919 million average in a poll. The largest bank in Switzerland beat analysts’ expectations reporting a net profit of 1.3 billion Swiss francs ($1.3 billion), ... Read More »