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SGEM awards Leclanche to supply 20MW storage system in US

BASEL: Swiss Green Electricity Management Group (SGEM) has awarded Leclanche the contract to act as overall engineering, procurement and construction (EPC) contractor on a 20MW/10MWh energy storage project in Chicago, northern US. The Marengo energy storage project, which will provide services to PJM Interconnection, will be operational by mid-2017. PJM Interconnection operates one of the most mature markets for battery-based ... Read More »

Switzerland, Latvia sign tax treaty protocol

BASEL: Switzerland and Latvia today signed a protocol to their 2002 double taxation agreement, Switzerland’s Federal Council has announced. The agreement provides for exchange of information upon request, reduces taxes on qualified participations, and adds a new arbitration clause, the Swiss government said. The Switzerland-Latvia tax treaty protocol also adopts a principal purpose test to prevent tax treaty abuse that ... Read More »

Switzerland finalises Basel airport tax deal with France

BASEL: Companies operating out of Basel-Mulhouse international airport will split tax payments between Switzerland and France, following the conclusion of a long-running dispute between the two countries. Officials from both countries initialed a deal on Friday to mark the end of marathon negotiations that began in 2013. Swiss International Airlines cited the political wrangling as one of the reasons it ... Read More »

Swiss scrap plans for bonus clawback at banks, insurers

BASEL: Switzerland’s financial watchdog has scrapped plans that would have allowed the country’s biggest banks and insurers to claw back bonuses in the event of staff misconduct. The Swiss Financial Market Supervisory Authority (FINMA) on Tuesday nixed a clause in its revised rules for corporate governance, risk management and remuneration that told big banks and insurers to contractually reclaim bonuses ... Read More »

Nestlé aims to boost e-commerce contribution to revenue in Malaysia

BASEL: Nestlé (Malaysia) Bhd expects to increase its e-commerce contribution to its revenue from the existing one per cent to 10 per cent within the next three to four years. This 10 per cent, according to its managing director, Alois Hofbauer would translate to some RM500 million. “We are already the market leader within the nutritional, health and wellness segments ... Read More »

BSI loses assets amid 1MDB investigation

BASEL: Swiss private bank EFG International’s newly acquired BSI business suffered net new money outflows of 17.8 billion Swiss francs ($18 billion) in the first 10 months of 2016 amid sanctions over ties to a scandal-hit Malaysian state fund. EFG said on Tuesday it had completed the acquisition of BSI from Brazil’s Grupo BTG Pactual SA for a preliminary 1.06 ... Read More »

Netherlands to build floating oil terminal in Iran

AMSTERDAM: IOCT managing director has reported on negotiations with a Dutch firm to renovate and develop Iranian oil terminals in the Persian Gulf. On the sidelines of Offshore Energy Exhibition & Conference (OEEC) the Netherlands, Managing Director of Iran Oil Terminals Company (IOTC) Seyyed Pirouz Mousavi said Iran’s volume of crude and gas condensate exports has reached pre-sanction levels noting ... Read More »

Swiss chemicals group Sika to buy out company’s family owners

BASEL: Board directors of the Swiss chemicals group Sika have offered to buy out the company’s family owners in an attempt to end a two-year legal battle over its future. Paul Hälg, Sika’s chairman, said he was prepared to draw a line under a bitterly-contested ownership row, after a court ruling late on Friday blocked the family’s attempts to sell ... Read More »

UBS’s pre-tax profit increases by 11% in 3Q

BASEL: In the third quarter of 2016, UBS (NYSE:UBS) (SWX:UBSN) delivered strong results with an adjusted1 profit before tax of CHF 1,300 million, up 33% year-on-year. Reported pre-tax profit was up 11% year-on-year to CHF 877 million. Net profit attributable to shareholders was CHF 827 million, with diluted earnings per share of CHF 0.22. Group annualized adjusted1 return on tangible ... Read More »

Swiss govt makes case for corporate tax reform

BASEL: The Swiss Federal Council has announced its support for the proposed changes to Switzerland’s corporate tax framework, known as Corporate Tax Reform III (CTR III), ahead of a referendum on the issue due to take place early next year. CTR III will abolish corporate tax arrangements that are no longer in keeping with international standards. These primarily relate to ... Read More »

Swiss FAC grants UBS access to files in French tax probe

BASEL: The Swiss federal administrative court (FAC) said on Wednesday Swiss bank UBS had been granted the right to inspect the files and receive information in a tax investigation by French tax authorities. The court decided to grant UBS “party status”, allowing it to access the files and be served with all final decisions by the Swiss federal tax administration ... Read More »

Switzerland removes interest on early tax payments

BASEL: Switzerland’s Federal Department of Finance (FDF) is to cut the compensatory interest rate for the early payment of direct federal taxes. According to the Swiss Federal Council, in recent years negative interest rates have prompted a growing number of taxpayers to voluntarily pay direct federal taxes before the payment deadline. In return they would receive compensatory interest at a ... Read More »

Swiss unblock $140m after Italy tax fraud acquittals

BASEL: Switzerland”s attorney general”s office said Sunday it had unblocked accounts holding some $140 million, which were frozen more than a decade ago to assist Italy in a tax fraud probe of the Mediaset broadcaster. A decision by Milan”s top appeals court earlier this month to overturn 18-month prison sentences handed to Mediaset chairman Fedele Confalonieri and its chief Pier ... Read More »

Swiss customs authorities slaps billionaire with $4m fine

BASEL: Swiss customs authorities have slapped a billionaire with a $4 million fine for failing to properly declare some 200 artworks imported into Switzerland, according to media reports confirmed by officials on Sunday. Swiss financier Urs Schwarzenbach has for years been bringing precious artworks by the likes of Yves Klein and Giovanno Segantini into Switzerland without declaring them to customs ... Read More »

Swiss govt may open doors for banks abroad

BASEL: The Swiss government will work to boost the competitiveness of the country’s financial sector against international rivals, it said on Thursday, striking a more supportive tone towards the industry. Home to banking and insurance giants UBS, Credit Suisse and Zurich Insurance, Switzerland is the world’s biggest centre for foreign wealth, with an estimated $2.3 trillion kept in the Alpine ... Read More »

Morgan Stanley profit jumps 61.7% in Switzerland

BASEL: Morgan Stanley reported a better-than-expected quarterly profit on Wednesday, boosted by a surge in bond trading that followed Britain’s surprise vote to leave the European Union and bouts of anxiety about monetary policy around the world. Earnings applicable to shareholders rose 61.7 percent to $1.52 billion from $939 million for the quarter ended Sept. 30, while earnings per shares ... Read More »

Swiss J&J revenues increase in 3Q

BASEL: Johnson & Johnson , the world’s largest maker of healthcare products, reported third-quarter revenue and profit just ahead of Wall Street estimates, fueled by strong sales in its prescription drugs business. J&J, the first major U.S. drugmaker to report quarterly results, said pharmaceutical drug sales jumped 9.2 percent to US$8.40 billion, buoyed by demand for its cancer medicines, Imbruvica ... Read More »

Swiss firm pays Sh17.7b excise tax

BASEL: A Swiss firm awarded the Sh17.7 billion excise tax system says it has not employed any Kenyan related to a Kenya Revenue Authority staff in their offices abroad. SICPA Security Solutions said it has a clear corporate code of conduct and recruitment policies that prevent it from known conflicts of interest. “SICPA has a clear corporate code of conduct ... Read More »

Swiss cross-border shopping declines in 2016

BASEL: Swiss cross-border shopping peaked in 2015 and local customs posts have seen a decline in VAT and duty collected since March. At the border in Kreuzlingen, near Lake Constance, VAT and import duty collected was down 10%. At the Lörrach bei Riehen crossing near Basel, receipts were down by 31%. The situation in Geneva is similar. SIX, the company ... Read More »

Switzerland’s biggest dairy company to counter stagnating sales

BASEL: Switzerland’s biggest dairy company is trying to counter stagnating sales in its home market by getting the Swiss to eat microwaveable fondue, prompting cheese purists to cry sacrilege. Emmi AG plans to introduce its All-in-One Fondü kit in its home market next year, Chief Executive Officer Urs Riedener said in an interview. The $15 set has been on sale ... Read More »