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Foreign Minister says Swiss banks must do better arrangements for banking sector

BERN: Thousands of so-called “politically exposed persons”, or PEPs — a category that includes heads of state and other top officials — hold Swiss bank accounts, a Swiss foreign ministry official said on Monday. Swiss authorities estimate that “there are thousands of PEPs (with accounts) in Switzerland, not hundreds,” Valentin Zellweger, who heads the ministry’s Directorate of International Law, told ... Read More »

Swiss Federal Council Opposes ‘Protection of Privacy’ Initiative

ZURICH: The Swiss Federal Council has recommended that Parliament reject the popular initiative “Yes to the protection of privacy” on the grounds that it interferes in tax and prosecution procedures and would endanger the accurate levying of federal, cantonal, and communal taxes. The “Yes to the protection of privacy” initiative was launched in March 2013 by a cross-party committee headed ... Read More »

Swiss Coop & Migros compete on a new retail concept

ZURICH: According to Coop more and more people are eating neither in a restaurant nor at home, choosing instead to eat takeaways. The supermarket has decided to open stores under the brand “Coop to go” to cater to this growing demand. The first store was opened in Zurich’s main train station on Wednesday and will be followed by 49 others ... Read More »

Swiss Verbier to cut price of ski passes

ZURIOCH: Normally we announce price increases” Virginie Barras, marketing coordinator for the 4 Valleys ski area, which includes Verbier, told the Swiss newspaper Le Matin. Next ski season however prices will go down. “We must respond to two big challenges with the strong franc and declining numbers” she added. According to the interview the ski resort, inspired by the airline ... Read More »

Monsanto to raise Syngenta offer to about $47 billion

ZURICH: Monsanto Co. has made an increased takeover offer to Syngenta AG, seeking to draw the Swiss pesticide producer to the negotiating table after its earlier approach was rejected, according to people familiar with the matter. The recent offer values Syngenta at about 470 Swiss francs per share in cash and stock, compared with the 449 francs the U.S. firm ... Read More »

Study supports Switzerland’s new patent box

ZURICH: Targeted tax incentives would provide a significant boost to research and development activities and help drive innovation in Switzerland, according to a new study. 700 large companies and SMEs were surveyed for the purposes of the study, which was prepared by KPMG Switzerland, the Swiss-American Chamber of Commerce, the Swiss Federation of Small and Medium Enterprises, and economiesuisse. 72 ... Read More »

Swiss banks to pay $4.4m fine to comply with US tax regulations

BERN: Two Swiss banks have agreed to disclose the details of US citizens hiding nearly $150 million in assets to evade taxes, the US Justice Department said in a press release on Thursday. “According to the terms of the non-prosecution agreements signed today, each bank agrees to cooperate in any related criminal or civil proceedings, demonstrate its implementation of controls ... Read More »

Swiss gold exports to India surge 67% to 69,393Kgs in July

ZURICH: Switzerland’s gold shipments to number one consumer India more than tripled in July from the previous month, data from the Swiss customs bureau showed on Thursday, though exports to China and Hong Kong fell. Swiss gold exports to India totalled 69,393 kg in July, the data showed, against 21,493 kg the previous month, helping drive total exports to a ... Read More »

Novartis acquires all rights of Ofatumumab from GSK for $1b

BASEL: Swiss drug manufacturer Novartis has entered into a $1 billion deal to acquire all remaining rights to multiple sclerosis drug Ofatumumab from GlaxoSmithKline plc (GSK) in a $1 billion deal. Multiple sclerosis (MS) is a chronic disorder of the central nervous system (CNS) that disrupts the normal functioning of the brain and spinal cord through inflammation and tissue loss. ... Read More »

Swiss stock exchange falls 3.44% on Monday

ZURICH: The SIX Swiss stock exchange plunged 3.44 percent on Monday morning following sharp falls in the Asian markets. Several Chinese indices fell by around eight percent in early trading, while bourses in Hong Kong, Taiwan and Japan were also hit hard. The Tokyo-based Nikkei index fell by 3.21 percent in morning trading to below 19,000 points, its lowest point ... Read More »

Swiss gold exports to India amount 69,393kg in July

BASEL: Switzerland’s gold shipments to number one consumer India more than tripled in July from the previous month, data from the Swiss customs bureau. Swiss gold exports to India totalled 69,393 kg in July. Switzerland’s gold shipments to number one consumer India more than tripled in July from the previous month, data from the Swiss customs bureau showed on Thursday, ... Read More »

Swiss gold exports to India surge 67% to 69,393Kgs in July

ZURICH: Switzerland’s gold shipments to number one consumer India more than tripled in July from the previous month, data from the Swiss customs bureau showed on Thursday, though exports to China and Hong Kong fell. Swiss gold exports to India totalled 69,393 kg in July, the data showed, against 21,493 kg the previous month, helping drive total exports to a ... Read More »

Swiss strong franc gloom deepens for exporters

BERN: With the sky-high franc showing no signs of returning to earth, task forces at export-oriented Swiss companies are busily working out ways to tighten belts and stay competitive in the face of the currency crisis. Baumann Springs is one such small and medium-sized enterprise (SME). Unless it makes changes, the firm calculates it will lose around 10% of its ... Read More »

Swiss banks settle tax evasion probe with US

BERN: The US tax evasion investigation fundamentally changed Swiss banking, the symbolic centre of which is at Paradeplatz in Zurich, home to Credit Suisse and UBS. Three further Swiss banks have come to an agreement with the United States authorities over clients who evaded US taxes by using Swiss bank accounts. The financial institutions include the Banque Cantonale du Jura ... Read More »

Swiss watch exports decline 9.3% to 1.9b Swiss francs

BERN: Switzerland’s watch industry has been struggling in China since 2012, when the country began a crackdown on extravagant spending among government officials. Switzerland’s watch industry has been struggling in China since 2012, when the country began a crackdown on extravagant spending among government officials. Photographer: Xaume Olleros/Bloomberg Swiss watch exports slid the most in more than five years in ... Read More »

Swiss Verbier to cut price 5% of ski passes

BERN: Virginie Barras, marketing coordinator for the 4 Valleys ski area, which includes Verbier, told the Swiss newspaper Le Matin. Next ski season however prices will go down. “We must respond to two big challenges with the strong franc and declining numbers” she added. According to the interview the ski resort, inspired by the airline Easyjet, wants to stimulate demand ... Read More »

Swiss government to be release new banknotes: officials

BERN: The Swiss National Bank (SNB) plans to introduce the first of its new high-tech banknotes in April next year — six years later than initially planned after reported technical problems with its paper supplier. The new 50-franc banknote will be released next year followed by the 20-franc note in 2017, the central bank said in a statement on Friday. ... Read More »

LafargeHolcim to sell two Indian cement plants worth 750m francs

BERN: Swiss-based cement giant LafargeHolcim said Monday that it was selling some of its operations in India to Birla Corporation Limited for 750 million francs (€692 million, $767 million). The move comes after the July merger of Lafarge and Holcim to create the world’s largest cement company, and “the proceeds will be used to further reduce debt,” it said in ... Read More »

Swiss government to be release new banknotes: officials

BERN: The Swiss National Bank (SNB) plans to introduce the first of its new high-tech banknotes in April next year — six years later than initially planned after reported technical problems with its paper supplier. The new 50-franc banknote will be released next year followed by the 20-franc note in 2017, the central bank said in a statement on Friday. ... Read More »

Swiss Verbier to cut price 5% of ski passes

BERN: Virginie Barras, marketing coordinator for the 4 Valleys ski area, which includes Verbier, told the Swiss newspaper Le Matin. Next ski season however prices will go down. “We must respond to two big challenges with the strong franc and declining numbers” she added. According to the interview the ski resort, inspired by the airline Easyjet, wants to stimulate demand ... Read More »