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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 »

Swiss food giant Nestlé $100m sued in India over noodle marketing

BERN: Maggi noodles, produced by Nestlé, were popular amongst Indian consumers, before being pulled from store shelves The Indian government is seeking $100 million (CHF98 million) in damages from Swiss multinational company Nestlé for misleading advertising related to its sale of Maggi brand noodles. Officials at the consumer affairs department said they filed a complaint on Tuesday, alleging that the ... Read More »

Swiss UBS bank among two other banks settle tax evasion 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 »

Switzerland, Belize Signs 9thTIEA

BERN: The agreement is Switzerland’s ninth TIEA. It provides for the exchange of information upon request. It covers Swiss federal, cantonal, and communal taxes on income and capital, and the cantonal and communal inheritance and gift taxes. In the case of Belize, it covers the income tax, business tax, and general sales tax. The agreement must now be approved by ... Read More »

Swissport sells to Chinese group worth CHF2.73b

BERN: The Zurich-based airport luggage handler Swissport has been sold to the HNA Group, owner of China’s fourth-largest airline, for CHF2.73 billion ($2.8 billion). PAI Partners, the owners of Swissport, concluded the deal with the Haikou-based group which owns the Chinese airline company Hainan airlines.  The HNA Group joined the Fortune Global 500 List for the first time this month ... Read More »

Food companies agree to cut back on sugar

BERN: Sugary processed foods of which breakfast products compose a healthy fraction  are under scrutiny amid worries over obesity, cardiovascular disease, and diabetes. Ten food producers and distributors have signed an agreement with the Swiss interior ministry, promising to rethink the sugar content of their breakfast products. They say that breakfast is the most important meal of the day, which ... Read More »

Airport luggage handler Swissport sells worth CHF2.73b to HNA group

BERN: The Zurich-based airport luggage handler Swissport has been sold to the HNA Group, owner of China’s fourth-largest airline, for CHF2.73 billion ($2.8 billion). PAI Partners, the owners of Swissport, concluded the deal with the Haikou-based group which owns the Chinese airline company Hainan airlines. The HNA Group joined the Fortune Global 500 List for the first time this month ... Read More »

Swiss exports goods worth CHF7.2b china, Hong Kong in H1- 2015

BERN: The Swiss Center Shanghai is a non-profit organisation that facilitates the market entry of Swiss companies in the Far East. In the first six months of 2015, Swiss goods in the value of CHF7.2 billion ($7.5 billion) have been exported to China and Hong Kong. That means China remains the third biggest market for Swiss goods behind Germany and ... Read More »

Swiss National bank losses almost CHF50b in H1- 2015

BERN: The Swiss National Bank (SNB) reported a CHF 50.1 billion loss for the first half of 2015. The loss is largely driven by changes in the Swiss franc value of the assets it owns. The rise in the value of the Swiss franc following the dropping of the euro cap in January 2015 means foreign currency holdings are worth ... Read More »

Swiss real estate index rises 1.3% significantly in H1

BERN: The UBS Swiss Real Estate Bubble Index rose significantly in the second quarter of 2015 and now stands at 1.37 index points. The report says that the housing market is still caught up in an investment property boom. House prices and private household mortgages went up disproportionately relative to Switzerland’s weak economy. UBS Swiss real estate index chartThe Index ... Read More »

Swiss long haul flight fares hikes by CHF300 from 6 August 2015

BERN:  Swiss has been promoting affordable airfares for some times that compare favourably with airlines such as easyjet, which have lured customers away from established airlines by promising low cost air travel. Now according to an article in 20 Minute, Swiss is increasing its airfares. Tickets issued for long haul flights from 6 August 2015 will increase by as much ... Read More »

Swiss UBS net profit for Q2 hikes 1.2b Francs

BERN: UBS, Switzerland’s largest bank, on Monday posted second quarter profits of 1.2 billion Swiss francs ($1.25 billion, 1.1 billion euros), a 53 percent rise over the same period last year, which beat expectations. The bank said its strong performance across all divisions demonstrated its “resilience”, in the first results reported since UBS agreed to plead guilty to fraud in ... Read More »

Swiss customs seizes 262kg of ivory at Zurich airport

ZURICH: Customs officials at Zurich airport have seized 262kg (578lb) of ivory that three Chinese men had dispatched from Tanzania, contraband that may have come from up to 50 elephants. The ivory was found during a security check on 6 July and packed in eight suitcases, Switzerland’s customs authority said on Tuesday. It put the estimated value on the illegal ... Read More »

EU chief juncker expects Greece €86b debt accord by Aug 20

BERN: A third bailout for Greece is likely this month and preferably by August 20 when Athens must make a key debt repayment. The negotiations in Athens are now making “satisfactory” progress, Juncker told AFP in an interview on Wednesday. Greece’s Finance Minister, Euclid Tsakalotos, and Economy Minister, George Stathakis, are hoping to close the first round of talks with ... Read More »