Tag Archive: Business

Chinese Courts Frustrate Anti-Fake Watch Measures

The Sino-Swiss free trade agreement (FTA) is having only a limited effect on the fight against fake watches, according to a Swiss official. Steps taken by Beijing to counter fraud are often not being enforced by courts.

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Switzerland signs more post-Brexit deals with UK

Swiss President and Finance Minister Ueli Maurer has signed two agreements with the UK as part of the government’s strategy to maintain smooth ties after Brexit. The agreements on road transport and non-life insurance were signed with UK Chancellor Philip Hammond at the World Economic Forum (WEF) in Davos on Friday, said the finance ministry.

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Swiss small businesses sound optimistic note for exports

Small and medium-sized enterprises (SMEs) in Switzerland are optimistic about export business at the start of 2019, a new survey has found, with over half expecting foreign sales to grow during the year. “The export climate will remain favourable for Swiss SMEs in 2019,” wrote the authors of a Switzerland Global Enterprise and Credit Suisse survey published on Thursday.

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Xapo shifting services from Hong Kong to Switzerland

Bitcoin services provider Xapo is winding down activities at its Hong Kong base and transferring key operations to Switzerland. Xapo president Ted Rogers said the move has been driven by Switzerland’s friendlier regulatory environment. “It was once thought that Hong Kong was the holy grail of crypto regulations,” Rogers told swissinfo.ch at the World Web Forum in Zurich. “But it has become more opaque.”

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Swiss firms in record number of mergers and acquisitions

The number of merger and acquisition deals involving Swiss companies hit a record high in 2018, according to a report by consultancy firm KPMG. Activity peaked in a number of sectors including financial services, consumer markets, technology, media and telecommunications, power and utilities, says KPMG. There were also a record number of private equity transactions.

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Workers paid in euros may not claim for currency losses

The Swiss Federal Court has ruled that two Swiss companies do not have to compensate two employees who were paid in euros and who ended up with less than their franc-earning colleagues. Explaining its decision on Tuesday, the country’s highest court said the cross-border workers from Germany and France had agreed to a corresponding change to their contracts in 2011 – knowing what it meant for their salaries – and therefore any subsequent demands...

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Financial watchdog pushes for upgrade of cyber defence

The chief executive of the Swiss financial watchdog, Mark Branson, has called for the creation of a national cyber defence centre. In an interview with the SonntagsZeitung newspaper, Branson reiterated that Switzerland was lagging on safety standards behind other financial centres.

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SIHH watch fair opens in Geneva

The Salon International de la Haute Horlogerie (SIHH) has opened in Geneva with 35 watch brands showing off their wares. SIHHexternal link will run until Thursday, when it is open to the public, who must register and pay CHF70 ($71.20) in advance. It is the first watch fair of the year and important in terms of setting trends, particularly in the luxury segment.

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Former US interior secretary lands first job since stepping down

Former United States interior secretary Ryan Zinke has landed his first job since leaving the Trump administration two weeks ago. Zinke has joined investment company Artillery One as managing director, swissinfo.ch has learned.

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Swiss government ups probe into Pilatus-Saudi deal

A Swiss aircraft manufacturer may have broken the law through part of a contract signed with Saudi Arabia. The foreign affairs ministry has begun a deeper investigation. Tasked with helping to maintain military training aircraft, 12 Pilatus employees are working in the Saudi capital, Riyadh. Swiss companies are legally obliged to report any activity with foreign armies.

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Central bank faces loss of CHF15 billion

The Swiss National Bank (SNB) says it expects to report a loss of about CHF15 billion ($15.3 billion) for 2018, mainly because of a weak performance of foreign currency positions. In a report on provisional annual calculations, the SNB said on Wednesday that the federal and cantonal authorities would nonetheless still benefit a CHF2 billion payment – two-thirds of which will go to the 26 cantons.

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Mars products boycotted by Swiss supermarket chain

Swiss supermarket chain Coop is refusing to stock products from food producing giant Mars in a dispute over prices. The retailer is part of a European buying consortium whose other members will also boycott Mars, Twix and Bounty confectioneries. The dispute is over how much retailers must pay for the good they stock on their shelves.

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Swiss unemployment hit ten-year low in 2018

The unemployment rate in Switzerland averaged 2.6% in 2018, a ten-year low, after strong economic growth in the first six months of the year, according to the State Secretariat for Economic Affairs (SECO). The department said just over 118,000 people were registered with regional job centres during 2018 - 17.5% fewer than the previous year.

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EU needs more flexible negotiation tactics: UBS chairman

The European Union should stop dictating terms to Switzerland and start negotiating an acceptable compromise if it wants to find agreement on future ties, says UBS chairman Axel Weber. In an interview with the Tages-Anzeiger newspaper, Weber said the current EU demands are unlikely to be approved by the Swiss people should they be put to a referendum.

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One in two Swiss is happy with personal finances

One Swiss in two is satisfied with the state of their financial situation, according to a study. Just under a third (28%) expect their finances to improve in 2019. The French-speaking population is feeling much more positive than last year.

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Visitors flock to Swiss ski resorts over Christmas and New Year

Ski resorts have reported a busy period over Christmas and the New Year with numerous visitors enjoying the sunny weather and good snow conditions. The chic resort of Verbier in canton Valais registered over 20,000 skiers a day over the Christmas period, Laurent Vaucher, director of the Téléverbier lift company, told Keystone SDA on Wednesday.

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European Perch Crowned Fish of the Year

The European perch, or Perca fluviatilis, has been named the Fish of the Year for 2019. The Swiss Fishing Association said on Wednesday external linkthat it had chosen the perch to remind the public of its popularity, particularly as a culinary delicacy in Switzerland.

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Nestlé beats Royal Dutch Shell to become top in Europe

The Swiss-based food and drink multinational Nestlé is the most valuable European company, according to a new international survey. Nestlé edges out Royal Dutch Shell to move into 15th position worldwide – up three places with a stock market value of $252 billion (CHF250 billion), the annual report by the services company Ernst&Young found.

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Swiss Lead Ranking of Globalised Countries

Switzerland was the most globalised country in the world, according to a 2016 survey by the KOF Swiss Economic Institute. It moved up one place to the top compared with the previous year. The Netherlands, Belgium. Sweden and Britain followed in the next places. The United States are in 23rd place and the Comoros, Afghanistan and Guinea-Bissau are bottom of the 195-country rankingexternal link, which was published on Thursday.

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Mixed Outlook for Swiss watchmakers

The Swiss watchmaking industry expects a continuing rise in exports next year but is concerned that the United States’ protectionist trade policy could have a negative impact on the sector. Jean-Daniel Pasche, president of the Federation of the Swiss Watch Industry, said the sector would record in 2018 the third consecutive year with growth, and the value of exports could exceed CHF21 billion ($21.2 billion).

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