Tag Archives: 3) Swiss Markets and News

The famed Swiss watch and jewellery manufacturer Swatch Group has participated in Baselworld for years with nearly all of its 18 brands. (Keystone) With the departure of its largest exhibitor from 2019, it’s yet another setback for the world’s largest watch and jewellery trade show, which has seen participation dwindle in recent years. Swatch Group CEO Nick Hayek told the NZZ am Sonntag newspaper on Sunday that “today,...

© Nattanan726 | Dreamstime.com The business and industry association Economiesuisse says the up-coming vote on 25 November 2018 on self-determination puts the Swiss economy at risk. The Swiss People’s Party led initiative entitled: Federal law instead of foreign judges, aims to cement the primacy of Swiss law over international law by adding a clause to Switzerland’s constitution. The Federal Council, Switzerland’s...

© Rosshelen | Dreamstime.com An initiative entitled: zero losses, was filed this week in Geneva. It aims to ring fence current public spending in the face of future company tax reform. The initiative gathered 9,147 signatures, more than the 7,840 required. Under pressure from the OECD and the EU, Switzerland is being forced to make major changes to its tax system. Currently, some multinationals benefit from special...

© Gregl87 | Dreamstime.com Foreigners who don’t work in Switzerland can benefit from special tax deals known as lump sum taxation, or for fait fiscal in French. Instead of paying tax on their worldwide income and assets their tax is calculated based on their living expenses. When someone becomes Swiss they automatically lose eligibility. The regime, which generated CHF 767 million of tax revenue in 2016, is frequently...

© Jakub Jirsák | Dreamstime.com In Switzerland, the official retirement age for women is 64, a year earlier than it is for men. A poll by gfs.bern shows that around two thirds are in favour of raising the retirement age of women to 65. Only 16% are against the idea, with a further 18% somewhat against it. Men (78%) are more in favour of the change than women (54%), according to the newspaper 20 Minutes. In addition,...

UBS may have seen quarterly profits rise year-on-year, but chief executive Sergio Ermotti says the threat of trade wars and political unrest has dampened investor enthusiasm and continues to hold back financial markets. - Click to enlarge UBS may have seen quarterly profits rise year-on-year, but chief executive Sergio Ermotti says the threat of trade wars and political unrest has dampened investor enthusiasm and...

Federal aviation authorities have decided to limit the number of time slots for planes at Switzerland’s main airport in Zurich. The Federal Office of Civil Aviationexternal link said it has ordered a freeze on landings after 9pm and for take-offs after 10:20pm to reduce the noise for residents living near the airport. - Click to enlarge Federal aviation authorities have decided to limit the number of time slots for...

Labour rules are a major sticking point in trade talks between Switzerland and the European Union. Swiss authorities sanction on average ten companies per day for violating wage protection rules, according to official figures. That corresponds to 19,200 fines in the span of five years. NZZ am Sonntag external linkpublished these figures on Sunday on the basis of a list compiled by the State Secretariat for Economic...

The 1MDB scandal has seen billions disappear from the sovereign wealth fund. The Swiss financial regulator has concluded its investigations into the Malaysian 1MDB scandal by finding Rothschild Bank AG and one of its subsidiaries in serious breach of anti-money laundering regulations. The Swiss Financial Market Supervisory Authority (FINMA) said on Friday that it has appointed an auditor to make sure the bank and its...

A Swiss-US agreement allows wrongdoers to settle financially to avoid criminal prosecution in the United States. The Zurich-based Neue Privat Bank (NPB) has paid $5 million (CHF5 million) fine to settle a criminal tax evasion investigation in the United States. NPB is one of a handful of so-called ‘category 1’ Swiss or Swiss-based bank branches that were still facing sanctions at the start of this year. On Thursday the...