Tag Archives: 3) Swiss Markets and News

Unlike this company being audited in Zurich, many Swiss firms are falling under the radar. (© KEYSTONE / CHRISTIAN BEUTLER) - Click to enlarge About 13,000 companies are not listed in the commercial register – a serious problem, notes the Swiss Federal Audit Office. Increased cooperation with the tax authorities could be a solution.  On Wednesday the office published an evaluationexternal link of how Switzerland has...

© Brad Calkins | Dreamstime.com Historically, Switzerland has offered certain foreign companies special preferential tax deals in order to attract them. In response to international pressure, the current system is to be phased out replacing preferential tax rates with lower universal ones in the hope that these companies will stay. The central challenge is how to cover the tax revenue lost when companies taxed at the...

The DoJ is investigating Glencore’s activities in DRC, Nigeria and Venezuela. Swiss commodities mining and trading giant Glencore has been subpoenaed by the United States Department of Justice (DoJ) in relation to its activities in Nigeria, the Democratic Republic of Congo (DRC) and Venezuela. A statementexternal link from the Baar-based company said the DoJ has demanded “documents and other records with respect to...

The Swiss railway system ranks as the best in Europe. The intercity IC2000 trains feature double-storeyed coaches. (Keystone) The Swiss Federal Railways is revamping its intercity IC2000 fleet at a cost of approximately CHF300 million ($302 million). The first completely renovated trains will be put back into operation in early 2019. The 341 wagons should be fit for another 20 years on the rails after their makeover....

SWI swissinfo.ch is part of the Swiss Broadcasting Corporation. The Swiss Broadcasting Corporation (SBC), swissinfo’s parent company, announced on Thursday a series of belt-tightening measures, including the elimination of 250 full-time positions over the next four years. The SBC is initiating a four-year savings and redeployment programme aimed at saving CHF100 million ($100 million), which will be re-invested across...

More banks turned a profit last year than in 2016 Switzerland lost a total of nine banks in 2017 bringing the total to 253. Around 20 years ago the country boasted more than 400 banks. According to the annual “Banks in Switzerland” report released by the Swiss National Bank (SNB) on Thursday, only one foreign bank opened a Swiss branch last year. The number of people working for banks also declined. Staff numbers in...

The banking industry must send out a clear message that it is committed to consistently prevent and detect financial crimes, wrote the researches. Swiss financial institutions and public authorities must do more to prevent organised crime and money laundering within the financial system, a study by the consulting firm KPMG published on Tuesday has found. The authors of the study called “Clarity on Crime in Financial...

On 25 June 2018, the city of Zug, the town at the heart of Switzerland’s crypto valley, started testing a voting system based on blockchain technology. ©-Denis-Linine-_-Dreamstime.com_ - Click to enlarge During the trial, which runs until 1 July 2018, around 200 voters will cast non-binding municipal votes on mock questions in a trial designed to identify any bugs in a system built by the company Luxsoft and the...

In May 2014, Switzerland voted against a minimum wage of CHF 22 an hour. At some point voters in the canton of Geneva will get to vote on a similar initiative, which would apply only in the canton. Similar to the federal vote, which was rejected by 76.3% of Swiss voters, the plan calls for a minimum hourly wage of CHF 23 ($US 23.40). Based on a 40-hour week, this works out at around CHF 4,000 per month. Vote organisers...

Currently, across EU and EFTA countries, unemployment benefits are paid by the country of residence. Last week, the EU announced plans to make the country of employment pay unemployment benefits instead. ©-Meryll-_-Dreamstime.com-1 - Click to enlarge This change could be costly for Swiss cantons with large numbers of cross-border workers, workers who live in the EU but work in Switzerland. In March 2018, there were...