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Brexit, or the explosive force of separation

This content was published on Jun 23, 2016 The Brits would not, however, be the first people to turn their back on Brussels. On February 23, 1982, 53% of voters from Greenland decided to withdraw from the European Community. The former Danish colony with just 50,000 inhabitants took the decision while weighing up new autonomous rights it had obtained a few years earlier.…

Ex-banker pleads guilty to helping Americans evade taxes

This content was published on Jun 23, 2016 The 48-year-old Italian citizen and Swiss resident pleaded guilty on Wednesday in the Eastern District Court of Virginia. He was a relationship manager at Credit Suisse and helped US citizens conceal their assets and income in secret Swiss bank accounts between 2002 and 2009. He managed a portfolio of around $700 million for Americans residing…

Takeovers drive Swiss corporate spending spree

This content was published on Jun 22, 2016 The latest figures by the United Nations Conference on Trade and Development (UNCTAD) showed impressive investments both coming into Switzerland and being splurged abroad by Swiss firms. Switzerland jumped from the 38th most desirable destination for foreign corporate spending to 6th. The amounts invested in Switzerland swelled from $7 billion in 2014 to an estimated…

Sika board faces fresh legal assault from founder’s family

This content was published on Jun 22, 2016 The Burkard family, which owns 53% of Sika’s voting rights, wants to sell its stake to French industrial conglomerate Saint-Gobain. But Sika’s directors object to the takeover and have controversially foiled attempts to vote them off the board by artificially limiting AGM votes. For a second year in a row the Burkard family members, via…

Swiss group challenges trade partnerships

This content was published on Jun 21, 2016 TTIP is a proposed trade agreement between the United States and the European Union, of which Switzerland is not a member. TISA (Trade in Services Agreement) is being negotiated between the US and 23 members of the World Trade Organisation, including the EU and Switzerland. More than a dozen organisations – including Switzerland’s Green Party…

A Swiss role beyond carbon cutting

This content was published on Jun 21, 2016 Switzerland’s real contribution to the global warming fight may be the wealth and technology that it could contribute to help other countries.

Swiss private banks sharpen Southeast Asia focus

This content was published on Jun 20, 2016 Bordier & Cie is the latest wealth manager seeking partnerships with regional banks in markets including Vietnam, on the heels of a similar tie-up in Thailand between Lombard Odier and a local bank. Credit Suisse, too, is targeting rich Thais, setting up a team of relationship managers in Bangkok. Geneva-based Bordier & Cie said it…

Brokers move to limit amateur traders’ Brexit losses

This content was published on Jun 20, 2016 Swissquote, one of Switzerland’s largest online brokers with more than 230,000 client accounts, understands better than most the risks of “armchair investors” getting in over their heads. Last year it had to write off CHF25 million ($26 million) in bad debts when account holders were caught out by the central bank’s abandonment of the franc-euro…

Solar Impulse jets off on Atlantic crossing

This content was published on Jun 20, 2016 Bertrand Piccard is piloting Solar Impulse 2 in what should become the first solar and electric crossing without fuel or emissions over the Atlantic. His partner André Borschberg and the team behind the operation will keep tabs on the aircraft’s progress from the project’s main hub in Monaco. On take off they were joined by…

Cabinet tightens ‘Swiss watch’ definition

This content was published on Jun 17, 2016 In future, the origin label “Swiss made” will be placed only on watches for which at least 60% of production costs were incurred in Switzerland. Previously, only watch movements had to meet this standard. The movements themselves are still required to meet the 60% production requirement, and in addition, half of the movement’s value must…

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