Page 4 - Switzerland

Duty concession on gold imports from Switzerland under EFTA on table

India may give quota-based duty concession on gold imports from Switzerland under the proposed free trade agreement with the four European nation bloc EFTA, sources said. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Sources also said that India has sought an investment commitment of USD 50 billion during the first ten years after the implementation of the agreement and another USD 50 billion over the next five years from the member countries of the bloc. Import duty concession on gold was a major demand of Switzerland from India in the agreement. Gold accounts for about 80 per cent of India's imports from Switzerland. New Delhi has extended 1 per cent duty concession to domestic importers on a specified quantity of gold under TRQ (tariff rate quota) in a trade pact with the UAE. "Similar duty concessions are also being worked out under the EFTA agreement," one of the sources said. An email query to the commerce ministry o

Top 10 companies command a third of India's market capitalisation

According to experts, if a company or sector dominates the market, there is a risk that the market could collapse if anything goes wrong with the sector or the company

Switzerland emerges as best country for rich Indians to build multi-generational wealth

The index ranks 27 countries based on a percentage score representing opportunities and indicates which are the best countries to relocate to for the purpose of finding opportunities and for building

Not concerned about report on gambling sponsorship: Sauber F1 team

The Sauber Formula 1 team says it is not concerned by a report that it could potentially face a fine in Switzerland over its sponsorship deal with online gambling company Stake. Swiss broadcaster SRF reported Tuesday that the national gambling regulator had opened proceedings against Sauber. The team is based in Switzerland, where gambling advertising by foreign companies is restricted. SRF reported a fine of up to 500,000 Swiss francs (USD 573,000) was possible. In an e-mailed statement to The Associated Press, the regulator, known as the ESBK, said it would not comment on any proceedings. It said Stake's online gambling website was not approved to operate in Switzerland and had been on a blocked list since 2021. "Sauber Motorsport AG have always complied and continue to comply with all existing regulations, both Swiss and of whichever country we race in," Sauber said in an e-mailed statement Wednesday. "The report of an ongoing investigation by the Swiss Authorities does not con

Swiss GRC targets revenue of $10 million from Indian market in FY25

Switzerland-based software company Swiss GRC Tuesday announced the launch of its operations in India and expects a revenue of USD 10 million (about Rs 83 crore) in FY2025. SwissGRC co-founder and CEO Besfort Kuqi said India has a complex regulatory landscape and industry-specific regulatory compliance requirements, and it is also bringing an increased emphasis on corporate governance. "SwissGRC can help Indian entities navigate this growing landscape safely. We have been getting leads from Indian companies, and Channel partner enquiries have increased in the past year," he said while announcing the launch of its operations in India. "We have already appointed resellers and implementation partners in India. We are targeting 4-5 channel partners to reach USD 10 million in FY 2025. We should be ready in 2-3 months to start operating. "BFSI (Banking, Financial Services, and Insurance) is our main target, but sectors like healthcare, IT and technology, manufacturing, telecom, and energy

Govt seeks investment commitment from Switzerland under EFTA pact: Report

India has sought investment commitments from Switzerland under the proposed free trade agreement with the four-nation EFTA bloc, a top government official said on Tuesday. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The official also said negotiations for the pact are at an advanced stage and both sides are trying to conclude it fast. The investment commitment would help India balance Switzerland's decision to remove customs duties on most of its goods. When asked if this move would have an implication on the agreement, the official said that it can be bargained against many other things. "We have told them that we will be requiring commitments on investments so that this zero duty on goods can balance more investments and more manufacturing in the country," the official told PTI. The Indian negotiators are also trying to see how the Swiss companies can come and manufacture in India so that it gives a boost to Make in In

'Free trade agreement talks between India, EFTA bloc at advanced stage'

Negotiations for a free trade agreement between India and the four-nation EFTA bloc are at an advanced stage as both sides have reached a shared understanding on key issues, a senior official has said. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. India and the EFTA have been negotiating the pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), since January 2008 to boost economic ties. "Following extensive negotiations, a shared understanding has been achieved on key issues during the ministerial meeting. Ongoing efforts are now focused on shaping the convergence that has emerged," the official said. Commerce and Industry Minister Piyush Goyal held a meeting recently with Swiss Federal Councillor Guy Parmelin in Mumbai. Parmelin, in a social media post on X, has said that officials are working around the clock to settle last details so that it can be signed as soon as possible. "At the last-minute ..

Switzerland and India reach deal on FTA after 16 years of negotiations

The agreement "will create jobs for the young population of India, and secure employment in Switzerland," Parmelin said in an interview with the Swiss newspaper Sonntagszeitung

WEF highlights: India's growth momentum to stay, says RBI Guv at Davos

LIVE updates on World Economic Forum: The theme of the Open Forum Davos 2024, which takes place January 15-19, is: "From Lab to Life: Science in Action". Catch all the latest news updates here

AI making disinformation look credible, need global governance: Swiss Prez

Swiss President Viola Amherd on Tuesday said that rapid advances in artificial intelligence are allowing disinformation appear more credible and cautioned against policies based on lies. She said digitisation at the same time also offers the potential for greater transparency and the sharing of knowledge and information. "This can help to build trust if used correctly. Switzerland is particularly committed to promoting the global governance of Artificial Intelligence (AI)," she said in her opening address at the World Economic Forum (WEF) Annual Meeting 2024 here. "Those who base their policies on lies and ideologies may be able to score points in the short term. But in the medium and long term, they will lose trust. Good policies are based on verified facts and take scientific findings into account," she added. The president said that the title motto of this year's annual meeting, 'Rebuilding trust', is not just a catch phrase but shows rather starkly that mutual trust among the

Switzerland hosts Zelenskyy and offers to host peace summit for Ukraine

Swiss President Viola Amherd said on Monday, during a visit by Ukrainian President Volodymyr Zelenskyy to Bern, that her country has offered to organise a peace summit that aims to help bring an end to Ukraine's ongoing war with Russia. "I confirmed to him that Switzerland is ready to organise a conference," Amherd said during a joint press conference with Zelenskyy. "We have agreed that we will examine the details of the next steps in depth to ensure that the peace process is a success." The two presidents said the Ukrainian and Swiss teams will begin preparations for the Global Peace Summit in Switzerland as early as Tuesday. No details were provided about when or how such a summit could take place, and Russia hasn't been involved in the process. "This summit is intended to infuse the necessary energy into everything that has already been achieved and to determine that the end of the war must be fair, and the restoration of the strength of international law -- complete," Zelenskyy

World Economic Forum: Davos-bound squad aims to turn spotlight on India

Top honchos from India Inc, finance, govt heading to the World Economic Forum

Quakes, storms cause $95 billion in insurance losses in 2023: Munich Re

The tally of losses from natural catastrophes covered by insurance is less than the $125 billion recorded in 2022 and is also lower than estimate of $100 billion published last month by rival Swiss Re

TCS modernises post-trade market infrastructure for Switzerland's SIX

Platform is the backbone of the Swiss market's post-trade value chain, says Indian IT firm

UBS steps up bid to claw back cash bonuses from Credit Suisse defectors

UBS has contacted hundreds of bankers and offered some multi-year payment plans amid efforts to claw back a chunk of the 1.2 billion Swiss francs ($1.38 billion) in restricted cash bonuses

EFTA deal with India could be signed before 2024 elections: Swiss envoy

Switzerland's Ambassador to India, Ralf Heckner, has expressed optimism that the crucial European Free Trade Association (EFTA) deal with the country would be wrapped up before the 2024 general elections. Heckner stressed on the importance of the proposed trade deal for unlocking innovation and investment opportunities. "Both sides have been negotiating very closely and seriously over the last more than 12 months. I remain positive that the deal would be wrapped up before the (2024) elections," he told PTI. The envoy was recently in the city to unveil the Kolkata chapter of the Swiss-India Chamber of Commerce. Parliamentary elections in India are due in early 2024. "If India wants innovation, it needs to work with about 12 to 15 countries, and one of those countries is Switzerland for a world of investments and innovation," We will have a more strategic innovation relationship with India, Heckner stated. India and the EFTA states Iceland, Liechtenstein, Norway, and Switzerland

Optimistic about EFTA deal with India before 2024 polls, says Swiss envoy

Switzerland's Ambassador to India, Ralf Heckner, has expressed optimism that the crucial European Free Trade Association (EFTA) deal with the country would be wrapped up before the 2024 general elections. Heckner stressed on the importance of the proposed trade deal for unlocking innovation and investment opportunities. "Both sides have been negotiating very closely and seriously over the last more than 12 months. I remain positive that the deal would be wrapped up before the (2024) elections," he told PTI. The envoy was recently in the city to unveil the Kolkata chapter of the Swiss-India Chamber of Commerce. Parliamentary elections in India are due in early 2024. "If India wants innovation, it needs to work with about 12 to 15 countries, and one of those countries is Switzerland for a world of investments and innovation," We will have a more strategic innovation relationship with India, Heckner stated. Noting the sharp rise in visa application processing numbers, which hit a r

Trafigura sets aside $127 mn provision for Brazil, US DOJ fine to end probe

Trafigura is alleged to have made profits from these contracts amounting so far to $143.7 million

Switzerland govt confirms woman found dead in Delhi was Swiss citizen

Switzerland has confirmed that a woman whose chained body was found from west Delhi's Tilak Nagar was a Swiss citizen. In a reply to a query from the PTI, Valentin Clivaz, Deputy Head of Media, Embassy of Switzerland in Delhi, in a statement said: "The FDFA (Federal Department of Foreign Affairs) confirms the death of a Swiss citizen in India." The Swiss embassy here is in contact with the local authorities. The FDFA supports relatives within the framework of consular protection, Clivaz said and added that no further details can be given for reasons of "data protection and personal privacy". The decomposed body of Nina Berger, aged around 30 years, was found from a spot near the wall of a Municipal Corporation of Delhi (MCD) school in Tilak Nagar on Friday. Her limbs were tied with metal chains, which were locked. On Tuesday, the Delhi Police had said it was waiting for the family members of the deceased to come forward and identify the body so that the process of autopsy could be

Some MNCs may face tax heat as SC clears air on MFN applicability

The issue emerged when India signed treaties with other nations, including Slovenia, Lithuania, and Colombia, and fixed a lower rate (5 per cent withholding tax)