Switzerland

Switzerland to return $321 million in stolen funds to Nigeria

Following a deal signed between the Swiss government and the World Bank, Switzerland is to return approximately $321 million in seized assets to Nigeria, Reuters reported on Tuesday.

The money was taken from the family of former Nigerian military ruler Sani Abacha who was accused by corruption watchdog Transparency International of stealing up to $5 billion in public funds during his five years in power in the oil-rich country from 1993 until his death in 1998.

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1MDB scandal is the perfect example of kleptocracy, US attorney says

The United States has called the 1Malaysia Development Berhad (1MDB) scandal "kleptocracy at its worst", just as Prime Minister Najib Razak is preparing to rally Malaysia’s ruling party at its last national congress before a general election due within months.

Speaking at the Global Forum on Asset Recovery hosted by the US and UK in Washington, US Attorney General Jeff Sessions said on Monday that the Department of Justice (DOJ) "is working to provide justice to the victims of this alleged scheme".

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Swiss economy accelerates in Q3 for manufacturing

Switzerland’s economy grew 1.2 percent year-on-year in the third quarter, accelerating sharply from the weak second quarter as manufacturing and exports picked up.

Switzerland’s gross domestic product rose 0.6 per cent quarter on quarter in the three months to the end of September, according to the State Secretariat for Economic Affairs. That was in line with a median estimate compiled by Reuters of 0.6 per cent. GDP growth for the second quarter was also revised up to 0.4 per cent from 0.3 per cent.

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The Swiss village where you can earn money to live

A tiny Swiss village threatened with extinction after an exodus of residents has come up with a novel way of turning around its fortunes. Albinen, a picturesque village near Leukerbad in Valais, has seen its population shrink to just 240. The local school has been forced to close and many of the houses in the village are used as holiday homes, laying empty for much of the year. As a result, local residents have demanded that the council do something to help reverse the decline and ensure the village’s future.

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Swiss consumer confidence: October remains stable

Switzerland’s consumption indicator remained broadly unchanged in October but suggested that private spending is growing at a solid pace in the fourth quarter, the UBS investment bank said Wednesday. The indicator inched up to 1.54 points in October from revised 1.51 in September.

New passenger car registrations and domestic tourism improved in October. By contrast, the index of consumer confidence measured by the State Secretariat for Economic Affairs stagnated. In October it was -2 points, virtually unchanged from the previous quarter’s -3.

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Nestlé landed in Cuba with a $55 million factory

Nestlé is investing 54 million Swiss francs ($55 million) to construct a new factory in Cuba, which will employ 260 people by its third year, it said Wednesday.

The Swiss company said that the site will produce its coffee brand Nescafe, Cuban coffee Serrano, Nestle Fitness cereal snacks, powdered beverage Nesquick and Maggi-brand cooking aids.

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Black Money: Swiss panel gave OK for exchange data with India

In a big thrust to the Indian government’s crackdown on black money inside and outside the country, a key parliamentary panel in Switzerland has approved an automatic information exchange pact between the two countries.
India had sought an approval from Switzerland to get an instant access to the details on Indians with accounts in Swiss banks.

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