Talks about a new treaty governing the European Union’s relationship with Switzerland have collapsed over the same issue bedevilling Brexit – the European Court of Justice.
Switzerland, which is not a member of the EU, has more than 100 bilateral agreements with Brussels overseeing ties including transport, trade and education, but the EU is demanding a single framework treaty.
A new treaty could clear the way for closer ties in fields including financial services and power markets, but fear that any deal might upset Swiss voters under the country’s system of direct democracy has put the project on hold.
A measure of Swiss household spending trends rose modestly in May, after the reading for the previous month was revised down sharply, suggesting slightly below-average growth in private consumption during the second quarter, survey data from the UBS investment bank showed Wednesday.
The UBS consumption indicator climbed to 1.39 points from 1.34 in April, which was revised from 1.48. This matches the UBS CIO consumption growth forecast of 1.3 percent for this year, the bank said.
Switzerland’s financial markets authority said Friday that it has taken action in two separate cases of insider trading and market manipulation, seizing millions of Swiss francs (dollars) of illegal profits and banning three traders from the industry.
The authority, FINMA, said 1.4 million francs in ill-gotten profits were seized from a former corporate board member who "repeatedly and systematically flouted the ban on using non-public information" to trade in shares of premier Swiss companies between 2013 and 2016.
Glencore has sharply raised the stakes in the bidding war for Rio Tinto’s Hunter Valley coal mines by delivering a fresh $2.675 billion offer for the assets. In an announcement in London, Glencore said it would increase its offer by $125 million in an attempt to trump Yancoal’s $2.45 billion bid, which had been selected by Rio Tinto.
However, in a major sweetener Glencore said it would expedite payment to Rio Tinto with a cash settlement once the deal is completed.
The gap between the salaries of managers and other staff members continues to grow, according to the Swiss employees’ association, Travail.Suisse published on Thursday.
Between 2011 and 2016, the wages of managers increased by 17% on average, compared to 3.4% for employees showing that for swiss CEO salaries rose by 5%.
Switzerland’s foreign trade surplus increased in May, as exports grew faster than imports, figures from the Federal Customs Administration showed Thursday.
The trade surplus climbed to CHF 3.4 billion in May from CHF 1.9 billion in April. In March, the surplus was EUR 3.0 billion.
Online pharmacy Zur Rose Group plans to raise up to around 230 million Swiss francs ($236.6 million) in an initial share sale, the Swiss company
said on Thursday, with the cash to help grow operations including its DocMorris unit in Germany.
The IPO, with a price range of 120 francs to 140 francs per share, would value the company at between 780 million francs and 870 million francs, Zur Rose said.
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