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[waldron] 13/3/2018 12:00

Switzerland Hails Bumper Tax Take
by Ulrika Lomas, Tax-News.com, Brussels
13 March 2018

"Surprisingly high" withholding tax receipts helped the Swiss Confederation to a record surplus in 2017, the Government has said.

The Government has published details of the "pleasantly positive" state of the public finances. It said that a strong performance by withholding tax receipts, combined with "virtually stagnant expenditure," helped the confederation achieve "a record high surplus ratio of 0.9 percent of GDP, which it [had] achieved only once before, in 2008." The Government anticipates a surplus ratio of 0.8 percent in 2018.

[sarkasm] 11/3/2018 16:55

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[la forge] 10/3/2018 11:19

Central Bank may stop printing euro notes











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10/03/2018 - 10:32:00Back to Euro Business Home

The Central Bank could stop printing euro banknotes here as part of a strategic review.

While the review has been completed, but a spokesperson says that a decision has not yet been taken.

It will go before the Central Bank Commission at the end of this month and some 45 staff members who work at currency centre in Sandyford could be impacted.

However, the bank says it does not intend to seek compulsory redundancies and is committed to redeployment and retraining staff.

The proposed change would have no impact on supply as it's thought about 80% of notes already come from overseas.

[sarkasm] 09/3/2018 17:21

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[waldron] 05/3/2018 13:24

First pillar pension reform gets priority in Switzerland

5 March 2018By Barbara Ottawa

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The Swiss parliament is to be presented with a reform draft for the first pillar by the end of this year.

This means the ministry of the interior will have to come up with a legal draft for consultation before the summer holidays.

The Swiss government decided this at the end of last week.

The government wants to increase the statutory retirement age for women to 65 to match that of men.

At the same time incentives are to be introduced for people to work beyond that age limit.

Funding gaps facing the first pillar buffer fund AHV/AVS from 2020 are to be filled by an increase in value-added tax (VAT). The gaps are set to arise as a result of retirements in the baby boomer generation, with a major dip in the buffer fund’s finances due around 2024. The fund is due to run out of assets by the end of 2030 at the latest, according to calculations previously run by Switzerland’s federal social security office.

The government also indicated that the ministry of the interior would be arranging talks between employer and employee representatives to discuss a reform of the second pillar.

Stakeholders had agreed to negotiations “without any fixed expectations on any outcome”, it said. However, no details or a timetable were given for the reform of this part of the Swiss pension system.

This new two-pronged strategy for changes to the Swiss pension system became necessary after the “Altersvorsorge 2020” reform package failed to be accepted in a referendum in September last year. This had addressed the first and second pillars together.

If financing by a VAT increase is chosen as the best way to prop up the first pillar buffer fund then this proposal would have to be put to a binding referendum again because any VAT change has to be sanctioned by the voting Swiss population.

The government stressed that despite the now two-pronged approach to a reform “the overall goals remain the same”.

Those were to: “maintain the current pension pay-out level, ensure sufficient financing of the retirement provision over the medium-term, and better serve the need for flexibility”.

[rhomboid] 26/2/2018 21:14

I guess they couldn’t replace the Ordsall Chord work which has dominated Bolton facility in recent times?

[bigbigdave] 26/2/2018 20:47

Redundancies at Bolton

[grupo] 22/2/2018 15:25

Adnoc appoints Swiss firm to sell its oil products in Europe

Chemlube appointed as an exclusive seller of Group III base oil product in Europe for Adnoc
Published: 18:52 February 22, 2018
Gulf News
Staff Report


Abu Dhabi

Switzerland-based Chemlube SA has been appointed as an exclusive seller of Group III base oil product in Europe for Abu Dhabi National Oil Company (Adnoc), it was announced on Thursday. Adnoc has put in place a strategy to maximise value from its downstream refining and petrochemical operations to increase its business.

An agreement in this regard was signed by Abdullah Salem Al Daheri, Marketing, Sales and Trading Director at Adnoc and Robert Nobel, Managing Director of Chemlube SA on the side lines of the 22nd ICIS World Base Oils and Lubricants Conference in London.

Adnoc Refining, a subsidiary of Adnoc produces up to 500,000 metric tonnes per year of high quality Group III base oil, at its Ruwais refining and petrochemicals complex.

Group III base oils are typically used to manufacture top tier, high performance, engine oils.

ADbase, the new Adnoc base oil brand was also launched during the event.

In a statement on Thursday, Al Daheri said the signing of the European sales agreement and the launch of the ADbase brand underline Adnoc’s commitment to achieving the best commercial value from its crude and petroleum products. “We aim to capitalise on Adnoc’s long-established reputation for providing high quality products and our status as a reliable customer-focused supplier. We look forward to working with Chemlube SA to deliver our high-quality product into European lubricants’ markets, where demand for high performance Group III base oils is expanding.”

Murban, Abu Dhabi’s light, high paraffinic crude is the only source of feedstock for Adnoc’s Base Oil plant in Ruwais, which has a high viscosity index for using in high performance engines. The product also meets environmental regulations.

[mfhmfh] 22/2/2018 10:53

Jeffries reiterates buy rating and increases price target to 95p (previously 91p).

[grupo] 16/2/2018 10:03

EUR CHF 1.1529 -0.0005

[waldron] 11/2/2018 08:07

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[sarkasm] 31/1/2018 10:42

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