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Business & Money - The Local

Van Gogh, Monet paintings seized in Malaysia graft probe
The works were seized following a request from the United States, one of several countries probing alleged massive fraud at the Malaysian state fund 1MDB. Photo: AFP

Switzerland has seized a painting by Vincent Van Gogh and two others by Claude Monet as part of the global investigation into Malaysia's scandal-tainted sovereign wealth fund, an official said on Friday.

Swatch shares plummet after drop in sales
File photo: Fabrice Coffrini/AFP

Sales of the Swiss watch brand slumped in the first half of the year.

Faced with Brexit, Swiss central bank vows 'flexibility'
"In the short term, Switzerland must react with flexibility to the changes affecting financial markets and the global economy," Jordan said. Photo: AFP

Switzerland's central bank will react with "flexibility" to the shifting economic realities following Britain's vote to leave the European Union, its chief said in a newspaper interview published Sunday.

France demands data haul from Swiss bank
File photo: The Local

Information relates to allegations of tax fraud in France by UBS.

Swiss giant Nestlé bucks history with new top dog
Schneider, 50, is a German-US national. Photo: Daniel Roland/AFP

The appointment of new CEO Ulf Mark Schneider marks a new, nutrition-focused era for Nestlé.

France demands Swiss bank UBS face fraud trial
File photo: Martin Abegglen

The bank is accused of orchestrating a vast system of tax fraud in France.

Swiss-based IT worker at Panama Papers firm released
The identity of the man who worked at the Geneva offices of Mossack Fonseca has been withheld. Photo: AFP

A Swiss-based IT worker arrested earlier this month on suspicion of stealing documents from the law firm at the centre of the Panama Papers scandal was released from custody on Friday, his lawyer said.

SNB moves to stabilize franc after Brexit vote
The SNB is worried about the franc's strength. Photo: AFP

Central bank intervenes in the foreign exchange market to stabilize the franc following Brexit.

Switzerland's Nespresso to bring Cuban coffee to US
A plantation on the Sierra Maestra Mountains, in eastern Cuban province of Santiago de Cuba. Photo: AFP

Nestle-owned Nespresso announced Monday it will reintroduce Cuban coffee to the US for the first time in more than 50 years following the easing of United States sanctions on Cuba.

Sufficiently Swiss: at least 60% for watches
Swiss watches on display at the Baselworld16 exhibition in May. Photo: AFP

Switzerland adopted regulations on Friday requiring that locally-made parts account for at least 60 percent by value in order for watches to bear the coveted and lucrative "Swiss Made" label.

Brexit
Swiss central bank warns of Brexit 'turbulence'
Pro-Europe supporters including Bob Geldof on the Thames in London on Wednesday. Photo: AFP

The head of Switzerland's central bank warned on Thursday that the Swiss economy could face turbulence if Britain opts to exit the EU in next week's referendum, vowing to "take measures if required".

Swiss bankers expect influx of funds in case of Brexit
Opinion polls show the race for the June 23 referendum is neck and neck. Photo: AFP

Swiss wealth managers said Friday they would expect an influx of funds from skittish international investors if British voters choose to leave the European Union in a June 23 referendum.

Geneva’s local currency launches in Lausanne
Shoppers in Lausanne could soon be able to use lémans instead of francs. Photo: Lausanne Tourism

The léman, a local currency that launched in Geneva last autumn, is to be extended to Lausanne.

Basel approves tallest building in Switzerland
Roche's Building 1, which opened in 2015, is currently Switzerland's tallest. Photo: Fabrice Coffrini/AFP

Pharma company Roche will beat its own record.

Report: Swiss economy more competitive than US
File photo: IMD

Switzerland has the most competitive economy in Europe and the second most competitive in the world.

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