Switzerland Financial News

Digital asset investment products have faced another week of outflows, marking the second consecutive week of declining investor interest. 

HSBC Geneva, a tax order has questioned the very approach of the Income Tax (I-T) department in going after individuals whose names figured in the infamous list of information that was stolen by an employee of the Swiss private banking arm of the British bank. In a decision that could have a bearing on other `HSBC account’ cases, a tax tribunal last week has ruled that the I-T department cannot go back 16 years to reopen old matters to tax the ‘peak balance’ lying in such bank accounts. Why? Because, according to the Mumbai bench of the Income Tax Appellate Tribunal — a quasi judicial authority — a bank balance reflects 'assets' and not ‘income’, and, under the law, only income can be taxed. Till now, in many HSBC matters, tax claims have been raised on the maximum amounts that were lying in the bank accounts — primarily because that was the only information that the I-T department had in 2010-11 when it received the data.

Olympic sports bodies criticized World Athletics on Friday for promising to pay US$50,000 for each track and field gold medal won at the Paris Olympics.

₹8,070 crore for electrification, with nearly half now expected to be spent in FY25, the person quoted above said. Query sent to the ministry of railways remained unanswered till press time. This electrification push is part of Indian Railways' strategy to reduce its annual fuel bill of over ₹15,000 crore.

Ministry of Consumer Affairs has written to the Food Safety and Standards Authority of India (FSSAI) asking it to take action against Nestle India after Swiss investigative organisation Public Eye and the International Baby Food Action Network said in a report that the packaged foods maker adds 2.2 gm sugar per serving to its baby foods brand Cerelac in India.

Days after the Centre asked e-commerce companies to eject Bournvita and other drinks and beverages from the ‘health drinks’ category on their platforms, Nestle has landed in hot water. After Public Eye, a Swiss investigative organization, and International Baby Food Action Network sent samples of Nestle’s baby food products sold in Asia, Africa and Latin America to a Belgian laboratory for tests, sugar was reportedly found in the infant milk-mix meant for less developed markets, but not in the stuff aimed at Europe and the UK.

NARCL) has given a binding offer to lenders to acquire ₹988-crore debt of a road project awarded to Subhash Chandra's Essel Infraprojects in Ludhiana, said people with knowledge of the matter. The government-backed asset reconstruction company has offered to acquire debt Ludhiana Talwandi Toll Road (LTTRPL), which is mandated to build a 78-kilometre four-lane stretch of the National Highway-95 between Ludhiana and Talwandi Bhai in Ferozepur district via Moga in Punjab. NARCL offered ₹270 crore against the ₹988 crore debt, equating to a 27% recovery for lenders.

Nestle India after Swiss investigative organisation Public Eye and the International Baby Food Action Network said in a report that the packaged foods maker adds 2.2 gm sugar per serving to its baby foods brand Cerelac in India. Existing World Health Organisation guidelines ban added sugars in baby food products. “The Fssai has taken cognisance of the matter and has sought an explanation from Nestle India,” said a senior official from the national foods sector regulator. The authority held a meeting of its officials on Thursday to evaluate the matter.

FSSAI) on Thursday took cognisance of Nestle's Cerelac sugar case, reported ET NOW citing sources. The regulator said that if found guilty, strict actions will be taken against the brand. A committee will be examining the matter, said FSSAI, as per ET NOW sources. Nestle sugar controversy Nestle adds sugar to infant milk sold in less affluent nations including India but not in its primary markets like Europe or the UK, reported ToI. The revelation came to light when «Public Eye,» a Swiss investigative organization, and IBFAN (International Baby Food Action Network) dispatched samples of the company's baby food items marketed in Asia, Africa, and Latin America to a Belgian laboratory for examination.

Nestlé hit headlines this week for the sugar content in its baby food sold in developing countries. Nestlé India was found to have included sugar and honey in infant milk and cereal products such as Cerelac, as per a Guardian report. Responding to the concerns, Nestlé India told Mint has reduced up to 30 percent of added sugars across its infant cereal range over the past five years.

Business Today TV has reported citing a top government official. Nestlé came under the scanner for the sugar content in its baby food.

arrested and three more arrest warrants have been issued for suspects in a gold heist at Toronto’s Pearson International Airport's cargo facility in April 2023, AFP reported. Termed as "the greatest gold heist in Canadian history" by officials, little of the stolen 6,600 gold bars worth Can$20 million ($15 million) has been recovered, it added. Further, Can$ 2.5 million in foreign banknotes was also stolen in the same heist.

Canadian police say nine people are facing charges in the biggest gold theft in Canadian history from Toronto’s Pearson International airport a year ago

parliament on Wednesday approved a motion to ban the Nazis' swastika emblem as part of a crackdown on extremist symbols in the neutral country. The lower house of parliament voted to prohibit one of the most infamous symbols of Adolf Hitler's National Socialist regime following concerns about rising antisemitism.

The Guardian reported that the Swiss foods company adds sugar and honey to infant milk and cereal products sold in “poorer countries". It cited data from Public Eye, a Swiss investigative organization, and the International Baby Food Action Network (IBFAN) that examined Nestlé baby food brands sold in these markets. Public Eye examined 115 products sold in Nestlé’s main markets in Africa, Asia and Latin America across two key brands—Cerelac and Nodi.

Multiple people have been arrested in connection with the largest gold heist in Canadian history at Toronto Pearson airport last year, Peel Regional Police say.

Adani Group has increased its stake in Ambuja Cements by 3.6%, bringing it to 70.3%, through the conversion of warrants into equity. The company announced on Wednesday that the Adani family, promoters, has fully subscribed to the warrants program by injecting remaining Rs 8,339 crore out of the total Rs 20,000 crore. In October 2022, Ambuja Cements issued warrants totaling Rs 20,000 crore to the Adanis on a preferential basis at Rs 418.8 per share. Initially, the company received Rs 5,000 crore (25% of the warrant issue) as the mandatory upfront payment. On March 28, 2024, the group paid Rs 6,661 crore towards part of the shares' issuance. Currently, the Ambuja Cements stock is trading at Rs 555, a 47% premium over the issue price of Rs 418.8. The stock rallied 88% in the past three months compared to a 17% jump in the benchmark Sensex.

initial public offering (IPO) up to $750 million, three people aware of the development said. The company, which competes with Mukesh Ambani's Reliance Retail, Tata Group's Trent and grocery giant Avenue Supermarts, is expected to make its IPO filing by the end of the year, the people said on condition of anonymity. Vishal Mega Mart is owned by Switzerland’s Partners Group and India’s Kedaara Capital.

₹1 lakh every year to a woman member of every poor household. Even if just half the free-food beneficiaries are found to qualify for being under the poverty line, this basic income scheme would cost the exchequer over ₹8 trillion, 16.8% of the interim budget’s entire outlay of ₹47.7 trillion for 2024-25. Yet, how it will be funded finds no mention in its manifesto.

UBS Group faces an increase in regulatory capital requirements that could reach around $20 billion under reforms proposed in the wake of the collapse of Credit Suisse.

Zug, Switzerland – April 16,2024 – Anomaly, announces the launch of the first AI-powered zero-gas Layer-3 gaming platform leveraging a play-to-airdrop mechanism targeting Telegram’s 900 million daily active users. Powered by Arbitrum Orbit and using Gelato’s Rollup-as-a-Service (RaaS), Anomaly’s new Layer-3 is set to redefine the gaming industry empowering developers to create immersive decentralized gaming experiences with unprecedented speed leveraging AI-enabled Game Engine, while completely abstracting away blockchain complexities.