Latest news with #CHF
Time of India
5 days ago
- Business
- Time of India
Trade pact breakthrough: Switzerland ratifies India-EFTA agreement; $100 billion investment and 10 lakh jobs likely
Switzerland has completed the ratification process for the India-EFTA Trade and Economic Partnership Agreement (TEPA), paving the way for the landmark deal to come into force in October. The pact, signed in March after nearly 16 years of negotiations, aims to significantly reduce trade barriers and enhance investment flows between India and the four EFTA member states — Iceland, Liechtenstein, Norway and Switzerland. Swiss Ambassador to India Maya Tissafi hailed the ratification as a "significant milestone" in bilateral ties and said TEPA is expected to unlock investments worth $100 billion and create 10 lakh jobs in India over the next 15 years, PTI reported. 'At midnight yesterday (Swiss time), the referendum deadline for the EFTA-India TEPA officially expired. With no referendum, the Swiss people have expressed their tacit approval of the agreement,' Tissafi said in a social media post. Iceland, Liechtenstein and Norway have already ratified the agreement. 'The TEPA paves the way for long-term cooperation between our countries. Apart from reduced tariffs, it will help streamline customs procedures, enhance intellectual property protections and establish a framework for sustainable trade practices,' said Tissafi, quoted PTI. She added that the Swiss government would focus on successfully implementing TEPA to benefit Swiss companies looking to invest in India. 'We are partnering with business associations in Switzerland and India and with Indian authorities at the central and state levels. The opening of the EFTA Desk in February is one measure that facilitates investments from EFTA countries in India.' Currently, Switzerland ranks as the 12th-largest investor in India. Swiss investments have increased from CHF 551 million (approximately Rs 5,935 crore) in 2000 to CHF 10 billion (Rs 1,07,736 crore) in 2024. Tissafi noted that while the agreement will be effective from October, 'in the specific domain of trade in goods, some categories of products will be subject to progressive dismantling periods, spanning over 10 years in some cases.' More than 330 Swiss companies operate in India across sectors including engineering, precision instruments, chemicals, pharmaceuticals and services. Indian firms, meanwhile, are active in Switzerland in areas such as IT, machinery and pharma. Tissafi also highlighted the broader bilateral relationship, noting that the two countries have shared a robust partnership over 77 years since signing the Treaty of Friendship. 'Our multi-sectoral cooperation covers diverse areas, including diplomacy, economy, trade and investment, education, research and innovation, skills development, vocational education and training, development, climate change and disaster-risk reduction, and culture,' she said. Among recent initiatives, she cited the launch of the Swiss-Indian Innovation Platform in Bengaluru in October 2023, aimed at connecting IITs and Swiss universities with top companies from both countries to build strategic innovation collaborations. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Globe and Mail
5 days ago
- Business
- Globe and Mail
Berenberg Bank Remains a Hold on Novartis AG (NOVN)
In a report released yesterday, Kerry Holford from Berenberg Bank maintained a Hold rating on Novartis AG, with a price target of CHF89.00. The company's shares opened today at CHF97.91. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. According to TipRanks, Holford is a 4-star analyst with an average return of 11.9% and a 62.65% success rate. Holford covers the Healthcare sector, focusing on stocks such as Novartis AG, GlaxoSmithKline, and GlaxoSmithKline. The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Novartis AG with a CHF102.73 average price target, which is a 4.92% upside from current levels. In a report released on July 4, UBS also maintained a Hold rating on the stock with a CHF104.00 price target. The company has a one-year high of CHF102.72 and a one-year low of CHF81.10. Currently, Novartis AG has an average volume of 3.31M.
Time of India
5 days ago
- Business
- Time of India
Switzerland greenlights India-EFTA mega trade pact; sets stage for October rollout
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi, Switzerland has finally completed the ratification process for a landmark trade deal between India and the European Free Trade Association (EFTA) that would reduce trade barriers and significantly open up the Indian market to Swiss exports. Swiss Ambassador to India Maya Tissafi described Switzerland's ratification of the trade pact as a "significant milestone" in her country's bilateral relationship with New envoy told PTI that the Trade and Economic Partnership Agreement (TEPA) is expected to come into force in the mega trade pact, the EFTA States of Iceland, Liechtenstein, Norway and Switzerland are looking at making an investment of USD 100 billion in India over the next 15 Liechtenstein and Norway have already ratified the trade March, the four-nation European grouping signed the TEPA with India following nearly 16 years of negotiations."At midnight yesterday (Swiss time), the referendum deadline for the EFTA-India TEPA officially expired. With no referendum, the Swiss people have expressed their tacit approval of the agreement," Tissafi said in a social media ratification of the trade pact came more than seven months after the Swiss Council of States approved it."The TEPA paves the way for long-term cooperation between our countries. Apart from reduced tariffs, it will help streamline customs procedures, enhance intellectual property protections and establish a framework for sustainable trade practices," Tissafi told importantly, the EFTA states will invest USD 100 billion and create one million (10 lakh) jobs in India over 15 years, she said, adding that this will be a "win-win situation" for all countries Switzerland is the 12th-largest investor in investments in India have grown exponentially over the last 25 years, rising from CHF 551 million (approximately Rs 5,935 crore) in 2000 to CHF 10 billion (Rs 1,07,736 crore) in 2024, the envoy said."The TEPA is expected to enter into force in October, date upon which the agreement will be effective. Of course, in the specific domain of trade in goods, some categories of products will be subject to progressive dismantling periods, spanning over 10 years in some cases," she said the Swiss government's priority would be to successfully implement the TEPA for the Swiss companies that want to invest in India."To this end, we are partnering with business associations in Switzerland and India and with Indian authorities at the central and state levels. The opening of the EFTA Desk in February is one measure that facilitates investments from EFTA countries in India," she than 330 Swiss companies are present in India in sectors such as engineering, services, precision instruments, chemicals and pharmaceuticals, while Indian companies are present in Switzerland in sectors such as IT, pharmaceuticals and the overall India-Switzerland ties, Tissafi said the bilateral relations have evolved over the last 77 years, since the two countries signed the Treaty of Friendship."Our multi-sectoral cooperation covers diverse areas, including diplomacy, economy, trade and investment, education, research and innovation, skills development, vocational education and training, development, climate change and disaster-risk reduction, and culture. This relationship has been reinforced over the years through regular high-level visits," she relationship between the two countries is on an upward trajectory, the envoy said, adding that they are making strides in various domains, from the signing of the TEPA last March to the implementing of projects in the fields of climate change, disaster-risk reduction and environment."The TEPA underscores our commitment to enhancing trade and economic ties between our two nations. Another notable advancement in our partnership is also the launch of the Swiss-Indian Innovation Platform in Bengaluru in October 2023," she platform connects Indian Institutes of Technology (IITs) and Swiss technical high schools and universities with leading private companies from both countries to foster strategic innovation companies have been operating in India in the machine, electrical engineering and metals (MEM) and precision sectors, as well as in services, information, communication, software, medtech and construction, among other sectors.
Finextra
6 days ago
- Business
- Finextra
SIX And Pictet complete pilot project to tokenise financial assets
Today, SIX and Banque Pictet & Cie SA have announced the successful conclusion of a joint pilot project, tokenising corporate debt instruments and allocating fractional quantities of these assets to portfolios managed by Pictet Asset Management SA. 0 This initiative demonstrates the potential of tokenized securities which will offer more flexible, efficient, and scalable tools for delivering tailored investment solutions to Asset Managers. This work paves the way for broader adoption of digital infrastructure and acts as an important starting point for the mutual funds industry. While mutual funds have long served investors, the emergence of digital securities introduces a fundamental upgrade, allowing investors to have greater control of investment choices with improved operational efficiency. The pilot project focused on EUR- and CHF-denominated corporate bonds, held in custody at SIX SIS to be tokenized on the SDX platform. These were then allocated in fractions to the investors via the portfolios' custody bank account, enabling a level of portfolio customisation which would not be easily achievable via traditional systems. A key benefit is that the solution can be utilised for all debt instruments (both traditional and digitally issued). This pilot supports new operating models for mutual fund management, including more tailored investment strategies and improved diversification for smaller investments, supported by automated fractionalised portfolio rebalancing. Tokenisation broadens access to asset classes such as corporate bonds by facilitating smaller investment sizes that attract a more diverse range of investors. David Newns, Head SDX, said: 'We are delighted that our successful pilot project with Pictet has established a foundation for integrating digital bonds into fund portfolios. This milestone marks the first successful fractionalization of securities on regulated blockchain-based financial market infrastructure in production. Tokenized securities combined with fractionalization on SDX enables more flexible, efficient, and inclusive financial services, allowing asset managers and financial institutions to unlock real value from digital assets.' Olivier Ginguené, Chief Investment Officer Multi Asset & Quantitative Investment at Pictet Asset Management, said: "We are pleased to collaborate with SIX on this breakthrough project. It is the first time that tokenisation and fractionalization have been combined in the Swiss market to enable real investments in traditional asset classes such as equities or bonds. A new and innovative use case for tokenized trading of securities that opens up for customisation at scale. We look forward to continuing to be part of their journey.' The collaboration between SDX and Pictet confirms that tokenized assets combined with fractionalization can deliver real benefits across the fund management value chain, from operational efficiencies to enhanced outcomes and experience for investors.
Mint
6 days ago
- Business
- Mint
Barry Callebaut Shares Plunge as it Cuts Guidance Again
(Bloomberg) -- Swiss cocoa grinder Barry Callebaut AG cut its sales volume guidance for a second time within three months due to persistent cocoa bean price volatility. Shares fell by as much as 10% in early Zurich trading, the most since April. The firm now sees a 7% decline in full-year sales volume, compared with a mid single-digit decrease forecast in April, according to a statement on Thursday. It posted revenue of CHF 10.95 billion ($13.8 billion), and a 6.3% decrease in sales volume for the first nine months of its fiscal year, saying the global chocolate market 'saw its largest decline in a decade in the third quarter'. It also expects a mid to high single-digit increase in recurring earnings before interest and taxes in local currencies for the year 2024/25, compared with a double-digit increase expected before. As inflationary pressures squeeze consumer budgets and demand, Barry Callebaut has seen sales to chocolate-manufacturing clients decline. Unlike consumer brands like Swiss Lindt & Spruengli AG, the firm has had difficulties passing on higher cocoa prices to customers, due to its lack of premium brand pricing power. While cocoa bean prices are down more than 30% this year and higher production is expected in the season that starts in October, chocolate-makers are still clearing expensive inventories, keeping prices elevated. Uncertainty around potential tariffs by the US is also pressuring demand. Barry Callebaut's global chocolate business saw a decline of 12.3% in third-quarter sales volume in North America. 'Overall the weak volumes in Q3 lowers the visibility on when a return to volumes growth is likely,' JPMorgan Chase & Co analyst Edward Hockin wrote in a note, adding he sees 'risks to next year consensus volumes expectations.' Barry Callebaut has seen its share price plunge more than 30% since 2024, when cocoa prices began surging due to poor harvests in West Africa and other growing regions. The firm is undergoing restructuring under Chief Executive Officer Peter Feld, who is trying to edge the company closer to its business-to-business clients. --With assistance from Allegra Catelli. (Updates with share price decline in second paragraph, analyst comment in eighth paragraph.) More stories like this are available on
