Viewing posts categorised under: Business

Hengrui Medicine Sets Up Clinical Research and Development in Basel

by swisschambei in Business

The Chinese life sciences company Hengrui Medicine is establishing a Swiss subsidiary in Basel. The European hub for clinical research and development will help the company to advance its innovative drugs, including cancer treatments. The Basel life sciences ecosystem is set to grow by another major global player. The international company Hengrui Medicine is establishing a Swiss subsidiary, Hengrui Europe Therapeutics AG. Founded in 1970, the Chinese company reportedly has a market capitalization of about USD 70 billion and therefore ranks as one of the top 30 life sciences companies in the world. It has more than 25,000 employees worldwide and currently runs more than 120 clinical trials globally. The Basel site will be dedicated to the clinical research and development of Hengrui’s innovative drugs in Europe. Hengrui Medicine operates in various fields, though its primary focus is on cancer treatments. The investment and innovation promotion agency Basel Area Business & Innovation is supporting Hengrui Medicine in establishing the Basel subsidiary.

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Switzerland May Surpass Hong Kong as the Top Global Corporate Tax Haven

by swisschambei in Business

Hong Kong will soon lose its status as the place with the world’s lowest corporate tax, replaced by the small mountainous canton of Nidwalden in Switzerland, a study found. That’s according to a taxation index by BAK Economics that regularly measures the attractiveness of Swiss cantons compared with each other as well as locations abroad. Switzerland is implementing one of the most significant tax reforms in decades. Tax burdens on corporate profits are expected to fall sharply in several cantons, especially Nidwalden, located on Lake Lucerne, according to the study. Unless Hong Kong changes its own tax regime, Nidwalden will push past it by 2025 with a corporate rate of 9.8%, the independent Swiss economic research institute concluded. Nationally, the Swiss corporate tax rate should fall to 13.5% from 16.8% when the reforms are fully in place by 2025, BAK estimated. That would be lower than Singapore. The canton of the capital Bern, with the highest tax burden in Switzerland, comes in ahead of European cities such as London, Munich, Vienna, Paris and Milan, the study found.

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Protective Medical Gear from China Arrives in Switzerland

by swisschambei in Business

China is sending protective material to Switzerland with a first batch of “urgently needed” gowns delivered to Zurich hospitals on April 6th, Keystone-SDA news agency reported, citing cantonal authorities. Another flight arrived in Geneva and more are expected in the coming days. The personal protective gear arrived at Zurich Airport on Sunday evening from Shanghai. The supplies will be distributed to 34 healthcare institutions in the cantons of Zurich and Schwyz. Another flight landed on Monday in Geneva carrying 92 tonnes of protective medical equipment including masks made in China, Reuters reported. That flight contained 2.5 million surgical masks, 10 million gloves as well as goggles and thermometers. The equipment will be distributed to 13 Swiss hospitals and pharmaceutical associations. Additional protective materials such as masks, gloves and safety glasses are expected to arrive in the coming days, according to SWISS International Airlines.

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Rail Transport Alternative: Schweizerzug and RTSB Connect Switzerland and China

by swisschambei in Business

Beginning April 1st, 2020, Schweizerzug and RTSB will connect Switzerland and China by rail once a week. This offer for maritime containers on the iron silk road includes Frenkendorf near Basel and Niederglatt near Zurich and serves both Xian in the Shaanxi province and Hefei in the Anhui province. The new service offers a fast and reliable alternative to ocean and air freight, which are both currently severely restricted due to the coronavirus (COVID-19) outbreak. To carry out this service offer, Schweizerzug AG, based in Frenkendorf, and RTSB Schweiz AG, headquartered in Gams, formed a joint venture. Schweizerzug AG is a Swiss service provider for intermodal container transport by rail, and RTSB Schweiz AG belongs to the international RTSB group, a transport company focused on transmodal connections between Europe and the CIS, Mongolia and China. The transit time for this new connection between Switzerland and China is approximately 15 days to Xian and 18 days to Hefei. Compared to sea transport on the Rotterdam – Shanghai route, the new product from Schweizerzug and RTSB is about twice as fast.

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Chinese Invest More in Switzerland

by swisschambei in Business

Switzerland is China’s fifth biggest investment target in Europe, an EY study has found. In 2019, Chinese investors made 12 transactions in Switzerland, investing a total of USD 571 million. Although there were fewer transactions, the total value increased. The consulting company EY has analyzed Chinese investments in Europe and placed Switzerland in joint fifth place with the Netherlands for the number of transactions. Over the past year, Chinese investors made 12 transactions in each of the two countries, compared to 13 in Switzerland in the previous year. There were 182 transactions in Europe last year, most of them in Germany. In terms of the value of the transactions, Switzerland is sixth in Europe, after Chinese investors invested USD 571 million in Swiss companies in 2019. This is an increase in transaction value over the previous year (USD 492 million). In Europe as a whole, Chinese investors invested USD 17.3 billion in 2019, with most of this sum going to companies in Great Britain.

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China International Import Expo Targets Swiss Businesses

by swisschambei in Business

A delegation from the China International Import Expo (CIIE) bureau visited Switzerland from January 9th to 11th to invite more local companies to participate in the CIIE this November. Led by Wang Bingnan, vice-minister of commerce and director of the CIIE bureau, the delegation visited the Federal Department of Economic Affairs, Education and Research, the World Economic Forum as well as a number of renowned Swiss enterprises. During the visit, Wang said that Swiss companies rank among the top in Europe in terms of the number of exhibitors and booth areas at the CIIE. He also expressed hope that Swiss businesses can seize the opportunities provided by the expo and increase their exports to the Chinese market. Marie-Gabrielle Ineichen-Fleisch, state secretary for Economic Affairs of Switzerland, said that the Swiss government would encourage more companies to attend the third edition of the CIIE. She also said that Switzerland would be an active participant in China’s Belt and Road Initiative.

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Collaboration Between the Swiss and Chinese FinTech Ecosystems

by swisschambei in Business

The Zurich and Singapore based FinTech Incubator & Accelerator F10 has signed a Memorandum of Understanding with the Chinese Zheshang Venture Capital Company Ltd to create more opportunities for investment and Startup development within the F10 ecosystem at the “Zurich Lake – West Lake” forum for FinTech and Wealth Management. The event brought highly ranked representatives of government, banking and FinTech as well as academia from Switzerland and China together to discuss economic and cultural exchanges. The goal of this MOU signed at the “Zurich Lake – West Lake” FinTech and Wealth Management Forum in December 2019 is the establishment of an exchange mechanism to create opportunities for investment and the development of Startups within the F10 ecosystem. The memorandum includes the exploration of global markets between Chinese venture capital companies and Swiss multinational companies in the canton of Zurich.

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Davidoff, the Swiss Tabacco Brand has Opened Flagship in Hong Kong

by swisschambei in Business

The Swiss Tobacco brand, Davidoff has now launched a Hong Kong flagship inside the luxury retail complex; The Landmark. The 580sq ft outlet is significantly larger than the brand’s previous space. The original outlet was the brand’s third best-selling cigar outlet internationally and accounted for over twenty-five percent of the brand’s Asian sales. “We are delighted to relocate our new flagship store in Hong Kong,” said Davidoff Asia MD Laurent de Rougemont. “The challenge in designing this unique cigar shop was to preserve the company’s history but to continue our mission to delight and surprise our customers worldwide by delivering unique brands and unrivaled retail experiences.” “This enlarged new flagship store continues the Davidoff legacy of an inspiring place where aficionados can find exceptionally crafted Discovery Series cigars from different regions, as well as the complex tasting profile of Winston Churchill Collection,” said Davidoff Hong Kong regional manager and store manager Charles Lim.

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Wirecard Powers New Swiss Post China Cross-Border E-commerce Marketplace

by swisschambei in Business

Wirecard is providing the payment solution for Swiss Post’s “Your Gateway to China” service. Thanks to the “Your Gateway to China” service, Swiss retailers can easily offer their products directly to Chinese consumers through major virtual marketplaces. Swiss Post offers Swiss small and medium-sized enterprises (SMEs) everything they need to open up to new markets, including market entry consulting, logistics and customs clearance, as well as links to local marketplaces. A wide range of quality Swiss products and well-known brands are already available on the virtual marketplaces. Wirecard processes all transactions carried out with leading Chinese payment methods on behalf of Swiss Post. According to Statista, the Chinese e-commerce market is a global leader, with an estimated gross merchandise volume of EUR 4.1 trillion in 2019. Cross-border shopping has also played a key role in China’s e-commerce boom: the gross merchandise volume of China’s import e-commerce market reached EUR 14 billion in 2017, and that figure is expected to hit EUR 44.7 billion by 2021. The top purchase categories in this segment are food, beauty products, and fashion.

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Glencore Signs Five-Year Cobalt Supply Deal with China’s GEM Co

by swisschambei in Business

Glencore has agreed to supply cobalt to a leading Chinese battery materials company for five years, as China looks to secure supplies of the battery metal to meet rising demand for electric cars. Shenzhen-listed GEM Co, a producer of battery materials, said it had agreed to buy 61,200 tonnes of cobalt from Glencore between 2020 and 2024. The deal comes less than a year after GEM walked away from a similar supply deal, after cobalt prices plummeted due to a surge of supply from the Congo. Cobalt prices fell by over 60 per cent between the beginning of January 2018 and August this year. But prices have rebounded since August after Glencore agreed to shut its Mutanda mine in the Congo, the largest cobalt mine in the world. After hitting USD 12 a pound in August, cobalt prices have risen to $17.9 per pound, according to Fastmarkets. There were no details on pricing for the supply agreement with GEM Co released. A spokesman for Glencore confirmed the deal.

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