News

  • Published by https://www.thelocal.ch, 12th Dec 2017 in category General Interest in English

    A shot of Macallan whisky purportedly made in 1878 that a Chinese man paid USD 10,000 for at a Swiss hotel was actually distilled between 1970 and 1972. The forgery was discovered after Scottish whisky experts travelled to Switzerland to conduct tests, 20 Minuten reported.It finally lays to rest the speculation over the malt’s authenticity that arose when the story broke in August.It began when a young Chinese customer entered the Devil's Place Whisky Bar at the luxury Waldhaus Hotel in St Moritz, northeastern Switzerland, and expressed particular interest in rare Macallans. The bar, which has a whisky collection, mentioned in the Guinness Book ofWorld Records, had 47 options, ranging from CHF 7 to CHF 10,000 per glass.The customer chose the bottle marked as an 1878 vintage, which went for CHF 9,999 (USD 10,000) for a two-centilitre measure. According to the online news site, specialists at Rare Whisky 101, who regularly serve as consultants at whisky auctions, established that the bottle's label was a fake. They said carbon dating had shown that the malt had actually been distilled between 1970 and 1972. After discovering the forgery, the proprietor of the Waldhaus, Sandro Bernasconi, travelled to Beijing to apologize to the customer and refund him, the paper said.“It is customary in China to admit your faults,” 20 Minuten quoted him as saying. Bernasconi said it was also important to show that "the Swiss are honest people and do not engage in scams".

  • Published by http://www.sinoptic.ch/, 01st Dec 2017 in category Culture & Society in English

    Presented from 29 October to 29 November at the Kunming Museum, this exhibition is entitled Days of a Swiss Pioneer in China. It traces the work of Mr. Otto Meister, who worked from 1903 to 1909 in the Yunnan part of the Yunnan Vietnam Railway, one of the most spectacular railway projects of the last century. She presents photos, private correspondence and other historical documents, fruit of collaboration between the authorities of Kunming, capital of Yunnan Province, and Mrs. Sylvia MEISTER, granddaughter of the engineer. This event also celebrates the 35th anniversary of the twinning between Zurich and Kunming.
     

  • Published by https://www.swissinfo.ch, 25th Nov 2017 in category BUSINESS NEWS in English

    The number of workers in the Swiss photovoltaic industry has almost halved in the past five years. China, which now has 80% of the global market share, continues to undercut the European market. On 2 November, Meyer Burger, a Swiss solar equipment maker, announced it would discontinue manufacturing at its Thun headquarters by the end of the year, partly relocating to China. This cost-efficiency programme is expected to result in around 180 job losses, mainly in solar panel production. This downsizing continues a trend that began five years ago. In 2011, some 11,000 people were employed in the Swiss photovoltaic industry in production, installation, and research and development. By last year, the figure had dropped to 5,500. What’s going on? According to José Martin at Swissolar, the decrease in production is due to price pressure exerted by Chinese manufacturers – not only in Switzerland, but also in Germany, which was the global leader in the sector until 2015. However, while Swiss manufacturers are hurting, installers, inspectors and maintenance workers are benefiting from the number of solar panels being imported. “Their number has increased and should continue to do so over the coming years,” Martin told Swiss public television, RTS. More and more Swiss roofs are covered in Chinese solar panels. In the first half of 2017, Switzerland imported CHF 85 million (USD 85 million) worth of panels, of which more than a quarter (CHF 23 million) were from China. The Swiss domestic market, which was at the forefront of the photovoltaic sector in the 1990s, is struggling. Turnover has fallen from more than CHF 2 billion in 2011 to some CHF 900 million in 2015.

  • Published by http://www.marketwired.com, 21st Nov 2017 in category BUSINESS NEWS in Chinese

    China Telecom and TransTeleCom, one of the leading Russian telecommunications companies, have developed the first transit telecommunication route connecting China and Europe based on 100G ULH (Ultra Long Haul) DWDM technology. As part of the project, the companies have constructed a new 100Gbps gateway interface on the border between the two countries, the Chinese city of Manzhouli and in the Russian city of Zabaikalsk. China Telecom is committed to building the new Digital Silk Road that connects Asia and Europe. From the Information Highway between Asia and Europe which launched as early as 2013, to the latest 100G Asia-Europe terrestrial cable service in 2017, China Telecom has mapped out a wide information network that runs from China to Russia, Belarus, Ukraine and Central Asia countries, as well as reaches the Atlantic through Switzerland, Germany and the U.K. This high-quality network features large bandwidth, multiple routes, low latency and great controllability.

  • Published by https://www.swissinfo.ch, 15th Nov 2017 in category BUSINESS NEWS in English

    Shanghai Pharmaceuticals Holding Co. is exploring further acquisitions after it beat out global buyout firms to buy Cardinal Health Inc.’s Chinese distribution business in a USD 1.2 billion deal. The state-owned drugmaker is scouting for purchases of pharmaceutical manufacturing assets overseas, David Liu, head of mergers and acquisitions at Shanghai Pharma, said in an interview on 15 November. Shanghai Pharma is interested in deals related to specialty drugs, including treatments for cancer and cardiovascular conditions, as well as branded generics, Liu said. Shanghai Pharma is looking for further acquisitions in the U.S., as well as some European countries including Germany and Switzerland, he said. The company would like to sell Shanghai Pharma products overseas and also wants to bring in more foreign pharmaceutical products to sell in China, according to Liu.“After the 19th Party Congress, President Xi has put in place a lot of attention on health care. There’s a lot of support from the central government and Shanghai government,” he said. “This can be an advantage against private enterprises.”

  • Published by https://www.swissinfo.ch, 01st Nov 2017 in category BUSINESS NEWS in English

    Shanghai Pharmaceuticals Holding Co. is exploring further acquisitions after it beat out global buyout firms to buy Cardinal Health Inc.’s Chinese distribution business in a USD 1.2 billion deal. The state-owned drugmaker is scouting for purchases of pharmaceutical manufacturing assets overseas, David Liu, head of mergers and acquisitions at Shanghai Pharma, said in an interview on 15 November. Shanghai Pharma is interested in deals related to specialty drugs, including treatments for cancer and cardiovascular conditions, as well as branded generics, Liu said. Shanghai Pharma is looking for further acquisitions in the U.S., as well as some European countries including Germany and Switzerland, he said. The company would like to sell Shanghai Pharma products overseas and also wants to bring in more foreign pharmaceutical products to sell in China, according to Liu.“After the 19th Party Congress, President Xi has put in place a lot of attention on health care. There’s a lot of support from the central government and Shanghai government,” he said. “This can be an advantage against private enterprises.”
     

  • Published by http://ch.china-embassy.org, 25th Oct 2017 in category Bilateral Relations in English

    On 2 November 2017, the Chinese Embassy and the Society of Switzerland-China hosted a reception on the 19th Party Congress of CCP and the Sino-Swiss relations in Bern. The Ambassador GENG Wenbing, Mr. Thomas Wagner, the president of the Society of Switzerland-China and the Ambassador Johannes Matyassy took part in this and held an address. In addition, more than 140 guests were present, including people from the fields of politics, business, culture, research, etc., former Swiss diplomats who worked in China, members of the Chinese Association of Science and Technology Switzerland and all members of the embassy.

     

  • Published by http://www.wenfei.com, 22nd Oct 2017 in category Legal / Tax / Consulting / Services in English

    China legal Report is a monthly collection of Chinese law related news gathered from various media and news services, edited by Wenfei Attorney-at-law LTD. This time, you will read three useful news concerning “China 4th Judicial Interpretation on PRC Company Law”, “Announcement of the State Administration of Taxation on the Record-filing of Tax Exemption of Cross-border Taxable Activities and Other Value-added Tax Issues” and “Action Plan for Better Protecting Foreign-invested Enterprises’ IPRs in China”.

  • Published by https://www.pwccn.com, 19th Oct 2017 in category Legal / Tax / Consulting / Services in English

    PwC released its latest China Banking Newsletter - Review and Outlook of China’s Banking Industry in the First Half of 2017.  The report indicates that Chinese listed banks are entering a period of stability. Further, it shows that net profit of Chinese listed banks maintained growth in the first half of this year, albeit at a slightly slower pace than the same period last year. Additionally, both the non-performing loan ratio and overdue loan ratio declined. PwC’s Banking Newsletter covers the financial results of the first half of the year for 39 A-share and/or H-share listed banks, published by the end of June, 2017. The report follows China Banking Regulatory Commission’s categories which include six Large Commercial Banks, nine Joint-Stock Commercial Banks, 16 City Commercial Banks and eight Rural Commercial Banks. According to the report, Chinese listed banks chalked up a net profit of RMB 849.72 billion in the first half of 2017, marking a year-on-year increase of 4.50%. The pace of growth slowed down slightly compared with the same period in 2016. Both the overall return on assets (ROA) and return on equity (ROE) declined. Except for Large Commercial Banks, the overall ROA of other listed banks has reduced significantly to below 1%. According to the report, by the end of June 2017, the value of outstanding non-performing loans had reached RMB 1.3 trillion, up 4.24% from the end of 2016. The non-performing loan ratio was 1.60%, down 0.05% from the end of 2016. Also, the NPL and the special-mention loan ratios of listed banks in all categories dropped from the end of 2016. The upward trend could be indicative of credit risk yet to be fully exposed and consequently, should be observed closely.

  • Published by https://www.ft.com/content, 16th Oct 2017 in category Hospitality / Tourism / Retail in English

    Nestlé released their nine-month sales report on 19 October. Mark Schneider, Nestlé CEO said, “Our sales results for the nine-month period are in line with our expectations communicated in July. Organic sales growth continued to benefit from industry-leading volume growth, which illustrates our ability to innovate and meet consumer demand. Pricing remained soft. Zone Asia, Oceania and sub-Saharan Africa saw further improvement in organic growth. As expected, Western Europe returned to positive organic growth, with significant contributions from coffee and confectionery. Improving our efficiency is a key priority. We have identified further opportunities to accelerate our margin improvement, leading to a further increase in restructuring and related expenses in 2017. Consequently, we now expect our trading operating profit margin to decrease by 40-60 basis points. The development of our underlying trading operating profit margin is fully in line with our expectations for 2017.” According to the report, growth in China continued to improve in the third quarter with positive momentum across the portfolio, particularly in coffee and culinary.

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