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Publication of the Swiss Canadian Chambers of Commerce Ontario and Quebec
Publication des Chambres de Commerce Canado-Suisse de l’Ontario et du Québec
October/November Octobre / Novembre 2014
Feature/Reportage
eature/Reportage::
Swiss Subsidiaries in Canada
Les filiales Suisses au Canada
www.swissbiz.ca
www.cccsqc.ca
Une véritable révolution pour votre
café en grande tasse et votre espresso.
Découvrez la nouvelle technologie
CentrifusionMC et savourez ce goût
incroyablement onctueux et cette
crema formée naturellement.
D É COU VREZ LA RÉVO LU T I ON S U R
WWW. NES PRESS O.CO M
#TheCoffeeRevolution
Publication of the Swiss Canadian Chambers of Commerce Ontario and Quebec
Publication des Chambres de Commerce Canado-Suisse de l’Ontario et du Québec
FEATURE / REPORTAGE
Swiss Subsidiaries in Canada / Les filiales Suisses au Canada
4
6
7
Switzerland and Canada – Trade & Investments Update
Services et Solutions TWM Canada Inc.
Kaba Montreal Facility Meets with the Security Needs of the Lodging Market
BUSINESS AND OTHER NEWS
ACTUALITÉS ÉCONOMIQUES ET D’AFFAIRES
9
12
14
16
17
19
21
28
Obtaining Citizenship in Canada and in Switzerland
Karin Lindner: Manufacture Your Future
US Citizen and Green Card Holders Living in Canada – Further Changes
to US Income Tax Amnesty Programs
Business News
Swiss Watch Industry Welcomes Apple’s iWatch Despite Warning
Economists Predict That Switzerland Faces Several Months
of Weaker Economic Growth
UBS: Too Big to Lend
Trade Fairs
CHAMBER NEWS
INFORMATIONS DE VOTRE CHAMBRE
2
3
11
15
17
22
22
25
26
28
President’s Message SCCC/Upcoming Events
Message du Président CCCS / Événements à venir
Member Profile
Quote of the Month
Scholarship Fund
SCCC New Members
Nouveaux Membres – CCCS
Cocktail de la rentrée
Travel News
SCCC Group Health Plan
CONTENTS / INDICE
^c[dhj^hhZ
Swiss Canadian Chamber of Commerce (Ontario) Inc.
756 Royal York Road • Toronto, Ontario M8Y 2T6
Tel: (416) 236-0039 • Fax: (416) 236-3634 • E-mail: sccc@swissbiz.ca • www.swissbiz.ca
BOARD OF DIRECTORS • 2014 – 2015
President / Director:
Ernst Notz
Nacora
2 Hunter Avenue, Toronto ON M6E 2C8
Tel: 416-784-2872
Email: ernst.notz@rogers.com
1st Vice-President/Director:
Julien Favre
UBS Bank (Canada)
154 University Avenue, Toronto ON M5H 3Z4
Tel: 416-345-7033
Email: julien.favre@ubs.com Website: www.ubs.com/1/e/canada
Treasurer/ Director:
Monica Stevens-Wyss
Trowbridge Professional Corporation
25 Adelaide St. E.; Suite 1400; Toronto, ON M5C 3A1
Phone: 416-214-7833 ext.104
Email: monica.stevens@trowbridge.ca Website: www.trowbridge.ca
Secretary & Legal Counsel:
Bernard Lette
Lette LLP
20 Queen Street West, #3300, P.O. Box 33, Toronto ON M5H 3R3
Tel: 416-971-4898
Email: blette@lette.ca Website: www.lette.ca
Past President / Director:
Philipp Gysling
Mesh Innovations Inc.
174 Hallam Street, Toronto ON M6H 1X5
Tel: 416-871-8159
Email: philipp.gysling@meshinnovations.com
Website: www.meshinnovations.com
Directors:
Brett Berman
IMD Alumni Club of Canada
107 Cottingham Street, Toronto, ON M4V 1B9
Tel: 416-464-9422
Email: b.berman@intifin.com
Rudi Blatter
Lindt & Spruengli (Canada) Inc.
181 University Avenue, Suite 900, Toronto ON M5H 3M7
Tel: 416-351-8566
Email: rblatter@lindt.com Website: www.lindt.com
Heidy Lawrance
WeMakeBooks.ca
238 Willowdale Ave., North York ON M2N 4Z5
Tel: 416-733-1827
Email: heidy@wemakebooks.ca
Website: WeMakeBooks.ca
Sandra Leuba
RBC Wealth Management
CINEBOXX Film & Television Inc.
136 Curzon Street, Toronto ON M4M 3B5
Tel: 416-616-4251
Email: leubasandra@yahoo.ca
Dear Members,
Having just spent a few weeks in the Swiss mountains (Graubuenden), I realize each time how beautiful this Swiss region is and
how charming their “Romansh” is and that we must do everything
possible to save our forth official language.
In strong contrast to this peaceful small part of the world, we are
experiencing in many parts of this world political turmoil, race
and religion issues, crime, corruption and poverty, climate change,
diseases etc. We are fortunate to live and be associated with the
two countries, Canada and Switzerland,that celebrate and embrace
democracy, where we are encouraged to raise our voice in support of our values, concerns
and priorities.
This issue’s feature is on “Subsidiaries”, i.e. Swiss firms that are already established or plan
to come to Canada. Together with Switzerland Global Enterprise and its local Business Hub,
our Chamber is offering our services to help potential interested firms to set foot in this
promising marketplace. SCCC offers Swiss and Canadian firms to present themselves in this
magazine in the “Member Profile” section.
The remaining months – scary how fast this year went by – SCCC will again have its popular
Dinner & Dance event and the theme will be the above mentioned canton of Grisons.
Together with the Canadian Swiss Cultural Association we are also planning to attend an
opera-in-concert event, i.e. Rossini’s’ William Tell. Please see details on our website.
We have started to plan for 2015 more business oriented networking events and presentations (incl. IMD) and invite our members to come forward with new ideas.
Yours sincerely,
Ernst Notz, President
Marianne Mian-Krenger
Re/Max Legacy Realty Inc. Brokerage
368 Lees Lane, Oakville, ON L6L 4S5
Tel: W: 905-272-5000 Tel: H: 416-820-2003
Email: mariannemian@gmail.com
Ronnie Miller
Hoffmann-La Roche Ltd
2455 Meadowpine Boulevard, Mississauga ON L5N 6L7
Tel: 905-542-5522
Email: ronnie.miller@roche.com Website: www.rochecanada.com
Christoph Oehy
Swiss Reinsurance Company
150 King Street West, Toronto, ON M5H 1J9
Tel: 647-775-2443
Email: christoph_oehy@swissre.com
Website: www.swissre.com
Daniel Oehy
Swissmar
35 East Beaver Creek Rd, Unit 6, Richmond Hill, ON L4B 1B3
Tel: 905-764-1121
Email: danielo@swissmar.com Website: www.swissmar.com
Urs Uhlmann
Zurich
400 University Avenue, 25th Floor, Toronto ON M5G 1S7
Tel: 416-586-2959
Email: urs.uhlmann@zurich.com Website: www.zurich.ca
2014 / 2015 COMING EVENTS
2014 Events:
November 15
December 5
Gala Dinner Dance at the King Edward Hotel
William Tell at Roy Thomson Hall
April 22
June 9
2015 Events:
AGM
Golf Tournament
Honorary Director:
Kathy Utigard
Honorary Consul of Toronto
193 Riverview Street, Oakville, ON L6L 5S3
Tel: 905-845-1259
E-mail: kathy.utigard@gmail.com
Executive Assistant:
Patricia Keller Schläpfer – SCCC
756 Royal York Road, Toronto ON M8Y 2T6
Tel: 416-236-0039 Fax: 416-551-1011
E-mail: sccc@swissbiz.ca Website: www.swissbiz.ca
Typesetting and Assembly: Nancy Raitt @ corptype
Printed by: J. B. Deschamps
2
INFO SUISSE
Further Information can be found on www.swissbiz.ca/upcoming_events
Dates above are subject to change
La Chambre de commerce canado-suisse (Québec) Inc.
Swiss Canadian Chamber of Commerce (Quebec) Inc.
1572 Avenue Docteur Penfield, Montréal, Qué. H3G 1C4 • Tél: (514) 937-5822 • Fax: (514) 954-5619 • E-mail: info@cccsqc.ca • Web site: www.cccsqc.ca
CONSEIL D’ADMINISTRATION / BOARD OF DIRECTORS
2013 – 2014
Président / President
M. Christian G. Dubois
Président
Onix international
Tel: (514) 624 5740
courriel:onixi@videotron.ca
Secrétaire / Secretary
Me Monica Schirdewahn
Avocate / Lawyer
Lette & Associés
Tel: 514.871.3838, # 213
E-mail: mschirdewahn@lette.ca
Vice-présidents / Vice-Presidents
Mr. Bruno Setz
Consultant
Tel: 514.767.5123
E-mail : brunosetz@videotron.ca
Mr. Olivier Rodriguez
Gestionnaire de portefeuille
Mirabaud Canada Inc.
Tel: 514.393.1690
E-mail : olivier.rodriguez@mirabaud.ca
Trésorier / Treasurer
Mr. Othmar Widmer
Consultation Widmer
Tel: 450.973.2864
E-mail: widmer.aviation@gmail.com
Directeurs / Directors
Mme Mina Cicale
Directrice Générale
Swiss International Air Lines Ltd.
Tel: 514.954.5600
E-mail: mina.cicale@swiss.com
Mr. Christian G. Dubois
President
Onix International
Tel: 514.624.5740
onixi@videotron.ca
Me Jean-Marc Ferland
Avocat
Ferland, Marois, Lanctot
Tel: 514.861.1110
E-mail: ferland@fml.ca
Mr. Moritz Gruber
Consultant
Tel: 450.264.6278
E-mail: mfgruber@live.ca
Mme Marie-Josée Loiselle
Présidente
Nuno ID
Tel: 514.574.6641
mariejo@nuno-id.com
Mr. Jean-Aymeri de Magistris
Directeur Ventes et Marketing
Stambac International
Tel : 514.564 6798
E-mail: jmagistris@stambac.com
Chères, chers membres,
Voilà la saison est lancée, nous avons eu notre cocktail d’ouverture
et ce fut un succès sur la magnifique terrasse de l’Auberge Saint
Gabriel, chez notre membre et ami Marc Bolay.
Septembre va rester marqué dans les annales de la Chambre en
effet depuis le début du mois nous avons des bureaux, donc un
siège social, avec salle de conférence accessible pour nos réunions
du conseil. Il y a des décennies que la Chambre n’avait pas eu son
propre bureau, voila qui est chose faite. Un très grand merci à
Alfid, Walter et Jean-Jacques, pour cette superbe place. Nous sommes donc au 3450 rue
Drummond, bureau 152, au centre ville de Montréal.
Septembre marque aussi la mise en place de notre tout nouveau site web je vous
encourage à aller le visiter, une très belle réussite, grâce à la précieuse collaboration des
membres de notre conseil.
Le 19 septembre marque également le dévoilement devant l’Hôtel de Ville de Québec
de l’horloge offerte par le Canton du Jura à la Ville de Québec pour célébrer leur 400ème
anniversaire. J’aurai le plaisir de représenter la Chambre à ce prestigieux événement en
compagnie du Consul Général de la Suisse et du Président du Parlement Jurassien entre
autres.
Sur une nouvelle un peu plus triste, le monde du design montréalais a perdu un de ses
géants en août : M. Frédéric Metz nous a quitté. Une cérémonie en sa mémoire a d’ailleurs
eu lieu ce mois-ci à l’UQÀM où Frédéric a enseigné pendant plusieurs décennies. On lui
doit, entre autres, l’accent circonflexe sur le À de l’UQÀM et oui c’est du Frédéric Metz, un
beau souvenir.
Nos activités continuent, suivez-nous sur le site pour le prochain évènement d’octobre.
Je vous souhaite un très bel automne et au plaisir de vous revoir tous.
Christian G. Dubois
Président du conseil d’administration
Mr. Paul Wieser
PDG pour le Canada
Busch Vacuum Technics Inc.
Tel: 450.435.6899
E-mail: pamawi@busch.ca
Directeur honoraire / Honorary Director
Mr. Beat Kaser
Consul général de Suisse
Tel: 514.932.7181
E-mail: beat.kaser@eda.admin.ch
ÉVÉNEMENTS / UPCOMING EVENTS 2014
5 novembre / November 5th
Visite Institut Neurologique Montréal /
Visit Montreal Neurologic Institute
19 novembre / November 19th
Soirée Fondue / Fondue Night
Liaison au Consulat général de Suisse
Mr. Paolo Bezzola
Consul
Tel: 514.932.7181
E-mail: paolo.bezzola@eda.admin.ch
Conseiller juridique / Legal Counsel
Des événements supplémentaires seront ajoutés au fur et à mesure
Lette & Associés
Tel: 514.871.3838, # 213
E-mail: mschirdewahn@lette.ca
Additional events will be added as soon as the dates will be known
Responsable de l’administration / Administration Officer
Mme France Nadeau
Tel: 514.937.5822
E-mail: info@cccsqc.ca
Dates sujettes à changement / Dates are subject to change
INFORMATION et détails/and details : www.cccsqc.ca ou/or (514) 937-5822
O C T O B E R /N O V E M B E R 2014
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Swiss Subsidiaries in Canada / Les filiales Suisses au Canada
SWITZERLAND AND CANADA –
TRADE & INVESTMENTS UPDATE
Canada is the 2nd most important economic
partner in North America for Switzerland.
Canada is a great market for Swiss exports
and also for Swiss FDI*.
Since 2009, Canada has a free trade
agreement with the European Free Trade
Association (EFTA), a trading bloc consisting of Iceland, Norway, Liechtenstein and
Switzerland.
Switzerland is already a world leader in
capital investment abroad (FDI) relative to
its GDP: it ranks 6th in the world with a FDI/
GDP ratio of 149% (2008). The volume of
Swiss FDI in the world has quadrupled since
2000. Switzerland is also a major recipient of
the world’s FDI.
• Swiss FDI in the world: 809 B CH /
2,44 M jobs (2008)
• World FDI in Switzerland: 467 B CH /
242 000 jobs (2008)
4
INFO SUISSE
Switzerland has a steady positive commercial balance of trade with Canada and is
also its 5th largest investor (FDI).
Switzerland-Canada - Trade (2013)
• Swiss Exports to Canada: 4 B$
• Canada Exports to Switzerland: 1,8 B$
Switzerland-Canada – Investments (2013)
• Swiss FDI in Canada: 19 B$
• Canadian FDI in Switzerland: 6,9 B$
The value of Canada’s exports to
Switzerland has decreased at an annual
rate of 9,8% between 2007 and 2012
whereas the value of Canadian imports from
Switzerland increased at an annual rate of
9,4% from 2007 to 2012. The majority of
the Canadian exports to Switzerland are
from Ontario and Quebec (83,8% in 2012).
Nevertheless, from 2007 to 2012, the fastest
growing provincial exports to Switzerland
were from Newfoundland and Labrador,
New Brunswick and Alberta.
Canada’s exports to Switzerland is a
mix of resource-based and manufactured
goods (42,8% and 57,2% in 2012). Canada’s
imports from Switzerland are 95% manufactured goods.
In 2011, Swiss subsidiaries were creating jobs for 57 000 people in Canada. The
Greater Montreal region alone is home to
some 70 Swiss subsidiaries. We find the
major ones like Nestlé, Novartis, but also
others like Kaba Ilco (security systems),
Phostech/Clariant (lithium for batteries),
Mirabaud, Pictet, etc.
The majority of the 48 Swiss companies
on the 2013 Forbes Global 2000 list have a
presence in Canada: Nestlé, Novastis, Roche,
Swiss Re, ABB, Xstrata, Holcim, Syngenta,
UBS, Adecco, Kuehne + Nagel, Transocean,
Schindler,
Weatherford
International,
STMicroelectronic, Lindt & Sprungli, Sika,
Sulzer Group, etc.
The diversity of the activities of the Swiss
subsidiaries in Canada indicates the depth
of the Swiss knowhow: resource-based,
manufactured goods, construction products,
chemicals, medications, agro food, machinery and precision instruments, oilfield
service and equipment, banking, insurance,
information technology (IT), etc.
Recent investments by Swiss subsidiaries
in Canada
(2012) Phostech/Clariant: 78$M in new
plant in Candiac (Québec) to produce carbon
coated lithium iron phosphate (C-LiFePO4)
a high performance energy storage material used in batteries for electric vehicle
drives, stationary energy storage and other
applications.
(2013) ABB transferred 4 types of products from their operations in Mexico to the
Baldor Ste-Claire facility in Québec. Baldor’s
Ste-Claire facility specializes in the design,
production and marketing of top quality
power transmission product components for
a large range of industrial applications. In
January 2011, Baldor was acquired by ABB
Your
in-depth
knowledge
Our
risk
assessment
His
quality of life
Who will provide the healthcare that our ageing populations need, and the quality of life they expect?
You know the issues better than the back of your own, elegantly ageing hand. And so do we. For example, right now in
the US we’re working with clients to combine their expert market knowledge with our risk assessment capabilities. The
result? Affordable private insurance that will not only provide retirees with comprehensive medical cover for the rest of
their lives – but peace of mind for everyone concerned. Especially him. We’re smarter together.
www.swissre.com/info2
O C T O B E R /N O V E M B E R 2014
5
Swiss Subsidiaries in Canada / Les filiales Suisses au Canada
and is now a proud member of the ABB
Group.
(2014) Swiss chocolatier Lindt & Sprüngli
AG is planning to open 12 stores in Canada
by 2016. Lindt recently opened two
Canadian stores: Niagara Outlet Collection
and Wellington Crossing (in London, Ont.).
Two more units are confirmed for fall:
Landsdowne Park in Ottawa, and Montreal
Premium Outlets. The company expects to
finish the year with 22 Canadian stores.
(2011) In 2011, Roche Pharmaceuticals
announced a significant expansion with
the introduction of a Global Pharmaceutical
Development site, which plays a leadership role in worldwide clinical trials. The
project involved an investment by Roche of
more than $190 million in Ontario, and has
resulted in a growth from 76 to 236 people
in Pharmaceutical Development since the
announcement.
(2011) Sika Canada announces the
opening of a new distribution centre located
in Pointe-Claire, Quebec. The 8,400 m2
building will support the company’s continued growth and market demands in the
construction products. This is their largest
distribution centre in Sika Canada’s network
and it supports all of Sika Canada’s business
units.
* The International Monetary Fund defines foreign
direct investment (FDI) as an investment that
allows an investor to have a significant voice
in the management of an enterprise operating
outside the investor’s own country. The phrase
“significant voice” usually means ownership of
10 per cent or more of the ordinary shares or
voting power (for an incorporated enterprise) or
the equivalent (for an unincorporated enterprise).
This may involve either creating an entirely new
enterprise—a so-called greenfield investment—
or, more typically, changing the ownership of
existing enterprises, via mergers and acquisitions.
Other types of financial transactions between
related enterprises, such as reinvesting the earnings of the FDI enterprise, are also defined as FDI.
Source: www.seco.admin.ch
Source : http://www.canadainternational.
gc.ca/switzerland-suisse/bilateral_
relations_bilaterales/fs_switzerland-suisse_
fd.aspx?lang=fra
6
INFO SUISSE
Source : http://www.economywatch.com/
companies/forbes-list/switzerland.html
Source : http://www.parl.gc.ca/Content/LOP/
ResearchPublications/2013-72-e.htm#notes
Mme Marie-Josée Loiselle, Chambre de
Commerce Canada Suisse (Québec)
■
Services et Solutions TWM Canada Inc. est
une toute jeune filiale du groupe TeamWork
créée en 2014 à Montréal par ses actuels
Vice-Présidents Éric Beauxerois et Johann
Marty.
TeamWork est une entreprise Suisse de
services en technologies de l’information,
fondée en 1999 par son actuel président
Philippe Rey-Gorrez. Concentrant la majorité
de son activité sur SAP ainsi que sur les nouvelles technologies, TeamWork compte plus
de 350 employés à travers le monde pour
un chiffre d’affaire consolidé de 53 MCHF
en 2013.
Implantée à Genève et à Berne,
TeamWork s’est bâti au fil des années une
solide réputation de professionnalisme,
d’abord auprès de ses clients Suisses publics
et privés, puis étrangers avec le développement de ses différentes succursales en
France (Paris, Lyon), aux États-Unis (Chicago)
et en Asie (Singapour, Hô-Chi-Minh).
Les valeurs fondatrices de TeamWork
guident au quotidien la relation de confiance
et de long terme que nous établissons avec
nos clients : professionnalisme et expertise
de nos consultants, qualité des relations
humaines, proximité géographique. L’esprit
d’équipe et l’engagement personnel sont
deux piliers très forts de la culture de
l’entreprise, qui se retrouvent dans la pratique sportive offerte aux employés et à
travers du sponsoring ciblé.
Pour son expansion internationale,
TeamWork a chaque fois fait confiance à un
employé volontaire et expérimenté pour
accompagner ses clients suisses à travers le
monde puis y développer une activité locale.
Fin 2012, au cours d’une discussion avec
Philippe Rey-Gorrez, Johann lui présente
son projet de s’installer à Montréal pour des
raisons familiales. L’idée de créer une structure TeamWork au Canada est lancée, avant
de mûrir au sein du groupe et se concrétiser
un an plus tard.
Après une formation d’ingénieur en
systèmes de communication et réseaux,
Johann a obtenu un master en technologies de l’internet. Il rejoint TeamWork en
2006 où il dirige l’équipe genevoise «
Nouvelles Technologies » de 2011 à 2014.
C’est un fervent promoteur des nouvelles
technologies appliquées à SAP, afin
d’améliorer l’expérience utilisateur et faciliter l’intégration de systèmes complexes au
sein des entreprises.
Ingénieur de formation, Éric a commencé
à travailler sur SAP en 1998 et rejoint
TeamWork en 2002. Il a développé au cours
des années de nombreuses compétences
techniques et fonctionnelles SAP, mais
aussi de gestion de projet SAP, de gestion
d’affaires et de gestion d’équipe. Il a dirigé la
succursale de Genève durant six ans jusqu’à
son départ pour Montréal.
Tout au long de ces années, Éric et Johann
ont été appréciés et reconnus par leurs
clients pour leur grande expertise SAP, que
ce soit en Europe ou parfois en Asie. Ils se
réjouissent maintenant de relever le défi
à Montréal, pour construire dans la durée
une nouvelle étape du développement de
TeamWork sur le sol canadien.
Le renforcement de notre présence en
Amérique du Nord permet de consolider
notre offre de support 24/24 des applications SAP à destination de nos clients
internationaux opérant en Europe – Asie
– Amérique.
Toujours à la recherche des meilleures
solutions pour nos clients, le marché montréalais semble idéal pour proposer nos services et solutions innovantes en bénéficiant
d’un environnement technologique très actif
et d’un bassin de ressources compétentes.
Enfin, le Québec offre de nombreux avantages aux nouveaux employeurs : simplicité
et efficacité administrative, charges faibles
pour les entreprises, aide à l’accueil des
nouveaux arrivants, qualité de vie attractive.
Par sa double culture francophone et
anglophone, Montréal constitue un point
d’entrée idéal sur le Canada et les États-Unis,
en même temps qu’un pont naturel avec
l’Europe.
A Montréal, nous offrons surtout trois
types d’offres : services spécialisés SAP, nouvelles technologies en lien ou non avec SAP,
solutions TeamWork à haute valeur ajoutée.
Nous proposons également des services
d’infrastructure en s’appuyant sur les capacités du groupe : installation de serveurs
haute disponibilité / haute performance, de
systèmes SAP, configuration, administration
et support 24/24.
Nous couvrons les aspects techniques et
fonctionnels en conseillant nos clients sur
la meilleure manière d’utiliser leurs solutions SAP en fonction de leurs processus de
gestion d’affaires.
Nous sommes à même de les aider à
réussir leurs projets de par notre grande
expérience sur les méthodologies éprouvées
telles qu’ASAP ou AGILE.
Nous sommes très investis sur les nouveautés technologies telles que HTML5,
SAPUI 5, Hybris … autant d’opportunités
qui permettent aux entreprises de déporter
aisément leur site internet et autres applications web sur différents supports comme les
ordinateurs, tablettes et mobiles.
Nous espérons développer notre activité
à Montréal, nouer une relation de confiance
avec les clients et partenaires locaux sur
le long terme en se faisant apprécier pour
notre savoir-faire et notre savoir-être.
Nous nous sommes inscrits à la
Chambre de Commerce Canado-Suisse, que
nous remercions pour son activité et les
efforts qu’elle fournit, afin de promouvoir
l’entreprenariat suisse. Nous comptons
représenter dignement le groupe Suisse
TeamWork lors des divers évènements
organisés par la CCCS.
www.twmcanada.net
Kaba is a Swiss-based company, leading
player in the worldwide security industry.
With its innovative products, systems and
services, globally active technology group
Kaba (SIX Swiss Exchange: KABN) is a leading
provider of high quality access management
solutions, locks, cylinders, physical access
systems, enterprise data and time recording,
and hotel access systems. The Group is also
the global market leader for high security
locks, key blanks, transponder keys and key
manufacturing machines. For more than 150
years, Kaba has set trends in security and
beyond – in terms of functionality, convenience and design, and always with a focus
on optimum value to customers. The listed
Group employs around 7,500 people in more
than 60 countries, including some 250 collaborators in the city of Montreal, Canada.
KABA MONTREAL FACILITY MEETS
WITH THE SECURITY NEEDS OF
THE LODGING MARKET
Kaba’s affiliates located in Montreal (QC,
Canada) offers a wide range of hotel elec-
■
O C T O B E R /N O V E M B E R 2014
7
Swiss Subsidiaries in Canada / Les filiales Suisses au Canada
tomers with technical support on all its line
of products.
KABA HAS THE FUTURE OF MOBILITY
LOCKED IN
tronic locks, access control systems, safes
and keycards for the lodging market, through
their renowned brands ILCO and Saflok. The
company manufactures high quality, stateof-the-art solutions that aim to enhance
guest experience, in the global hotel industry. Its diverse portfolio includes magstripe
and RFID (Radio Frequency Identification)
locks, wireless online systems, smart room
and energy management interfacing as well
as mobile access solutions allowing guests to
access their room, using their smartphone.
Because in today’s challenging world, it is
essential to have a building that is safe and
secure Kaba has the security solution for any
access points in the hotel. As a global leader
in developing and manufacturing robust and
reliable access control solutions, Kaba offers
systems designed for securing high-traffic
access areas anywhere around the hotel.
IN-HOUSE PRODUCTS WITH AN
ATTRACTIVE DESIGN
Over 50 dedicated engineers based in
Montreal, think, develop and design inhouse customer driven products using the
latest in technology. Beyond the security
and functionality aspects, Kaba locks have
8
INFO SUISSE
an attractive design to complement any
existing hotel décor.
All Kaba locks are then assembled and
tested in the Montreal’s quality control labs.
To comply with the high requirements in
quality and get the appropriate security
certifications, Kaba locks are subjected to
rigorous tests to withstand and tear extreme
temperatures.
The electronic circuit boards within the
locks are also manufactured in-house at
Montreal. In addition to the hotel market,
these circuit boards are also made for other
Kaba products such as high-security locks.
Every day, an amazing amount of locks,
parts and circuit boards are shipped from
Montreal’s factory to worldwide destinations.
AN OUTSTANDING CUSTOMER SERVICE
Kaba offers a 1st class level of customer
service throughout the entire product life
cycle for both its Saflok and ILCO range of
products, from installation & training to
after-sales support. From the Montreal
office, Kaba maintains a worldwide presence
and ensures that its partners (affiliates and
distributors) are Kaba certified by getting
the required expertise to provide local cus-
Kaba’s latest offering of RFID door locks are
mobile-access compatible, giving operators
a range of guest entry options. Kaba is an
innovator in NFC (Near Field Communication),
BLE (Bluetooth Low Energy) and other
technologies that enable the issuing and
management of mobile credentials. Kaba’s
secure digital credentials may be issued
across its line of RFID access control products
for safe and convenient entry to hotel rooms
and other secured areas. The company offers
a variety of mobile credential solutions to
fit specific property needs. Kaba’s access
platform flexibility improves operational
efficiency and the guest experience.
The Kaba Mobile Access Solution is a
secure, end-to-end mobile credential delivery system that uses Bluetooth Low Energy
technology. Kaba’s product emphasis is on
flexible mobile credential systems based
on tested technology that is proven to be
secure and reliable.
For more information:
www.kaba.com
■
Business and Other News
Actualités économiques et d’affaires
OBTAINING CITIZENSHIP IN
CANADA AND IN SWITZERLAND
By Kurt Schläpfer,
Switzerland
Many readers of this
article have acquired
Canadian citizenship
a long time ago and
may remember little
about the procedure necessary at that time to become a
Canadian citizen. And some readers may
ask whether it is easier to obtain a Swiss
passport than a Canadian passport. As the
governments of both countries are currently
discussing reforms of their citizenship legislation, it might be interesting to compare
the current and future requirements needed
to obtain Canadian or Swiss citizenship.
CANADA
Approximately 33,700 people from 199
countries became Canadian citizens at
citizenship ceremonies held (once a year)
across Canada in March 2014.
The requirements for obtaining Canadian
citizenship are:
• Have a permanent residence permit,
• Have lived in Canada for at least three of
the four years before you apply (exactly
1095 days),
• Be able to communicate (read, write
and speak) in English or French,
• Have knowledge about Canada (history,
geography, political system etc.). To
fulfill this requirement, an applicant has
to pass a citizenship test comprising 20
multiple choice questions
(see examples below).
The author of this article who recently
met an elderly Canadian immigrant with
very poor knowledge of English was wondering how it was possible for this person
to obtain Canadian citizenship. The answer
is that the requirements such as language
proficiency and passing a knowledge test do
not apply if you are 55 years of age or older.
Based on a government report, more than
35% fail the the Canadian citizenship test.
The processing time from receipt of
application to final decision is typically 24
months. It is planned that this processing time would be less than one year by
2015-16. The processing fee for adults is
400 CAD. Canada does permit its citizens to
hold dual or multi citizenship. As a result,
new Canadian citizens will not lose their
former nationality.
The federal government is now introducing a series of reforms to the Citizenship Act
that will make it tougher for many to become
Canadian citizens. One of the changes — the
O C T O B E R /N O V E M B E R 2014
9
Business and Other News
Actualités économiques et d’affaires
first since the 1970s — is that permanent
residents must have a physical presence in
Canada for four years out of six years, compared to the current three out of four years.
The bill will also expand the age range for
those required to demonstrate language
proficiency and pass a knowledge test, from
the current age of 18-54 to age 14-64.
Political opponents as well as refugee
advocates were quick to criticize some of
the amendments. The Canadian Council
for Refugees said it was worried about
increasing barriers to citizenship, particularly
for refugees.
Here are two possible questions from the
Canadian Citizen Test:
Approximately how many Canadians served
in the First World War?
a) 7000
b) 8 million
c) About 60,000
d) More than 600,000 (correct answer)
Give the first two lines of Canada’s national
anthem?
a) O Canada! Our home and native
land! True patriot love in all thy sons
command. (correct answer)
b) O Canada! Our province and native
land! True patriot love in all thy sons
command.
c) Canada! From far and wide, O Canada,
We stand on guard for thee.
SWITZERLAND
Every year, around 40,000 people become
Swiss citizens, three-quarters of whom are
European. Yet only three out of 100 foreigners living in Switzerland have been granted
Swiss citizenship – a small percentage compared to other countries.
To become Swiss, there are basically
three paths: through birth, marriage (not
automatic) or naturalization. Unlike in
Canada, Switzerland does not grant a child
citizenship for being born in Switzerland. A
person is automatically Swiss if one of the
parents is Swiss. And Switzerland allows
citizens to hold multiple nationalities.
Foreigners with no family ties to Switzerland
10
INFO SUISSE
must live in the country for at least 12 years
before they can apply for citizenship. The
12-year period is a federal rule and applies
to all cantons. In addition there are cantonal
residence requirements, which would typically include:
• Living in the canton for 2 years
• Integrated in the Swiss way of live
• Familiar with Swiss customs and
traditions
Language knowledge is tested either in
an informal interview or in a formalized test.
In addition, some cantons conduct citizenship exams comprising questions about the
history, the political system and the geography of Switzerland. Cantons can make
exceptions for elderly or disabled applicants.
The costs of naturalization applications
vary widely depending on the canton and
can be affected by factors such as age,
marital status and income. The total fee can
range from 900 to 4,500 CHF. The naturalization process usually takes between 1½ and
3 years.
Here are two questions from a Swiss
cantonal citizenship exam:
Who was the first woman elected in 1984 to
the Federal Council?
a) Ruth Dreifuss
b) Ruth Metzler
c) Elisabeth Kopp (correct answer)
d) Micheline Calmy-Rey
Since when Swiss women are entitled to
vote at the federal level?
a) since 1946
b) since 1971 (correct answer)
c) since 1919
d) since 1878
Under a new naturalization law approved
in June 2014 by the parliament, foreigners
will have to wait ten years, rather than 12,
before they can request citizenship. But the
Swiss passport remains still one of the most
difficult to obtain in Europe. The parties on
the political left felt the conditions for naturalization are still too strict.
Even with the new law, Switzerland
remains one of the strictest countries in
Europe in terms of residency requirements.
Only six other European countries, including
Italy, Spain and Austria, require ten years. In
most other countries five to eight years are
required.
■
At one glance: Becoming a Canadian or Swiss Citizen
Canada
Switzerland
Required status of residency
Permanent residence
permit
Permanent residence
permit (C permit)
Minimum time of residency
before application
1065 days
12 years
(new: 10 years)
Proficiency in at least one
national language
Yes
(when younger than 55)
Yes
Passing a citizenship test
Yes
(when younger than 55)
Yes
(orally or in writing)
Application fee
400 CAD
Typically more than
1,000 CHF (depending
on the canton)
Usual processing time
of the application
2 years
1½ – 3 years
Member Profile
Portrait d’un Membre
GERVAIS RIOUX
Founder and CEO of Argon 18
Canada in major international events for
over a decade, such as the Commonwealth
Games in 1982 and the 1988 Olympics
in Seoul.
A VISION OF CYCLING
Throughout his racing career, three personal
traits defined Gervais Rioux: leadership, an
unflagging determination in his every effort
as well as an undying passion for his sport.
These qualities have remained undiminished in his current role as cycle designer
and company CEO.
THE BEGINNINGS
This is the story of a combative little kid
riding his very first bike race. His bike is
nothing special; heavy, a mass-produced
clunker with fat tires. The kid looks kinda
funny too. This being Canada, he’s borrowed
a buddy’s hockey helmet to ride the race, a
race he ends up winning. It’s 1973 and the
kid’s name is Gervais Rioux and he’s about to
discover a whole new world, the wonderful
world of cycling and he decides right there
and then that he is going to make that world
his. A few years later, he witnesses the 1976
Olympics in Montreal and there’s no turning
back now, his path is set: he too must reach
the topmost rung of the ladder, the pinnacle
of cycling achievement, pushing the envelope to the limit.
ONE OF THE MOST SUCCESSFUL NORTHAMERICAN RACERS OF HIS GENERATION
The kid turned out to be one of the most
successful North-American racers of his generation, with 150 or so victories in America
and Europe. The list includes three Canadian
road racing champion titles, three Quebec
road championships, a win at Grand Prix
de Beauce, a Tour of Luxembourg, a Tour
of Nevada. While a member of prestigious,
powerful squads such as Ten Speed Drive and
Evian-Miko, Gervais Rioux also represented
1999: A TURNING POINT
The year 1999 marked a turning point for
the fledgling company; that’s when Argon
18 bicycles first appeared at Interbike and
soon after became available everywhere in
North America. This was extended to Europe
the following year, and then to Asia and
Oceania. Soon, Gervais Rioux, who by now
was primarily occupied with bike design,
began working with a material of almost
unlimited potential: carbon fiber.
This development work eventually
yielded the Helium, the first full carbon
frameset to bear the Argon 18 name.
■
In buying a Montreal bike shop at the
close of his racing career, Gervais chose to
put his vision of cycling to work in serving
his customers. Thanks to this vision, the
shop became an eastern Canadian authority in matters of road cycling and bike fit.
More than 2000 bike fitting sessions took
place in the store between 1990 and 1999.
Alongside these developments, the house
brand bike, the Argon 18, began attracting
increasing attention everywhere in Canada,
for its impeccable handling, quality fabrication and refined, detailed finish.
O C T O B E R /N O V E M B E R 2014
11
Business and Other News
Actualités économiques et d’affaires
Karin can be reached at
1-647-401-5274
or by e-mail at karin@
karicosolutions.com;
you may also visit her
website at
www.karicosolutions.com
MANUFACTURE YOUR FUTURE
THE IRONMAN EXPERIENCE:
ANYTHING IS POSSIBLE
by Karin Lindner
Fired up! I guess this is the best way to
describe the feeling I had when I crossed the
finish line at Ironman Austria after 7 months
of relentless training. I had endured what
many saw as a crazy adventure, obsession or
too extreme for “the average person”. Even
my mom said, “Karin, that’s not normal.”
I don’t blame them because most people
cannot wrap their head around these dis-
tances. The Ironman is the toughest 1-day
endurance event in the world and consists
of a 3.8 km swim, a 180 km bike ride and
a 42.2 km run (full marathon). I conquered
this distance in 12 hours and 29 minutes.
The allotted time to complete this race is 17
hours. Even if you came in only seconds after
17 hours meant that you were disqualified.
Thankfully, I was far from being at risk of not
making the cut.
I agree, the Ironman is certainly not
something the average person would go for.
But then, who wants to be average? Being
goal oriented, determined, committed,
dedicated, focused, disciplined, and having
a positive attitude and mental fortitude are
only a few attributes that are must haves
before you can even make it to the start of
the race.
So many people asked me “Why are
you doing this to yourself?” My answer was
simple, “I train for life. I train to be better in
business. I train to serve my clients better. It
does not only strengthens my body, most of
all it strengthens my mind and my soul. We
are capable of so much more than we ever
think we are. It’s not about competing in an
Ironman. It’s not about the finishing time. It’s
about determination. It’s about going as far
as you can go in your personal and professional life and having fun along the way.
I have learned a long time ago that the
only limits we have are the limits in our
mind. The mind will quit 1,000 times before
the body will. There is a great saying that I
believe to be very true in our personal and
professional life… “Making a big life change
is pretty scary. But, know what’s even
scarier? Regret.”
This race is all about strategy but before
we can even talk strategy, you have to register. Making the decision to get started is
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12
INFO SUISSE
critical – in life and in business. There are
so many things that can wrong in this race
such as pacing, technical problems, lack of
nutrition, dehydration, insufficient stamina
to endure, etc. but you can get prepared for
every single one of these challenges. That’s
what it is all about.
An Ironman competition has more to do
with life and business than one might think.
Personal fitness and endurance can easily be
translated into organizational fitness.
You may not be interested in this kind of
craziness. So how could this be important
to you? Have you made the decision to get
started with something that is relevant for
you? Do you want to know what it feels like
to be fired up?
Of course, you have to first set your
goal and then get started,I have translated
my race day experience into FIRE (focus,
inspire, reflect, endure), 4 simple steps that
if applied, guarantee success.
Focus: Morning of July 29, 2014…. As
soon as I was with 2,999 other athletes at
the 6.45 a.m. start in the water, I knew that
it was too late to turn around. Fear almost
got the best of me but my commitment to
make this a fun learning experience was
stronger.
Toooooooot….. Loud horn, race start,
off I go…. In the water it is critical to pace
yourself and get your breathing right from
the get go, otherwise you will soon run out
of steam. As soon as I found my rhythm I
had to focus on these big yellow buoys that
marked the course. The only way to keep on
track was to lift my head out of the water
on a pretty regular basis to see where I was.
While I was focused on my swim, I didn’t
even think about the bike and run. One step
at a time. I just focused on making small
adjustments along the way to keep my
swim as straight as possible and respect all
the other swimmers around me. I figured
that if I won’t hit them, they won’t hit me
and it was true. Don’t do to others what you
don’t want done to you. Simple concept.
In our personal and professional life the
breathing represents our daily habits. Like
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breathing, our habits are for the most part
automatic and rarely do we think if they
serve us well or not. However, when we do,
it makes such a big difference. We should
certainly not sweat the small stuff BUT
focusing on small adjustments to improve
little, seemingly insignificant things along
the way will have a tremendous impact in
the big picture.
Inspire: As soon as I mounted my bike
I knew that I had to eat and to drink – the
bike is the place to do that. Besides taking
care of these basic needs, I also wanted to
feed my spirit by smiling as much as I possibly could for the remainder of the race. You
never know when and how you inspire other
people to make significant changes in their
life. To be at our best, I think it is important
to inspire and to be inspired regularly.
PARIS – LETTE ALÉRION
MUNICH – LETTE & KNORR
Reflect: Some moments are tougher
than others – in business, in life and at the
Ironman. Talking yourself through these
moments and remembering “why” you
started the journey is not only of tremendous value, it helps you to shift things into
perspective. Sometimes it’s good to step
aside and look at your life from a bird’s eye
view and recognize yourself for all the good
stuff that’s happening and how far you have
come.
Endure: No matter what, you have to
endure to cross the finish line. After completing this long-distance triathlon, I know
that it does not matter how big certain
challenges are, you can always put one
foot in front of another and keep going. You
keep going and going and going until you
cross the finish line. It’s as simple as that. I
O C T O B E R /N O V E M B E R 2014
13
Business and Other News
Actualités économiques et d’affaires
wanted to finish strong, healthy, and joyful,
...... and I did.
In summary, I believe that if we truly
want to change our manufacturing environments, our corporate cultures and even our
personal lives, we have to generate excitement and make people aware how their
daily habits and actions impact the bigger
picture. If I would have focused only on the
Ironman without breaking it down to what I
need to do to make this a success, it would
have been overwhelming. My daily habits
and actions are what helped me to succeed
in this great challenge. I didn’t focus on
other people, I focused entirely on myself.
So here is my final question. What would
it be like if people in companies would strive
to achieve their personal best rather than
blaming others for their own shortcomings?
Imagine that! If you think this can’t be done,
■
think again. Anything is possible.
US CITIZEN AND GREEN
CARD HOLDERS LIVING IN
CANADA – FURTHER CHANGES
TO US INCOME TAX AMNESTY
PROGRAMS
The US Internal Revenue Service (“IRS”)
recently announced changes to their tax
amnesty programs, in a further effort
to encourage taxpayers who may have
unknowingly been obligated to file a US
income tax return but have not yet complied.
BACKGROUND
To help certain taxpayers, including
Canadians who are also US citizens or “green
card” holders, who have previously not complied with their US tax reporting obligations,
the IRS had put in place procedures to allow
these taxpayers to come forward and avoid
penalties and possible criminal conviction.
The two IRS programs which were introduced
in 2012 were the “streamlined” process and
the Offshore Voluntary Disclosure Program
(“OVDP”).
The IRS has made changes to these
programs applicable to submissions made
beginning on July 1, 2014.
Revamped “Streamlined” Program
The “streamlined” procedures continue to
require the filing of US federal tax returns
for three years, the filing of Foreign Bank
Account Reports (FBARs) for six years, and
payment of the full amount of tax and interest due in connection with the filings.
However, the new “streamlined” procedures include a(n):
• Elimination of the eligibility requirement
that a taxpayer have $1,500 or less of
unpaid tax per year;
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14
INFO SUISSE
•
Elimination of the requirement that
applicants complete a risk questionnaire;
and
• New requirement that a taxpayer needs
to certify that previous failures to comply
were due to non-willful conduct.
For taxpayers eligible for the “streamlined” procedures, all penalties will be
waived if they reside outside the US.
Modifications to the Offshore Voluntary
Disclosure Program (“OVDP”)
Changes were also announced to the OVDP
that may assist taxpayers who do not qualify
for the “streamlined” procedures.
The new changes to the OVDP include
a(n):
• Requirement for additional information
from taxpayers applying through this
program;
• Elimination of the existing reduced
penalty percentage for certain nonwilful taxpayers in light of the expanded
eligibility for the “streamlined” program;
• Requirement for taxpayers to submit all
account statements;
• Requirement for taxpayers to pay the
offshore penalty at the time of the OVDP
application;
Ability for taxpayers to file large
amounts of records electronically rather
than via paper; and
Increase in the penalty percentage (from
27.5% to 50%) if the financial institution
where the taxpayer holds an offshore
account or another party facilitating the
taxpayer’s offshore arrangement is being
investigated by the IRS or Department of
Justice.
card” holder and believe that you have
not complied with your US income tax
and foreign account disclosure obligations,
and do not have a US tax preparer, please
contact your Cunningham representative for
a referral.
Conclusion
For an individual who is required to file a
US income tax return and make various disclosures but has not done so, these changes
make it easier and, in some cases more
inviting to become compliant. Note that
under the Foreign Account Tax Compliance
Act (FACTA) foreign financial institutions are
now required to report information to the
IRS in connection with foreign accounts held
by US citizens and “green card” holders,
including those that live in Canada. We
strongly recommend that taxpayers who
are not up to date with their US tax filings
do so immediately under one of these two
programs.
Cunningham does not prepare US tax
returns. If you are a US citizen or “green
This publication/communication is intended
to inform readers of developments as of
the date of publication/transmission and is
neither a definitive analysis, nor a substitute
for professional advice. You should consult
with your Cunningham or other professional
advisor(s) to obtain additional details. This
publication may be displayed or printed only for
personal non-commercial use and unchanged.
Copyright 2014 by Cunningham LLP
•
•
For more information contact:
Cunningham Tax Department
2001 SHEPPARD AVE. E., SUITE 810
TORONTO, ON CANADA M2J 4Z8
www.cunninghamca.com
■
Quote of the Month
In a time of universal deceit – telling the
truth is a revolutionary act.
George Orwell
O C T O B E R /N O V E M B E R 2014
15
Business and Other News
Actualités économiques et d’affaires
THE WORLD’S MOST
REPUTABLE COUNTRIES, 2014
Which countries have the best reputations?
What does that even mean? The Reputation
Institute, a global private consulting firm
based in New York and Copenhagen, has just
released its fifth annual “Country RepTrak”
of what it calls “The World’s Most Reputable
Countries,” a tool the firm uses to help it
advise countries on how to bolster their
reputations around the globe. It also advises
companies who want to know how their
country of origin influences their reputations
elsewhere.
This year it made some changes to the
list. Instead of rating the 50 countries that
either have the largest economies and populations or are in the public eye as a result
of economic, political or natural events, it
decided to do a less subjective ranking of
the 55 countries with the largest GDP. That
meant it left off countries with low GDPs like
Haiti and Iraq and added bigger economies
like Kuwait and Romania.
Topping the list this year: Switzerland,
which edged out Canada, the No. 1 country
for the previous three years. Sweden comes
in third, down from second last year. Finland
is the biggest gainer in the top 10, moving
up to fourth place, from eighth last year.
The US is down at 22, behind Brazil and
just above the Czech Republic (more on the
US below).
Prime Minister Xavier Bettel was received
in Neuchâtel by President Didier Burkhalter,
the head of the Federal Department of
Foreign Affairs FDFA, with military honours.
The talks that followed provided an opportunity to express appreciation of the excellent
bilateral relations between Switzerland
and Luxembourg. As a multilingual country
with a strong financial centre and neighbouring country to Germany and France,
Luxembourg not only has many similarities
with Switzerland, but also takes a similar
position on many issues.
STARBUCKS SECRET WEAPON
IS A MACHINE FROM A SLEEPY
SWISS VILLAGE
As Starbucks Corp. intensifies its charge on
China, one of its little-known weapons is a
family-owned company in a sleepy Swiss
village.
Thermoplan AG, based among cow
pastures in Weggis, a town of 4,400 inhabitants near Lucerne, makes the automatic
machines for espressos and cappuccinos
in each of Starbucks’s almost 21,000 shops
around the world.
TANT D’HORIZONS À EXPLOR R
OFFICIAL VISIT BY
LUXEMBOURG’S PRIME
MINISTER XAVIER BETTEL
President Didier Burkhalter welcomed
Luxembourg’s prime minister to Neuchâtel
on 17 September for an official working visit.
Their talks focused on the countries’ bilateral
relations, relations between Switzerland and
the EU, immigration policy and Switzerland
and Luxembourg’s co-presidency of the
European Space Agency. In the afternoon
Mr Bettel met Federal Councillors Simonetta
Sommaruga and Eveline Widmer-Schlumpf
in Bern to discuss issues relating to immigration and financial and fiscal policy.
16
INFO SUISSE
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“Fully automatic machines are something very German and Swiss,” said Chief
Executive Officer Adrian Steiner, an electrical
engineer who has worked for Thermoplan
for 17 years. “It’s a product that matches the
technology of those countries. It’s like the
watch industry, where you have everything
from education to the people, the quality,
value, to reliability.”
With 230 employees, Thermoplan, which
exports 98 percent of its wares, is emblematic of Switzerland’s globally oriented smalland medium-sized companies that bank
on craftsmanship to drive their business. A
free-trade accord between Switzerland and
China and the rising popularity of creamy
coffee drinks in the Asian giant – with China
set to become Starbucks’s biggest market
outside the U.S. – have given Steiner cause
for optimism.
Despite being home to big listed
companies such as Nestle SA and UBS AG,
99 percent of Swiss businesses are SMEs,
generating two-thirds of employment.
Thermoplan joins companies from watchmakers such as Swatch Group AG to producers of precision tools like Mikron Holding AG
setting their sights on more business from
Beijing and Shanghai.
■
SWISS WATCH INDUSTRY
WELCOMES APPLE’S IWATCH
DESPITE WARNING
swissinfo.ch
Apple’s design chief has allegedly warned
the Swiss watch industry that it’s “in trouble”
in the face of the impending iWatch release.
However, Swiss watchmakers are optimistic
that smartwatches will benefit them by
making watches mainstream again.
Jonathan Ive, head of Apple’s design
team, reportedly bragged that the traditional watch industry would find itself in a
tough spot after the iWatch is unveiled on
September 9 along with two next generations of iPhones.
The comment has been generating a lot
of online buzz.
But are Swiss watchmaking companies
really worried about the imminent launch of
the iWatch?
It’s a question the industry has been
responding to for quite some time now.
Nick Hayek, CEO of the Swatch group,
does not think products like the iWatch
pose a threat. In an interview with L’Hebdo
magazine, he said the arrival of new products is a fantastic opportunity to reach mil-
lions of people who do not wear a watch
and convince them to do so. He also shared
that Swatch’s sales in the United States have
increased by 30% since fitness monitoring
bracelets – another potential rival product –
arrived on the market.
That view is shared by Jean-Claude Biver,
head of watch brands at the luxury goods
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O C T O B E R /N O V E M B E R 2014
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Business and Other News
Actualités économiques et d’affaires
conglomerate LVMH which counts TAG Heuer,
Zenith and Hublot as its subsidiaries.
He told the news website L’AGEFI that
any product that encourages young people
to wear watches is a good thing. According
to him, the iWatch is a like a “snow plow”
that could open up the path for future lovers
of all types of watches.
The Swiss watchmaking industry is
especially unlikely to be caught unawares
by new technology after the lessons learned
from the quartz watch crisis of the 1970s.
In the L’Hebdo interview, Hayek stated
that the Swiss watch sector is a champion of
mechanical and electronic miniaturisation,
as well as innovative materials. He also said
that the arrival of smartwatches is a golden
opportunity for the watch industry, as it
already has all the know-how to successfully
integrate new functionalities into a wristbased product.
And electronic manufacturers are aware
of this. Apple recently poached the vice
president for sales at TAG Heuer, presumably
to take advantage of knowledge from the
traditional watch sector.
However, Biver told CNBC that he was not
bitter about losing a valuable employee to
Apple.
“If it had been a direct competitor, I
would have felt a bit betrayed, but if he goes
to Apple I think it is a great experience for
him,” he said.
Does that mean Biver doesn’t consider
Apple a threat?
In his interview with L’AGEFI, he did warn
against the danger of complacency. The
watch industry will have to adapt and work
to turn the iWatch to its own advantage,
he said.
Another point to take into consideration
is the impact smartwatches will have on the
electronics industry itself.
Smartwatches do not faze the traditional Swiss
watch industry
Hayek told L’Hebdo that it is electronic
manufacturers that have the most to fear
because smartwatches are a threat to
smartphones and other portable devices,
not traditional watches.
“It is going to be a great challenge
for them to introduce a new product like
the smartwatch that will not cannabilise
the market for their existing products,”
he said.
■
ECONOMISTS PREDICT THAT
SWITZERLAND FACES SEVERAL MONTHS
OF WEAKER ECONOMIC GROWTH
HAVING USED UP MOST OF THE TRUMP
CARDS IT ONCE PLAYED TO INSULATE
ITSELF AGAINST GLOBAL TURMOIL.
By Matthew Allen, swissinfo.ch
Gross domestic product (GDP) growth stagnated completely in the second quarter of
2014, according to government statistics.
Credit Suisse and economic forecasters BAK
Basel both this week slashed their Swiss
growth predictions from 2% to 1.4% for
the year.
Outside forces have been blamed for
the slump, most notably the Ukraine and
Middle East crises and the continued slide
of the weaker eurozone economies, such as
France and Italy, that have dragged down
Switzerland’s vital trading partner - Germany.
Swissmem, the body representing the
electronic, fine tools and machinery manufacturing sectors, has already revealed that
sales fell flat between from May through
August as European customers tightened
their belts.
Retail turnover shrank 0.6% in July compared with the corresponding month last
year as conditions also soured for stores.
Not so special
Switzerland gained an enhanced reputation
for sound economic and fiscal management
in the wake of the 2008 financial crisis,
1 800 874-1071
514 631-6565
www.amjmontreal.com
DÉMÉNAGEMENTS
I N T E R N AT I O N A U X
O C T O B E R /N O V E M B E R 2014
19
Business and Other News
Actualités économiques et d’affaires
keeping its head well above water as many
other Western economies sank beneath the
waves.
But conditions are less optimal for
Switzerland this time around, according to
Felix Brill, chief economist at consultancy
firm Wellershof & Partner.
“The factors that made Switzerland a
special case in Europe have diminished,”
he told swissinfo.ch. “Net immigration
rates will probably decline as a result of
February’s vote [which approved an initiative] to restrict EU workers and this will have
a dampening effect on real estate prices and
construction.”
Furthermore, Brill believes that the
domestic consumer boom of the last two
years – fuelled by cheaper imports as the
Swiss franc rose in value against other
currencies – will likely fade now that the
franc has been held stable against the euro
and retailers have already completed their
downward price adjustments.
Credit Suisse also believes that domestic
consumer growth – a fundamental pillar of
Switzerland’s relative economic security in
the past six years – will diminish from 2.3%
in 2013 to 1.2% this year and 1% in 2015.
The bank stated on Tuesday that a
recent Swiss economic “super-cycle” boom,
fuelled by rock bottom interest rates, rising
house prices and high immigration rates,
“is coming to an end”. The slow recovery
20
INFO SUISSE
of Swiss exports from their previous slump
would not be enough to compensate, Credit
Suisse warned.
Mortgage lending restrictions imposed
on domestic banks by the Swiss National
Bank (SNB) will partially cancel out the
Swiss manufacturing faces a tough few months as
European customers cut back on investments. (Keystone)
effect of low interest rates that have been
heating up property prices. House prices and
wider economic growth could be dragged
back further by anti-mass immigration
votes, Credit Suisse concludes.
Foreign market intervention?
Stagnant European economic conditions,
coupled with a recent decision by the
European Central Bank (ECB) to further
reduce interest rates, have led to media
speculation that the SNB will again have to
buy up large quantities of euros to defend
the CHF1.20 exchange rate peg.
Speaking to the NZZ am Sonntag newspaper, SNB chairman Thomas Jordan refused
to be drawn on such questions other than
to say the central bank would continue to
defend its policy. But he added his own
warnings about the worsening state of economic conditions.
“New geo-political risks have emerged
and international economic data, particularly from Europe and South America, has
been weaker than we expected,” he told the
newspaper. “The situation for Switzerland
has clearly worsened.”
However, Swiss economists are not convinced that the SNB will have to intervene
on the foreign exchange markets any time
soon.
“I am working on the base scenario
that the SNB does not have to intervene,”
Alessandro Bee, economist at J Safra Sarasin
told swissinfo.ch. “Unlike a few years ago,
investors can now move into the US dollar
where the interest rate situation is much
more interesting than in Switzerland.”
Bee is also more upbeat than other economists on the overall outlook for the Swiss
economy. “The external situation is worsening and exports may suffer as a result,” he
said. “But domestic demand, the engine
of growth that has supported the Swiss
economy for the last few years, will recover
as long as unemployment stays low.”
And here at least, Switzerland still holds a
trump card over other countries. The jobless
rate currently stands at 3% and is expected
to reach no higher than 3.2% by the end of
the year, according to economists.
■
TOO BIG TO LEND
Regulations have incentivised banks to
de-risk their balance sheets and reduce
lending to the private sector. In Europe, the
regulatory environment and firms’ reliance
on bank lending make it unlikely that a
fully-fledged QE programme would have
the same expansionary effects as it has
done in the US or UK. The ECB introduced a
programme of ABS purchases but there are
obstacles to implementing this. Government
guarantees may be needed to kick-start the
ABS market and prevent credit growth from
stalling.
The financial crisis was a wake-up call for
banks that had grown too big, and it was also
a wake-up call for taxpayers that they were
carrying a lot of the risks when those banks
ran into trouble. The unsurprising reaction
was to reduce risks on bank balance sheets
and improve regulation. Now there is a need
for another wake-up call: the realisation that
a proper recovery will require credit creation.
But credit creation requires the banks to
increase their loan books – and banks cannot
do this without taking more risks.
Since the introduction of the euro,
the balance sheet of Eurozone banks has
expanded substantially relative to the size of
the economy. Now, the size of the banking
sector relative to the economy varies a lot
across the Eurozone: from two and half times
GDP in Italy to more than six times as large
in Ireland. These figures are large compared
to Japan (less than two times GDP), and
the US (less than the size of the economy).
This reflects the Eurozone’s almost exclusive
reliance on banks for credit provision. In the
US the credit market is a far more important
intermediary. But in Europe, what happens
to banks drives overall credit provision.
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Téléphone 514 847 7748
Most of the regulation and macroprudential policy that has been put in place
in recent years was aimed at limiting the
risk exposures on bank balance sheets.
Loans to the private sector are considered
far riskier than they were in the past, which
means that banks are now required to hold a
larger capital buffer to protect against those
risks. The more capital that is needed, the
less that will be left to provide protection
for new loans. The situation is even worse
for structured financial products such as
O C T O B E R /N O V E M B E R 2014
21
Business and Other News
Actualités économiques et d’affaires
asset-backed securities (ABS) or residential
mortgage-backed securities (RMBS), which
are penalised even more than their underlying loans would suggest because they are
less liquid.
The new regulations have also changed
the risk-weighting applied to government
bonds relative to loans to the private sector.
For a given capital buffer, banks can lend
more to the government than they could to
the private sector. This has incentivised banks
to take almost all the extra liquidity that the
ECB injected into the system in recent years
and pump all of it back into government
bonds. Little of that extra money found its
way into additional lending for the private
sector (although the ECB may argue that it
prevented a worse shrinkage of credit to the
private sector).
While all these regulations and incentives
would not be a problem for a country like
the US that has a dominant credit market
WELCOME NEW MEMBERS
BIENVENUE AUX NOUVEAUX MEMBRES
SCCC (ONTARIO) INC.
CCCS (QUÉBEC) INC.
New Non-Resident Members:
Paul Wuergler
Action First Aid
85 Shanty Bay Rd.
Barrie, ON L4M 1E1
pwuergler@rogers.com
www.actionfirstaid.ca
Bernhard Huber
7 ch Dompierre
Chelsea, Quebec J9B 2H3
bernyhuber@me.com
(819) 230-0440
How to become a member of the SCCC:
Sign up online at
www.swissbiz.ca/memberships
or contact our office at sccc@swissbiz.ca or
416-236-0039
Membre individuel:
Nadine Hoehener
SEG, Swiss Educational Group
3437 rue Gertrude
Verdun, QC H4G 1R2
514.661.1042
nhoehener@swisseducation.com
Membre Corporatif:
TWM Canada Inc.
1800 Avenue McGill, bureau 810
Montréal, QC H3A 3J6
514.916.1141
Membre principal
Johann Marty, Vice-président
johann.marty@twmcanada.net
Membres associés
Eric Beauxerois
eric.beauxerois@twmcanada.net
Florent Martin
florent.martin@twmcanada.net
Offrir au monde ce qu’il y a de mieux.
Une tradition suisse.
Les produits de haute qualité sont synonymes de confort. Nous sommes bien placés
pour le savoir. Nous les exportons. En tant que transporteur aérien de la Suisse, nous
traduisons la haute qualité en confort sur chaque vol, en vous oørant un service et
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22
INFO SUISSE
for corporate financing, they are far more
important for the Eurozone where bank
financing is key. The amount of sovereign
debt on banks’ balance sheets has increased
substantially since 2007, especially in the
Eurozone periphery. Most of that increase
has come at the expense of lending to
the private sector, especially non-financial
corporates.
In such a regulatory environment it
appears unlikely that a fully-fledged quantitative easing (QE) programme that bought
government bonds would achieve the same
expansionary effects as it has done in the
US or UK. One of the most important channels through which QE works is the so-called
portfolio effect: pushing banks and private
investors out of sovereign bonds and into
riskier assets. In particular, it is likely to
push them into corporate credit, thereby
reducing the cost of borrowing for firms.
Unfortunately, the majority of firms in the
Eurozone are too small to issue bonds in
the credit market. And banks may still feel
uncomfortable about increasing their leverage when they know they could be punished
by the regulator for taking too much risk.
A full-blown QE programme could still
have an impact through other channels.
Increasing the money supply should push
the exchange rate down, which would be
helpful for net exports. But the Eurozone
already runs a pretty substantial trade
surplus so this may not be the most longterm beneficial result, although the increase
in import prices would help get inflation
back up. But the credit channel (through
the banks) and the portfolio rebalancing
channel (through credit markets) are likely
to be disappointing.
The ECB is currently in an awkward position: on one hand it wants the banks to
de-risk their balance sheets and be more
responsible, but on the other hand it wants
them to lend more money to the economy
(which is an inherently risky thing to do).
Faced with this contradiction, and having
exhausted all the ‘conventional’ monetary
policy bullets, the ECB knows it has to do
something unusual. Given the political
resistance and the doubtful efficacy of QE,
the ECB decided to target the problem more
directly by buying ABS and covered bonds.
The rationale is that since the ECB cannot
force banks to lend more, if it removes
these higher risk-weighted assets from bank
balance sheets it will free up space for new
risky lending to the private sector without
increasing total risk. It is a form of “credit
easing” rather than QE.
The thrust of regulation in the Eurozone,
and indeed around the world, is to shrink the
relative importance of the banking sector.
Effectively this means supporting credit
markets as an alternative intermediary. In
this context, the ECB efforts to focus more
on purchases that could revitalise securitization make a lot of sense, and could have
more long-lasting effects than standard QE
purchases of government bonds
Unfortunately, while the process of
buying ABS seems conceptually simple,
there are substantial obstacles to the implementation. The ABS market in Europe is relatively small, heterogeneous and fragmented
(see Economist Insights, 22 April 2014).
Furthermore, the amount of new issuance
of ABS in the last few years has been very
small. But perhaps most importantly, since
the ECB’s own rules mean that it cannot be
exposed to substantial credit risks, it will
not be able to buy all of the ABS (or all the
tranches) without some explicit guarantee
STEIGER, ZUMSTEIN & PARTNERS AG
B U S I N E S S
A N D
M A N A G E M E N T
C O N S U L T A N T S
• Establishment and management of Swiss corporations
CONTACT:
• Accounting services
Nauenstrasse 49, P.O.Box,
• International Tax Planning for companies and individuals
CH-4002 Basel
• Management functions in Finance and Administration for
Phone +41 61 270 99 10, Fax -19
Swiss- and international companies
• Services provided in English, French and German
E-mail: brd@steiger-zumstein.ch
www.steiger-zumstein.ch
MEMBER OF:
O C T O B E R /N O V E M B E R 2014
23
from governments or a supra-national
institution such as the European Investment
Bank. And if ultimately the ECB is buying
government guarantees, is this not just a
little bit like buying government bonds? For
all these reasons the markets so far have
remained relatively sceptical on the potential implementation and benefits of the
ABS programme, even if the idea is sound.
With the exception of Italy, it seems that
the largest European governments are not
inclined to offer such guarantees. It is easy
to understand why the German government
does not want to provide guarantees on
Spanish or Irish residential mortgages. Yet
unless the ECB plays its part in kick-starting
the Eurozone ABS market, it is highly unlikely
that banks will go through the effort of creating an asset that so far no one else has
an appetite to buy. So even if guarantees for
ABS might not be the wisest move politically,
without them the ECB cannot revitalise the
ABS market and so credit growth will stall. If
credit growth stalls then the economy will
stall. That means the ECB will be forced to try
the one thing it has not tried yet: full-blown
QE. And that would mean Eurozone governments such as Germany providing an implicit
guarantee for another type of security: the
government bonds of their neighbours.
Article by UBS Global Asset Management
Joshua McCallum, Head of Fixed Income
Economics and Gianluca Moretti, Fixed Income
Economist
■
24
INFO SUISSE
GALA
DINNER DANCE
GALA DINNER
DANCE
GALA
DANCE
GALA DINNER
DINNER DANCE
Viva
Viva la
la Vita!
Saturday, November
November 15
15thth,, 2014
2014
The Omni King
King Edward
Edward Hotel
Hotel
37 King Street East, Toronto
Toronto
$195.00 per person
$195.00
person (incl.
(incl.HST)
HST)
Cocktails 7:00 pm,
Cocktails
pm, Dinner
Dinner8:00
8:00pm
pm
Black Tie
Highlights:
Highlights:
55 Course
Course Meal
Meal by
by Swiss
Swiss Executive
Executive Chef
Chef Daniel
Daniel Schick
Schick
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Entertainment by
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S’Aida
Grand Prize sponsored by SWISS
SWISS and
and Switzerland
Switzerland Tourism
Tourism
Contact 416-236-0039
or sccc@swissbiz.ca
Click here to register
online
or contact 416-236-0039 or sccc@swissbiz.ca
Chamber News
Informations de votre Chambre
COCKTAIL DE LA RENTRÉE
Le président de la CCCS, M. Christian Dubois
Le 10 septembre dernier, la CCCSQ tenait
son 44e cocktail d’ouverture sur la terrasse
extérieure de l’Auberge Saint-Gabriel.
En plus de souhaiter la bienvenue aux
membres et amis venus renouer avec les
Nouveaux membres de la chambre, Johann Marty, Services et Solutions TWM Canada et Nadine Hoehener,
The Swiss Education Group.
dont Nadine Hoehener , représentante du
très prestigieux Swiss Éducation Group à
Montréal et Johann Marty, vice-président
fondateur de la toute nouvelle filiale montréalaise de TeamWork Management SA,
une entreprise de services spécialisés dans
les produits SAP dont la maison mère est
située à Genève.
Le hasard du calendrier aura également
permis à l’un de nos membres résidents de
la Suisse, Marc Pannatier, de profiter d’une
visite à Montréal pour réseauter avec les
autres membres et faire de nouvelles rencontres. Nous ne doutons pas qu’il retourne
chez lui avec le souvenir d’une soirée réussie.
Profitant de la douceur du climat automnal, anciens, nouveaux et futurs membres
ont pu pour renouer et créer de nouveaux
liens en discutant de leurs projets et objectifs
communs tout en sirotant vin et bouchées.
Tous se réjouissent déjà de se retrouver
■
bientôt au prochain événement.
M. Jean-Marc Ferland, FML avocats et
Marine Augustin Normand
habitudes conviviales de leur chambre,
notre Président Christian Dubois, a rappelé
le retour des événements traditionnels, soit
fondue, raclette et golf, tout en rappelant
le « Virage Affaires » de la chambre qui
poursuit sa lancée initiée l’an dernier pour
promouvoir les activités de réseautage. Une
visite à L’Institut Neurologique de Montréal
est prévue pour la fin octobre et les événements à venir seront affichés en ligne sur
le tout nouveau site web. Il a invité les
membres à participer en grand nombre.
Cette année encore, nous avons pu
célébrer la venue de nouveaux membres,
O C T O B E R /N O V E M B E R 2014
25
Travel News
The Swiss love a good party. Fortunately,
Switzerland offers all kinds of festivals –
especially in the second half of the year.
We highlight a few traditional and authentic
village celebrations as well as some moodlifting sounds for the onset of the winter
season.
THE WINE HARVEST FESTIVAL IN LUTRY
The Lutry Wine Harvest Festival from
September 26 to 28 means three days of
feasting in an old town with its wine vaults
and cellars wide open. 20,000 people visit
the festival situated in the Lavaux Vineyard
Terraces, a UNESCO World Heritage site.
It ends on Sunday traditionally with the
famous parade, featuring over 600 children
in fancy costumes.
THE BLUES FESTIVAL IN LUCERNE
For its 20th birthday, the Lucerne Blues
Festival presents a top program from
November 8 to 16. The high quality of the
performances has made the festival one of
the world’s leading blues festivals, culminating in 2007, when it received the “Keeping
the Blues Alive Award” by the American
Blues Foundation.
GOURMET FESTIVAL ST. MORITZ
From January 26 to 30, the St. Moritz
Gourmet Festival features a “British Edition”,
honoring the first guests who ventured
to the resort during the winter time in
1864, which allows Switzerland Tourism to
celebrate “150 Years of Winter Tourism in
Switzerland”. Gourmet fans can look forward
to exciting and enjoyable encounters with
nine young, highly creative avant-garde star
chefs from Great Britain’s top league!
CHOCOLATE DELIGHTS
Did you know that Switzerland restaurants
have more Michelin stars per capita than any
other country in the world? Join “Savoring
Switzerland” of Alpenwild, a gourmet tour
which uncovers some of Switzerland’s
natural splendor, traditional cuisine, and the
rural charm of exquisite culinary regions.
26
INFO SUISSE
AUTUMN
The Swiss autumn is pure gold.
The end of summer heralds the start of
Switzerland’s most varied and enjoyable
season.
HIKING
Maienfeld in the Bündner Herrschaft
inspired the poetess Johanna Spyri to write
her novels about Heidi. The hiking trail takes
you through the vineyards to Heidi Land.
The world famous story of Heidi can be
lived and experienced on a hiking tour in
and around Maienfeld. From Heidi House
in Heidi Village to Heidi Cake, everything is
geared to the heroine of the novel. The Heidi
Trail wends its way from the railway station
in Maienfeld through the narrow lanes of
the historic town of Maienfeld to Rofels
and the small Heidi Village. The trail is well
marked and can be easily walked with baby
strollers. The Heidi House in Heidi Village is
today a museum that depicts life as it was
lived in Heidi’s time, over 100 years ago. The
interesting and challenging Heidi Adventure
Trail starts at Heidi Village. It takes hikers 1¾
hour to reach the Heidi Alp (Ochsenberg).
The story of Heidi is narrated in a playful
manner on 12 illustrated markers along
the trail.
If you don’t want to hike to Heidi Alp,
there is a trail that leads across fields and
meadows to the Hotel-Restaurant Heidihof.
Fortified by a hearty meal, you can walk in
the direction of Heidi’s Well, an important
monument dedicated to Johanna Spyri.
Original Heidi souvenirs that will keep beautiful memories alive are available at the
village store in Maienfeld.
■
chartered accountants | tax advisors
trowbridge.ca
Andrea von Moeller
Director, Business Development
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monica.stevens@trowbridge.ca
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Interested in personal growth? Subscribe at
www.brunogideon.com.
It is absolutely free.
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O C T O B E R /N O V E M B E R 2014
27
SWITZERLAND CENTRE FOR
TRADE FAIRS/ LA SUISSE –
PLACE DE FOIRES
Basel Wine Fair
25 Oct-02 Nov 2014
Basel, Switzerland
Basel Autumn Trade Fair
25 Oct-02 Nov 2014
Basel, Switzerland
Zug Trade Fair
25 Oct-02 Nov 2014
Zug, Switzerland
Basler Feinmesse
30 Oct-02 Nov 2014
Basel, Switzerland
Meeting Luxury
31 Oct-02 Nov 2014
Lugano, Switzerland
Swiss International Holiday Exhibition
31 Oct-02 Nov 2014
Lugano, Switzerland
Travel Expo
31 Oct-02 Nov 2014
Lucerne, Switzerland
Montreux Art Gallery
05-09 Nov 2014
Montreux, Switzerland
Through your membership in the
SCCC, you can join a
group health insurance plan
The country’s leading benefit program
for small business
•
•
•
•
•
Covers businesses with up to
35 employees, including one
person firms
Is open to all industries
Pools claims for price stability
Never targets an individual firm for
a rate increase or cancellation
Offers a full range of benefits,
including coverage normally
reserved for big businesses
Discover the wide range of benefits
available to you, such as Health and
Dental, Critical Illness coverage, Short &
Long Term Disability income replacement
and more!
For more information, contact
Patricia Keller Schläpfer at the SCCC
or visit www.chambers.ca.
28
INFO SUISSE
Perspective mondiale.
Présence locale.
Forte d’une histoire de plus de 150 ans, et présente au
Canada depuis plus de 60 ans pour servir les familles
fortunées et ultra fortunées, UBS est branchée sur le monde
comme nul autre gestionnaire de patrimoine.
Plus que jamais, nos clients ont besoin de solutions mondiales
pour une stratégie d’investissement optimale à long terme.
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placement multidevises, ainsi que des solutions de garde
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Depuis plus de 150 ans, nous mettons nos vastes ressources
mondiales au service de nos clients. Pour en savoir plus sur
les façons de mettre nos conseils et nos solutions au service
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S’il vous plaît, contactez:
Julien Favre, Dirigeant Régional, Ontario
+1 416-345-7033
julien.favre@ubs.com
Christian Rime, Dirigeant Régional, Québec
+1 514-985-8100
christian.rime@ubs.com
ubs.com/ca
ab
©UBS 2014. Le symbole de la clé et UBS figurent parmi les marques de commerce déposées et non déposées de UBS. Tous droits réservés.
Banque UBS (Canada) est une filiale de UBS AG. 140505-0688_r2

Participation of Switzerland in Erasmus+ following the

#infosuisse Aug Sept 2014.indd - Swiss Canadian Chamber of

Here - Swiss Society of Vancouver

Swissmedic GMP - Selectchemie

marketing - Swiss Fund Data

minutes of the board meeting - Swiss Chamber of Commerce in Turkey

Research Scholarships - Ministero degli Affari Esteri

Business cycle trends: SNB regional network - Swiss National Bank

Telopea Topics No 11 - Telopea Park School

Swiss Pavilion at BioJapan 2007 - EDA

Telopea Topics No13 - Telopea Park School