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Publication of the Swiss Canadian Chambers of Commerce Ontario and QuebecPublication des Chambres de Commerce Canado-Suisse de l’Ontario et du Québec

October/November Octobre / Novembre 2014

www.swissbiz.ca www.cccsqc.cawww.swissbiz.ca www.cccsqc.ca

FFeature/Reportageeature/Reportage:: Swiss Subsidiaries in CanadaSwiss Subsidiaries in Canada

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FEATURE / REPORTAGE

Swiss Subsidiaries in Canada / Les fi liales Suisses au Canada

4 Switzerland and Canada – Trade & Investments Update 6 Services et Solutions TWM Canada Inc. 7 Kaba Montreal Facility Meets with the Security Needs of the Lodging Market

BUSINESS AND OTHER NEWSACTUALITÉS ÉCONOMIQUES ET D’AFFAIRES

9 Obtaining Citizenship in Canada and in Switzerland 12 Karin Lindner: Manufacture Your Future 14 US Citizen and Green Card Holders Living in Canada – Further Changes

to US Income Tax Amnesty Programs 16 Business News 17 Swiss Watch Industry Welcomes Apple’s iWatch Despite Warning 19 Economists Predict That Switzerland Faces Several Months

of Weaker Economic Growth 21 UBS: Too Big to Lend 28 Trade Fairs

CHAMBER NEWSINFORMATIONS DE VOTRE CHAMBRE

2 President’s Message SCCC/Upcoming Events 3 Message du Président CCCS / Événements à venir 11 Member Profi le 15 Quote of the Month 17 Scholarship Fund 22 SCCC New Members 22 Nouveaux Membres – CCCS 25 Cocktail de la rentrée 26 Travel News 28 SCCC Group Health Plan

Publication of the Swiss Canadian Chambers of Commerce Ontario and QuebecPublication des Chambres de Commerce Canado-Suisse de l’Ontario et du Québec

IN FO SU I SS E2

BOARD OF DIRECTORS • 2014 – 2015

President / Director:

Ernst NotzNacora2 Hunter Avenue, Toronto ON M6E 2C8Tel: 416-784-2872Email: [email protected]

1st Vice-President/Director:Julien FavreUBS Bank (Canada)154 University Avenue, Toronto ON M5H 3Z4Tel: 416-345-7033Email: [email protected] Website: www.ubs.com/1/e/canada

Treasurer/ Director:Monica Stevens-WyssTrowbridge Professional Corporation25 Adelaide St. E.; Suite 1400; Toronto, ON M5C 3A1Phone: 416-214-7833 ext.104Email: [email protected] Website: www.trowbridge.ca

Secretary & Legal Counsel:

Bernard LetteLette LLP20 Queen Street West, #3300, P.O. Box 33, Toronto ON M5H 3R3Tel: 416-971-4898Email: [email protected] Website: www.lette.ca

Past President / Director:

Philipp GyslingMesh Innovations Inc.174 Hallam Street, Toronto ON M6H 1X5Tel: 416-871-8159Email: [email protected]: www.meshinnovations.com

Directors:

Brett BermanIMD Alumni Club of Canada107 Cottingham Street, Toronto, ON M4V 1B9Tel: 416-464-9422Email: b.berman@intifi n.com

Rudi BlatterLindt & Spruengli (Canada) Inc.181 University Avenue, Suite 900, Toronto ON M5H 3M7Tel: 416-351-8566Email: [email protected] Website: www.lindt.com

Heidy LawranceWeMakeBooks.ca238 Willowdale Ave., North York ON M2N 4Z5Tel: 416-733-1827Email: [email protected]: WeMakeBooks.ca

Sandra LeubaRBC Wealth ManagementCINEBOXX Film & Television Inc.136 Curzon Street, Toronto ON M4M 3B5Tel: 416-616-4251Email: [email protected]

Marianne Mian-KrengerRe/Max Legacy Realty Inc. Brokerage368 Lees Lane, Oakville, ON L6L 4S5Tel: W: 905-272-5000 Tel: H: 416-820-2003Email: [email protected]

Ronnie MillerHoffmann-La Roche Ltd2455 Meadowpine Boulevard, Mississauga ON L5N 6L7Tel: 905-542-5522Email: [email protected] Website: www.rochecanada.com

Christoph OehySwiss Reinsurance Company150 King Street West, Toronto, ON M5H 1J9Tel: 647-775-2443Email: [email protected]: www.swissre.com

Daniel OehySwissmar35 East Beaver Creek Rd, Unit 6, Richmond Hill, ON L4B 1B3Tel: 905-764-1121Email: [email protected] Website: www.swissmar.com

Urs UhlmannZurich400 University Avenue, 25th Floor, Toronto ON M5G 1S7Tel: 416-586-2959Email: [email protected] Website: www.zurich.ca

Honorary Director:

Kathy UtigardHonorary Consul of Toronto193 Riverview Street, Oakville, ON L6L 5S3

Tel: 905-845-1259E-mail: [email protected]

Executive Assistant:

Patricia Keller Schläpfer – SCCC756 Royal York Road, Toronto ON M8Y 2T6Tel: 416-236-0039 Fax: 416-551-1011E-mail: [email protected] Website: www.swissbiz.ca

Typesetting and Assembly: Nancy Raitt @ corptype

Printed by: J. B. Deschamps

Dear Members,

Having just spent a few weeks in the Swiss mountains (Graubuen-

den), 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 offi cial 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 fi rms 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 fi rms to set foot in this

promising marketplace. SCCC offers Swiss and Canadian fi rms to present themselves in this

magazine in the “Member Profi le” 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 presenta-

tions (incl. IMD) and invite our members to come forward with new ideas.

Yours sincerely,

Ernst Notz, President

Swiss Canadian Chamber of Commerce (Ontario) Inc.756 Royal York Road • Toronto, Ontario M8Y 2T6Tel: (416) 236-0039 • Fax: (416) 236-3634 • E-mail: [email protected] • www.swissbiz.ca

2014 / 2015 COMING EVENTS

2014 Events:

November 15 Gala Dinner Dance at the King Edward Hotel December 5 William Tell at Roy Thomson Hall

2015 Events:April 22 AGMJune 9 Golf Tournament

Further Information can be found on www.swissbiz.ca/upcoming_events

Dates above are subject to change

OC TO B E R/NOV E M B E R 2014 3

La Chambre de commerce canado-suisse (Québec) Inc.Swiss Canadian Chamber of Commerce (Quebec) Inc.

1572 Avenue Docteur Penfi eld, Montréal, Qué. H3G 1C4 • Tél: (514) 937-5822 • Fax: (514) 954-5619 • E-mail: [email protected] • Web site: www.cccsqc.ca

CONSEIL D’ADMINISTRATION / BOARD OF DIRECTORS2013 – 2014

Président / President

M. Christian G. DuboisPrésidentOnix internationalTel: (514) 624 5740courriel:[email protected]

Secrétaire / Secretary

Me Monica SchirdewahnAvocate / Lawyer Lette & AssociésTel: 514.871.3838, # 213 E-mail: [email protected]

Vice-présidents / Vice-Presidents

Mr. Bruno SetzConsultantTel: 514.767.5123E-mail : [email protected]

Mr. Olivier RodriguezGestionnaire de portefeuilleMirabaud Canada Inc.Tel: 514.393.1690E-mail : [email protected]

Trésorier / Treasurer

Mr. Othmar WidmerConsultation WidmerTel: 450.973.2864E-mail: [email protected]

Directeurs / Directors

Mme Mina CicaleDirectrice GénéraleSwiss International Air Lines Ltd.Tel: 514.954.5600E-mail: [email protected]

Mr. Christian G. Dubois PresidentOnix InternationalTel: [email protected]

Me Jean-Marc FerlandAvocatFerland, Marois, Lanctot Tel: 514.861.1110E-mail: [email protected]

Mr. Moritz GruberConsultantTel: 450.264.6278 E-mail: [email protected]

Mme Marie-Josée Loiselle Présidente Nuno ID Tel: [email protected]

Mr. Jean-Aymeri de Magistris Directeur Ventes et Marketing Stambac InternationalTel : 514.564 6798E-mail: [email protected]

Mr. Paul WieserPDG pour le CanadaBusch Vacuum Technics Inc.Tel: 450.435.6899E-mail: [email protected]

Directeur honoraire / Honorary Director

Mr. Beat Kaser Consul général de SuisseTel: 514.932.7181 E-mail: [email protected]

Liaison au Consulat général de Suisse

Mr. Paolo Bezzola Consul Tel: 514.932.7181E-mail: [email protected]

Conseiller juridique / Legal Counsel

Lette & AssociésTel: 514.871.3838, # 213 E-mail: [email protected]

Responsable de l’administration / Administration Offi cer

Mme France Nadeau Tel: 514.937.5822 E-mail: [email protected]

Chères, chers membres,

Voilà la saison est lancée, nous avons eu notre cocktail d’ouverture et ce fut un succès sur la magnifi que 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 Alfi d, 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 circonfl exe 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

ÉVÉNEMENTS / UPCOMING EVENTS 2014

5 novembre / November 5th Visite Institut Neurologique Montréal /

Visit Montreal Neurologic Institute

19 novembre / November 19th Soirée Fondue / Fondue Night

Des événements supplémentaires seront ajoutés au fur et à mesure

Additional events will be added as soon as the dates will be known

Dates sujettes à changement / Dates are subject to change

INFORMATION et détails/and details : www.cccsqc.ca ou/or (514) 937-5822

IN FO SU I SS E4

Swiss Subsidiar ies in Canada / Les f i l ia les Suisses au Canada

SWITZERLAND AND CANADA – TRADE & INVESTMENTS UPDATECanada 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 consist-

ing 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)

Switzerland has a steady positive com-

mercial 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% manufac-

tured goods.

In 2011, Swiss subsidiaries were creat-

ing jobs for 57 000 people in Canada. The

Greater Montreal region alone is home to

some 70 Swiss subsidiaries. We fi nd 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, machin-

ery and precision instruments, oilfi eld

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 mate-

rial used in batteries for electric vehicle

drives, stationary energy storage and other

applications.

(2013) ABB transferred 4 types of prod-

ucts 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

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? Aff ordable 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

Yourin-depth

knowledge

Ourrisk

assessment

Hisquality of life

IN FO SU I SS E6

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 confi rmed for fall:

Landsdowne Park in Ottawa, and Montreal

Premium Outlets. The company expects to

fi nish the year with 22 Canadian stores.

(2011) In 2011, Roche Pharmaceuticals

announced a signifi cant expansion with

the introduction of a Global Pharmaceutical

Development site, which plays a leader-

ship 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 con-

tinued 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 defi nes foreign

direct investment (FDI) as an investment that

allows an investor to have a signifi cant voice

in the management of an enterprise operating

outside the investor’s own country. The phrase

“signifi cant 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 greenfi eld investment—

or, more typically, changing the ownership of

existing enterprises, via mergers and acquisitions.

Other types of fi nancial transactions between

related enterprises, such as reinvesting the earn-

ings of the FDI enterprise, are also defi ned as FDI.

Source: www.seco.admin.chSource : http://www.canadainternational.gc.ca/switzerland-suisse/bilateral_relations_bilaterales/fs_switzerland-suisse_fd.aspx?lang=fra

Source : http://www.economywatch.com/companies/forbes-list/switzerland.htmlSource : 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 fi liale 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 nou-

velles 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 fi l des années une

solide réputation de professionnalisme,

d’abord auprès de ses clients Suisses publics

et privés, puis étrangers avec le développe-

ment 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 confi ance

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 pra-

tique sportive offerte aux employés et à

travers du sponsoring ciblé.

Pour son expansion internationale,

TeamWork a chaque fois fait confi ance 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 struc-

ture 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 technolo-

gies 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, afi n

d’améliorer l’expérience utilisateur et facili-

ter 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 applica-

tions SAP à destination de nos clients

internationaux opérant en Europe – Asie

– Amérique.

Toujours à la recherche des meilleures

solutions pour nos clients, le marché mon-

tréalais semble idéal pour proposer nos ser-

vices et solutions innovantes en bénéfi ciant

d’un environnement technologique très actif

et d’un bassin de ressources compétentes.

Enfi n, le Québec offre de nombreux avan-

tages aux nouveaux employeurs : simplicité



et effi cacité 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, nou-

velles 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 capaci-

tés du groupe : installation de serveurs

haute disponibilité / haute performance, de

systèmes SAP, confi guration, administration

et support 24/24.

Nous couvrons les aspects techniques et

fonctionnels en conseillant nos clients sur

la meilleure manière d’utiliser leurs solu-

tions 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 nou-

veautés technologies telles que HTML5,

SAPUI 5, Hybris … autant d’opportunités

qui permettent aux entreprises de déporter

aisément leur site internet et autres applica-

tions web sur différents supports comme les

ordinateurs, tablettes et mobiles.

Nous espérons développer notre activité

à Montréal, nouer une relation de confi ance

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, afi n 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, conve-

nience 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 col-

laborators in the city of Montreal, Canada.

KABA MONTREAL FACILITY MEETS WITH THE SECURITY NEEDS OF THE LODGING MARKETKaba’s affi liates located in Montreal (QC,

Canada) offers a wide range of hotel elec-

IN FO SU I SS E8

tronic locks, access control systems, safes

and keycards for the lodging market, through

their renowned brands ILCO and Safl ok. The

company manufactures high quality, state-

of-the-art solutions that aim to enhance

guest experience, in the global hotel indus-

try. Its diverse portfolio includes magstripe

and RFID (Radio Frequency Identifi cation)

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-traffi c

access areas anywhere around the hotel.

IN-HOUSE PRODUCTS WITH AN ATTRACTIVE DESIGNOver 50 dedicated engineers based in

Montreal, think, develop and design in-

house customer driven products using the

latest in technology. Beyond the security

and functionality aspects, Kaba locks have

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

certifi cations, 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 SERVICEKaba offers a 1st class level of customer

service throughout the entire product life

cycle for both its Safl ok and ILCO range of

products, from installation & training to

after-sales support. From the Montreal

offi ce, Kaba maintains a worldwide presence

and ensures that its partners (affi liates and

distributors) are Kaba certifi ed by getting

the required expertise to provide local cus-

tomers with technical support on all its line

of products.

KABA HAS THE FUTURE OF MOBILITY LOCKED INKaba’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

fi t specifi c property needs. Kaba’s access

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OBTAINING CITIZENSHIP IN CANADA AND IN SWITZERLANDBy Kurt Schläpfer,

Switzerland

Many readers of this

article have acquired

Canadian citizenship

a long time ago and

may remember little

about the proce-

dure 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 leg-

islation, it might be interesting to compare

the current and future requirements needed

to obtain Canadian or Swiss citizenship.

CANADAApproximately 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

fulfi ll 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 won-

dering how it was possible for this person

to obtain Canadian citizenship. The answer

is that the requirements such as language

profi ciency 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 fi nal decision is typically 24

months. It is planned that this process-

ing 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 introduc-

ing a series of reforms to the Citizenship Act

that will make it tougher for many to become

Canadian citizens. One of the changes — the

Business and Other News

Actual i tés économiques et d’affa i res

IN FO SU I SS E10



fi rst since the 1970s — is that permanent

residents must have a physical presence in

Canada for four years out of six years, com-

pared to the current three out of four years.

The bill will also expand the age range for

those required to demonstrate language

profi ciency 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 fi rst 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.

SWITZERLANDEvery year, around 40,000 people become

Swiss citizens, three-quarters of whom are

European. Yet only three out of 100 foreign-

ers living in Switzerland have been granted

Swiss citizenship – a small percentage com-

pared 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

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 typi-

cally 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 citizen-

ship exams comprising questions about the

history, the political system and the geog-

raphy 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 naturaliza-

tion process usually takes between 1½ and

3 years.

Here are two questions from a Swiss

cantonal citizenship exam:

Who was the fi rst 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

diffi cult to obtain in Europe. The parties on

the political left felt the conditions for natu-

ralization 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 fi ve to eight years are

required. ■

At one glance: Becoming a Canadian or Swiss Citizen

Canada Switzerland

Required status of residency Permanent residence Permanent residence permit permit (C permit)

Minimum time of residency 1065 days 12 yearsbefore application (new: 10 years)

Profi ciency in at least one Yes Yesnational language (when younger than 55)

Passing a citizenship test Yes Yes (when younger than 55) (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


GERVAIS RIOUX

Founder and CEO of Argon 18

THE BEGINNINGSThis is the story of a combative little kid

riding his very fi rst 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 enve-

lope to the limit.

ONE OF THE MOST SUCCESSFUL NORTH-AMERICAN RACERS OF HIS GENERATIONThe kid turned out to be one of the most

successful North-American racers of his gen-

eration, 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

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 CYCLINGThroughout his racing career, three personal

traits defi ned Gervais Rioux: leadership, an

unfl agging determination in his every effort

as well as an undying passion for his sport.

These qualities have remained undimin-

ished in his current role as cycle designer

and company CEO.

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 author-

ity in matters of road cycling and bike fi t.

More than 2000 bike fi tting 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 fabrica-

tion and refi ned, detailed fi nish.

1999: A TURNING POINTThe year 1999 marked a turning point for

the fl edgling company; that’s when Argon

18 bicycles fi rst 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 fi ber.

This development work eventually

yielded the Helium, the fi rst full carbon

frameset to bear the Argon 18 name. ■

Member Prof i le

Portra i t d’un Membre

IN FO SU I SS E12

Karin can be reached at 1-647-401-5274 or by e-mail at [email protected]; you may also visit her website at

www.karicosolutions.com

MANUFACTURE YOUR FUTURE

THE IRONMAN EXPERIENCE: ANYTHING IS POSSIBLEby Karin Lindner

Fired up! I guess this is the best way to

describe the feeling I had when I crossed the

fi nish 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 disqualifi ed.

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 fi nishing time. It’s

about determination. It’s about going as far

as you can go in your personal and profes-

sional 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 reg-

ister. Making the decision to get started is



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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, insuffi cient 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 fi tness and endurance can easily be

translated into organizational fi tness.

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 fi red up?

Of course, you have to fi rst set your

goal and then get started,I have translated

my race day experience into FIRE (focus,

inspire, refl ect, 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 fi gured

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

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 insignifi cant 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 pos-

sibly could for the remainder of the race. You

never know when and how you inspire other

people to make signifi cant changes in their

life. To be at our best, I think it is important

to inspire and to be inspired regularly.

Refl ect: 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 tremen-

dous 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 fi nish line. After com-

pleting 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 fi nish line. It’s as simple as that. I

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IN FO SU I SS E14



wanted to fi nish strong, healthy, and joyful,

...... and I did.

In summary, I believe that if we truly

want to change our manufacturing environ-

ments, our corporate cultures and even our

personal lives, we have to generate excite-

ment 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 fi nal 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 PROGRAMSThe 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 fi le a US

income tax return but have not yet complied.

BACKGROUNDTo help certain taxpayers, including

Canadians who are also US citizens or “green

card” holders, who have previously not com-

plied 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 fi ling of US federal tax returns

for three years, the fi ling of Foreign Bank

Account Reports (FBARs) for six years, and

payment of the full amount of tax and inter-

est due in connection with the fi lings.

However, the new “streamlined” proce-

dures 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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• 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 “stream-

lined” procedures, all penalties will be

waived if they reside outside the US.

Modifi cations 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 non-

wilful 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 fi le large

amounts of records electronically rather

than via paper; and

• Increase in the penalty percentage (from

27.5% to 50%) if the fi nancial 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.

Conclusion

For an individual who is required to fi le a

US income tax return and make various dis-

closures 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 fi nancial 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 fi lings

do so immediately under one of these two

programs.

Cunningham does not prepare US tax

returns. If you are a US citizen or “green

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.

For more information contact:Cunningham Tax Department2001 SHEPPARD AVE. E., SUITE 810TORONTO, ON CANADA M2J 4Z8

This publication/communication is intended to inform readers of developments as of the date of publication/transmission and is neither a defi nitive 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

www.cunninghamca.com ■

Quote of the Month

In a time of universal deceit – telling the

truth is a revolutionary act.

George Orwell

IN FO SU I SS E16

THE WORLD’S MOST REPUTABLE COUNTRIES, 2014Which countries have the best reputations?

What does that even mean? The Reputation

Institute, a global private consulting fi rm

based in New York and Copenhagen, has just

released its fi fth annual “Country RepTrak”

of what it calls “The World’s Most Reputable

Countries,” a tool the fi rm 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 infl uences 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 pop-

ulations 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).

OFFICIAL VISIT BY LUXEMBOURG’S PRIME MINISTER XAVIER BETTELPresident Didier Burkhalter welcomed

Luxembourg’s prime minister to Neuchâtel

on 17 September for an offi cial 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 immigra-

tion and fi nancial and fi scal policy.

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 opportu-

nity to express appreciation of the excellent

bilateral relations between Switzerland

and Luxembourg. As a multilingual country

with a strong fi nancial centre and neigh-

bouring 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 VILLAGEAs Starbucks Corp. intensifi es 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 inhabit-

ants near Lucerne, makes the automatic

machines for espressos and cappuccinos

in each of Starbucks’s almost 21,000 shops

around the world.



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“Fully automatic machines are some-

thing very German and Swiss,” said Chief

Executive Offi cer 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 emblem-

atic of Switzerland’s globally oriented small-

and 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 watch-

makers such as Swatch Group AG to produc-

ers 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 WARNINGswissinfo.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 benefi t them by

making watches mainstream again.

Jonathan Ive, head of Apple’s design

team, reportedly bragged that the tradi-

tional watch industry would fi nd itself in a

tough spot after the iWatch is unveiled on

September 9 along with two next genera-

tions 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 prod-

ucts 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 fi tness 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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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 wrist-

based 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.

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 stag-

nated 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, fi ne tools and machinery manu-

facturing sectors, has already revealed that

sales fell fl at between from May through

August as European customers tightened

their belts.

Retail turnover shrank 0.6% in July com-

pared with the corresponding month last

year as conditions also soured for stores.

Not so special

Switzerland gained an enhanced reputation

for sound economic and fi scal management

in the wake of the 2008 fi nancial crisis,



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Smartwatches do not faze the traditional Swiss watch industry

IN FO SU I SS E20

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

fi rm 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 initia-

tive] 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

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

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 news-

paper, 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 eco-

nomic conditions.

“New geo-political risks have emerged

and international economic data, particu-

larly 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 con-

vinced 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 econ-

omists on the overall outlook for the Swiss

economy. “The external situation is worsen-

ing 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



Swiss manufacturing faces a tough few months as European customers cut back on investments. (Keystone)


to reach no higher than 3.2% by the end of

the year, according to economists. ■

TOO BIG TO LENDRegulations have incentivised banks to

de-risk their balance sheets and reduce

lending to the private sector. In Europe, the

regulatory environment and fi rms’ reliance

on bank lending make it unlikely that a

fully-fl edged 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 fi nancial 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 fi gures are large compared

to Japan (less than two times GDP), and

the US (less than the size of the economy).

This refl ects 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.

Most of the regulation and macro-

prudential 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 fi nancial products such as

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IN FO SU I SS E22

asset-backed securities (ABS) or residential

mortgage-backed securities (RMBS), which

are penalised even more than their underly-

ing 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



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BIENVENUE AUX NOUVEAUX MEMBRES

CCCS (QUÉBEC) INC.Membre individuel:

Nadine HoehenerSEG, Swiss Educational Group3437 rue GertrudeVerdun, QC H4G [email protected]

Membre Corporatif:

TWM Canada Inc.1800 Avenue McGill, bureau 810Montréal, QC H3A 3J6514.916.1141

Membre principal

Johann Marty, Vice-président [email protected]

Membres associés

Eric [email protected]

Florent Martinfl [email protected]

WELCOME NEW MEMBERS

SCCC (ONTARIO) INC.

New Non-Resident Members:

Paul Wuergler

Action First Aid

85 Shanty Bay Rd.

Barrie, ON L4M 1E1

[email protected]

www.actionfi rstaid.ca

Bernhard Huber

7 ch Dompierre

Chelsea, Quebec J9B 2H3

[email protected]

(819) 230-0440How to become a member of the SCCC:

Sign up online at

www.swissbiz.ca/memberships

or contact our offi ce at [email protected] or

416-236-0039


for corporate fi nancing, they are far more

important for the Eurozone where bank

fi nancing 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-fi nancial

corporates.

In such a regulatory environment it

appears unlikely that a fully-fl edged quan-

titative 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 chan-

nels 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 fi rms.

Unfortunately, the majority of fi rms in the

Eurozone are too small to issue bonds in

the credit market. And banks may still feel

uncomfortable about increasing their lever-

age 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 long-

term benefi cial result, although the increase

in import prices would help get infl ation

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 posi-

tion: 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 effi cacy 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 securitiza-

tion 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 imple-

mentation. The ABS market in Europe is rela-

tively 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

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

STEIGER, ZUMSTEIN & PARTNERS AG

CONTACT:

Nauenstrasse 49, P.O.Box,CH-4002 BaselPhone +41 61 270 99 10, Fax -19E-mail: [email protected]

M E M B E R O F :

• Establishment and management of Swiss corporations• Accounting services• International Tax Planning for companies and individuals• Management functions in Finance and Administration for Swiss- and international companies• Services provided in English, French and German

IN FO SU I SS E24

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 poten-

tial implementation and benefi ts 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 cre-

ating 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 govern-

ments such as Germany providing an implicit

guarantee for another type of security: the

government bonds of their neighbours.

Article by UBS Global Asset ManagementJoshua McCallum, Head of Fixed Income Economics and Gianluca Moretti, Fixed Income Economist ■

GALA DINNER DANCE

GALA DINNER DANCE

Viva la Vita!

Saturday, November 15th, 2014 The Omni King Edward Hotel 37 King Street East, Toronto

$195.00 per person (incl. HST)Cocktails 7:00 pm, Dinner 8:00 pm

Black Tie

Highlights:

5 Course Meal by Swiss Executive Chef Daniel SchickMusical Entertainment by Shakura S’Aida

Grand Prize sponsored by SWISS and Switzerland Tourism

Click here to register onlineor contact 416-236-0039 or [email protected]

Contact 416-236-0039 or [email protected]

Viva la Vita!

Saturday, November 15th, 2014The Omni King Edward Hotel37 King Street East, Toronto

$195.00 per person (incl. HST)Cocktails 7:00 pm, Dinner 8:00 pm

Black Tie

Highlights:

5 Course Meal by Swiss Executive Chef Daniel SchickMusical Entertainment by Shakura S’Aida

Grand Prize sponsored by SWISS and Switzerland Tourism

GALA DINNER DANCE

GALA DINNER DANCE


COCKTAIL DE LA RENTRÉE

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

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 fi n octobre et les événe-ments à venir seront affi chés 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,

dont Nadine Hoehener , représentante du très prestigieux Swiss Éducation Group à Montréal et Johann Marty, vice-président fondateur de la toute nouvelle fi liale mon-tréalaise 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 profi ter d’une visite à Montréal pour réseauter avec les

autres membres et faire de nouvelles ren-contres. Nous ne doutons pas qu’il retourne chez lui avec le souvenir d’une soirée réussie.

Profi tant de la douceur du climat autom-nal, 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. ■

Chamber News

Informations de votre Chambre

Le président de la CCCS, M. Christian DuboisNouveaux membres de la chambre, Johann Marty, Services et Solutions TWM Canada et Nadine Hoehener, The Swiss Education Group.

M. Jean-Marc Ferland, FML avocats et Marine Augustin Normand

IN FO SU I SS E26

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 mood-

lifting sounds for the onset of the winter

season.

THE WINE HARVEST FESTIVAL IN LUTRYThe 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 LUCERNEFor 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, culminat-

ing in 2007, when it received the “Keeping

the Blues Alive Award” by the American

Blues Foundation.

GOURMET FESTIVAL ST. MORITZFrom January 26 to 30, the St. Moritz

Gourmet Festival features a “British Edition”,

honoring the fi rst 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 DELIGHTSDid 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.

AUTUMNThe Swiss autumn is pure gold.

The end of summer heralds the start of

Switzerland’s most varied and enjoyable

season.

HIKINGMaienfeld 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 fi elds and

meadows to the Hotel-Restaurant Heidihof.

Fortifi ed 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 beau-

tiful memories alive are available at the

village store in Maienfeld. ■


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IN FO SU I SS E28

Basel Wine Fair25 Oct-02 Nov 2014Basel, Switzerland

Basel Autumn Trade Fair25 Oct-02 Nov 2014Basel, Switzerland

Zug Trade Fair25 Oct-02 Nov 2014Zug, Switzerland

Basler Feinmesse30 Oct-02 Nov 2014Basel, Switzerland

Meeting Luxury31 Oct-02 Nov 2014Lugano, Switzerland

Swiss International Holiday Exhibition31 Oct-02 Nov 2014Lugano, Switzerland

Travel Expo31 Oct-02 Nov 2014Lucerne, Switzerland

Montreux Art Gallery05-09 Nov 2014Montreux, Switzerland

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