China and Switzerland have enjoyed a longstanding win-win partnership and China has an optmisstic economic outlook, the Swiss minister of Economic Affairs, Education and Research, Johann Schneider-Ammann said in an interview with Xinhua, chinese media on the sidelines of the World Economic Forum. "I am very proud that Chinese President Xi Jinping could come to my country and stay four days," Schneider-Ammann said "In April last year we established such good personal relationships, and I'm proud of this success."
Half a decade into its search for a new handgun, the US Army has chosen Sig Sauer's version of the Modular Handgun System, according to a Thursday announcement from the Army. The $580 million contract announced yesterday covers procurement over 10 years. Sig Sauer is a German Swiss company and will provide thousands of new handguns to the US military under the contract over the next decade, the Defense Department explained.
IBM reported fourth-quarter earnings and revenue that beat Wall Street expectations on Thursday, thanks largely to the company’s transition towards higher-margin and faster-growing businesses like the cloud and Big Data analytics. But the iconic New York–based enterprise technology company has now suffered 19 straight quarters of declining year-over-year total revenues, a streak that has kept would-be investors on the sidelines. While earnings per share rose 4% from a year ago, revenues were down 1%, the company said. IBM's revenue has decline from the year-ago quarter since April 2012, when sales were nearly flat.
The GBP/USD currency pair confirmed yesterday's scenario, having climbed back above the 1.23 major level and even completely ignoring the immediate resistance at 1.2324. Friday brings a lot of uncertainty, as volatility direction is likely to be caused by Trump's speech during his inauguration later today. From a technical perspective we should see more upside movement, despite a group of strong resistances located just beyond the 1.24 handle. On the other hand, the US Dollar could receive a solid boost, with the Cable seen dropping as low as 1.21 in the worst case scenario.
George Soros, on the sideline of Davos Forum, gave his views on the state of the world. The EU, according to billionaire investor, is disintegrating following last year's Brexit vote and Italian referendum, a course that must be reversed. The trading bloc has become dysfunctional because it is governed by laws that are "not appropriate to the current circumstances" and not easily changed, he said. "If Europe breaks down, the consequences will be very dire," the investor said. "But I do see a way it could be saved, and this is also recognized by many of the people in Brussels. They can't say so publicly, but they know that Europe is not functioning."
Swiss Life company Zurich will cut 240 jobs in the UK as part of a business restructure. The company said it will remove 240 jobs from the UK business after plans were announced last year to merge the life and general insurance departments. The new structure will be effective immediately but the firm will consult on the job cuts before making any decisions. Zurich said the jobs cuts would not be in 'market facing' roles and were likely to be from back office positions. It said cuts would be made where there was overlap between life and general insurance positions.
The European Central Bank (ECB) made no changes to its record-low interest rates and announced no new measures on Thursday in what was its first policy decision of 2017. Specifically, the ECB left its benchmark interest rate unchanged at a record-low 0.0%, in line with forecasts. The central bank also held its deposit facility rate steady at -0.4% and its marginal lending rate remained at 0.25%. Additionally, the Governing Council confirms that it will continue to make purchases under the asset purchase programme (APP) at the current monthly pace of €80 billion until the end of March 2017 and that, from April 2017, the net asset purchases are intended to continue at a monthly pace of €60 billion until the end of December 2017, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim.
A major shift from brick and mortar to online shopping is taking place in the major consumer markets, and jewelry companies are trying to get in on the action, offering steep discounts to customers on their e-commerce websites.
Deutsche Bank has warned its employees of more job cuts to come. In addition to announcing radically reduced 2016 bonus payments for top managers, the bank told some staff on Wednesday that layoffs will continue, according to a person with knowledge of the discussions as Bloomberg reported. In a note to staff on Wednesday, John Cryan, chief executive, said Deutsche’s management board had decided to waive their bonuses for 2016, the second consecutive year in which top executives at Germany’s biggest bank have forgone such awards after it finalised its $7.2 billion legal settlement with the U.S. Department of Justice related to the sale of mortgage bonds into the peak of the global financial crisis.
Invented in 1986 as a light-hearted guide to purchasing power parity, the Big Mac Index compares the cost of a McDonald’s Big Mac burger in countries across the world, published by the Economist. Using the US dollar as the base rate, Switzerland won the top spot again for the most expense burgers. A Swiss Big Mac costs $ 6.35 (CHF 6.50), compared to $ 5.06 in the US, meaning the Swiss franc is overvalued by 25.5%.
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