News

27.12.2016

Honda, Google in talks on self-driving car prototype

Honda is in talks with Google to install the tech company's self-driving technology in Honda vehicles. Honda will have to provide Waymo with vehicles that are specially modified to accommodate the self-driving technology, while Waymo would lend Honda its insight into self-driving technology, a field every automaker is interested in these days. The automaker says that if a deal is reached, it will provide vehicles to Waymo that are modified to handle the technology. The Hondas would join Waymo's fleet that includes Lexus SUVs and Chrysler Pacifica minivans.

 
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23.12.2016

Swiss KOF Economic Barometer doesn't move

Switzerland’s KOF economic barometer remained unchanged unexpectedly last month, data showed on Friday. The Swiss KOF Economic Barometer was at 102.2 for December and below consensus expectations of a further improvement to 103.00 for the month. The index remains slightly above the long-term average and continues to suggest that the economy will grow close to its long-term average over the next few months. Positive impulses to the unchanged total balance came from the manufacturing industry, weighed up by negative signals from the construction sector, but there was a more cautious tone surrounding the general business situation, the institute said. 

 
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23.12.2016

Technical analysis : Gold once more surges in early hours

The yellow metal surged in the early hours of Friday's trading session. However, such a tendency has been seen throughout this week, as either scalpers take profit during the Asian session or there exists a negative sentiment on the US Dollar in Asia due to other fundamental reasons. Although, in the second half of the day of the GMT time zone the bullion steadily continues to fall. It is most likely that Friday's trading session will be no different from the few previous, as there are usually no gradual changed in finance in the period up to Christmas. 

 
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23.12.2016

Deutsche Bank and Credit Suisse agree to pay billions in US fines

Deutsche Bank and Credit Suisse have agreed to pay billion in fines relating to the collapse of the US housing market that contributed to the financial crisis, striking deals before the Trump administration takes power. The government has accused the banks of misleading investors about the quality of their loans. The inquiries related to deals done between 2005 and 2007. Deutsche Bank agreed to a $7.2 billion settlement with the DoJ over its sale and pooling of toxic mortgage securities.

 
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23.12.2016

Raiffeisen: no fine after agreement with US Justice

Swiss cooperative banking group Raiffeisen entered a U.S. tax settlement program in the third category, or as a bank with no criminal dealings. The Swiss bank left the programm and it didn't pay any fine, it said on Friday. Raiffeisen, Switzerland's third-biggest bank, three years ago decided to qualify itself as one of the Swiss financial institutions that had not committed any offenses under U.S. tax law. An accord with the U.S. Department of Justice this week "creates legal certainty and ends the tax conflict without payment of a penalty", it said in a statement.

 
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22.12.2016

Will politics shake the global economy out of its torpor in 2017?

Many of the policy changes that populist politicians are calling for could feasibly support economic growth.

 
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22.12.2016

Ex-BSI banker jailed for 30 months over 1MDB investigation

Former BSI banker Yeo Jiawei was found guilty for his role in the most complex, sophisticated and largest money-laundering case involving billions of dollars alleged to have been misappropriated from 1Malaysia Development Berhad (1MDB). Singapore sentenced former Yeo Jiawei to 30 months in jail after a 12-day trial. He is the third BSI banker convicted in the city state this year. The prosecutors had charged that Yeo had amassed $16.55 million by taking secret profits from 1MDB-linked transactions during his work for the Singapore unit of BSI.

 
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22.12.2016

Credit Suisse is planning more job cuts in Switzerland?

Credit Suisse intends to cut about 900 job places in Switzerland to lift profitability as it gears up for a partial sale of the Swiss division, as Bloomberg referred today, according to two people with knowledge of the matter. Credit Suisse's ultimate goal is to eliminate 1,600 jobs in Switzerland by the end of 2018, the sources said. A spokesman for Credit Suisse in Zurich declined to comment.

 
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22.12.2016

Alibaba comes back on US counterfeits blacklist

Chinese e-commerce giant Alibaba Group is back on the U.S. government's annual list of "notorious markets" that sell pirated goods. The listing carries no penalties but will likely be an embarrassment for Alibaba, which has been trying to burnish its image in international markets. On Wednesday, the Office of the United States Trade Representative dumped Alibaba back on its Notorious Markets List, which “highlights prominent online and physical marketplaces that reportedly engage in and facilitate substantial copyright piracy and trademark counterfeiting.” This comes four years after the USTR had removed the Chinese e-commerce company from the list after it made some progress in combating fakes.

 
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22.12.2016

Israeli Bank will move away from Switzerland

First International Bank of Israel is liquidating its remaining international business, and will become the only one of Israel's five leading banks that operates exclusively in Israel. Controlled by Zadik Bino, the bank announced that it had signed an agreement to sell FIBI Switzerland to Swiss bank CBH. CBH will acquire FIBI Switzerland's customer portfolio, which totaled 876 million Swiss Franc as of September 30, for seven million Swiss francs, amounting to 0.8% of the assets. CBH will also pay an amount equal to FIBI Switzerland's equity, which totaled 59.2 million Swiss francs as of September 30. The deal is slated for completion by the end of the first quarter of 2017.

 
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