Proxy adviser Glass Lewis on Tuesday recommended Credit Suisse shareholders reject its proposal to pay 25.99 million Swiss francs ($25.9 million) in short-term bonuses to the executive board in a binding vote at the April 28 annual general meeting. The amount appears “wholly inappropriate given the loss suffered by shareholders in the last two fiscal years,” the San Francisco-based proxy adviser said in its recommendations for the bank’s annual meeting on April 28. Proposed compensation for the board of directors is “excessive,” as Bloomberg reported.
Switzerland and Italy are in a diplomatic spat over Switzerland's decision to close three border crossings at night in a bid to fight crime. The Foreign Ministry on Tuesday summoned the Swiss ambassador for urgent talks Tuesday, emphasizing that the closings violate Europe's norms on free circulation. Switzerland, unlike Italy, is not a member of the European Union but has signed up to the passport-free Schengen zone and free movement of persons accords.
Swiss financial body FINMA said on Tuesday it had discontinued its investigation into UBS Group in connection with Malaysia's scandal-tainted 1MDB fund. "FINMA recently discontinued its investigation into UBS. FINMA found no systematic, serious misconduct, but sent the bank a written reprimand," the swiss watchdog wrote in a statement following its annual media conference. Three cases remain unresolved, Finma added in a statement. A case against UBS was closed recently and the bank, Switzerland’s largest, was reprimanded with no further action to be taken, the watchdog said.
US regulators have agreed to a Chinese conglomerate’s proposed $43 billion acquisition of Swiss agribusiness giant Syngenta on condition it sells some businesses to satisfy anti-monopoly objections. China National Chemical and Switzerland's Syngenta have agreed to divest three types of pesticides in order to win U.S. Federal Trade Commission approval for their $43 billion merger, the largest ever overseas acquisition by a Chinese company. A U.S. national security panel cleared the deal in August 2016, despite concerns among some lawmakers and farmers about China's influence in U.S. food production.
Startups in the music industry are nowadays flourishing, trying to answer some of the questions that the same technology that allows their existence is posing. Data security, secondary ticketing, royalties, hit music: every topic has someone covering it in more or less successful ways. The social media help ask these questions but also spread the word about these startups, while many of them get a kickstart from incubators. Marketplus will run a special in the following weeks regarding these startups. This week Marketplus will look into Popgun, a company creating artificially intelligent software that will be able to play and create music.
Uber makes no secret of its ambitions to replace human drivers, testing autonomous cars in a highly public manner. But for the moment, and even for the next decade, the ride-hailing company remains reliant on an army of contractors. “We’ve underinvested in the driver experience," an Uber official said on a press call in March, "and relationships with many drivers are frayed. We are now re-examining everything we do in order to rebuild that love."
India has approached Switzerland for banking details of at least ten persons and entities suspected to have kept untaxed money in Swiss banks. These include two listed textile companies, while others are associated with an art curator and his carpet export business. There are also some companies incorporated in tax havens like Panama and British Virgin Islands. Most of the companies and individuals are associated with a carpet export business and an art curator with operations across several countries.
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