A senior executive at Credit Suisse Taiwan Elsa Chiu and her husband were released on bail early Wednesday after being interrogate about alleged insider trading in the takeover of Hermes Microvision by ASML of the Netherlands, Taipei District Prosecutors Office spokesman Chang Chieh-Chin told Reuters. "During the merger and acquisition activities, there were some trading irregularities, and the stock exchange regulator detected this irregular trading," said Chang, who is also a deputy chief prosecutor.
More Americans are traveling to Switzerland, visiting cities and mountain regions alike. U.S. arrivals and overnights increased again in 2016 compared to the previous year. For the seventh consecutive year, there has been an increase, showing total growth of more than 30% since 2009. Last year the Alpine country welcomed 854.687 americans tourists. The number of overnight hotel stays by US visitors also grew in 2016 to 1.84 million, a 5.5% increase from 2015. “Switzerland is the best country in the world, according to a recent study by U.S. News &World Report. This will hopefully motivate even more Americans to find their way – or their way back – to Switzerland,“ said Alex Herrmann, Director Americas, Switzerland Tourism.
Liechtenstein will host today the Finance Forum where one of the topics covered will be Philanthropy. The University of Liechtenstein will be part of the conference, as explained by professor Francesco Schurr, Chair of Company, Foundation and Trust Law. «Banks and finance institutes are facing far-reaching upheavals such as strict regulations or low interest rates etc. What conditions are needed for the financial centre of Liechtenstein to continue its excellent services? Who is going to be the future target group? The topics of this year’s event include a broad range and cover themes like the digitalization of the financial centre, philanthropy, investment decision, data security and data protection. Of central importance is the question, how to push the growth of the financial centre Liechtenstein. International experts will discuss those topics from different perspectives and will define common goals for national activities».
The Italian inland revenue service, L'Agenzia delle Entrate, on Wednesday applied a new flat tax aimed at attracting wealthy foreigners to Italy in a bid to compete with similar incentives offered in Britain and Spain, which have successfully attracted a slew of rich footballers and entertainers. The new flat rate tax of €100,000 a year will apply to all worldwide income for foreigners who declare Italy to be their residency for tax purposes. The measure, proposed in Italy's 2017 budget, is expected to immediately draw in at least a thousand people, according to local media.
The European Patent Office (EPO) granted a record number of European patents in 2016, while the US led the charge for applications. According to a report released on Tuesday, the EPO granted 96,000 European patents in 2016, an increase of 40% year-on-year, which is due to “effective measures” to improve the EPO’s productivity. “The figure is an indicator of the growing demand for patent protection from businesses worldwide,” said the EPO. It also recorded an “unprecedented” level of patent filings in 2016, reaching more than 296,000, an increase of 6.2% compared with 2015.
Nestlé Austria has announced plans to close its production facility in Linz by March 2018, as part of an 'ongoing evaluation' of its portfolio. The factory, which has been operating for nearly 140 years with an output of roughly 6,000 tonnes of food products, has been effected by changing consumer trends which have affected demand. The factory in Linz specialised in products for its business to business division. On 7 March, the management informed the plant's 127 employees of the decision, and is collaborating with the Works Council and employee representatives to find 'socially acceptable solutions'.
General Motors will cut production and eliminate 1,100 workers at a plant in Michigan as it shifts production of a sport utility vehicle model to another factory in Tennessee. Most are hourly workers, with about 14 salaried. The Lansing Delta Township plant will cease output of GMC Acadia SUVs on May 12, Tom Wickham. About 800 new jobs were created in that state as a result - and GM announced in January that it was adding a third shift in Spring Hill.
Luxury estate agent Knight Frank and research firm Wealth-X have released their annual report on where the ultra-wealthy are snapping up property across the world. The list focuses on high-net-worth individuals (HNWIs) — those with $30 million or more in net assets – and examines their migration patterns. The report notes: “The latest data on HNWI migration confirms the strong and growing attraction of Australia, the US and Canada as destinations for the footloose wealthy. “Cities such as Sydney and Melbourne top the list of growth markets,” it adds.
High-end Swiss chocolatier and confectionery company Lindt & Sprüngli grew at a faster pace than the overall chocolate market last year, according to the company’s latest financial results. Although the group is at the top end of the market, which would give it some margin for manoeuvre on prices, the race to cut costs within the industry still took its toll.
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