News

28.03.2017

London Top Financial Hub, Switzerland out of Top Ten

London may be on the cusp of falling down from its post as top financial center of the planet, finds a new report, although rival European cities still lag far behind. The Z/Yen Global Financial Centers Index (GFCI), released last week, retained London’s top spot but uncovered widespread feelings of uncertainty among financial professionals, especially as concerns over potential fallouts from Brexit continue. The report’s ranking of 88 financial hubs placed London at the top, followed by New York City and three Asian cities: Singapore, Hong Kong and Tokyo.

 
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28.03.2017

Switzerland has to answer to Austria over Stronach tax issue

Switzerland has to deliver to Austria the information over billionaire Frank Stronach's financial situation, as the Federal Court (TF) confirmed today, rejecting a lodged appeal by 84-year-old Austro-Canadian man. The Austrian authorities sent Bern in November 2015 a request for administrative assistance. Vienna wants to determine whether the 84-year old billionaire has paid the taxes.

 
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28.03.2017

Risk, Uncertainty and Volatility

French poet Paul Valery is often quoted saying “the trouble with our times is that the future is not what it used to be”. So true.

 
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28.03.2017

Switzerland, ally or competitor for UK on the Brexit way

The UK could be a “serious competitor” to Switzerland as a low-tax business location in a post-Brexit world, Mr Mauer, the Swiss finance minister said: “That is perhaps the chance - that we have a partner in the same position, which on important issues is close to us.” On Wednesday, UK Prime Minister Theresa May will kick off two years of formal negotiations with 27 EU governments. She still wants tariff-free, friction-less trade with Europe but prioritizes the right to impose immigration limits above all else. Mr Maurer said: “The UK has lots of advantages and if they are used cleverly to decouple from the EU, as well as the new freedom in a good bilateral relationship, then the UK could develop very positively, I’m convinced of that.” If no favourable deal is struck, the tax rate could be dropped even lower to attract business, chancellor Philip Hammond has recently said. 

 
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28.03.2017

With German passport you can go everywhere

German citizens still possess the world's most powerful passport, according to new research, the 12th annual edition of the Henley & Partners Visa Restrictions Index, which is produced in partnership with the International Air Transport Association (IATA). The ranking takes into account how many countries can be visited without applying for a visa. German passport holders can travel to 176 out of a possible 218, while Britons can visit 173; for the fourth year in a row, it has been crowned “world’s most powerful passport.” The UK topped the 2015 rankings, alongside Germany, but ceded that spot after several countries relaxed visa restrictions to the latter. It was leapfrogged by Sweden last year and now lags behind Denmark, Finland, Italy, Spain and the US.

 
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28.03.2017

Emerging markets after Trump impact

Since Donald Trump’s election as president of the United States, research and views have been very divided on emerging markets. And, in general, negative views have carried the day. On the one hand, many agreed that the macroeconomic situation and microeconomic fundamentals were in the process of improving and that 2017 would hold some positive surprises in store. On the other hand, the utmost caution was in order, given the threats to launch trade “reprisals” against a number of emerging economies. All in all, having fallen out of grace in late 2016 and early 2017, emerging equities and debt have been among the best performers in their respective asset classes, with gains of 8.8% and 1.75% respectively, as of 15 March and in euros. Where does the consensus stand now?

 
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27.03.2017

Pietro Ugazzi of Compass-AM explains the recent developments for his company

 
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27.03.2017

Fifth Switzerland prefers to talk with PostFinance

The Swiss who live abroad will not denounce Postfinance that does not grant them the right to have a credit card. At the meeting in Bern today, the Council represents them (CSE) has decided to give priority to dialogue. The association is still "acting against discrimination banking," it said in a statement. The banks "continue to put a spoke in the wheels of Swiss nationals who live abroad and wish to maintain a banking relationship with their country of origin." The CSE has instructed the Organization of the Swiss Abroad to propose solutions within the month of August.

 
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27.03.2017

IBM-SIX partnership to secure Swiss financial operations

IBM Security has partnered with SIX, the infrastructure operator for the Swiss financial sector, to integrate IBM Watson for Cyber Security into a new cognitive Security Operations Center (SOC). As part of a new partnership, the SIX SOC powered by IBM will give clients access to the latest IBM cognitive security tools used to fight cybercrime. Watson has been trained on the language of cyber security, ingesting over 1 million security documents, helping security analysts parse thousands of natural language research reports that have never before been accessible to modern security tools.

 
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27.03.2017

Oxfam report says Big european banks prefer tax havens

The EU’s fight against tax evasion is far from over. After a series of tax evasion scandals concerning European countries and companies in recent years, the NGO Oxfam on Monday published a 52-page report, which estimates €25 billion of banker money ended up in tax havens in 2015. It means fewer funds are going into national budgets to pay for things like health care and education. The report probed Europe's 20 largest banks and found that Luxembourg remains one of their most profitable tax havens. 

 
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