Novartis may spin off its struggling Alcon eye care business and is to launch a share buyback programme worth up to $5 billion, the Swiss drugmaker said on Wednesday in reporting fourth-quarter results that lagged market expectations. Its sales were flat in the fourth quarter while posting a $120 million operating loss, forcing a critical look at whether to sell eye care division. "We've not ruled anything out, all options are on the table," Chief Executive Joe Jimenez said on a results news conference call.
Despite the push toward a cashless society in many countries, residents in Switzerland are still in love with their cash, which is used regularly to purchase all sorts of things, both small and large. According to a report by the Wall Street Journal, the love of cash in Switzerland doesn’t seem to be slowing down. The Alpine country bowed to pressure from international anti-money-laundering organizations and implemented a cap on the amount of cash a person can use on a single purchase without raising red flags and requiring extra paperwork. If the transaction is over 100,000 Swiss francs, a retailer has to confirm identities and report the transactions that they deem to be suspicious.
U.S. President Donald Trump on Tuesday pushed the heads of GM, Ford and Fiat Chrysler to build more of their cars in the United States and boost American employment in the process. After weeks of taunting the automotive industry over Twitter, Trump made a point to meet with the CEOs of General Motors, Ford and Fiat Chrysler just days into his term. He has pressured the companies to build more vehicles in the U.S. and hire more Americans into manufacturing jobs. "I want new plants to be built here for cars sold here!" Trump said in a tweet ahead of the breakfast meeting with automakers, saying he would discuss U.S. jobs with the chief executives.
The North American Wertheim Jewish Education Trust in the United States is demanding back payment from Deutsche Bank of nearly $3 billion, claiming the bank wrongly withheld the money from the heirs of a wealthy German family, as Bloomberg reported. The Jewish charitable trust filed its complaint at a Florida federal court on Wednesday, claiming the bank refused to return funds originally deposited by the wealthy Wertheim family before the rise of the Nazis.
Yahoo says its closing its Verizon deal in the second quarter instead of in the first quarter, which is when it initially said the deal would close. The $4.8 billion deal was originally slated to close in the first quarter, but that was before Yahoo reported two massive data breaches that analysts say may scrap the entire deal. Although Yahoo continues to work to close the acquisition, there’s still work required to meet closing the deal's closing conditions, the company said in an earnings statement, without elaborating.
Parliament must vote on whether the government can start the Brexit process, the Supreme Court has ruled. The most powerful court in the land has upheld a High Court decision that ruled it unconstitutional for UK Prime Minister Theresa May to formally trigger the process of leaving the EU without first consulting MPs. But the court ruled the Scottish Parliament and Welsh and Northern Ireland assemblies did not need a say. Both Scotland and Northern Ireland voted against an E.U. departure in the June vote.
Switzerland remains the best all-round destination for pursuing a career abroad while Hong Kong ranks number one for those looking to fast-track their career; this, according to new data released from HSBC's latest global Expat Explorer survey of 26,871 expats from over 100 countries. For the second year in a row, Switzerland is ranked the best all-round destination for a career abroad. In addition to being a top spot for earnings, 69% of expats in Switzerland see an improvement in their work-life balance and 61% say the work culture is better than in their home country. Part of the world`s largest and longest-running research series on expat life, the Expat Explorer Careers Table ranking is based on eight criteria: the chance to acquire new skills, career progression, job security, earnings, benefits packages, work-life balance, work culture and fulfilment at work.
President Donald Trump moved Monday to pull the United States out of the Trans-Pacific Partnership; the 12-nation trade deal was a linchpin of former President Barack Obama's Asia policy. Among a series of executive orders, the first was a memo on withdrawing from the vast TPP trade pact, which aimed to set trade rules for the 21st century and bind US allies against growing Chinese economic clout. "We're going to stop the ridiculous trade deals that have taken everybody out of our country and taken companies out of our country," the Republican president said as he met with union leaders in the White House's Roosevelt Room.
Wholesale reinsurance provider Swiss Re today said it has received approval from the Insurance Regulatory approval to open a branch in India, the world's second largest reinsurer said on Monday, part of the Swiss company's growth aspirations in the world's second most populous country. The branch, which opens operations on February 1 in Mumbai, has been licensed to sell non-life, life and health reinsurance solutions directly to clients and brokers in India.
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