The number of cross-border workers commuting to Switzerland for jobs has risen by more than a quarter since 2011, the Swiss statistics office (BFS) said on Thursday. At the end of 2016, 318,500 cross-border workers were active in Switzerland, an increase of 11,300 over the previous year. Lake Geneva (37.2%), northwest Switzerland (22.8%) and the Italian-speaking canton of Ticino (20.2%) remain top destinations for commuters from across the border. In the same five-year period the total number of working people in Switzerland (including residents and non-residents) rose by 7.8%, to 5.1 million.
Sichuan, a province of China, is transforming into a global Bitcoin mining capital primarily due to its cheap electricity, low population density and cold climate. China’s southwestern provinces, such as Sichuan, are seeing an exponential growth of Bitcoin mining facilities and centers as companies continue to search for mountainous regions with high altitude to cool down mining equipment without allocating additional resources. Rows of mining equipment operated continuously over time leads to mounting operational costs. Apart from the space, the cost includes electricity charges for running the mining hardware and the air conditioning units to maintain optimal conditions within the mining centers. If the costs are too high, it will eat into the margins of the Bitcoin miners, rendering the whole operation ineffective.
Swiss banking organization Credit Suisse is under investigation by the Internal Revenue Service (IRS) for helping Americans living in Israel or with Israeli citizenship to evade taxes, the Wall Street Journal reported Thursday. Less than three years after Credit Suisse Group paid billions and pleaded guilty to aiding tax evasion through its desk serving US clients. The investigation focuses on the bank’s Israeli desk, which has hundreds of clients. The US Justice Department in July 2014 discovered US professor Dan Horsky, a dual Israeli-American citizen, was potentially hiding money overseas in his Credit Suisse accounts managed by the bank’s Israel desk. The dual citizen cooperated with the government, gathering recordings and other evidence that firmly placed the bank as a major funnel through which money held by American citizens was being hidden. The culprit received a seven-month sentence in prison.
Four in 10 European doctors are considering leaving Britain following the Brexit vote, new research suggests. A British Medical Association (BMA) survey found that 42% are thinking of quitting the UK, with a further 23% still unsure if they will stay. The BMA warned it could spell “disaster” as the National Health Service (NHS) was already facing “crippling staff shortages”. Among NHS staff in England, 59,796 are from the European Union, according to NHS Digital, including 10,267 doctors – around 6.6% of the UK medical workforce. “Diseases know no country borders, and medicine is an international profession, with global co-operation in research, drug development, standards of patient care, and free movement of doctors around the world.”
The Euro continued to book gains against the US Dollar during the early hours of Friday's trading session, as the currency exchange rate attempted to break through the resistance put up by the 55-day SMA, which was located at 1.0593. The pair already attempted to move higher during Thursday's trading. However, it failed to pass the SMA. Due to that and the fact that the weekly PP is located just above the SMA at 1.0604, it is most likely that the currency pair will fail once more and retreat lower by the end of Friday's trading session.
Google and Jigsaw have launched a new tool that uses artificial intelligence to filter ‘toxic’ comments online. The tool, known as Perspective, has been designed to crack down on online harassment by letting creators and readers identify abusive comments or comments that are likely to make ‘someone leave a conversation’. Google’s freely available software is being tested by a range of news organisations, including The New York Times, The Guardian and The Economist, as a way to help simplify the jobs of humans reviewing comments on their stories.“News organizations want to encourage engagement and discussion around their content but find that sorting through millions of comments to find those that are trolling or abusive takes a lot of money, labor, and time. As a result, many sites have shut down comments altogether. But they tell us that isn’t the solution they want. We think technology can help.” said Jared Cohen, president of Jigsaw, the Google social incubator that built the tool.
Ticino, the canton in southern Switzerland, has revealed its plans to issue its own local digital currency for everyday use. The future cryptocurrency called Ticinocoin (TIC) is a brainchild of computer scientists Claudio Rossini and Michele Fiscalini.The developers have already tested the currency: the pilot phase of the project was completed last week, Tribune de Geneve reported. Regional virtual currency based on the blockchain technology is expected to stimulate the local economy offering faster, more transparent and less expensive transactions.
A report released by the Maltese Presidency and the European Commission on Wednesday says that childhood obesity should be tackled at an early stage and that schools can play a positive role in encouraging healthy eating habits. “Considering the amount of time that children spend at school, as well as the fact that in many European countries students consume at least one daily main meal there, schools are an ideal environment for supporting healthy behaviours,” the report states. Childhood obesity in Europe is increasing: in 2010, about one in three European children between the ages of six and nine were overweight or obese, while 2008 estimates were only about one in four.
Switzerland has launched a campaign to discourage Nigerian immigration based on drama. Switzerland’s State Secretariat for Migration (SEM) is spending $450,000 on filming a TV series with African actors showing the perils of living in Europe illegally, which will be shown on Nigerian television. Speaking to reporters, the spokesman for SEM, Lukas Rieder, said that one of the objectives of the series was to make clear that there are few chances of being granted asylum and the trip does not worth the dangerous crossing of the Mediterranean.“Human traffickers tell potential migrants that Switzerland is paradise, it's El Dorado. But that's not true. We want to provide objective information about the dangers of passage, and the dangers of living in Switzerland without a permit, for example.”
Swiss-Swedish engineering giant ABB said Wednesday that it had uncovered significant embezzlement at its South Korean subsidiary, which it warned would heavily impact its 2016 earnings. The suspected theft will lead to a pre-tax charge of about $100 million. The company said it had discovered "a sophisticated criminal scheme related to a significant embezzlement and misappropriation of funds" at the South Korean unit. The executive was treasurer and one of two integrity ombudsmen for ABB Korea - to whom staff were supposed to report any ethical concerns - according to an online company magazine available on ABB's Korean website.
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