News

19.12.2016

Switzerland unfreezes CHF 180 million Egyptian assets

The Attorney General of Switzerland Michael Lauber said on Saturday that investigations into the assets of ousted president Hosni Mubarak, his sons and associates are approaching a final phase and that tens of million of Swiss francs have recently been released, state news agency MENA reported. Lauber, in a one-day visit to Cairo, said at a press briefing that 180 million Swiss francs has been unfrozen and released from Swiss banks so far, while another 430 million remains frozen.

 
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19.12.2016

Ireland to appeal EU's $14 bn tax bill on Apple

The Irish government has today launched an attack on the European Union’s order that it collect €13bn in back taxes from Apple. Ireland accuses the European Commission of misapplying State Aid law, and of attempting to re-write Irish corporation tax rules. In a document released by the Irish government’s Department of Finance, eight points are made about how the EU is overreaching its authority. "The Commission has exceeded its powers and interfered with national tax sovereignty," the document reads. The document was submitted almost four months after the penalty was imposed against Apple which is also appealing. Apple's European headquarters are located in Ireland where the standard rate of corporate tax is 12.5%.

 
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19.12.2016

The Significance of the Dollar Breakout

The dollar broke out to the upside. The climb of the greenback, that had started immediately after the Trump’s victory early last month, has now reached important historic levels.

 
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19.12.2016

SNB: strong currency reserves to defend swiss economy

The Swiss National Bank said Monday that it would add 4.6 billion Swiss francs ($4.5 billion) to its financial buffer for currency reserves in an effort to strengthen the central bank's finances against any future bouts of economic weakness, raising the provisions to 62.8 billion francs. "The annual allocation will continue to be determined on the basis of double the average nominal economic growth rate over the previous five years. However, a minimum annual allocation of 8 percent of the provisions will now also apply," the SNB said in a statement.

 
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19.12.2016

Ernst & Young: Bitcoin isn't only digitalization process

Ernst & Young (EY), one of the “Big Four” accounting corporations in the world, is leading the Bitcoin industry to the mainstream. For users or employees that are in need of high liquidity, EY also installed a Bitcoin ATM in their public office in Switzerland, enabling its clients and employees to purchase and sell Bitcoins. Most importantly, EY is accepting Bitcoin payments for all of their consulting services, which accounts for around $7.8 bln in 2016. This means that any client can pay globally with Bitcoin to cover services provided by EY.

 
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16.12.2016

UBS to cut jobs in Asian investment banking business

UBS Group is cutting nearly two dozen jobs in its Asian investment banking business, mainly in Hong Kong and Singapore, as part of a push to slash costs, people with direct knowledge of the matter said, as Reuters reported. UBS in Hong Kong declined to comment to the newswire. The cuts are likely to hit mid-level staff hardest, but will also include several bankers at the rank of Managing Director. Reuters reported last month that Standard Chartered is set to cut about a tenth of its global corporate and institutional banking headcount across all the major business centres starting with Singapore and Hong Kong, as the bank steps up an aggressive drive to cut costs.

 
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16.12.2016

Swiss companies invested CHF 100 billion abroad in 2015

Resident companies in Switzerland have invested CHF 100 billion abroad in 2015, as informs the National Bank in a statement, specifying that Swiss direct investments abroad are higher than the average of the last ten years. About 54 billion francs compared to 3 billion in 2014, they were carried out by financial companies and holding companies. According to SNB, these sectors have seen major fluctuations in placements, often due to the restructuring plan.

 
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16.12.2016

New York regulator fined $235 mln Italy's Intesa San Paolo

Intesa Sanpaolo, Italy’s biggest retail bank, will pay $235 million to New York’s financial regulator for anti-money laundering failures and violations of bank secrecy laws. The big Italian bank failed to flag questionable transactions and deviated from policies designed to root out wrongdoing, which "seriously (compromised) the security of the international financial system," said Maria Vullo, superintendent of the New York Department of Financial Services.

 
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16.12.2016

WEF 2017 will focus on five critical leadership challenges

The 47th Annual Meeting of the World Economic Forum will focus on five critical leadership challenges in 2017: strengthening global collaboration, restoring a sense of shared identity, revitalizing economic growth, reforming capitalism and preparing for the Fourth Industrial Revolution. The WEF will take place on 17-20 January 2017 in Davos-Klosters, Switzerland, under the theme Responsive and Responsible Leadership. More than 2,500 participants from nearly 100 countries will meet and participate in over 300 sessions. The theme of the meeting calls on global leaders to renew the systems that have supported international cooperation in the past by adapting them to today’s complex, multipolar world in ways that foster genuinely inclusive and equitable growth.

 
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16.12.2016

Novartis: key acquisition with UK group Ziarco

Novartis announced an agreement for the acquisition of Ziarco Group Limited, a privately held company focused on the development of novel treatments in dermatology. The financial details of the deal were not disclosed. The acquisition adds UK-based Ziarco's once-daily oral H4 receptor antagonist, ZPL389, that is being developed for the chronic, itchy inflammatory skin condition to Novartis's existing portfolio of approved and investigational dermatological drugs.

 
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