Google is setting up its self-driving car unit as its own separate entity called Waymo under the Alphabet umbrella, the company announced today. The name is derived from its mission of finding “a new way forward in mobility.” "We'll continue to have access of infrastructure and resources Alphabet provides, but we also have this feeling of being a venture-backed startup," said John Krafcik, formerly CEO of Google Cars and now leader of Waymo, said at an event here Tuesday. There were no details provided on Waymo's business plan, although the mission is to bring the company's technology to market and monetize it via a partnership with an automotive company.
The USD/JPY currency pair remained relatively unchanged on Tuesday, managing to retain its position above the 115.00 mark. From the technical point of view, the Buck is likely to strengthen against the Japanese Yen today, rebounding from the four-week up-trend and putting the immediate resistance area circa 116.30 to the test. On the other hand, with fundamental events being the main drivers today, the outcome can be less pleasant for the American Dollar. There are risks involved, which can cause the given pair drop even below 113.00, completely ignoring the two closest demand areas.
Brazil’s antitrust body has slapped five banks with fines worth a combined 183.5 million reais (US$ 54 million) for creating a cartel to manipulate exchange rates, official sources announced. CADE, an office in charge of preventing economic abuse, announced that it had hit Barclays, Citicorp, Deutsche Bank, HSBC and JPMorgan Chase with the fines for participating in anti-competitive activities. The ruling is linked to an investigation begun in Switzerland, Britain and the United States in which 15 companies have been accused of manipulating exchange rates. The fines so far handed down in this case have reached almost 6 billion U.S. dollars.
Family allowances paid in 2015 in Switzerland amounted to approximately CHF 5.8 billion, as announced by the Federal Statistical Office (FSO). The beneficiaries are 1.1 million people. The most important part (97%) consists of the benefits paid under the Federal Act on family allowances (FamZG), the note precise. The remainder comes from the Federal Law on Family Allowances (LAF) and other insurance systems (unemployment, disability).
Switzerland's Xavier Justo, jailed in Thailand for blackmailing his former employer in a case linked to the 1Malaysia Development Berhad (1MDB) scandal, will be among the thousands of prisoners pardoned by King Maha Vajiralongkorn. "He met the condition for his release from prison after receiving the latest royal pardon, as he has less than one year of his jail term," Justo's lawyer, Worasit Piriyawiboon told Malaysia’s Bernama news agency today. The Swiss national is expected to be released from prison in three to seven days after the announcement of the pardon.
The forecasts on the world of Swiss labor are not positive for the coming months. According to a survey by Manpower Switzerland, the Swiss employers would not be willing to make major changes in the staff of their companies. Over nine out of ten employers, 91%, would not intend to recruit staff in the first quarter of next year. The 5% is even expected a cut, only a 2% increase, while the remaining 2% did not express an opinion. The overall balance is negative for the first time in the past decade, staring at -2%, down 3% both on an annual and quarterly basis.
Italy's biggest bank, UniCredit, announced plans on Tuesday to slash 14,000 jobs and raise billions of euros in fresh capital as fears of a banking and political crisis grip the country. The bank, one of the worst performers in European bank stress tests, confirmed it would need to seek 13 billion euros ($13.8 bn) in fresh capital from investors despite political instability in Italy and the nation's third-largest bank scrambling to avoid a government-led rescue. The bank plans to use the record rights issue to help remove almost €18bn of bad debt from its balance sheet and boost profitability. UniCredit also plans to close about a quarter of its 3,800 branches.
The sharp rally that has started at the beginning of November in the equity markets is still running even if a bit tired after six weeks. Not all the sectors performed the same, this is normal, but the differences in this bullish wave have been particularly strong.
The japanese beer group Asahi said Tuesday it has agreed to acquire beer brands SABMiller Plc’s eastern European assets including Pilsner Urquell from Anheuser-Busch InBev NV for 7.3 billion euros ($7.8 billion), The deal gives bigger international heft to Asahi, which is one of the top beer makers in its home market of Japan, but only a small player globally. Asahi said it planned to acquire brands in the Czech Republic, Poland, Hungary, Slovakia and Romania. AB InBev said it had made commitments to the European Commission to sell the CEE Business under the business combination with SABMiller.
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