The world's 1,000 most innovative companies increased their R&D spending by 3.2 percent in 2017, pushing it to an all-time high of $702 billion (€597 billion), according to the Global Innovation 1000 survey published by consultancy PwC on Tuesday. The figure marked a resumption of meaningful growth in innovation spending following flat results in 2016, and means the global private-sector spending is now 2.7 times as high as it was in 1999 - the first year for which PwC assembled data. The rise in R&D spending came despite a 2.5 percent decline in revenue for those 1,000 companies surveyed by PwC. As a result, the combination of overall spending growth and lower revenues led to a record-high R&D intensity rate of 4.5 percent.
Ryanair is to postpone its new cabin bag policy until January 15, 2018 "to allow customers more time to adjust to the changes", it says. The new policy, which was to have come into effect from November 1st, axes free 10kg carry-on bags for all but Priority Boarding Customers. Passengers who do not pay its €5 priority fee will have to check the larger of their two cabin bags (10kg, 55cm x 40cm x 20cm) into the hold at the boarding gate.
The recent appreciation of the Swiss franc has sent shockwaves through Swiss firms, resulting in job losses and lower research budgets. But viewed long-term, Switzerland’s export-driven economy has adapted remarkably well to a strong currency, according to a government report published on Tuesday. This is the overall conclusion of five studies, commissioned by the State Secretariat for Economic Affairs (Seco), released on Tuesday. They examined the aftermath of the so-called Swiss franc shock, which was triggered when the Swiss National Bank (SNB) ended its longstanding ceiling of CHF1.20 to the euro almost three years ago. That move suddenly made Swiss exports 10% more expensive and cut Swiss economic growth to 0.6% in 2015 from 1.8% a year earlier.
The Lucerne University of Applied Sciences and Arts in Switzerland announced the decision to accept Bitcoin payments. The university has identified that Bitcoin is on the cutting edge of new technologies, and seemingly appreciates the direction in which cryptocurrency is heading. “Its [Bitcoin’s] ability to disseminate knowledge on cutting-edge technologies such as Blockchain, as well as its desire to gain experience in the practical aspects of this novel area,” the University said.
Harvard Business Review has released its annual list of the 100 best-performing CEOs and this year’s top performer is Pablo Isla, head of Spanish retailer Inditex, best known for its flagship fashion brand Zara. “We think it’s important to recognize leaders who are delivering strong financial performance and creating sustainable businesses over the long term – not just quarter to quarter,” said HBR Editor in Chief Adi Ignatius.
An Air Berlin flight was grounded in Reykjavik over the airline's unpaid airport charges. The Icelandic aviation authority would not allow the plane to take off without paying its bills. Cash-strapped Air Berlin, one of Germany’s largest airlines, filed for insolvency in August after shareholder Etihad announced it would no longer be providing financial support. A €210 million ($247 million) bid by Lufthansa to buy the airline was accepted last week.
The seven-floor home, located at the St. Moritz ski resort in Switzerland, was "designed to make a billionaire's jaw drop," listing agent Senada Adzem of Douglas Elliman Real Estate told "Secret Lives of the Super Rich." And within the resort sits the most expensive house for sale in the country, on the market for $185 million. As featured on a recent episode of CNBC's "Secret Lives of the Super Rich," the lavish home includes everything from a hidden library to an underground lake.
A former currency trader at HSBC faces up to 20 years in federal prison after being found guilty of executing trades in a way that drove up costs for a client. Mark Johnson, who was HSBC's head of global cash foreign exchange trading, has been found guilty of defrauding Cairn Energy over a $3.5bn (£2.7bn) client order, following a month-long trial in NY. Prosecutor Carol Sipperly asked the court to order Johnson to surrender his passport and remain in New York. The judge ordered that he not seek a new passport from British authorities.
Novartis’s third-quarter core net income rose 4 percent at constant currencies, beating analyst expectations, as the Swiss drugmaker said it made “significant progress” in preparing its Alcon eyecare unit for a possible spinoff by the first half of 2019. For fiscal 2017, the company continues to expects net sales to be broadly in line with prior year and core operating income to be broadly in line or decline low single digit, both at constant currency rates.
In a recent briefing Janet Yellen seems to have declared that she was surprised that inflation has been so low. Official statistics put inflation at 1.3% on an annual basis, far below the magical 2% that is supposed to be the be all and end all of Fed aspirations for northward heading prices.
The caspian week conference is a meeting point of visionaries, market leaders and experts with the f
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