Stoxx 600 index had in the first two months of 2015 an incredible performance of about 25%, resulting the best equity index where to invest. But unluckily, in the month of April, the situation changed when the Index arrived at the 400 price level zone, a point where we had in the past, in 2000 and 2007, the beginning of two bear markets. But this time, after the third historical top, prices created a double bottom at 300. Then in 2016 we had a trending range between 300 and 350 that was broken at the beginning of December.
A Swiss insurance agency has ruled that drivers working for ride-hailing company Uber are classified as employees rather than independent contractors. The decision means that Uber is required to pay earnings-based social security contributions. Because it's an administrative decision, the next step for the dispute – one that Uber's bound to take – is to call in the lawyers and head for the courts. This follows a similar ruling by a UK employment tribunal in October which found that the two Uber drivers bringing the claim were employed as workers by Uber, rather than being freelance contractors.
A commercial court in Zurich has rejected a lawsuit against FIFA that accused the body of failing to project migrant workers in Qatar. The legal action was filed against FIFA last month by Netherlands Trade Union Confederation (FNV) on behalf of a Bangladeshi construction worker employed on a 2022 World Cup project. The lawsuit called on FIFA to force Qatar to adopt “minimum labour standards” for migrant workers.
Germany's banking major Deutsche Bank agreed Wedsneday with the U.S. Justice Department to pay $95 million to settle a federal tax liability case. The settlement resolves a lawsuit filed in 2014 that had sought to recoup more than $190M in taxes, penalties and interest. The major allegation was that in 2000, the bank used a shell company BMY with little assets and no operating business, to evade taxable income and to gain from sale of stock. The shell company ended up in the tax liability of around $52 million. Through the settlement, the bank has admitted and accepted responsibility of the allegations.
The sale of new cars in Switzerland fell by 2% last year compared to 2015, a total of 317'318. The industry's association Auto Switzerland indicates that Volkswagen remains the best-selling brand, with 42'142 cars (-0.2%) and a market share of 13.3%, followed by BMW (24'708 registered vehicles; +2.8 %) and Mercedes (23'842; + 4.2%). Dacia (Renault group), is the brand that recorded the highest growth, 37.5%, followed by Alfa Romeo (+ 20.8%) and Jaguar (+ 82.8%).
Swiss national Jens Fred Sturzenegger has been charged in relation to the Singapore probe of the 1 Malaysia Development Berhad (1MDB) scandal, becoming the fifth person to be prosecuted here. The Monetary Authority of Singapore (MAS) shut down Falcon Private Bank last October and Sturzenegger was arrested by the Commercial Affairs Department on Oct 5 last year.
Switzerland's consumer prices remained flat in December, the Federal Statistical Office reported Thursday. It declined 0.1% in December, which was in line with market expectations and followed the 0.2% decline in prices seen in November. Month-on-month, consumer prices dropped 0.1% versus a 0.2% decrease in November. This was the second consecutive decline and came in line with expectations. For 2016 as a whole, there was a decline in prices of 0.4% following a 1.1% decline the previous month. There was a decline in domestic prices of 0.1%, while import prices declined 1.4%.
The former CEO of Volkswagen Martin Winterkorn will receive, as of 2017, a pension of approximately € 1.2 million per year, or € 3,100 per day, despite the dieselgate, as reported today by the German newspaper Bild. The Winterkorn contract, forced to step back because of emissions scandal that ran over the Vw in the US and then in Europe, is officially expired at the end of 2016, and former top manager, who has 69 years, has entitled to a hefty pension.
German airline Lufthansa plans to hire more than 3,000 new staff in 2017, most of them flight attendants, it said in a statement on Wednesday. Lufthansa Group airlines - Austrian, Swiss and Eurowings - are hiring more than 2,200 staff in total, it said. Lufthansa Technik is planning to recruit 450 new staff. 1,400 new jobs will be offered in Frankfurt and Monaco. 500 persons will work at Swiss, 200 at Eurowings and 100 at Austrian Airlines. Lufthansa cabin crew and pilots have gone on strike several times over the last few years as the airline battles to reduce costs. Its cabin-crew union UFO said last month the latest talks over pay and working conditions had failed.
Ogeu, group of mineral waters, has reached an agreement to purchase the source of Quézac, in France, from Nestlé. The two groups have announced today the agreement, which puts an end to negotiations lasted two years. The amount of the sale was not disclosed. There are no cuts in jobs, as stated in the joint statement. With this operation, Ogeu hopes to strengthen the segment of mineral waters in France. The sale of Quézac, with an annual turnover of 20 million euros, reflects according to Nestlé Waters France its "strategic will to concentrate its resources on its national and international flagship brands".
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