Swiss watch and jewelry maker Swatch Group Thursday reported that its fiscal 2016 net income declined 47% to 593 million Swiss francs from 1.119 billion francs in the year-ago period. Swiss watchmakers have been grappling with eroding sales in their biggest markets, Hong Kong and the United States, and tourist shoppers avoiding Europe for fear of extremist attacks, but recently mainland China sales turned the corner. Operating result for the year fell 44.5 percent to 805 million francs from 1.451 billion francs last year. The group's operating profit margin deteriorated to 10.7%, from 17.2% last year.
The OTC Swiss Blockchain Consortium announced a new Ethereum-based “encryption module” for their blockchain-based transaction platform for securities that are traded over-the-counter (OTC), as reported in the press release. Launched in September, the consortium includes Swisscom (Switzerland’s largest Telco Company), SIX (the Swiss Market Exchange operator), and Zürcher Kantonalbank (Switzerland’s 3rd largest bank), but also do the young and innovative companies ti&m, Inventx and Incore Bank. The group is receiving support from Switzerland’s Commission for Technology and Innovation (CTI), a research organization supported by the federal government.
The statistical office of the European Union has taken a survey of 440 comparable foods across Europe to create an index of food, beverage, and tobacco prices categorized by nation. According to purchasing power, their 2015 data concludes that Switzerland has Europe's most expensive food and drinks. They're followed closely by Norway, Denmark, and Iceland. For fruit and vegetables, including potatoes, Switzerland is the most expensive country in the EU, then Denmark and Ireland.
Pharma industry leaders, including Novartis CEO Joe Jimenez and Merck & Co. chief Kenneth Frazier, got their marching orders from President Donald Trump on Tuesday morning. Lower your prices, deliver "better" innovation and "move your companies back" to the U.S. In a "pharma" meeting in the Oval Office, the President told executives from companies that they have done a "terrific job over the years" but that prices for drugs must come down. "Our trade policy will prioritize that foreign countries pay their fair share for U.S.-manufactured drugs, so our drug companies have greater financial resources to accelerate development of new cures, and I think that's so important," Trump said.
Mystery surrounds the whereabouts of Xiao Jianhua, one of China's richest men, reportedly taken away from the Four Seasons Hotel in Hong Kong by Chinese police and put into custody in on the mainland, according to media reports. Mr Xiao is the founder of Beijing-based Tomorrow Group, a well-connected financial services company, and is worth nearly $6 billion ($4.75 billion), according to the Hurun Report, China's version of the Forbes Rich List. It's unclear why Mr Xiao has been targeted. China's ministry of public security and foreign ministry did not respond to requests for comment on Wednesday, a public holiday in China. The Financial Times (FT) said Xiao normally keeps an entourage of female bodyguards but was led away without a scuffle.
The European Union reached a deal early Wednesday morning that should pave the way for consumers to use their mobile phones throughout the 28-country region without paying roaming fees. Three-way negotiations between the European Parliament, Council and Commission ended just after midnight with a pact on the pace of slashing rates telecom companies charge each other, according to the office of Parliament’s rapporteur Miapetra Kumpula-Natri, a Finnish member of the Socialists & Democrats, who tweeted "Goodbye roaming,".
Swiss private banking group Julius Baer reported Monday that its fiscal 2016 net profit attributable to shareholders, on IFRS basis, increased by 411 percent to 619 million Swiss francs. Earnings rose by 414% to 2.85 franc per share. The prior-year period's results included provision of $547.25 million or 521 million francs for a settlement with the U.S. Department of Justice or DOJ regarding the legacy U.S. cross-border business.
Whenever the Dow Jones Industrial Average reaches a new milestone the investors are used to cheer. It happened last week, when the most famous of the stock indexes broke the 20’000 mark, after flirting with this significant level for about two months. Is this new record so important for the market? To be honest, it looks difficult to find a rational reason for all this excitement, 20’000 is just a number, as they were all the round numbers that the index had reached in the past years. Psychology is important at this matter: a close above 20’000 feeds optimism and confidence, especially among retail investors, and translates into new purchases.
Swiss health insurance premiums will double by 2030. According to a study by EY (Ernst & Young), insurers will have to help reduce the costs of health care by focusing on innovation and digitalization. The consulting firm estimates that health costs are expected to rise by 60% by 2030, for a total of 116 billion francs. If in 2014 in Switzerland, the average expenditure was equal to 6% of their income for health insurance premiums, the rate is set to rise to 11% in 2030, as stated today by EY analysts in a conference call.
Startups need to build a growth plan and exit path early in their life cycle to unlock the value cre
Molti investitori istituzionali stanno iniziando a prendere sempre più in considerazione anche le m
The Responsible Finance Institute (RFI) Foundation and the Swiss Arab Network organize the RFI Summi
FinLantern is glad to invite you to a “Sustainable Apero”
Presentazione di una piattaforma omnicanale per aziende con centralini, call center o contact center
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