The US Federal Reserve has fined Deutsche Bank $156.6m for violating foreign exchange rules and breaching the Volcker Rule. The US unit was fined for "unsafe and unsound practices" in the foreign-exchange markets, the Fed said in a statement. The firm "failed to detect and address that its traders used electronic chatrooms to communicate with competitors about their trading positions," the central bank added. Central bank officials are "requiring the firm to co-operate in any investigation of the individuals involved in the conduct underlying the FX enforcement," according to the statement.
Novartis expects growth in China’s pharmaceuticals market to accelerate as the nation’s health authorities expedite approvals for new medicines and increase reimbursement. The Chinese pharmaceutical market may exceed $300 billion in sales by 2020, Chief Executive Officer Joe Jimenez said in an interview in Geneva on Tuesday. That will happen as regulators in the country push to offer new drugs to sick patients who’ve traditionally not had access to the world’s groundbreaking meds. The country is now the world’s second-biggest pharmaceutical market, behind the U.S.
PISA is best known for its data on learning outcomes, but it’s 2015 edition also studied students’ satisfaction with life, their relationships with peers, teachers and parents, and how they spend their time outside of school. Students in some of the countries that top the PISA league tables in science and mathematics reported comparatively low satisfaction with life; but Estonia, Finland, the Netherlands and Switzerland seem able to combine good learning outcomes with highly satisfied students.
In a potentially landmark case, an Italian court has ruled that excessive, work-related use of a mobile phone caused an executive to develop a benign brain tumour. In a ruling handed down on April 11 but only made public on Thursday, the court in the northern town of Ivrea awarded the plaintiff a state-funded pension. The ruling is subject to a possible appeal. The worker, 57-year-old Roberto Romeo, used the company mobile phone for three hours a day for a long time without protection, bringing about the non-cancerous tumor and the consequent loss of hearing in one ear, Phys.org cited."The standards say severe use is one hour a day," Romeo told Sky TG24. "I went well past the limit." Romeo sued the social security agency, not Telecom Italia, where he still works. And he added "but I believe we have to be more aware about how to use them".
Predicting and acting upon financial fraud is one of the prime areas of application of advanced big data techniques like machine learning (ML). There are many different types of fraud related to the financial industry. The Laundromat is a case of money laundering (MLA), which is estimated to generate about US$300 billion in illicit proceeds annually in the US alone. MLA has more than financial impact, as it is associated with activities ranging from trafficking people and drugs to terrorism and corruption. It's no wonder then that governments around the world are trying to crack down on MLA by means of regulation on financial institutions.
Iron ore prices are retreating again and the overall Chinese economy is growing less quickly, but one sector is skyrocketing: outbound tourism. The United Nations World Tourism Organisation preliminary 2016 scorecard has Chinese spending $344 billion as foreign tourists, a jump of 12 per cent in local currencies and more than double the splurge of the next biggest spenders, Americans. While travelers from China have grown to be Switzerland’s fifth largest market, with a record 1.52 million overnights in 2015, much of that is low-yield tour groups series taking the traditional route of Italy-Switzerland-France, and largely benefiting Swiss destinations such as Lucerne and Interlaken.
Power production and distribution utility Alpiq has commenced operation of its first power-to-heat system in Niedergösgen, Switzerland, the company announced this week. The $6m, 22 MW system in the canton of Solothurn, was constructed by Alpiq. While construction commenced in the beginning of October last year, the new Alpiq system was commissioned in the middle of this month. It features two 11 MW electrode boilers which generate process steam.
Japanese transportation service group Yamato said Tuesday it will pay about 47,000 employees 19 billion yen ($175 million) in unpaid overtime for the past two years. The delivery company admitted that many of its drivers had to work long hours, including overtime without pay, a chronic situation due to a surge in parcel delivery demand in line with rapid growth in the e-commerce industry.
According to the latest reports, US inflation rose, while real interest rates remained negative, therefore, analysts are expecting a boost in demand for gold. Do you share this point of view or not? Why? I do share this point of view because there is a strong negative correlation between real interest rates and the gold price. Some experts think that China and Russia both significantly increase gold reserves in order to lower US government's control on the value of their assets. Analysts suggest that this may weaken the US Dollar and push gold prices higher. Are you of the same opinion or not? Why? I do not think that it is a reasonable assumption, because the available data simply does not support this opinion. China, for instance, reported its figures on foreign exchange reserves for March, according to which the Chinese Central Bank did not buy any gold for the fifth consecutive month. In the meantime, Russia increased its gold reserves, though not by the same magnitude as in the recent years, with monthly buying volumes being lower than two or three years ago.
Food group Nestle has confirmed it aims to grow underlying sales by 2-4% this year after growth slowed in the first quarter, hit by weak consumer demand for packaged foods and a deflationary environment. Underlying "organic" sales growth at the maker of Buitoni pasta and Maggi soups slowed to 2.3 percent in the first quarter, from 3.9 percent in the year-ago period that included one more trading day and an earlier Easter, the group based in Vevey on Lake Geneva said in a statement on Thursday. This was in line with forecasts in a Reuters poll. Consumer goods groups face challenges as increasingly health-conscious consumers often prefer fresh produce to packaged foods.
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ICDA will return this year to its alpine home for the 38th Bürgenstock Meeting.
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