he Swiss Bankers Association intends to enter into more agreements for the automatic exchange of tax information in order to keep pace with the most advanced countries in the sector. Switzerland signed less than 40 agreements, while other countries have already arrived to sign 60, said last night in Geneva, the new president of the SBA Herbert Scheidt. "There is a certain expectation and we must act quickly," but we must also see how the other states apply the standards and hope that the Organisation for Economic Co-operation and Development (OECD) does not grant exemptions from the US financial centers. Other points to watch are security and data protection. If these conditions are met, you will go "in the right direction."
The Eurozone unemployment rate declined to 9.8% for October from a revised 9.9% for September, which was originally reported as 10.0% and was also lower than the consensus forecast of 10.0% for the month and it was the lowest recorded rate since July 2009. Statistics agency Eurostat said Thursday that there were some 15.9 million people without jobs in the euro zone in October, down 190,000 from September and 1.8 million fewer compared with October 2015. However, the youth unemployment that applies to those under 25 years of age held steady at 20.7% in October.
Engine maker Rolls-Royce is axing 800 jobs in its marine division as weakness in the struggling oil and gas sector takes its toll. The UK-based firm said it was too early to say where the jobs axe would fall. Its marine business employs 4,800 people globally with around 400 in the UK, of which half are based in Bristol and the remainder across offices in the Midlands and a manufacturing site in Dunfermline, Scotland. Rolls said the job cuts will be made next year as part of an overhaul to make annual cost savings of around £45 million to £50 million. The unit's workforce has already been slashed from 6,000 in 2015.
Credit Suisse, under pressure of the U.S. judiciary in the case of Dan Horsky, a former MBA-lecturer in Bern, has frozen several dozen accounts as it attempts to verify whether the assets have been taxed correctly, after the firm pledged to come clean about secret assets, according to a person familiar with the matter, Bloomberg reported. The bank wants to show that any hidden accounts were a lapse in controls and not a criminal act, another person familiar with the matter said.
An agreement between oil producer club OPEC and Russia to produce less to drain a global glut sent prices soaring in record trading volumes on Thursday, even as analysts warned other producers will likely top up supply. On Wednesday in Vienna, the Organization of the Petroleum Exporting Countries reached a deal to reduce their oil production by 1.2 million barrels per day in order to raise global prices. The deal also hinges on non-OPEC countries contributing an additional 600,000 barrels per day worth of cuts, with about half of that coming from Russia. On Thursday Azerbaijan said it was also willing to engage in talks on cuts.
The average of the Swiss working moms is the highest in Europe. According to a survey conducted by the Federal Statistical Office (FSO), about four out of five mothers were professionally active in 2015. According to research, if the rate of working mothers in Switzerland is so high it is due to work-generalization; moreover, in special ranking part-time women, Switzerland ranks second among European nations behind the Netherlands. Motherhood involves the abandonment of professional activity only in one case out of seven. However it provides a series of changes, including a sharp reduction in working hours, corresponding to a working day less per week.
After nearly seven years from the end of the deepest global financial crisis of the postwar period, growth continues to be slow in advanced countries and falling in most emerging market economies. There is even the risk that the world may be drifting toward a new global financial crisis and even secular stagnation. These are the issues examined in this paper.
President-elect Donald Trump said Wednesday that he's leaving his “great business in total in order to fully focus on running the country” in the White House. The Manhattan billionaire made the announcement on Twitter and said he will hold a formal press conference to discuss it further on December 15. His tweet said that “I will be holding a major news conference in New York City with my children on December 15 to discuss the fact that I will be leaving my,” Trump wrote on social media, breaking his announcement up into multiple posts. “Great business in total in order to fully focus on running the country in order to MAKE AMERICA GREAT AGAIN! While I am not mandated to ....do this under the law, I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses.”
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