News

25.11.2016

Lufthansa pilots extend strike until Sunday

Lufthansa pilots in Germany have said they will extend strike action again until Saturday, this time targeting long-haul flights in a long-running pay dispute.The dispute has grounded tens of thousands of passengers and cancelled hundreds of flights. By the end of Friday, an estimated total of 315,000 passengers will have been affected. Lufthansa's executive management board member Harry Hohmeister said it was "not possible" to meet the pilots' demand for a bigger wage rise.

 
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25.11.2016

Switzerland: the cabinet pushes for gender quote law in company boards

The cabinet has endorsed plans to impose a gender quota for boards and managements of listed Swiss companies as part of a wide-ranging legal amendment to be discussed by parliament.  The bill includes a minimum 30% quota for women on company boards and at least 20% for members of company managements. Over the issue Justice Minister Simonetta Sommaruga said “The cabinet agreed that rules are necessary.”  The discussions is coming up after last week, during UN committee in Geneva; the panel of experts said it welcomed Swiss progress since the last report in 2009. Overall, Switzerland needed to develop a ‘comprehensive national gender strategy’, it said.

 
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24.11.2016

Facebook, green light by Ireland to operate as a financial service payment

Facebook has received a licence from the central bank in Ireland to operate a financial payments service, two years after applying for authorisation, according to the Sunday Business Post.  A subsidiary of the social media giant can now act as a payments provider and electronic money issuer, as well as provide credit transfers and remittance services across the EU, as a result of the regulatory approval. The company has been in the payments space for some time in the US. 

 
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24.11.2016

Former BSI banker suddenly earned a Big Fortune after leaving the bank in Singapore

Prosecutors said on Tuesday former BSI banker Yeo Jiawei earned S$23.9 (US$ 16.7) million , in 15 months as an “independent consultant”, through “illicit means”, including secret deals with people linked to the multi-jurisdictional probe into scandal-hit Malaysian state fund 1MDB. In court on Tuesday, Yeo revealed that his net worth was around S$2 (US$ 1.39) million  when he left BSI bank in Singapore. This was from his basic salary and bonuses earned while he was an employee there. In his cross examination on Tuesday, Deputy Public Prosecutor Tan Kiat Pheng said it was “quite unbelievable” that Yeo could amass so much by acting as a mere “introducer, intermediary, independent consultant or relationship manager”.

 
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24.11.2016

UBS to increase swiss salaries in 2017

UBS, Switzerland's biggest bank, will increase the salaries of its employees in Switzerland up to and including the middle management by an aggregate 0.8%, the company said in a statement today.  "This overall result is the outcome of negotiations between employer and UBS employee delegations," the bank said in a statement. The association of banking employees demanded an increase of 1.5% for 2017 and will not be happy about the decision by UBS, which acts as trendsetter for the industry.

 
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24.11.2016

UK economy feels first effects of Brexit vote

The full impact of the Brexit vote becomes to be announced, as the Chancellor revealed that output will shrink, while borrowing increases. Phillip Hammond quoted the Office for Budget Responsibility's predictions of reductions in economic growth, telling MPs that it is now forecast to be 2.4% lower in 2020 than first predicted, as a result of the June referendum. The Office for Budget Responsibility was forced to revise down its prediction made before the Brexit vote that GDP would rise 2.2% next year. It now sees the economy expanding by only 1.4% and warns there will be a knock-on effect on the public finances.

 
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24.11.2016

Switzerland opens the door to Britain rejoining EFTA

Swiss President Johann Schneider-Ammann said on Monday his country would consider letting Britain join the European Free Trade Association (EFTA) when it eventually leaves the European Union following June's Brexit referendum. "I told my colleagues if the U.K. approaches EFTA to explore the possibility of joining EFTA, Switzerland would be open to discussions," Johann Schneider-Ammann told the Geneva Press Club after an EFTA ministerial meeting.

 
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23.11.2016

Switzerland, India signed agreement to catch tax evaders

India and Switzerland signed an automatic exchange of financial information deal which complements govt’s crackdown on black money. This means that the option of concealing the illegal wealth through Swiss banks is most likely to be closed.  This historical move directly complements govt’s demonetization move to target domestic black money. The 'Joint Declaration' for implementation of AEOI signed on Tuesday between India and Switzerland provides that both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards.

 
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23.11.2016

Switzerland is the wealthiest country on earth

People living in Switzerland are by far the wealthiest of those in any major economy around the world, and they are getting richer, according to the latest Global Wealth Report from the Credit Suisse Research Institute. "In terms of personal wealth, our estimates show that, on average, the Swiss are eleven times wealthier than the average world citizen. They are approximately twice as wealthy as citizens of the United States, the United Kingdom and France, almost three times as wealthy as Germans and 25 times better off than the average Chinese citizen," says Credit Suisse's report.

 
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23.11.2016

So teuer sind die Schweizer Banken

Bei der Vermögensverwaltung langen die Schweizer Banken in der Regel kräftig zu. Es gibt aber auch deutlich günstigere Anbieter.

 
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