Air China, the national comapny, will be making its return to Zurich this summer, more than 17 years after it last operated flights to the Swiss city.It will ensure four connections per week between Zurich and Beijing, according to Zurich airport spokesperson Raffaela Stelzer in an interview with travel magazine “Travelinside”. The last trip made by Air China between the Swiss city and Beijing was in October 1999. The announcement means more competition for Swiss International Airlines, as the new Air China flights will depart just fifteen minutes after those offered by the Swiss company, which is operated by Lufthansa.
"Even in an age of rising nationalism, we as a global technology sector need to become a trusted and neutral digital Switzerland," Smith said at the RSA Conference 2017 in San Francisco. This week’s security conference is getting more focus than ever before, thanks to the 2016 US presidential election, which generated more news on cyberattacks, email leaks, and cybersecurity blunders than anything else. The United States had formally accused Russia of hacking the Democratic Party to influence election results. While the US and private security firms released reports showing a connection to Russia, not everyone trusted these results since Russia won’t accept the blame and a Democratic President was then leading the US.
FinTech leader NetGuardians and the School of Engineering and Management Vaud (HEIG-VD) have teamed to create a “made in Switzerland” research team focused on AI and machine learning; the project aims to use AI to take fraud detection “to the next level”. The project is being supported by the Swiss Commission for Technology and Innovation (CTI). Bringing together leading-edge industry and academic strengths, the collaboration will further develop NetGuardians’ current real-time fraud detection technologies that use machine learning for superior analytics across all channels and banking systems. NetGuardians will work with the Institute for Information and Communication Technologies (IICT), an interdisciplinary applied research institute for real-world IT challenges, based at the technology-focused university HEIG-VD.
Germany completed the transfer of $13 billion in gold reserves from New York to Frankfurt, the Bundesbank announced on Thursday. The transfer is one step in a plan developed by Germany’s central bank in 2013 that aims to repatriate half the gold reserves it keeps abroad during the Cold War. The final transfer is expected from Paris later this year, completing the project three years ahead of schedule. Stashed away at the height of the Cold War in safe havens well out of Moscow's reach, the 3,378-tonne, 120 billion-euro gold stockpile has become a symbol of Germany's economic ascent and a guardian of its stability. Germany is not bringing home its gold bullion in response to concerns about President Trump’s monetary policy, officials said.
PSA Group is discussing a potential acquisition of rival European carmaker Opel from General Motors, a spokesman for the French automaker said on Tuesday. "PSA confirms that it is exploring a number of strategic initiatives with GM with the aim of increasing its profitability and operating efficiency, including a potential acquisition of Opel," company spokesman Bertrand Blaise said.
The EU is “very disappointed” in the Swiss people’s rejection of the government’s corporate tax reform plan, the EU’s tax commissioner MOscovici said on Monday. Voters on Sunday blocked the tax system revamp, sending the Swiss government back to the drawing board as it tries to abolish ultra-low tax rates for multinationals without triggering a mass exodus by those companies. "The Commission is very disappointed by the results of a referendum in Switzerland," Moscovici told a news conference. "The rejection of the reform and referendum means we need to redouble our efforts when it comes to taxation. The Commission plans to consult the member states so we can decide together how to proceed," he said.
Credit Suisse has reported a net loss of 2.347 billion Swiss francs ($2.337 billion) for the fourth quarter of 2016 as the bank felt the impact of a $5.28 billion fine from the U.S. Department of Justice. The fine in December stems from the bank's sale of toxic mortgage assets in the lead up to the 2008 global financial crisis and brings an end to a "major source of uncertainty" for the bank, according to Chief Executive Tidjane Thiam. It said Tuesday it recorded a provision of approximately $2 billion during the fourth quarter of 2016 for this penalty, in addition to existing provisions of $550 million in prior periods.
Voters rejected plans to overhaul Switzerland’s corporate tax system. Corporate tax reform III was rejected by popular referendum on Sunday, with 59.1% of the population voting against the Swiss government proposal. The “yes” won only in four cantons: Nidwalden, Ticino, Vaud, and Zug. The aim of the reform was to make the Swiss tax system more acceptable internationally. The government had hoped to secure approval for changes that would keep corporate tax rates globally competitive while abolishing special treatment for many multinational companies. “It will not be possible to find a solution overnight,” Ueli Maurer, the Swiss finance minister, said at a news conference in Bern, adding that it could take a year to come up with a new plan and years more to enact it.
The Dow has gone over 20,000, a historic high. As of 10th February it was at 20,269.37. The SPX was also flying high at 2,316.10. “All is well that ends well” can certainly be said for the past week`s performance in the markets. As is well known, however, history and past performance are no guarantee for the future.
Only a little more than half a year is remaining until implementation of PRIIPs and MiFID II, and th
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