A Swiss banker was jailed for seven months in Singapore on Wednesday for money laundering and other offences related to a corruption scandal involving neighbouring Malaysia’s state fund 1Malaysia Development Bhd (1MDB). Jens Fred Sturzenegger, 42, who headed the Singapore branch of Swiss lender Falcon Private Bank, was also fined $89,000 after he pleaded guilty at a district court. The Swiss national is the first foreigner to be charged in the 1MDB-linked probe by Singapore authorities. The bank, which is also under investigation at home, was the second Swiss lender whose Singapore unit was ordered to cease operations last year after BSI Bank Ltd.
Switzerland-based fintech company Advanon announced that it has closed the second round of funding and has raised 13.5 million swiss francs, as Finextra reported. The funding round saw investors including one of the biggest telecom company from Switzerland, Swisscom, two venture funds b-to-v Partners and VI Partners as well as the founder of Partners Group, Urs Wietlisbach. There are three-quarters available to invest on the platform and one-quarter will be invested in equity. The online platform helps SMEs to bridge the long payment terms that they’re facing nowadays.
The annual Swiss unemployment rate rose to 3.3% in 2016, a 0.1 point increase on the previous year, according to figures released by the State Secretariat for Economic Affairs (SECO) on Tuesday. This may appear insignificant compared to the average European unemployment rate of 9.8% but it hides the very real problem of those forced to make up for the financial loss faced by their employers due to the strong franc.
Chinese President Xi Jinping will deliver a speech at the opening ceremony of the World Economic Forum (WEF) session in Davos, Switzerland on January 17, Chinese Vice Foreign Minister Li Baodong said Wednesday. China's President will be the first Chinese head of state to do so at the annual gathering of business leaders, politicians and cultural icons. "We are all aware that we are now in the transition in the world to a multilateral, to a multipolar, geopolitical and geo-economic structure," World Economic Forum founder Klaus Schwab told reporters in Geneva on Tuesday.
LinkedIn will not be accessible in Russia as the State Government have asked to remove the app from the app stores. The decision was reached after a local court in Russia found LinkedIn to be in violation of their law requiring any service that collects data on Russian Citizens to house that data within Russia’s borders. As per the directions from the Russian government, Google and Apple have removed the access to the LinkedIn App.
Fund manager Edmond de Rothschild Asset Management (EdRam) is to withdraw from the UK retail market less than a year after launching an ambitious expansion programme. A spokesperson confirmed that the firm, which opened its London office in 2012, is looking to pull back from the UK despite its recent expansion drive in the country. A number of roles will be shifted from London to Paris, Luxembourg and Geneva although there will be redundancies, including its UK head of wholesale Daniel Lee, who joined in September 2015 from Allianz.
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