Swiss state pension fund Publica said it will divest from five weapons companies in response to an ongoing campaign by the Swiss Association for Responsible Investments (SVVK – ASIR) to blacklist 15 international arms manufacturers. According to Swiss public radio, the CHF37 billion ($38 billion) Publica, Switzerland’s biggest pension fund, is selling off its stakes in five arms manufacturers from its investment portfolio. However, the fund wouldn’t specify which firms would be affected. Publica currently has 63,000 people paying in to the fund and 43,000 recipients, mainly government civil servants and employees at the federal institutes of technology. Last September the government revealed that federal investments in arms manufacturers amounted to CHF110 million, or 0.3% of the total fortune of the Publica state pension fund.
The Times Higher Education World Reputation Rankings 2017 rank the universities that academics believe excel in teaching and research. A questionnaire was sent to a selection of experienced published scholars, between January 2017 and March 2017, asking them to offer their views on the standards of teaching and research in their disciplines and in institutions that they are familiar with. The responses were then used to determine which universities were considered the most prestigious. The full methodology of the THE World Reputation Rankings can be found here.
European’s regulators are expected to hit Google with a minimum one billion euro fine this summer for anti-competitive practices that also means Google will also have to alter its business practices in Europe. The repercussions pertain to allegations Google favors its own shopping service in search results, but it could have ramifications beyond the Google Shopping feature. Google already faces other outstanding antitrust cases in Europe.
Switzerland on Friday ratified the automatic exchange of financial account information with 40 other jurisdictions, among which are several emerging markets such as Brazil, Mexico and Russia, to facilitate immediate sharing of details of suspected black money, even as it sought strict adherence to confidentiality and data security. But before the exchange takes place, the government will now prepare a "situation report", it said in a statement. "In the process, it will be checked whether the states and territories concerned effectively meet the requirements under the standard, especially those concerning confidentiality and data security," the government said.
The last few days have seen some slight losses on the part of the FAANG stocks, which the media appear to have greatly exaggerated as if it was something extraordinary that the market could not continue its upward trend and have Tesla quickly reach the $1,000.00 mark. The Fed confidently raised interest rates again, which resulted in a stronger dollar on Forex markets for the time being.
US authorities on Thursday moved to seize another $540 million in assets allegedly stolen in the 1MDB fraud and used to fund extravagant spending, the Justice Department announced. “Today’s complaints reveal another chapter of this multi-year, multi-billion-dollar fraud scheme, bringing the total identified stolen proceeds to $4.5 billion,” acting US Assistant Attorney-General Kenneth Blanco said in a statement.
Global private wealth gained momentum in 2016, but wealth managers face a host of challenges if they hope to fight off competitors, deepen client loyalty, and put both revenue and profit growth on a sustainable positive trajectory, according to a new report by The Boston Consulting Group (BCG). Switzerland remains the world’s No. 1 offshore wealth management hub with $2.4 trillion in assets, twice as much as Singapore’s, the report showed. BCG expects this number to rise to $2.8 trillion by 2021.
Mobile phone users in Europe will soon be free to use their regular call, text and internet allowances anywhere within the EU at no extra cost under new rules which abolish data roaming charges across the union. As of Thursday June 15, all mobile network operators in Europe will be prohibited from charging additional fees for overseas use within the EU as part of continued efforts by the EU to forge a Digital Single Market across EU member states. It is free to use your phone in European countries as if you were at home. You will still pay your normal monthly or pay as you go bill, but you won't be charged extra for using your minutes, texts and data when you're on holiday.
One in five children in rich countries lives in relative poverty, according to a UNICEF report published on Thursday that put the US and New Zealand among the world's worst performers for youth well-being. The UN children's agency UNICEF has warned that its report should serve as a "wake-up call" to the high rate of children in rich countries living in relative poverty. The report makes clear that "higher incomes do not automatically lead to improved outcomes for all children," said Sarah Cook, director of the UNICEF research center Innocenti. Cook called on all governments to take action in eliminating inequality in child welfare.
Switzerland, Sweden, the Netherlands, the United States and the United Kingdom are the top five global innovative economies, according to the Global Innovation Index 2017, released today. “Innovation Feeding the World” is the theme of the Global Innovation Index 2017 (GII 2017), the tenth edition of the index, which was presented today at a press briefing at the United Nations in Geneva. The Global Innovation Index 2017 (GII 2017) is co-published by the Cornell University, the European Institute for Business Administration (INSEAD) and the World Intellectual Property Organization.
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