Russian officials are developing a cryptocurrency intended to help the country evade international financial sanctions, the Financial Times reported on Tuesday. Russian President Vladimir Putin has commissioned government agencies to work on a “cryptorouble,” the FT reported, citing Moscow officials.
Caterpillar has long used a subsidiary in Geneva, Switzerland, called Caterpillar SARL, to process sales and profits for international orders, and the IRS wants the heavy-machinery maker to pay a $2 billion tax bill on that business, according to The Wall Street Journal. The Journal story goes onto say that, although the company maintains that its Swiss strategy, which results in an effective tax rate there of as low as 4%, is legal, some Caterpillar employees have questioned the practice, which began in 1999.
The consumer protection organization in Switzerland, SKS filed a claim for nearly 6,000 Volkswagen car owners seeking damages from the carmaker and AMAG the Swiss car dealer, for the emissions scandal. The claim was handed over to the Zurich commercial court. SKS said it was assuming damages amounted on average to 15 per cent of the initial retail price of the vehicles concerned and that, together with insurance companies supporting the legal action, it wanted to give Swiss-based car owners the possibility to enforce their rights without disproportionate financial risk.
Bitcoin has started the year with another drop in its price. It’s the first time since 2015 that the cryptocurrency has started a calendar year with a fall in value. The virtual coin traded at $13,624.56 in the U.S. on Monday, down 4.8 percent from Friday. This is a fall from the final day of trading of 2017 when the price was at $14,156. The disheartening start to the year is in direct contrast to the January of 2017 when the cryptocurrency began its year of huge gains. On the first day of trading in January bitcoin rose 3.6 percent holding a value of approximately $998.
Iceland has become the first country in the world to legalize equal pay for men and women; the legislation on its first day of 2018 passed a new law making it illegal to pay men more than women. According to the law passed on Monday, companies and government agencies employing at least 25 people will have to obtain government certification of their equal-pay policies.
To the surprise of many, 2017 was the year cryptocurrencies catapulted into mainstream consciousness. Bitcoin’s value grew by more than 1,000% in 2017, but that wasn’t enough to even place it among the 10 best-performing cryptoassets of the year. At its highest point Sunday, Ripple XRP skyrocketed 36,000% to become the world’s best-performing digital asset. The cryptocurrency charted an impressive path in the final three weeks of the year, gaining more than 800% when comparing the closing price between Dec. 7 and 31.
Saudi Arabia and the United Arab Emirates (UAE) introduced the Value Added Tax (VAT) for the first time from Monday. It is a five per cent tax on most goods and services to boost revenue. The VAT will be applied on food, clothes, electronics and gasoline, phone, water and electricity bills, as well as hotel reservations, the BBC reported. The five percent sales tax applies to most goods and services and analysts project that the two governments could raise as much as $21 billion in 2018, equivalent to 2.0 percent of GDP.
Switzerland's value-added tax regime will change from January 1, 2018, including to level the playing field for domestic companies compared with their online, overseas rivals. Currently, foreign companies providing services in Switzerland do not have to pay VAT on Swiss turnover up to a CHF100,000 threshold. In this way, it led to competitive disadvantages for Swiss businesses, especially in the border regions.
Apple apologized for secretly slowing down older iPhones, a move it said was necessary to avoid unexpected shutdowns related to battery fatigue. The firm said last week it 'throttles' phones to extend their life and stop them from shutting down as batteries age and become less effective, triggering lawsuits across the world.
Legendary Swiss ski resort St. Moritz has announced on Thursday that they will begin accepting Bitcoin payments for lift passes. The 2017/18 season that has just begun will be the first in which the payment method is trialled. According to Swiss public television, SRF, and the newspaper Südostschweiz, Engadin St Moritz is the first Swiss lift company to recognise payments with cryptocurrencies.
The caspian week conference is a meeting point of visionaries, market leaders and experts with the f
The climate transition creates opportunities and risks, and financial institutions and corporations
Seit über 30 Jahren ist die ZfU International Business School Gastgeber für die angesehensten Inve
Over 150 Fintechs CEOs from all over the world will be in both panels & interviews and on this stage
From 2018 onwards, Switzerland’s financial fair will only be open to professional investors. This
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