In 2015, Swiss companies spent 15.7 billion francs in research and development (R & D), corresponding to an increase of 10% compared to 2012, the last year of data collection. Switzerland is one of the countries where companies are most active in R & D, indicates today the Federal Statistical Office (FSO) in a statement.
Switzerland has been an attractive destination for Chinese tourists in recent years, especially due to their growing interest in winter sports according to a report by the Swiss Chinese Chamber of Commerce. With China's ski industry expected to grow rapidly over the next five to 10 years, there will be greater demand for trips to ski destinations such as Switzerland. Statistics from the Swiss government show that 2015 saw a 33% increase in the number of hotel bookings by Chinese tourists. It is part of a trend that has been taking place over the past decade.
Richemont improved watch sales in its own stores helped luxury goods, the swiss company said Thursday; sales during the last three months of 2016 increased 6% from the previous year, offering hope that the battered luxury goods sector may have turned a corner. The increase was driven by its jewelry unit, offsetting a slight drop in specialty watch sales. Geneva-based Richemont said sales increased to €3.09 billion in the three months to December 31, from €2.93 billion a year earlier.
The euro may not exist in ten years’ time if Paris and Berlin fail to bolster the single currency union. The warning has come from the French presidential candidate Emmanuel Macron in a speech at Humboldt University in Berlin on Tuesday, as cited by Reuters. Macron was economy minister under Socialist President François Hollande until he resigned this year to create his own political movement and stand as an independent candidate in this year’s presidential election. The truth is that we must collectively recognize that the euro is incomplete and cannot last without major reforms,” Macron added.
The government is seriously considering imposing a £1,000-a-year levy on every European Union skilled worker recruited by British employers after Brexit. Home Office minister Robert Goodwill told peers that the “immigration skills levy” could be introduced for EU migrants and would “be helpful to British workers who feel they are overlooked” in favour of migrants. He went on: “I don’t think many people are aware that in April of this year we are bringing for non-EU workers coming into the UK an immigration skills charge.
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.
Only a little more than half a year is remaining until implementation of PRIIPs and MiFID II, and th
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