The European Commission is accusing Facebook of providing incorrect or misleading information during the Commission's investigation into its merger with WhatsApp back in 2014, opening the company to a possible fine of 1% of its turnover. It centers around the fact that Facebook told the Commission that it would be unable to reliably automate matching between separate accounts on the messaging app and the social network. "Companies are obliged to give the Commission accurate information during merger investigations. They must take this obligation seriously," Ms Vestager, the European Union's Competition Commissioner, said.
The US Department of Justice is asking Credit Suisse to pay between $5 billion and $7 billion to settle an investigation into its selling of mortgage-backed securities, a source with knowledge of the matter told Reuters on Tuesday. The claim against Credit Suisse, which is likely to be negotiated in 2017, far outstrips the bank’s and investors’ expectations. However, if the sides do not reach an agreement, US authorities could sue the bank. Credit Suisse and the Department of Justice declined to comment.
Swiss exports fell by 2.1% in November, to 18.8 billion francs, reaching the lowest level since September 2015, the Federal Customs Administration indicates today. The chemical and pharmaceutical sectors and-electronic machines, first and second in Swiss exports, recorded the stagnation of sales abroad in the previous month. Watchmaking, in third place, has declined by one-tenth, equivalent to 194 million francs.
Deutsche Bank could enter 2017 with one less item to tick off its to-do list, as it has emerged that a potential mega fine from the US Department of Justice (DoJ) could be settled on Wednesday, the Reuters reported. A source told the news outlet there is a good chance Deutsche Bank will reach an agreement with the U.S. Department of Justice before Christmas, possibly as early as Wednesday. The source also said the bank is set to pay a penalty well below the $14 billion the DOJ initially demanded. Deutsche has been negotiating the terms of the fine with the DoJ since September, when the US authority targeted it with a $14-billion penalty for its role in the sub-prime mortgage crisis.
The hidden treasure by Italian citizens in Swiss banks has yet to be discovered, according to the chief prosecutor of Milan, Francesco Greco, and liquidity would amount to 150 billion euro, deposited in safes, in denominations of 500 euro. This note is in fact banned because it is considered instrument of money laundering by the Bank of Italy. A large part of the amount, which estimate is the result of cross-checks between MEF, FIU, Bank of Italy and the Guardia di Finanza, would be, according to Mr Greco, mostly in Ticino.
The big event of November was, of course, the election of Donald Trump in the United States. The first thing to keep in mind is the uncertainty surrounding his plans, especially his economic programme. Second, there can be a wide gap between what a candidate says and what he does, once in office. That said, Trump’s statements do provide us with a general outline of at least three complementary scenarios.
The Attorney General of Switzerland Michael Lauber said on Saturday that investigations into the assets of ousted president Hosni Mubarak, his sons and associates are approaching a final phase and that tens of million of Swiss francs have recently been released, state news agency MENA reported. Lauber, in a one-day visit to Cairo, said at a press briefing that 180 million Swiss francs has been unfrozen and released from Swiss banks so far, while another 430 million remains frozen.
The Irish government has today launched an attack on the European Union’s order that it collect €13bn in back taxes from Apple. Ireland accuses the European Commission of misapplying State Aid law, and of attempting to re-write Irish corporation tax rules. In a document released by the Irish government’s Department of Finance, eight points are made about how the EU is overreaching its authority. "The Commission has exceeded its powers and interfered with national tax sovereignty," the document reads. The document was submitted almost four months after the penalty was imposed against Apple which is also appealing. Apple's European headquarters are located in Ireland where the standard rate of corporate tax is 12.5%.
This presentation will look at profiting from the use of Ichimoku Clouds.
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