News

02.02.2017

Bank of England Inflation Report

“The most interesting part of Thursday’s events will be Mark Carney’s press conference. The Bank will probably revise up their forecasts for inflation and growth in the short term. So Mr Carney is bound to be asked why he’s not planning on raising interest rates in response. The answer will be that the central bank looks beyond this kind of inflation because it thinks it won’t last.

 
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02.02.2017

Brexit effect over University: applications from EU fall by 7%

The number of EU students applying to study in the UK has dropped by 7% sparking fears that the impact of the Brexit vote is starting to bite in the university sector, official figures released today by UCAS reveal. UK applicant figures have also decreased to a total of 469,490, a fall of 5% on this time last year; among EU students, there have been 42,070 applicants, compared to 45,220 at the same point last year, around 7% drop. It is the third fall in applicant numbers since 2002, and the biggest since 2012 - the year that tuition fees in England were trebled to £9,000 (CFF 11,216). The other drop was in 2006, when fees were raised to £3,000 (CHF 3,730).

 
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02.02.2017

Swiss watchdog fined Coutts over 1MDB money laundering breaches

The Swiss financial markets regulator (FINMA) ordered private bank Coutts & Co to pay back 6.5 million Swiss francs for having “seriously breached” money laundering rules by failing to fully monitor its business with indebted Malaysian sovereign wealth fund 1MDB. Coutts, owned by Royal Bank of Scotland Group Plc, "failed to adequately clarify the circumstances surrounding a number of business relationships and unusually large, high-risk transactions," FINMA said in a statement. It said a total of $2.4 bn in 1MDB-related assets moved through Coutts accounts in Switzerland, referring to a probe of operations conducted between 2009 and 2015.

 
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02.02.2017

Deutsche Bank results hit by litigation and negative rates

Deutsche Bank posted a loss of €1.4 billion (£1.2 billion) for 2016 on Thursday, citing restructuring and "negative news flow" around a fine from the US Department of Justice. In the final three months of 2016 alone the bank lost €1.9bn, mainly thanks to a record penalty in the US. Earlier this week, it was fined £500m in connection with a Russian money laundering plan. Looking beyond the net result, Deutsche saw revenues shrink by 10% in 2016 compared with the previous year, at just over €30 billion, "as a challenging market environment and persistent low interest rate environment negatively impacted the business", the bank wrote in the statement. Meanwhile, the bank's underlying, or operating result before interest and taxes was €810 million in the red.

 
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02.02.2017

Swatch profit fell by 47% in 2016

Swiss watch and jewelry maker Swatch Group Thursday reported that its fiscal 2016 net income declined 47% to 593 million Swiss francs from 1.119 billion francs in the year-ago period. Swiss watchmakers have been grappling with eroding sales in their biggest markets, Hong Kong and the United States, and tourist shoppers avoiding Europe for fear of extremist attacks, but recently mainland China sales turned the corner. Operating result for the year fell 44.5 percent to 805 million francs from 1.451 billion francs last year. The group's operating profit margin deteriorated to 10.7%, from 17.2% last year.

 
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01.02.2017

Bitcoin: Swiss Consortium to solve blockchain banking secrecy

The OTC Swiss Blockchain Consortium announced a new Ethereum-based “encryption module” for their blockchain-based transaction platform for securities that are traded over-the-counter (OTC), as reported in the press release. Launched in September, the consortium includes Swisscom (Switzerland’s largest Telco Company), SIX (the Swiss Market Exchange operator), and Zürcher Kantonalbank (Switzerland’s 3rd largest bank), but also do the young and innovative companies ti&m, Inventx and Incore Bank. The group is receiving support from Switzerland’s Commission for Technology and Innovation (CTI), a research organization supported by the federal government.

 
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01.02.2017

Food and Beverage: Switzerland the most expensive in Europe

The statistical office of the European Union has taken a survey of 440 comparable foods across Europe to create an index of food, beverage, and tobacco prices categorized by nation. According to purchasing power, their 2015 data concludes that Switzerland has Europe's most expensive food and drinks. They're followed closely by Norway, Denmark, and Iceland. For fruit and vegetables, including potatoes, Switzerland is the most expensive country in the EU, then Denmark and Ireland.

 
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01.02.2017

Trump calls for lower drug prices, pushes on US production plants

Pharma industry leaders, including Novartis CEO Joe Jimenez and Merck & Co. chief Kenneth Frazier, got their marching orders from President Donald Trump on Tuesday morning. Lower your prices, deliver "better" innovation and "move your companies back" to the U.S. In a "pharma" meeting in the Oval Office, the President told executives from companies that they have done a "terrific job over the years" but that prices for drugs must come down.  "Our trade policy will prioritize that foreign countries pay their fair share for U.S.-manufactured drugs, so our drug companies have greater financial resources to accelerate development of new cures, and I think that's so important," Trump said.

 
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01.02.2017

Chinese billionaire abducted in luxury Hotel in Hong Kong

Mystery surrounds the whereabouts of Xiao Jianhua, one of China's richest men, reportedly taken away from the Four Seasons Hotel in Hong Kong by Chinese police and put into custody in on the mainland, according to media reports. Mr Xiao is the founder of Beijing-based Tomorrow Group, a well-connected financial services company, and is worth nearly $6 billion ($4.75 billion), according to the Hurun Report, China's version of the Forbes Rich List. It's unclear why Mr Xiao has been targeted. China's ministry of public security and foreign ministry did not respond to requests for comment on Wednesday, a public holiday in China. The Financial Times (FT) said Xiao normally keeps an entourage of female bodyguards but was led away without a scuffle. 

 
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01.02.2017

EU puts an end to mobile roaming

The European Union reached a deal early Wednesday morning that should pave the way for consumers to use their mobile phones throughout the 28-country region without paying roaming fees. Three-way negotiations between the European Parliament, Council and Commission ended just after midnight with a pact on the pace of slashing rates telecom companies charge each other, according to the office of Parliament’s rapporteur Miapetra Kumpula-Natri, a Finnish member of the Socialists & Democrats, who tweeted "Goodbye roaming,". 

 
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Events


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    Die Fonds-Konferenz der SKSF ist eine wichtige, branchenspezifische Plattform für Wissens- und Erfa

  • 02
    Sep

    2 evenings to find out about the latest from the digital industry & 2 days to find ideas and to crea

  • 11
    Sep

    ICDA will return this year to its alpine home for the 38th Bürgenstock Meeting.

  • 12
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    The objective of the Conference is to bring together all the diverse stakeholdersinterested in a pol

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