News

07.12.2016

Swiss foreign currency reserves hit new record in November

The foreign exchange reserves of the Swiss national Bank rose by CHF 17.6 billion in November to CHF 648 billion, setting a new record. During the month of October, the variation was more subdued as it increased by CHF 2.4 billion to CHF 630.4 billion. The SNB’s reserves are roughly equal to Switzerland’s entire gross domestic product. It was the biggest increase since December 2014, the month before the SNB abandoned a ceiling it had maintained for over three years on the franc’s value against the euro.

 
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07.12.2016

Switzerland: anti-money laundering policies achieved good results, FATF said

Switzerland has boosted anti-money laundering measures over the last decade but could still do more to prevent financial crime, the inter-governmental Financial Action Task Force (FATF) said on Wednesday, in his  report. Once a haven for untaxed and illicit assets, the small but influential finance hub has been stung into action by a global push to combat money laundering and financial crime. That has led to considerable improvement in its efforts since 2005, the global task force said. “Since its previous FATF assessment in 2005, Switzerland has strengthened its AML/CFT (anti-money laundering and counter-terrorist financing) regime,” the Paris-based intergovernmental body said in a statement on Wednesday.

 
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07.12.2016

EU approved $26 billion deal Microsoft-Linkedin

The European Union has given Microsoft the green light over its $26 billion acquisition of LinkedIn, CNBC reports. As expected, the EU has put some conditions in the deal. As expected, the EU has put some conditions in the deal. The European Commission granted its approval on the condition that Microsoft allows rival professional networking sites to integrate its Office applications and cloud-computing services for the next five years. PC makers in the EU will also have the option of not installing LinkedIn's app, Microsoft said.

 
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07.12.2016

Credit Suisse to cut costs further

Credit Suisse announced on Wedsneday more than CHF1 billion ($991 million) in extra cost cuts, as Chief Executive Tidjane Thiam looks to compensate for challenging conditions which have hampered his restructuring of the lender as Reuters report. In a statement ahead of its investor day, the bank lowered its operating cost base target for 2018 to below 17 billion francs from below 18 billion francs. It also increased planned net cost savings target to greater than 4.2 billion francs by end-2018 from 3.2 billion.

 
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06.12.2016

Netflix: number 1 in iPhone app in the US

Netflix yesterday briefly became the number one top-grossing iOS app in the U.S. for the first time, holding at bay the likes of Spotify and Candy Crush Saga for most of Monday.  The app also occupied the coveted top spot on iPhone in India, Mexico, and Colombia yesterday, as noted by app tracking company SensorTower, which offered a timeline leading up to the achievement in a blog post.  The accomplishment comes approximately one year after Netflix introduced the ability for users to pay the monthly subscription fee as an in-app purchase. Between then and today, Netflix has grown its weekly net revenue from under $50,000 to nearly $2.9 million, its report says.

 
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06.12.2016

Alipay reached agreement with SIX to expand in Europe

SIX Payment Services and Alipay, the third-party payment and lifestyle platform operated by Ant Financial Services Group, announced their close cooperation for the acceptance of POS and E- Commerce payments across Europe. Under the terms of the agreement, Alipay’s payment service will be integrated into the payment application of SIX in order to enable merchant clients of SIX to accept Alipay payments from Alipay users. SIX currently has a customer base of 220,000 merchants locations, principally in Switzerland, Luxemburg, Austria, Germany.

 
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06.12.2016

RBA holds interest rates at historic low level

The Reserve Bank of Australia (RBA) has left interest rates on hold at an historic low of 1.5% as widely expected and flagged that some "slowing in the year-ended growth rate is likely" before picking up again. The RBA has cut rates twice this year, in May to 1.75 per cent and in August to its current historic low. The last time the official cash rate increased was November 2010. All 64 economists polled by Reuters expected the RBA to keep rates on hold at today's meeting, the last of the year.

 
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06.12.2016

Credit Suisse fined $16.5 million by FINRA over anti-money laundering controls

The Financial Industry Regulatory Authority (FINRA) said on Monday it has fined Credit Suisse's U.S.-based securities business $16.5 million for ineffective anti-money laundering programs. According to FINRA’s action, Credit Suisse’s suspicious activity monitoring program was deficient on two fronts. Credit Suisse primarily relied on its registered reps to identify and escalate potentially suspicious trading, including in microcap stock transactions, but “high-risk activity was not always escalated and investigated as required,” FINRA states.

 
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06.12.2016

Amazon Go: shopping will become "do-it-yourself"

Amazon unveiled technology that will let shoppers grab groceries without having to scan and pay for them, eliminating the checkout line. The company is testing the new system at what it’s calling an Amazon Go store in Seattle, which will open to the public early next year. Customers will be able to scan their phones at the entrance using a new Amazon Go mobile app. Then the technology will track what items they pick up or even return to the shelves and add them to a virtual shopping cart in real time, according a video Amazon posted on YouTube.

 
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06.12.2016

EU invites Italy to take the right steps

The Eurogroup will have to wait and see what Italy’s next political steps are, what its government will do and what its president decides, President of the Eurogroup Jeroen Dijsselbloem said Monday. Attending a Eurogroup ministers’ meeting in Brussels, Dijsselbloem’s remarks came after Italian Prime Minister Matteo Renzi said he would resign after losing Sunday’s constitutional referendum.

 
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