News

23.06.2017

Brexit: May promises 3 million people could stay in UK

UK Prime Minister Theresa May promised EU citizens now living in Britain they could stay after Brexit but started a dispute with Brussels over the role of Europe's top court. At a summit in Brussels on Thursday, May gave "a clear commitment that no EU citizen currently in the UK lawfully will be asked to leave the country at the point that the UK leaves the EU", a British government source said.

 
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23.06.2017

Tesla is looking at China to build a big factory

Tesla has confirmed it’s in talks with the Chinese government to open a factory in the Shanghai region, as the company aims to fulfill a promise by its CEO Elon Musk to produce 500,000 cars a year by 2018.  “Tesla is deeply committed to the Chinese market, and we continue to evaluate potential manufacturing sites around the globe to serve the local markets,” the company said in an emailed statement. 

 
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22.06.2017

Swiss salaries: Mind the gap

The gap between the salaries of managers and other staff members continues to grow, according to the Swiss employees’ association, Travail.Suisse published on Thursday.   Between 2011 and 2016, the wages of managers increased by 17% on average, compared to 3.4% for employees showing that for swiss CEO salaries rose by 5%.

 
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22.06.2017

ECB to set up a fast-secure system payment in eurozone

The European Central Bank (ECB) said it will set up an instant payment system across the eurozone allowing consumers and firms to send money "within a matter of seconds". The new service, TARGET instant payment settlement (TIPS), will enable citizens and firms to transfer money between each other in real time and will be available around the clock, 365 days a year. It said the new network "will allow citizens and firms to make payments via their bank anywhere in the euro area within a matter of seconds", and is scheduled to come into operation in November 2018.

 
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22.06.2017

Nomura choose Frankfurt for new headquarters post-Brexit

Nomura picked Frankfurt as the headquarters for its European Union operations after the UK leaves the bloc, Bloomberg reported.   Japan’s biggest brokerage will start preparations this month to form a base in the German financial centre, one of the people said, asking not to be identified as the matter is confidential. The decision will necessitate regulatory approval along with securing the requisite office space before transferring fewer than 100 employees from London to the city, according to the person.

 
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22.06.2017

UK PM Theresa May to propose in Brussels what to do

Mrs May will head to Brussels for her first European summit since losing her Commons majority in the general election. It comes the day after measures to enable Brexit dominated the Queen's Speech and with the Conservatives still trying to secure the Commons support needed to pass their programme.

 
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22.06.2017

Swiss trade data: something is moving

Switzerland's foreign trade surplus increased in May, as exports grew faster than imports, figures from the Federal Customs Administration showed Thursday. The trade surplus climbed to CHF 3.4 billion in May from CHF 1.9 billion in April. In March, the surplus was EUR 3.0 billion.

 
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22.06.2017

Swiss online pharmacy Zur Rose ready for IPO

Online pharmacy Zur Rose Group plans to raise up to around 230 million Swiss francs ($236.6 million) in an initial share sale, the Swiss company said on Thursday, with the cash to help grow operations including its DocMorris unit in Germany. The IPO, with a price range of 120 francs to 140 francs per share, would value the company at between 780 million francs and 870 million francs, Zur Rose said.

 
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21.06.2017

Luanda, not Hong Kong, the most expensive town for expats

Angola’s capital Luanda has overtaken Hong Kong to become the costliest city in the world for expats, Mercer’s annual survey said Wednesday. According to Mercer’s 23rd annual Cost of Living Survey, Luanda was the costliest city, driven by cost of goods and security, followed by Hong Kong and Tokyo at the second and third places, respectively. Others in the top 10 include Zurich at the 4th place, Singapore (5th), Seoul (6th), Geneva (7th), Shanghai (8th), New York City (9th), and Bern (10th).

 
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21.06.2017

Uber CEO resigns under shareholders pressure

Uber CEO and co-founder Travis Kalanick tells The New York Times that he has resigned. Kalanick, who just last week announced he was taking an indefinite leave from the company he co-founded, was forced out after investors decided the company needed a change in leadership, according to a letter sent to Kalanick and obtained by the Times. “I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight,” Kalanick said in a statement given to the Times.

 
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