Ryanair said its third-quarter net profit fell nearly 8% as overcapacity in the European airline industry continues to depress ticket prices. Ryanair said net earnings fell to €95 million from €102.7 million a year earlier for the three months to the end of last year, owing to a sharp decline in the value of the pound after Britain's decision to leave the European Union. “We expect sterling to remain volatile for some time and we may see a slowdown in economic growth in both the UK and Europe as we move closer to Brexit,” Ryanair said.
Alan Turing was a mathematician who lived in the twentieth century and which is considered the father of theoretical computer science and artificial intelligence. In 1950 he wrote an article in Mind (1) in which he formulated the basics of his test, a criterion for deciding whether a machine is able to think or not. A computer can mimic human thought and deceive a person?
President Donald Trump will sign executive orders on Friday to review the Dodd-Frank Wall Street reforms and halt a Labor Department rule designed to curb potential conflicts among brokers who give retirement advice, according to a White House spokeswoman. Trump's move marks a step toward making good on a campaign promise to dismantle the 2010 Dodd-Frank law, which was passed in the wake of the 2007-2009 financial crisis. The legislation forced banks to take various steps to prevent another financial crisis, including holding more capital and taking yearly “stress tests” to prove they could withstand economic turbulence. The financial industry, particularly its small community banks, complained the rules went too far.
The year 2017 is an important one for the Swiss banking sector. As of January 1st, the country’s financial institutions are now obligated to share banking information. This new regulation effectively ends Switzerland’s reputation as a tax haven. The Swiss finance ministry said on Thursday it had reached a deal with Liechtenstein to exchange tax information, potentially helping to uncover billions of dollars in undeclared assets kept by Swiss citizens in neighbouring country. “These assets will be declared and the person has the chance either to repatriate the assets to Switzerland, or he will be taxed and he keeps his money in Liechtenstein,” said Joerg Gasser, head of the State Secretariat for International Financial Matters, a branch of the finance ministry. The amount of undeclared Swiss assets in Liechtenstein, a principality of just 38,000 people sandwiched between Switzerland and Austria, is unknown.
Geneva recorded the most expensive house prices in Switzerland, according to a report Thursday by real estate brokerage Engel & Völkers, based on sales data. The city’s cosmopolitan flair is reflected too in the level of demand from international clients, with around 40% of interested buyers resident beyond the borders of Switzerland. The French-speaking city registered the highest price in the Alpine country, CHF70,000 ($70,807) per square meter. The data used in the ranking is based on residential property brokered by the company or transactions recorded on the market during 2016.
Snap, the owner of messaging app Snapchat, filed public documents for a share offering Thursday, seeking to raise up to $3 billion in a keenly anticipated Wall Street debut. The California-based tech firm, which allows users to send images that vanish within seconds, was expected to be one of the biggest tech company IPOs in recent years with a valuation likely to top $20 billion. The company revealed in the documents that it made sales of $404m last year, but a loss of $515m. In outlining its business plan, Snap said it generates revenue primarily through advertising and emphasized its willingness to take risks to drive user engagement at numerous points throughout the filing.
Even though the European single currency edged higher against the Japanese Yen on Wednesday, it was unable to maintain trade above the 122.00 mark, with the resistance cluster there pushing the exchange rate down again. As a result, this cluster caused the EUR/JPY cross to make a U-turn and begin moving towards the 121.20 psychological support. Technical indicators, however, are unable to confirm the possibility of the negative outcome, as they keep giving bullish signals. In this case the 121.60 handle should be considered as a possible support, as it kept the Euro from sliding down for a whole week now, suggesting trade could close above this area.
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