News

07.04.2017

Sweden: Truck crash into Stockholm store, terror attack PM says

A large beer truck crashed into an upscale department store in central Stockholm on Friday, killing at least two people,  according to Swedish Prime Minister Stefan Lofven, who said all indications were that it was a terror attack. One person was arrested. But a spokesperson for the police said they cannot confirm whether anyone had been arrested yet, according to Reuters. "We are thinking of the dead and the injured and their families. I am urging the public to be vigilant and keep updating the police," Lofven said.

 
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07.04.2017

Google adds fat check label to fight fake news

Google has launched a new feature on Search and News which shows a "Fact Check" label for certain links, indicating whether a third-party fact-checking organization has found the story factual or not.  In October, the search giant introduced the fact check label for Google News in a few countries. But now the company is expanding use of the tag to search, as well as Google News in every other country where it's available.

 
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07.04.2017

US jobless claims surprisingly fall to five-week low

The number of Americans filing for unemployment benefits decreased more than expected last week, hitting the lowest level over the past five weeks, official figures revealed on Thursday. The US Department of Labour reported initial jobless claims fell 25,000 to a total of 234,000 in the week ended April 1, down from the preceding week's upwardly revised reading of 259,000. This was the biggest weekly decline since April 2015. Meanwhile, market analysts expected unemployment claims to plunge only 251,000 during the reported week. The number of job-seeking persons decreased from 2,052,000 to 2,028,000, thus, affecting the moving average, which hit its lowest level since June 2000. At the same time, the seasonally adjusted insured unemployment rate of 1.5% remained unchanged from last week. In general, the fact that jobless claims have been fluctuating around 260,000 for more than two years, indicating that the US has a healthy labour market. In addition, the largest spike in unemployment claims was recorded in New York, Texas, Massachusetts, Pennsylvania and California, while the largest drop in unemployment happened in Ohio, Kansas, Missouri, Illinois and Kentucky.

 
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07.04.2017

Switzerland: good news for job market

According to the State Secretariat for Economic Affairs (SECO) surveys, 152,280 unemployed persons were registered at the Regional Employment Services Centers (RAV) at the end of March 2017, 7,529 less than in the previous month. The unemployment rate thus fell from 3.6% in February 2017 to 3.4% in the reporting month. Compared to the previous month, unemployment fell by 3,044 (-2.0%). Youth unemployment (15 to 24 year olds) in March 2017 decreased by 1,545 persons (-8.1%) to 17,563. Compared to the previous year, this corresponds to a decrease of 1'344 persons (-7.1%).

 
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07.04.2017

SNB: foreign reserves jumped another time

With the reliability of a finely-tuned watch, the latest release of foreign-currency reserves held at the Swiss National Bank has shown yet another record, in a sign the central bank continues to swim against the tide. The foreign exchange reserves jumped by nearly 15 billion Swiss francs ($14.93 billion) in March. The SNB held 683.181 billion francs worth of foreign currency at the end of March, compared with 668.332 billion francs in February, revised from an originally reported 668.18 billion, preliminary data calculated according to the standards of the International Monetary Fund showed. The franc fell to about 1.07 francs to the euro after the data release, which followed news of U.S. missile strikes against an airbase in Syria that prompted inflows into assets considered safe havens.     

 
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07.04.2017

EU and Switzerland restart to talk over bilateral deals

The EU and Switzerland agreed on Thursday to reopen talks on upgrading trade and political ties, following Bern’s retreat last year on a controversial immigration quota that highlighted the difficulties Britain will face over Brexit. At a press conference in Brussels, European Commission President Jean-Claude Juncker said that both sides had agreed to conclude a new framework agreement by the end of the year.

 
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06.04.2017

Italy investigates over Credit Suisse unnamed bank accounts

The Italian Tax Agency Revenue compiled a list of possible tax evaders. After 750 Italian papers identified in Panama, there's other special surveillance: 3,500 Credit Suisse clients who signed life insurance policies (known as polizza mantello in italian) and numbered bank accounts. Rossella Orlandi, Director of the Agency, has announced on Thursday to send very soon to Swtizerland collective requests for taxpayers who didn't seize the opportunity offered by the first voluntary disclosure and didn't comply with the tax authorities.

 
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06.04.2017

Germany intends to fight fake news with a €50 mln fine

The German Parliament approved a plan Wednesday that will force social media companies like Facebook and Twitter to remove hate speech within 24 hours or face a fine of up to $53 million. Angela Merkel’s cabinet voted on the measures amid concerns over free speech, with campaigners, technology firms and journalists raising fears that tightened regulations could restrict expression. "Hate crimes that are not effectively combated and prosecuted pose a great danger for the peaceful cohesion of a free, open and democratic society," said Chancellor Angela Merkel's cabinet.

 
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06.04.2017

Deutsche Bank executives left after Bonuses slashed

Deutsche Bank has lost several senior employees after paying out employee bonuses last month. Earlier this year, the bank cut its 2016 bonus pool by nearly 80%. According to Bloomberg, at least three executives have left the bank’s trading unit in Asia, two of whom have reportedly taken jobs at competitor Credit Suisse. Europe's largest investment bank in January scrapped bonuses of its top executives and slashed variable pay for other senior employees as chief executive John Cryan seeks to rebuild capital buffers eroded by misconduct fines.

 
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06.04.2017

Switzerland stopped French investigations over Falciani files

French magistrates are investigating 26 individuals or institutions suspected of hiding huge sums of money in tax havens through Panama, the Seychelles, Switzerland, Hong Kong and Singapore. Tax authorities are looking into 416 suspected tax dodgers in an inquiry sparked by last year's Panama Papers revelations, according to Le Monde newspaper. The investigators are part of an elite white-collar crime unit set up following revelations that then finance minister Jérôme Cahuzac had dodged tax through a secret Swiss bank account.

 
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