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SwissInfo (Switzerland) 10/18/2019 06:51
Credit Suisse has joined the likes of UBS and Post Finance in charging rich clients to park their wealth in its vaults. It will pass on the cost of the central bank’s negative interest rates to both private individuals and corporate accounts above certain thresholds. From November 15, corporate clients will be charged -0.85% interest on cash holdings above CHF10 million ($10 million), Credit Suisse confirmed on Friday. Individuals will face -0.75% rates on savings accounts above CHF2 million, starting from January 1, 2020. “In line with the approach that has long been followed by other banks, Credit Suisse is now also introducing negative interest rates for clients with very large CHF cash holdings. The reason for this is the persistent neg.
SwissInfo (Switzerland) 10/18/2019 05:58
Swiss banknotes are far more resistant to counterfeiters than in previous years, dramatically reducing the number of fake copies, say federal police. By contrast, far more counterfeit coins were seized last year, probably as a result of better detection methods. In 2018, a record low of 1,200 fake banknotes were discovered by police. Their combined face value amounted to just CHF208,140, far below the CHF65 million ($66 million) haul of 2001, the Federal Office of Police (Fedpol) told the Swiss News Agency Keystone-SDA on Friday. The reason for the drop in forged notes is advances in technology that make them harder to reproduce – typically by inkjet printers, which are no longer up to the job of producing convincing reproductions. In 2000,
SwissInfo (Switzerland) 10/18/2019 05:00
As more governments mull the risks of working with foreign vendors of 5G networks, eyes are on Switzerland as one of the technology’s early adopters. Will the Swiss take a heavier hand in restricting foreign providers like Huawei in the 5G supply chain or let the market decide? In a grim but not-so-far-fetched scenario, a hacker attacks a 5G antenna, sending malicious signals to millions of connected devices. It causes a breakdown in the transportation system and energy grid and brings cities to a standstill. This quickly spreads to other countries’ networks, causing a large-scale attack on the global internet. For all the benefits that the total connectivity enabled by 5G could bring, it also raises the stakes for security as this scenario.
SwissInfo (Switzerland) 10/17/2019 09:14
Swiss bank UBS has agreed to pay a fine of €2.125 million (CHF2.3 million) to close an investigation in which it is suspected as a legal entity for money laundering committed by its employees. The judge at the preliminary hearing in Milan granted the request, according to Italian news agency Ansa. The three companies UBS (as a group), UBS Switzerland and UBS Monaco were the parties to the settlement. The magistrate also ordered the confiscation of €8.2 million. UBS has thus closed the criminal part of the case, after wrapping up a tax dispute in June by paying more than €101 million to the tax authorities for not having paid taxes related to its activities with Italian customers from 2012 to 2017. The Milan public prosecutor’s office believ.
SwissInfo (Switzerland) 10/17/2019 08:37
The World Economic Forum will mark its 50th annual meeting at the Swiss resort of Davos by launching a manifesto for a more sustainable capitalism. The organisation unveiled on Thursday the theme of the January 21 to 24 meeting: "Actors for a more coherent and sustainable world". A standard for the economic, social and governance objectives will be unveiled to the 3,000 attendees of the 2020 WEF meeting. “People are revolting against the economic ‘elites’ they believe have betrayed them,” stated WEF founder Klaus Schwab, referring specifically to shortfalls in efforts to curb global warming. Two years after the first WEF (then called the European Management Forum), a manifesto was approved in 1973 to affirm that the economy should benefit e.
SwissInfo (Switzerland) 10/17/2019 08:33
British pizza delivery company Domino’s Pizza is pulling out of Switzerland, Norway, Sweden and Iceland owing to increasing losses. “Although the financial results have stabilised, the performance of our international business remains disappointing,” said outgoing chief executive David Wild on Thursday. “We have concluded that, while they represent attractive markets, we are not the best owners of these businesses.” The British firm, which operates under licence from its US parent, reported that strong third-quarter demand in Britain and Ireland had increased total turnover by 3.4% to £313.5 million (CHF396 million). However, third-quarter turnover in the small international business fell 2.7% to £25.3 million. In Switzerland, sales shrank
SwissInfo (Switzerland) 10/17/2019 04:59
The Geneva-based trading company Gunvor has been ordered to pay almost CHF94 million ($94.6 million), including a fine of CHF4 million over bribery in Africa. The commodities trader failed to prevent its employees and agents from bribing public officials between 2008 and 2011 in order to gain access to the petroleum markets in the Republic of Congo and Ivory Coast, the Office of the Attorney General of Switzerland (OAG) said in a statement on Thursday. The compensation of almost CHF90 million corresponds to the total profit that Gunvor made at the time conducting business in the two African countries. “The investigation revealed that during the period under scrutiny, Gunvor had taken no organisational measures to prevent corruption in its b.
SwissInfo (Switzerland) 10/16/2019 10:58
After trying for years to land a contract in India, the Stadler company has finally managed break into the Asian market with recent deals in Indonesia and Taiwan. The last two months have been cause for celebration for the train manufacturer based in eastern Switzerland. On Tuesday, Stadler announced that it has won a contract to supply 34 diesel-electric locomotives to Taiwan Railways Administration (TRA). The contract is worth 165 million euros (CHF181 million). Only three weeks ago, the company had announced its first major deal in Asia: a joint venture with Indonesian firm PT Inka to manufacture rail vehicles at a dedicated production site in Banyuwangi. One of the conditions of the joint venture is an order for 500 suburban rail carria.
SwissInfo (Switzerland) 10/16/2019 05:31
Swiss International Airlines has resumed flights with its Airbus A220 jets following a brief grounding of its fleet on Tuesday. The first aircraft were returned to service after a few hours and the operations are expected to return to normal on Thursday, Swiss told news agencies. All 29 Airbus jets have been undergoing an inspection of their engines following an incident on Tuesday when a Geneva-bound Swiss flight was diverted to Paris after an engine problem shortly after take-off from London. The temporary grounding forced the airline Swiss to cancel about 100 flights, affecting 10,000 passengers. It was the third such incident involving Airbus A220 jets of Swiss in three months. “Swiss takes these incidents very seriously and is in close.
SwissInfo (Switzerland) 10/16/2019 05:31
Dogs are being left to die in agony in Germany after lab testing for the Swiss pharma company Inthera Bioscience, reports Swiss public television, SRF. The dogs are young beagles, who are given high doses of substances for experiments on behalf of the Swiss biotech company, according SRF. They are then left to die in agony with no care. The report carries disturbing photos by an employee of the animal protection organisation Soko Tierschutz. This employee got himself hired as a carer in the LPT animal testing laboratory in Hamburg, and documented for several months what was happening there, says the report. The pictures show tubes being inserted into a dog’s stomach and a test substance injected to find the dose at which severe side effects.
SwissInfo (Switzerland) 10/16/2019 05:00
1863: the dawn of mass tourism in Switzerland. British photographer William England comes on a working visit. Using an innovative photographic technique, he captures the marvels of the Alpine landscape, the cities and towns, and the people. His pictures are a resounding success with the public at home. 2019: the boom of the digital era. Ticino artist Alan Alpenfelt decides to follow in England’s footsteps. Using innovative tools for audiovisual recording, he creates an art project which shows how much Switzerland has changed in 156 years. It was the British who opened the door to tourism in Switzerland. At the turn of the 18th and 19th centuries came the scholars and poets, then the first intrepid mountaineers who climbed just for the fun o.
SwissInfo (Switzerland) 10/16/2019 04:00
Swiss commodity trader Trafigura is helping to finance a $450m Congolese copper and cobalt facility even as Glencore prepares to shut its mine in the resource-rich African country. Trafigura is part of a consortium including the First Bank of Nigeria and Africa Finance Corporation that is backing a processing plant at the Mutoshi mine in the Democratic Republic of Congo, according to two people familiar with the financing. The financing comes after Glencore said it would shut its Mutanda copper and cobalt mine in the DRC by the end of this year, following a 65 per cent fall in the price for cobalt over the year, a key raw material used in batteries. Since Glencore announced in August it was shutting Mutanda, cobalt prices have rebounded by
SwissInfo (Switzerland) 10/15/2019 10:43
Swiss International Air Lines has grounded its fleet of 29 Airbus A220 jets to make engine checks after one encountered technical problems on a flight from London to Geneva on Tuesday. The plane was redirected to Paris. All A220 aircraft will undergo a comprehensive inspection, reported Swiss public television, RTS, quoting Swiss. “Only after a faultless inspection will the aircraft return to regular flight operations,” Swiss said. This would lead to a noticeable reduction in Swiss flight operations, as numerous flights would have to be cancelled, it added. “Swiss takes these incidents very seriously and is in close contact with the responsible authorities, Airbus Canada and the engine manufacturer Pratt & Whitney,” it continued. “The safet.
SwissInfo (Switzerland) 10/15/2019 06:28
Every Saturday, MBA students at Switzerland’s International Institute for Management Development (IMD) in Lausanne have an hour-long one-on-one session with a psychotherapist. There are no couches in the rooms used for therapy, but Janet Hewetson, who runs this personal development elective (PDE), makes the space less formal. She pushes the white table normally separating students and professors to one side. Instead, they sit face to face near a board on which they can draw – one of a number of techniques used to express feelings within the session. “Life here is fast paced,” Hewetson says. “The PDE is an opportunity for students to really pull out of the bubble and get some perspective to relate to themselves and others. It’s an opportunit.
SwissInfo (Switzerland) 10/15/2019 05:45
Anti-5G groups have announced their intention to launch a popular initiative to limit radiation from mobile communications technology. The Federal Chancellery has approved the launch of an initiative titled “For a health conscious and energy-efficient mobile communications”, according to the Federal Gazette published on Tuesday. The text of the initiative requests that the limit values set by the Ordinance on Protection against Non-Ionising Radiation should not be increased. The text wants a clear separation between indoor and outdoor use of mobile telephony and internet services. This means the power of the transmitters should be lowered so that electromagnetic radiation does not enter homes. Indoors, data would be transmitted by fibre-opt.
SwissInfo (Switzerland) 10/14/2019 10:18
A new Swiss media voice introduced itself on October 14, 1959, with the following words: “Blick is courageous, aggressive and will always stand up for your rights as free citizens, and it’s not afraid to tell the truth.” Blick reporters were often the first on the scene in their cars with the newspaper logo painted on the side; even in the first edition readers were being asked to write in with topics they wanted covered. In launching Switzerland’s first tabloid paper, publisher Ringier was reacting to the social changes of the 1950s: prosperity, consumer society, electronic mass media. The model was Bild, founded in Germany in 1952. Controversy and protests Blick was an immediate hit among the man and woman in the street, but it was disdai.
SwissInfo (Switzerland) 10/14/2019 06:00
In the face of growing media concentration, privatisation of societal debates on messaging apps, and lost advertising revenues, Switzerland needs a new “media patriotism”, finds the 2019 Quality of the Media Yearbook. In Switzerland, as elsewhere, the most important driving force of shifts in media usage currently is the growth of tech platforms like Google, Facebook, and YouTube, writes the annual report by the Zurich-based fög institute. And in Switzerland, too, this is putting pressure on professional news journalism that is indispensable for the democratic process. Here we provide an overview of the main findings and recommendations of the report. What are the main findings? Media concentration is significantly increasing as the market
SwissInfo (Switzerland) 10/14/2019 05:00
Several US and Japanese multinationals have recently announced downsizing in Geneva. Is it part of a larger trend for the current local business climate and job market? In recent gloomy business news from Geneva, the head of the Swiss-American Chamber of Commerce (Amcham), Martin Naville, warned that the canton was struggling to attract new US firms and pointed to a 10% reduction in staff at US multinationals over the past decade. This was partly due to “new uncertainties linked to Swiss political life”, as well as stiff competition from places like the Netherlands and Ireland, he said. This was followed last month by Japanese Tobacco International (JTI) and US cosmetics specialist Coty announcing plans to slash personnel in Geneva. High co.
SwissInfo (Switzerland) 10/14/2019 03:29
When Tidjane Thiam arrived at the helm of Credit Suisse in the summer of 2015, he was a hero. Plucked from the same role at UK insurer Prudential, where he had doubled the share price in six years, he had big plans to shrink the Swiss group’s investment bank, slash costs, raise fresh capital and expand in Asia. He was one of four high-flying financiers parachuted in to run four of Europe’s biggest banks over a period of seven months in 2015 — alongside Bill Winters, who joined Standard Chartered; Jes Staley, who took over at Barclays; and John Cryan, who became Deutsche Bank chief executive. Four-and-a-bit years on, and with some bumps along the way, Thiam’s strategy has been implemented. Yet the CS share price has halved. Other than the pe.
SwissInfo (Switzerland) 10/13/2019 11:52
A survey has found that the Swiss pay far too much in health premiums, owing notably to the high cost of pharmaceuticals, reports a Sunday newspaper. The survey by Santésuisse, which represents health insurance companies, says Swiss citizens pay more than CHF1 billion ($1 billion) too much in health premiums. It has arrived at this conclusion by calculating how much the Swiss could save if pharmaceutical costs were at the levels of comparable European Union countries, reports the SonntagsZeitung. Santésuisse president Heinz Brand is urging the government to act, saying it can no longer be tolerated that "numerous medicines whose patent protection has expired cost up to 100% more than in other countries”, according to the paper. He is callin.

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