Archive for the ‘business’ Category

Glencore faces British criminal probe

Swiss commodities giant Glencore is being investigated by the British Serious Fraud Office (SFO), it emerged on Thursday. The company would give no further details, but it already faces questions about its dealings in several countries. The SFO said it “confirms it is investigating suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons,” but would add no other detail. The commodities trader has come under increasing pressure over suspicions of engaging in questionable business practices. Last year, it was subpoenaed by the United States Department of Justice (DoJ) in relation to its activities in Nigeria, the Democratic Republic of Congo (DRC) and Venezuela. This followed a criminal complaint submitted in Switzerland by the NGO Public Eye against the company’s activities in DRC, including suspect links with billionaire Israeli businessman Dan Gertler. Leaked documents, known as the “Paradise ...

Expat Swiss salmon denied re-entry home

Free movement for fishy migrants within Europe is being blocked by France, as salmon trying to get back to Switzerland find themselves stopped near the border by French power plants.  Basel-born salmon migrate down the River Rhine and then try to swim back upstream to spawn – more or less where they hatched. However, owing to the lack of fish ladders on the Upper Rhine they can’t get past three hydroelectric stations in Strasbourg on the French-German border.  The Swiss government said in response to a parliamentary question on Thursday it would continue to work to remove the obstacles.  Germany, the Netherlands and Switzerland have built fish passes around all their power plants to help migrating fish swim upstream, but it is still impossible to cross three French power plants, said parliamentarian Roberto Zanetti.  Switzerland had proposed “several innovative proposals” to France, the government said, and intended to work towards a concrete timetable within the framework of ...

Julius Bär ordered to repay CHF153 million missing German funds

Swiss bank Julius Bär has been ordered to pay CHF153 million ($155 million) to settle a claim that one of its subsidiaries pilfered money from Germany during the reunification of the country in the 1990s. A Swiss court on Wednesday overturned a previous verdict that Julius Bär should not he held responsible. The Swiss wealth manager has been pursued for damages by a German state department that tracks down assets from the former East Germany. Julius Bär has always maintained that it was not to blame, having acquired a German bank in 2005 that carried out the irregularities between 1990 and 1992. In 2016, a Zurich court agreed with Julius Bär’s argument, a decision that was confirmed by another court last year. But an appeal has now sided with the German state complainant. As a result, Julius Bär has written down CHF153 million (comprising CHF97 million plus accrued interest since 2009) from this year’s profits. The bank says it will appeal the decision to the Supreme Court. ...

UK could drop plans to tax tech firms in rush to secure US trade deal

Trade experts raise doubts about digital sales tax aimed at companies such as Google

Boris Johnson’s plans for a multibillion-pound tax on tech companies such as Google and Facebook may be dropped in the post-Brexit rush to secure a trade deal with the US, trade experts have suggested.

The prime minister said internet companies needed to make a “fairer contribution”, as he indicated on Tuesday he would push ahead with a digital sales tax, despite opposition within his cabinet and a US backlash against similar plans from the French government.

Continue reading...

French strike disrupts rail traffic with Switzerland 

A national strike in France is causing severe disruptions to high-speed TGV rail traffic between Paris and Switzerland.   Swiss Federal Railways issued an advisory discouraging travel along this route from December 5 to 8. Only one TGV train will operate between France and Switzerland on Thursday.  The disruption began on Wednesday afternoon with several trains from Paris cancelled, including the last TGV departing from Geneva.  On Thursday, only one return trip from Paris to Basel is planned (departure from Paris 7:23 am, departure from Basel 12:34 pm).  These two trains will run on a modified schedule, as they will make several exceptional stops along their route. All other high-speed trains between Switzerland and France have been cancelled.  The other Franco-Swiss regional rail link (TER) is also strongly affected by the strikes.  Paris metro and French railway workers plan to walk off the job on Thursday in the latest expression of popular discontent over pension ...

How a 100-year-old watch brand came back to Switzerland

Switzerland's century-old Milus watch brand was acquired by Chinese investors in 2003, only to be bought back by a member of Swiss watchmaking royalty. Now, the company finds itself in the position of a startup trying to make it in today's timepiece market.   “I am certainly the first Swiss to acquire a watch brand from the Chinese,” says 82-year-old Luc Tissot with a laugh. He is the last living member of the Tissot watchmaking dynasty, founders of the celebrated eponymous Neuchâtel watch brand. Having acquired Milus from its Chinese owners in 2016, Tissot is energetic and enthusiastic when it comes to the task of harnessing the brand’s glorious past to propel it into the 21st century.  Founded in 1919 by Paul William Junod, Milus is this year celebrating its 100th anniversary. Over the decades, the brand acquired a solid reputation among those passionate about beautiful watchmaking. Its standout collection pieces include the Snow Star, which was part of the survival kit given ...

How Boris Johnson and Brexit are Berlusconifying Britain | William Davies

The divisions between politics, the media and business have dissolved, eroding integrity. It’s not bad news for everyone

If this election campaign has a distinctive mood, it is a mix of bewilderment, outrage and exhaustion. The public sphere has been engulfed by a war of attrition in which every poll number, media statement or policy announcement must be treated with suspicion. What is it concealing? Who paid for it? What is it distracting us from?

Related: In its election coverage, the BBC has let down the people who believe in it | Peter Oborne

Continue reading...
Powered by WordPress | Designed by: index backlink | Thanks to insanity workout, car insurance and cyber security