UBS has repeatedly warned it will move staff to the Continent in the wake of the EU referendum. Chairman Axel Weber claimed 1,500 jobs would shift from London to preserve its business on mainland Europe and that the two-year negotiation process for Brexit “simply would not work” for its relocation strategy.
“We cannot postpone decisions on how we run our European operations,” Weber said at a conference in Frankfurt on Wednesday. “As soon as we know definitely that Brexit will happen, you will see decision-making processes kick off in all financial institutions.”
Swiss-based power and automation group ABB cut its 2016 profit report by $64 million after saying that internal controls failed to catch suspected fraud in South Korea.
It revised net income to $1.89 billion, ABB said in its annual report, down from $1.96 billion reported in February. The pre-tax impact was $73 million, less than the roughly $100 million previously reported, due to insurance recoveries.
Switzerland’s parliament made an unprecedented decision on Wednesday to prevent the state from "financing any organization which supports racism, anti-Semitism, or the BDS ( Boycott, Divestment and Sanctions movement)."
Switzerland’s National Council, its lower chamber in Parliament, passed a bill on Wednesday by a vote of 111-78, that would cease all funding to non-governmental organizations (NGO) promoting boycotts against Israel and incitement to hatred.
The Bern leadership provides approximately one million Swiss francs each year to the Human Rights and International Humanitarian Law Secretariat in Ramallah, which then moves the money along to more than 30 pro-Palestinian Authority NGOs.
UBS published its Annual Report 2016 providing detailed information, showing that it lowered the total pay for its chief executive Sergio Ermotti in 2016, a year in which the bank’s net profit was cut nearly in half compared with a year earlier.
Zurich-based UBS said on Friday that total compensation for CEO fell to 13.7 million Swiss francs ($13.5 million) in 2016 from 14.3 million francs a year earlier. Mr. Ermotti’s base salary remained unchanged at 2.5 million francs, according to a public filing, and he received a smaller bonus compared with 2015.
Overall, UBS decreased its 2016 bonus pool by 17% compared with the year before, to 2.9 billion francs.
The factory, which has been operating for nearly 140 years with an output of roughly 6,000 tonnes of food products, has been effected by changing consumer trends which have affected demand. The factory in Linz specialised in products for its business to business division.
On 7 March, the management informed the plant’s 127 employees of the decision, and is collaborating with the Works Council and employee representatives to find ‘socially acceptable solutions’.
General Motors will cut production and eliminate 1,100 workers at a plant in Michigan as it shifts production of a sport utility vehicle model to another factory in Tennessee. Most are hourly workers, with about 14 salaried.
The Lansing Delta Township plant will cease output of GMC Acadia SUVs on May 12, Tom Wickham. About 800 new jobs were created in that state as a result – and GM announced in January that it was adding a third shift in Spring Hill.
High-end Swiss chocolatier and confectionery company Lindt & Sprüngli grew at a faster pace than the overall chocolate market last year, according to the company’s latest financial results.
Although the group is at the top end of the market, which would give it some margin for manoeuvre on prices, the race to cut costs within the industry still took its toll.
Online gambling sites are no longer welcome in Switzerland after legislators voted to require internet service providers to block the domains of unapproved sites. The Swiss House of Representatives voted on Wednesday in favor of the proposed blockage of Internet access to real-money gambling websites that have not been licensed by local authorities.
The measure had previously been approved by the Senate. Discussions over the proposed block of international operators emerged once again in January. However, the effort, which has long been called for by domestic casino, betting, and lottery companies, lost some momentum after Swiss telecoms voiced certain opposition earlier this year. “Blocking websites works – experience abroad demonstrates that,” said Thierry Burkart from the centre-right Radical Party.
For qualified investors / professional clients only
In order to proceed, you must confirm that you are a qualified investor based in Switzerland
The information contained in this section have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document.
Before investing in a product please read the latest prospectus carefully and thoroughly and note that funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. The details and opinions contained in this document are provided without any guarantee or warranty and are for the recipient's personal use and information purposes only
