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China has a big impact on Switzerland, says investor Ken Fisher China has a big impact on Switzerland, says investor Ken Fisher China has a big impact on Switzerland, says investor Ken Fisher
Billionaire investor Ken Fisher believes Switzerland’s economy has been strongly impacted by the slowdown in China. Nevertheless, he sees convincing signs that the Chinese economy is picking up.
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Hannah Wise
Hamers faces a tough to-do list at UBS
ING’s Ralph Hamers has his work cut out for him when he takes over from Sergio Ermotti as CEO of UBS later this year, according to financial journalist Haig Simonian and Adriano Lucatelli of Descartes Finance. They say the Dutch banker will have to speed up the bank’s digital transformation, cut costs, and deal with the potential fallout from the ongoing legal case in France.
Hannah Wise
Ralph who? How Hamers made the cut at UBS
In his six years as CEO of ING, Ralph Hamers has transformed the Dutch lender into a leading digital bank for mom-and-pop consumers. Now UBS is tapping his expertise on behalf of the world’s wealthiest private investors.
Hannah Wise
Europe’s new tech policy: what you need to know
CNN’s Anna Stewart waded through the proposals out today so you don’t have to. Here’s the bottom line when it comes to data and AI in Europe.
Hannah Wise
Why Europe may not need Big Tech
Europe doesn’t necessarily need companies like Amazon, Google, and Facebook to be competitive in the digital economy, says Joanna Bryson, professor of ethics and technology at Hertie School in Berlin. “People worry that we’re losing competition because we don’t have these giant companies that we can’t control,” she says. “That’s not evidence that we’re doing a bad job.”
Hannah Wise
Pros and cons of taxing carbon
Taxing carbon emissions is just one piece of a broader puzzle in the effort to fight climate change, says Tony Patt, professor of climate policy at ETH Zurich. He says political risks and competition from renewable energy often limit the effectiveness of carbon taxes.
CNNMoney Switzerland
Zuckerberg does facetime in Brussels
Mark Zuckerberg held talks with top EU officials as the bloc drafts a new digital policy that is expected to strengthen government scrutiny of how companies like Facebook use artificial intelligence. Going into today’s meeting, he made clear there was room for more rules on data use, privacy, and content. CNN Europe Editor Nina dos Santos reports from Brussels.
Olivia Chang
Swiss firm spies opportunity in espionage scandal
This week’s revelations that U.S. and German intelligence services spied on governments worldwide for decades through secret control of a Swiss cryptography company came as no surprise to Robert Rogenmoser, CEO of Zurich-based Securosys. His company, which makes encryption devices used by banks to settle CHF 100 billion in daily transactions, has been trying for years to distinguish itself from Crypto AG. Rogenmoser says his machines, which are also used to secure crypto assets, can't be tampered with as they have no ''back door.''
Hannah Wise
Does China deserve more credit for its coronavirus response?
Frank-Jürgen Richter, founder and chairman of Horasis: The Global Visions Community, an international think tank, says China is dealing well with the outbreak, despite criticisms of misinformation.
Hannah Wise
Windstorm brings windfall for Lausanne company
Europe’s first big storm of the year grounded flights across the continent, leaving many travelers scrambling to find alternatives. But the bad weather was a windfall for Simply Jet, a private jet company in Lausanne.
Hannah Wise
“The reputation was going down the drain”
Lukas Hässig, publisher of Inside Paradeplatz, also says Credit Suisse CEO Tidjane Thiam should have turned in his badge last year. Hannah Wise sits down with Hässig and financial journalist Haig Simonian to discuss if the Swiss bank has done enough to repair its reputation.
Hannah WiseCindy Roberts
Credit Suisse battle serves as a wake-up call for investors
The battle at Credit Suisse over the fate of CEO Tidjane Thiam may be just the start of a broader conflict between investors and corporate boards as businesses redefine their raison d’être.     Chairman Urs Rohner came under attack from some of the bank’s biggest investors in the days before Thiam was shown the door. U.S.- and U.K.-based money managers demanded that Rohner, rather than Thiam, be held to account for the spying scandal that has shaken Switzerland’s second-largest bank. Credit Suisse would be acting against shareholders’ best interest if it removed a successful CEO, they said.     No one should be surprised the investors’ offensive failed. Thiam’s resignation was written on the wall when it became clear that the initial case—involving its former head of wealth management Iqbal Khan—was not an isolated event. “We saw a deterioration in terms of trust, reputation, and credibility among all our stakeholders,” Rohner said in media interviews after Thiam’s resignation.  It will take time to repair the damage. The Swiss financial supervisor is still investigating corporate governance at Credit Suisse in the wake of the scandal, during which a security officer killed himself.     For the record, an internal probe found that Thiam didn’t know about the snooping operations. That raises questions about what else he wasn’t aware of. Let’s not forget, Thiam also claimed he was blindsided by $1 billion in losses on trading positions in his first year on the job.   What the shareholders haven’t understood is that they don’t have the clout they once did. The notion that corporations function first and foremost to serve investors and maximize profits is falling out of favor as businesses respond to new social and environmental pressures.     At least that was the mantra at last month’s World Economic Forum, where Salesforce chairman and co-CEO Marc Benioff proclaimed that “capitalism as we have known it is dead.” For the first time in decades, the WEF updated its Davos Manifesto, a set of ethical principles, to emphasize the role of other stakeholders in the success of a business.     In this model, known as stakeholder capitalism, investing in employees, providing value to customers, dealing ethically with suppliers, supporting the community, and protecting the environment are as important as advancing the interests of shareholders.    Whether business leaders will make good on their pledges remains to be seen. But if the battle at Credit Suisse is any indication, it won’t be without a fight.  
Hannah Wise
Von der Leyen’s Brexit message resonates in Switzerland
By distancing itself from EU rules, the UK risks weakening its access to the single market, European Commission President Ursula von der Leyen warned in her keynote address in Davos today. Markus Will, senior economist at the University of St. Gallen, says the statement sent a clear message to Switzerland as well.
Hannah Wise
Six stories that made the day
Your latest highlights from #WEF20 and beyond: key messages from Ursula von der Leyen; Donald Trump comments on trade; the fashion industry’s heavy carbon footprint; the latest on the coronavirus; and a look at Swiss and global markets.
Hannah Wise
The top news of the day
Your latest highlights from #WEF2020 and beyond: A recap of President Trump’s and climate activist Greta Thunberg’s speeches; investors rush to safe havens; UBS and Lonza earnings; central banks on digital currencies.
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