A Swiss economic rebound in 2020? Not so fast, says Lombard Odier A Swiss economic rebound in 2020? Not so fast, says Lombard Odier A Swiss economic rebound in 2020? Not so fast, says Lombard Odier
While the Swiss government slashed its 2019 growth forecast on Tuesday to 0.8 percent, down from 1.2 percent in June, it is still expecting gross domestic product to expand 1.7 percent next year. That sounds optimistic, according to Johan Utterman, head of Swiss equities at Lombard Odier IM. He says the economy may struggle to rebound next year without government support or a favorable end to the U.S.-China trade war.
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.
Hannah Wise
Financing the transition to a low-carbon economy
Banks are increasingly under fire from climate activists for funding fossil fuel projects. David Livingstone, Citigroup’s CEO in the EMEA region, says lenders have an important role to play in financing the transition to a broader base of energy sources.
Olivia Chang
What’s on the menu for the World Economic Forum 2020 in Davos
CNNMoney Switzerland’s Editor-in-Chief Andreas Schaffner tells us what to watch out for at the 50th anniversary of the World Economic Forum’s annual meeting in Davos.
Olivia Chang
Ascom structural shake-up a good start, says analyst
Swiss medtech company Ascom is overhauling its corporate structure and taking other steps to revive its fortunes after revenue slumped last year. Reto Huber, senior research analyst at Research Partners, welcomes the latest turnaround efforts, which he says will help put responsibility back into the hands of the company’s regional managers and restore its focus on customers.
Olivia Chang
Regulators get cozy with bitcoin billionaires
Discussions on how to regulate the crypto industry without stifling innovation dominated this week’s Crypto Finance Conference, where the speakers included U.S. Securities and Exchange Commissioner Hester Peirce. “If you don’t define the regulation for this space, not a lot is going to happen,” said Nicolo Stöhr, CEO of the event in St. Moritz.
Olivia Chang
U.S.-China deal “violates WTO rules,” says Saxo Bank economist
Part of the initial agreement struck between the U.S. and China was “in clear violation” of WTO rules, which state that two parties cannot do an agricultural deal without inviting other parties to the table, claims Steen Jakobsen, chief economist and CIO of Saxo Bank, in what he says is part of an inevitable move toward two separate global platforms.

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