Automatic exchange of information (AEOI) – About 100 countries have committed themselves to the global standard

Approximately 100 countries, including Switzerland, have committed themselves to introducing the new global standard for the automatic exchange of information (AEOI). Domestic bank client confidentiality in Switzerland is not affected by the AEOI. Since 1 of January 2017, the legal foundations for introducing the AEOI entered into force, Switzerland has been collecting data which will…

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Federal Council puts new fintech rules into force

The Federal Council adopted an amendment of the Banking Ordinance. It will enter into force on 1 August 2017. The revision should ensure that barriers to market entry for fintech firms are reduced and that the competitiveness of the Swiss financial centre is enhanced. The amendment to the Banking Ordinance (BankO) aims to regulate fintech…

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Japan scores longest GDP growth run in more than a decade

Japan has recorded its longest run of sustained growth in more than a decade as stimulative policy and a healthier global economy lead to a period of robust progress. Growth for the first quarter of 2017 came in at an annualised 2.2 per cent, according to the Cabinet Office, marking five quarters of continuous expansion in…

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Singapore ranks the highest in Asia in attracting and developing talent

Singapore ranks the highest in Asia in attracting and developing talent, reflecting not only its world-class education system but how it’s adapting skills in the digital era. The city-state took the No. 2 spot behind Switzerland on the Global Talent Competitiveness Index, published on Tuesday by the French business school, INSEAD. Source

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Global Talent Competitiveness Index 2017

“Global Talent Competitiveness Index(GTCI)” is an annual benchmarking report that measures countries’ ability to compete for talent, released by INSEAD, The Business School for the World, The Adecco Group and the Human Capital Leadership Institute of Singapore. It is a research based on the following six points; Enable, Attract, Grow, Retain, Labour and Vocational skills,…

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Switzerland, the world’s most competitive economy

The World Economic Forum (WEF) released its Global Competitiveness Report 2016 at the annual WEF meeting in Davos, on 28th September. Switzerland, Singapore and the United States remain the world’s most competitive economies among the 138 economies covered by the report. Switzerland has been on top eight years in a row. The countries were ranked…

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Swiss GDP in second quarter: highest growth since “Frankenschock”

On 6th September 2016 the Swiss State Secretariat for Economic Affairs (SECO) published Swiss GDP in the second quarter. Swiss economy grew by 0.6% from the previous quarter and GDP expanded 2.0% year on year. This marks the highest quarterly growth since “Frankenschock” of January 2015 and more than twice as much as the market…

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The world’s highest innovation country, Switzerland

In the Global Innovation Index 2016 Switzerland keeps its top position throughout the last six years and also approves its well-known fame of “The world’s highest innovation country”. This ranking is based on a survey of the innovative capacity of more than 100 countries according to 82 indicators of innovation, such as R&D investment, number…

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Swiss Federal Council adopts dispatch on automatic tax information exchange

The Swiss Federal Council adopted the dispatch on the introduction of the automatic exchange of financial account information with the eight states and territories including Japan, and submitted it to Parliament for approval. The proposal met with widespread approval in the consultation. This includes Norway, Guernsey, Jersey, the Isle of Man, Japan, Canada and the Republic…

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Agreement on tax information exchange

Almost 100 countries including Switzerland and Japan has declared to adapt the new global standard for the automatic exchange of information(AEOI), which aims to inhibit cross- border tax evasion. As this regulation will apply to all, it allows for an equal basis in the competition between financial centers, and is a crucial tool to combat…

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