The Swiss bank Pictet has reached a settlement with the United States, agreeing to pay $123 million to resolve a long-standing tax dispute. This comes after years of legal battles between Swiss banks and the US over allegations of aiding American clients in evading taxes. Pictet’s agreement takes into account the bank’s efforts to review its policies and procedures for dealing with US taxpayers since 2008. The settlement is seen as a partial victory for the bank’s shareholders, who believed it was worth negotiating more persistently.
In other news, Postfinance, a financial company, has appointed Kurt Fuchs as the interim CEO following the resignation of Hansruedi Köng. The company has not yet found a permanent successor and stated that the search for the most suitable candidate for the CEO position will take longer than originally planned. Fuchs, who currently serves as the CFO of Postfinance, will temporarily assume the role.
The price of Bitcoin has surged to over $42,000, reaching its highest level since April 2022. The cryptocurrency’s market value now stands at around $820 billion, accounting for more than 50% of the total market of all digital currencies. Bitcoin’s image problem seems to have been resolved in the eyes of many investors, as it has rebounded from a low of nearly $15,000 a year ago. The recent surge in Bitcoin’s price is attributed to the anticipation of the approval of a spot ETF fund in the US, which would allow direct investment in Bitcoin. However, the cryptocurrency is still far from its record high of around $69,000 in November 2021.
Music streaming platform Spotify has announced its third round of layoffs this year, with approximately 1,500 employees, or 17% of its workforce, being let go. The company is taking this step to reduce costs. In January, Spotify laid off 600 employees, followed by another 200 in June.
Inflation has been a major concern, partly due to the rise in energy prices following the Russian attack on Ukraine. However, inflation in the Eurozone has significantly decreased, with consumer prices in November rising 2.4% compared to the same month last year, down from 10.1% a year ago. The European Central Bank (ECB) has raised its interest rates since the summer of 2022 but has recently kept them unchanged.
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| Information | Details |
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| Geography | Europe |
| Countries | 🇩🇪 🇺🇦 🇱🇺 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | None |
| Currencies | None |
| Securities | None |
