Wednesday, October 26, 2011

Brightbridge Wealth Management Financial and Investment Advice, Current headlines

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Zurich, Switzerland, by night along the Limmat River. (Rubiano Soto / Zurich Tourism)

If your travels take you to Zurich, Switzerland, you’ll save money with an $823 round-trip fare, which includes taxes and fees, from LAX on United or Swiss International.
You must buy your tickets seven days in advance and stay over at least one Saturday night for a visit that’s no longer than three months. The fare is available for travel Sundays-Thursdays between Oct. 30 and March 26, and you must return Mondays-Thursdays by May 15. The fare, as always, is subject to availability.

Brightbridge Wealth Management Stock Market Prices, Asset management and Mutual Funds

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(Reuters) – Logitech, the world’s largest computer mouse maker, issued its second profit warning in eight weeks, slashing its forecast for full-year profit and sales after a review by its acting chief executive, sending its shares down 12 percent.
Logitech, which also makers speakers, webcams and keyboards, said on Thursday it expected operating income of about $90 million for its 2011/12 year to end-March, compared with a previous target to meet or beat last year’s $143 million.
Citing the current weak economic environment in mature markets and the company’s product offering, Logitech cut its sales forecast to $2.4 billion from $2.5 billion, having cut it from $2.6 billion in July when announcing CEO Gerald Quindlen had resigned after weak first-quarter trading.
Chairman Guerrino De Luca was named acting CEO at the time.
The company said on Thursday gross margin in its fiscal third and fourth quarters should be well above the full-year average.
Logitech shares, which had lost more than half their value this year, were down 12 percent at 0932 GMT.
“The management completely underestimated market and technology shifts toward stand-alone mobile computing systems not requiring any peripheral interface components or simple gadgets,” said Sarasin analyst Oskar Schenker.
“Logitech’s actual product range is (old-fashioned) … not unique and sells only by price.”
NO MORE BAD NEWS?
De Luca told Reuters the new targets were a result of a review he had undertaken since taking over and reflected collapsing consumer confidence in Europe and the United States and the fact the company had been too optimistic in the past.
“I promise, this is the last of the bad news,” he said in a telephone interview, adding the third quarter should show an improvement. “Our product portfolio is not as strong as it should be, in the face of a tight economic situation,” he said. “Apple shows what you can do in bad economy.”
Logitech, which also produces speakers, webcams and keyboards, is suffering from sluggish demand like Europe’s biggest consumer electronics producer Philips.
Logitech launched its set-top box for Google’s new Web TV service last year along with other peripheral products like a keyboard controller and a video calling device.
After failing to entice consumers, despite lowering the price to $249, the company said it would slash the price to $99 to try to drive sales. “On Google-TV we are neutral. If it becomes a success, great. If not, than it should not impact Logitech,” De Luca said.
Vontobel analyst Foeth said he expected De Luca to boost spending on sales and marketing. “Logitech forecast a recovery for Q and Q$ telling us that the trough will be reached in the current quarter.”

Brightbridge Wealth Management Technology, Sports and Financial World News

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GO SWITZERLAND : Already renowned for its chocolate, the Swiss city is fast building a reputation as a culinary capital, with a panoply of intercultural eating houses offering Thai, Indian, French, American and local cuisine, writes MARIE-CLAIRE DIGBY
FOR MOST PEOPLE, chocolate bars are primarily either milk, dark or white, but for Rudolf Zehnder, general manager of the Ambassador hotel in Zurich, there are seasonal variations. “I have an autumn chocolate, but it gets too hard when I go hiking in winter; in general I like a dark, crisp chocolate in summer and milk chocolate in winter,” he says.
They take their chocolate very seriously here in this most picture-perfect of Swiss cities, which lies on the river Limmat as it flows into Lake Zurich, with the majestic Uetliberg mountain as a backdrop.
The first ever 100 per cent Swiss chocolate was produced at Zurich Zoo last year, using beans grown in the zoo’s Madagascar rain forest exhibit. The plants took six years to bear fruit and the harvest was tiny.
Just 150 premier cru Madagascar pralines were made, and they sold for CHF200 (€165) each, with the profits supporting the preservation of the Indian Ocean island’s Masoala National Park.
On another scale altogether, the giant Lindt chocolate factory perfumes the air in a most delicious way from its lakeside location at Kilchberg, a few miles outside the city, while in town, you’re never more than a few paces from some superlative chocolate.
You can sip a molten hot chocolate while listening to classical favourites being played on the grand piano in the gloriously decadent red velvet salon of Conditorei Schober, the city’s oldest coffee house. Or treat yourself to a Luxemburgerli, Zurich’s answer to the French macaron, at Confiserie Café Sprüngli, on the city’s main shopping street, Bahnhofstrasse.
These tiny meringues, smaller than the French macaron, glow like jewels in the chocolate-scented boutique, and some – the champagne variety – are even painted with gold lustre. They got their name, according to local lore, because the modest, puritanical Zurichers couldn’t bring themselves to call them by the original name, “baiser de mousse” or foam kiss, so they asked instead for the cakes made by the Luxembourg confectioner. This was Camille Studer, who brought the recipe to Zurich when employed by Richard Sprüngli.
BUT EVEN ZURICHERS cannot live on chocolate alone, and it comes as quite a surprise to find that this most conservative Swiss city has a vast panoply of intercultural eating houses, from meat- and cream-rich traditional menus in the city’s ornate Guild houses, to Asian buffets and French brasseries, Spanish tapas and – bet you weren’t anticipating this one – a Chinese takeaway served in an ornate temple garden gifted to Zurich by its twin city of Kunming in south west China in thanks for technical assistance in setting up the city’s drinking water supply.
Chinagarten is one of 11 catering outlets run by Kramer Gastronomie that also includes Thai, Indian, French, American, and traditional Swiss restaurants. Which is why I’m not altogether surprised to find myself sipping delicious mango juice flavoured with cardamom and cooking Indian food early on a Sunday morning in Europe’s oldest vegetarian restaurant . . . and yes, I’m still in Zurich.
Hiltl is a Zurich institution, occupying a prime corner site just steps from the dizzying parade of luxury brand boutiques on the Hauptbahnhof. It has been open since 1898, and Rolf Hiltl is the fourth generation of his family to run the business, which includes a 440-seat restaurant, catering company, and coffee bar and lounge that morphs into a nightclub several nights a week, when the departing stragglers bump into chefs coming in for the early shift.
It’s all very hip and cool, with lots of concrete, wood, glass and steel, and the restaurant’s live Twitter feed is projected on one wall. The nerve centre is a giant buffet table groaning with all manner of dishes, so varied that you’re never tempted to ask, “Where’s the beef?” There’s a camera trained on the buffet, so kitchen staff can keep an eye on what needs replacing.
Once you’ve made your selection your plate is weighed and you’re charged for what you’ve taken. It’s a clever concept, and you can try it out a little nearer to home at the London outpost of Tibits, a spin-off of Hiltl, with branches across Switzerland as well as in Heddon Street, near Regent Street in W1.
But before we can sample Switzerland’s most celebrated vegetarian food, we must assemble in the company’s bright and airy Cooking Atelier, where chef Anna Schlatter demonstrates patience levels worthy of beatification as she takes us through a hands-on session during which we make samosas with ginger raita, karahi paneer with chapatis, and for dessert, a curd cheese, saffron and garam masala concoction called Shrikhand.
It is all incredibly tasty, and quick to put together. By the time we’re finishing lunch, we’re sharing the cooking studio with brunch guests, obediently arriving for their very Swiss-like reservation times. Table for four, 12.55pm, reads the sign on an adjacent table.
Hiltl cooking classes run on a regular basis, often in English, with dates and details available at hiltl.ch. Like most things in Switzerland, it’s not cheap; the next English language class, on October 30th, will be a four-hour one at which a six-course menu will be prepared and the cost is CHF 200 (€165), including the class, dinner, drinks, wine and service.
But, like most things in this most elegant and sophisticated city, you really do get what you pay for.
Get there
Aer Lingus (aerlingus.com) and Swiss (swiss.com) fly from Dublin to Zurich. To get to the city from the airport, the train is the quickest and cheapest option, costing CHF6.40 (€5.20) and taking about 12 minutes.
Zurich where to . . .
Stay
* Hotel Ambassador, Falkenstrase 6, 00-41-44258-9898, ambassadorhotel.ch. A comfortable 45-room hotel in a great location near the city’s opera house. The hotel restaurant, À l’Opéra, specialises in fish from sustainable sources, including Irish organic salmon. You can get to and from the airport from the adjacent Stadelhofen station in just 16 minutes. Rates start at CHF295 (€237) for a double, and there are quite a few generous sized singles, from CHF220 (€180).
* Lady’s First Design Hotel, Mainaustrasse 24, 00-41-44380-801, ladysfirst.ch. Bad grammar notwithstanding, a hotel that bills itself “for the dynamic woman and modern men” and reserves its top two floors for women only, with a spa and beauty salon, is an interesting concept. Rates from CHF290 (€237) for a double, but online specials sometimes available.
* Ibis Zurich City West, Schiffbaustrasse 11, 00-41-4427-62100, ibishotel.com. In hip and up-and-coming Zurich West, an urban regeneration zone and home to the city’s edgier night-time scene. The city is easily reached by tram, and there are plenty of restaurants and bars in the vicinity. Rates from CHF129 (€105).
Go
* Take the 30-minute train trip from the city’s main station up the mountain to Uetliberg, for dinner at Restaurant Uto Kulm (Uetliberg, 00-41-44457-6666, utokulm.ch). You’ll have to walk uphill for about 10 minutes when you get off the train, and once you catch your breath at the top, the stunning views towards the city and the lake with the Alps in the distance will have you hyperventilating again. It’s best to go up in time to enjoy the view by daylight, and as you leave after dinner, the lights of the city will be spread out before you.
* Visit the thermal baths and spa in the former Hürlimann brewery (Brandschenkestrasse 150, 00-41-44205-9650, thermalbad-zuerich.ch) and take part in the strangely named – and nobody could explain it to me – Irish/Roman spa ritual, which involves moving through mineral-rich pools of water at varying temperatures before emerging at a rooftop outdoors infinity pool looking down over the city. The spa is in the 100-year-old stone vaults of the former brewery, built right inside the mountainside. But be warned, signage is only in German, and for a spa novice such as me, it was all a little confusing, not least where the customers eating lunch and drinking Prosecco in swimwear at the bistro kept the cash to pay their bills. (They swiped their admission bracelets and were charged on exiting the spa, I later discovered.)
* Have a meal in one of the city’s often highly ornate Guild houses. Zunfthaus zur Zimmerleuten (Limmatquai 40, 00-41-44250-5363, zunfthaus-zimmerleuten.ch) is home to the Guild of Carpenters and has a wonderful location on the right bank of the river Limmat. The building, which showcases the craftsmen’s skilled work in its ornate cherry wood panelling, was severely damaged by a fire in 2007, but has been fully restored. This is the place to eat Zurich’s signature dish, Zürcher Geschnetzeltes, or veal in a cream and mushroom sauce, served with rösti. But be warned, when you’ve polished off that first plateful, you’re only halfway there; seconds are offered and are expected to be eaten.
Get around
Trams are the best way to get around the city, and a Zurich card, costing CHF20 (€16.40) for 24 hours or double that for 72 hours, is valid for travel on all public transport, including the airport trains, as well as entry to all Zurich museums. They can be purchased at the airport.
The big cheese for chocolate
* Lindt: Mass produced, but the Swiss stuff is infinitely better than that made under licence in other parts of Europe. Try the famous Lindor balls. Widely available.
* Sprüngli: Home of the Luxemburgerli, but also the place to buy kirsch liqueurs, and make sure to try the daily truffle special. Café and shop at Bahnhofstrasse 21, and branches in many city centre locations as well as train stations and at the airport.
* Teuscher: Widely believed to make the best Champagne truffles. Three branches in the city centre.
* Frey : The best selling Swiss chocolate, with a 45 per cent market share. Available from supermarkets including Migros and Denner.

Friday, August 5, 2011

Brightbridge Wealth Management Headlines: Microsoft rolls out Office 365 in cloud computing race

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In rolling out Office 365, the online version of its ubiquitous Microsoft Office suite, the Redmond, Wash., technology giant is looking to catch up to rival Google Inc. in the race to move business software residing on local computers to remote data centers accessible from anywhere. For a monthly fee starting at $6 per user, Office 365 will allow company employees to edit and store Word documents, Excel spreadsheets and PowerPoint presentations online and communicate with one another via email, instant message or video chat as they work on projects together, an element Microsoft said would allow workers to get more done. Larger companies and those looking for more features will pay more per month.
Cloud proponents say companies can cut costs by getting rid of their own servers — which are expensive and require frequent maintenance and security updates — and allowing technology firms like Microsoft and Google to handle the hard work of supplying businesses’ computing needs.
“What happens when Microsoft Office meets the cloud?” Chief Executive Steve Ballmersaid at a presentation Tuesday. “Collaboration happens in addition to productivity, anywhere for any business of any size.”
Though Microsoft has for years had a cloud element to its Office suite, the company has struggled to catch up to Google in the online software race. The search giant says its Google Apps software, which also includes word processing, email and other business applications, is used by 3 million businesses and 30 million people around the world.
Still, that number is a small fraction of the 1 billion global users Microsoft says it has for its traditional Office suite, which for years has been its bestselling product. In 2010, Microsoft’s Business Division, which makes Office, was responsible for 30% of the company’s $64 billion in annual revenue.
As businesses increasingly buy into the advantages of the cloud, high-profile companies including Google, Amazon.com Inc. and IBM are competing to be the provider of choice. But with a huge existing customer base, Microsoft is looking to convince its users that moving to the cloud will be easier and less risky if they stick with the familiar Microsoft Office.
“The reality is that Microsoft already has these customers and should easily be able to retain them,” said Brad Reback, an analyst at Oppenheimer and Co. “Businesses in general, especially with something as critical as email, are loath to switch companies like that.”
Microsoft has already encountered a number of difficulties with the precursor to Office 365, called BPOS (for Business Productivity Online Suite). The BPOS system has seen a number of outages in recent months, including a three-day period in May when many customers had to wait up to six hours to receive emails. Microsoft later told customers it had “not been timely enough with information” about the system’s status.
A flurry of hacker attacks in recent months has also renewed questions about the vulnerability of data stored online. In cloud computing, information from many companies can reside on servers at a single data center, potentially allowing hackers to attack multiple targets at once.
As soon as Microsoft announced Office 365 on Tuesday, Google went on the offensive with a blog post entitled “365 reasons to consider Google Apps.”

Posts Tagged ‘Brightbridge Wealth Management Online Magazine – collection of world news and current events articles’

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In rolling out Office 365, the online version of its ubiquitous Microsoft Office suite, the Redmond, Wash., technology giant is looking to catch up to rival Google Inc. in the race to move business software residing on local computers to remote data centers accessible from anywhere. For a monthly fee starting at $6 per user, Office 365 will allow company employees to edit and store Word documents, Excel spreadsheets and PowerPoint presentations online and communicate with one another via email, instant message or video chat as they work on projects together, an element Microsoft said would allow workers to get more done. Larger companies and those looking for more features will pay more per month.
Cloud proponents say companies can cut costs by getting rid of their own servers — which are expensive and require frequent maintenance and security updates — and allowing technology firms like Microsoft and Google to handle the hard work of supplying businesses’ computing needs.
“What happens when Microsoft Office meets the cloud?” Chief Executive Steve Ballmersaid at a presentation Tuesday. “Collaboration happens in addition to productivity, anywhere for any business of any size.”
Though Microsoft has for years had a cloud element to its Office suite, the company has struggled to catch up to Google in the online software race. The search giant says its Google Apps software, which also includes word processing, email and other business applications, is used by 3 million businesses and 30 million people around the world.
Still, that number is a small fraction of the 1 billion global users Microsoft says it has for its traditional Office suite, which for years has been its bestselling product. In 2010, Microsoft’s Business Division, which makes Office, was responsible for 30% of the company’s $64 billion in annual revenue.

Posts Tagged ‘Microsoft rolls out Office 365 in cloud computing race’

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In rolling out Office 365, the online version of its ubiquitous Microsoft Office suite, the Redmond, Wash., technology giant is looking to catch up to rival Google Inc. in the race to move business software residing on local computers to remote data centers accessible from anywhere. For a monthly fee starting at $6 per user, Office 365 will allow company employees to edit and store Word documents, Excel spreadsheets and PowerPoint presentations online and communicate with one another via email, instant message or video chat as they work on projects together, an element Microsoft said would allow workers to get more done. Larger companies and those looking for more features will pay more per month.
Cloud proponents say companies can cut costs by getting rid of their own servers — which are expensive and require frequent maintenance and security updates — and allowing technology firms like Microsoft and Google to handle the hard work of supplying businesses’ computing needs.
“What happens when Microsoft Office meets the cloud?” Chief Executive Steve Ballmersaid at a presentation Tuesday. “Collaboration happens in addition to productivity, anywhere for any business of any size.”
Though Microsoft has for years had a cloud element to its Office suite, the company has struggled to catch up to Google in the online software race. The search giant says its Google Apps software, which also includes word processing, email and other business applications, is used by 3 million businesses and 30 million people around the world.
Still, that number is a small fraction of the 1 billion global users Microsoft says it has for its traditional Office suite, which for years has been its bestselling product. In 2010, Microsoft’s Business Division, which makes Office, was responsible for 30% of the company’s $64 billion in annual revenue.
As businesses increasingly buy into the advantages of the cloud, high-profile companies including Google, Amazon.com Inc. and IBM are competing to be the provider of choice. But with a huge existing customer base, Microsoft is looking to convince its users that moving to the cloud will be easier and less risky if they stick with the familiar Microsoft Office.
“The reality is that Microsoft already has these customers and should easily be able to retain them,” said Brad Reback, an analyst at Oppenheimer and Co. “Businesses in general, especially with something as critical as email, are loath to switch companies like that.”
Microsoft has already encountered a number of difficulties with the precursor to Office 365, called BPOS (for Business Productivity Online Suite). The BPOS system has seen a number of outages in recent months, including a three-day period in May when many customers had to wait up to six hours to receive emails. Microsoft later told customers it had “not been timely enough with information” about the system’s status.
A flurry of hacker attacks in recent months has also renewed questions about the vulnerability of data stored online. In cloud computing, information from many companies can reside on servers at a single data center, potentially allowing hackers to attack multiple targets at once.

Posts Tagged ‘Microsoft rolls out Office 365 in cloud computing race’

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In rolling out Office 365, the online version of its ubiquitous Microsoft Office suite, the Redmond, Wash., technology giant is looking to catch up to rival Google Inc. in the race to move business software residing on local computers to remote data centers accessible from anywhere. For a monthly fee starting at $6 per user, Office 365 will allow company employees to edit and store Word documents, Excel spreadsheets and PowerPoint presentations online and communicate with one another via email, instant message or video chat as they work on projects together, an element Microsoft said would allow workers to get more done. Larger companies and those looking for more features will pay more per month.
Cloud proponents say companies can cut costs by getting rid of their own servers — which are expensive and require frequent maintenance and security updates — and allowing technology firms like Microsoft and Google to handle the hard work of supplying businesses’ computing needs.
“What happens when Microsoft Office meets the cloud?” Chief Executive Steve Ballmersaid at a presentation Tuesday. “Collaboration happens in addition to productivity, anywhere for any business of any size.”
Though Microsoft has for years had a cloud element to its Office suite, the company has struggled to catch up to Google in the online software race. The search giant says its Google Apps software, which also includes word processing, email and other business applications, is used by 3 million businesses and 30 million people around the world.
Still, that number is a small fraction of the 1 billion global users Microsoft says it has for its traditional Office suite, which for years has been its bestselling product. In 2010, Microsoft’s Business Division, which makes Office, was responsible for 30% of the company’s $64 billion in annual revenue.
As businesses increasingly buy into the advantages of the cloud, high-profile companies including Google, Amazon.com Inc. and IBM are competing to be the provider of choice. But with a huge existing customer base, Microsoft is looking to convince its users that moving to the cloud will be easier and less risky if they stick with the familiar Microsoft Office.
“The reality is that Microsoft already has these customers and should easily be able to retain them,” said Brad Reback, an analyst at Oppenheimer and Co. “Businesses in general, especially with something as critical as email, are loath to switch companies like that.”
Microsoft has already encountered a number of difficulties with the precursor to Office 365, called BPOS (for Business Productivity Online Suite). The BPOS system has seen a number of outages in recent months, including a three-day period in May when many customers had to wait up to six hours to receive emails. Microsoft later told customers it had “not been timely enough with information” about the system’s status.
A flurry of hacker attacks in recent months has also renewed questions about the vulnerability of data stored online. In cloud computing, information from many companies can reside on servers at a single data center, potentially allowing hackers to attack multiple targets at once.

Posts Tagged ‘Brightbridge Wealth Management and Financial Planning Updated News Articles’

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The Swiss financial markets regulator FINMA was right to order the handing over of client data by UBS to the U.S. authorities, a top court ruled on Friday, despite the country’s cherished tradition of bank secrecy.
FINMA ordered UBS to hand over the data of 255 customers to the U.S. Department of Justice in 2009 as part of a settlement to avert criminal charges being leveled against Switzerland’s biggest bank.
“Such an indictment would have led to the bankruptcy of the bank which in turn would have caused serious and virtually uncontrollable economic repercussions for Switzerland,” the Swiss Federal Supreme Court said in a statement.
“Since FINMA had compelling reasons to believe that not relinquishing the customer data to the U.S. Department of Justice would have seriously impaired Switzerland’s financial markets and have led to serious repercussions for the Swiss economy, the action taken by it was shown to be lawful.”
The ruling overturns a 2010 decision by the Swiss Federal Administrative Court that FINMA’s decision was unlawful in a case brought by UBS customers whose data was handed over. If the Supreme Court had upheld that ruling, UBS clients could have sought damages from the Swiss state.
UBS also paid a fine of $780 million in exchange for the dropping of the U.S. investigation and later handed over details of a further 4,450 accounts to settle the case.
Earlier on Friday local rival Credit Suisse said it is being probed by the U.S. Department of Justice as part of a broader investigation into banks suspected of helping Americans evade taxes.

Posts Tagged ‘Brightbridge Wealth Management Facts and Financial Figures’

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In rolling out Office 365, the online version of its ubiquitous Microsoft Office suite, the Redmond, Wash., technology giant is looking to catch up to rival Google Inc. in the race to move business software residing on local computers to remote data centers accessible from anywhere. For a monthly fee starting at $6 per user, Office 365 will allow company employees to edit and store Word documents, Excel spreadsheets and PowerPoint presentations online and communicate with one another via email, instant message or video chat as they work on projects together, an element Microsoft said would allow workers to get more done. Larger companies and those looking for more features will pay more per month.
Cloud proponents say companies can cut costs by getting rid of their own servers — which are expensive and require frequent maintenance and security updates — and allowing technology firms like Microsoft and Google to handle the hard work of supplying businesses’ computing needs.
“What happens when Microsoft Office meets the cloud?” Chief Executive Steve Ballmersaid at a presentation Tuesday. “Collaboration happens in addition to productivity, anywhere for any business of any size.”
Though Microsoft has for years had a cloud element to its Office suite, the company has struggled to catch up to Google in the online software race. The search giant says its Google Apps software, which also includes word processing, email and other business applications, is used by 3 million businesses and 30 million people around the world.
Still, that number is a small fraction of the 1 billion global users Microsoft says it has for its traditional Office suite, which for years has been its bestselling product. In 2010, Microsoft’s Business Division, which makes Office, was responsible for 30% of the company’s $64 billion in annual revenue.
As businesses increasingly buy into the advantages of the cloud, high-profile companies including Google, Amazon.com Inc. and IBM are competing to be the provider of choice. But with a huge existing customer base, Microsoft is looking to convince its users that moving to the cloud will be easier and less risky if they stick with the familiar Microsoft Office.
“The reality is that Microsoft already has these customers and should easily be able to retain them,” said Brad Reback, an analyst at Oppenheimer and Co. “Businesses in general, especially with something as critical as email, are loath to switch companies like that.”
Microsoft has already encountered a number of difficulties with the precursor to Office 365, called BPOS (for Business Productivity Online Suite). The BPOS system has seen a number of outages in recent months, including a three-day period in May when many customers had to wait up to six hours to receive emails. Microsoft later told customers it had “not been timely enough with information” about the system’s status.

Posts Tagged ‘Asset Management and Mutual Funds’

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The Swiss financial markets regulator FINMA was right to order the handing over of client data by UBS to the U.S. authorities, a top court ruled on Friday, despite the country’s cherished tradition of bank secrecy.
FINMA ordered UBS to hand over the data of 255 customers to the U.S. Department of Justice in 2009 as part of a settlement to avert criminal charges being leveled against Switzerland’s biggest bank.
“Such an indictment would have led to the bankruptcy of the bank which in turn would have caused serious and virtually uncontrollable economic repercussions for Switzerland,” the Swiss Federal Supreme Court said in a statement.
“Since FINMA had compelling reasons to believe that not relinquishing the customer data to the U.S. Department of Justice would have seriously impaired Switzerland’s financial markets and have led to serious repercussions for the Swiss economy, the action taken by it was shown to be lawful.”
The ruling overturns a 2010 decision by the Swiss Federal Administrative Court that FINMA’s decision was unlawful in a case brought by UBS customers whose data was handed over. If the Supreme Court had upheld that ruling, UBS clients could have sought damages from the Swiss state.
UBS also paid a fine of $780 million in exchange for the dropping of the U.S. investigation and later handed over details of a further 4,450 accounts to settle the case.
Earlier on Friday local rival Credit Suisse said it is being probed by the U.S. Department of Justice as part of a broader investigation into banks suspected of helping Americans evade taxes.
Switzerland and the United States have been in talks to try to reach a multi-billion dollardeal to get the investigation dropped in return for the banks paying a fine, closing their undeclared offshore banking businesses to Americans, and turning over client names to the Internal Revenue Service (IRS).
Offshore tax havens have come under heavy attack in recent years as cash-strapped governments seek to boost revenues in the wake of the financial crisis, forcing countries like Switzerland to pledge to cooperate more to help hunt tax evaders.

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“I am sure that Switzerland, with its modern economic structure, its potential in know-how and innovative high technology products, can be an interesting partner for Russia in the process of realising its ambitious modernising efforts,” Schneider-Ammann told Moscow’s chamber of commerce on Monday during a four day trade mission to Russia.
After the signing ceremony he said it was now up to businesses to find partners and to get an entry into the Russian market. He pointed out that this cooperation would help preserve jobs in Switzerland.

Swiss aims

Switzerland’s stated mission in Russia is to concentrate on aiding economic reform while avoiding political interference. In concrete terms, this can be seen in such things as trade delegation visits and the participation of Zurich’s Technopark and the Federal Institute of Technology in the Skolkovo high-tech industrial park being built near to Moscow.
But it is also evident in Switzerland’s international efforts to bring Russia into the World Trade Organisation. Russian negotiations with the WTO have already lasted 20 years with no immediate conclusion in sight.
Schneider-Ammann described Switzerland’s external economic strategy as including mandates to encourage internationally recognised trade rules and to “integrate the largest possible number of countries into the global economy”.
Russia’s accession to the WTO partially hinges on it ditching protectionist measures that favour domestic industries – a reform that would aid Swiss companies trying to enter the market.
Such a move would also help to seal a free trade agreement (FTA) currently being negotiated between the European Free Trade Association (Efta) states, of which Switzerland is a member, and the customs union of Russia, Belarus and Kazakhstan.
The FTA and Russia’s WTO accession are therefore closely linked, although the one does not depend on the other.

Archive for the ‘Mutual Funds’ Category

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“I am sure that Switzerland, with its modern economic structure, its potential in know-how and innovative high technology products, can be an interesting partner for Russia in the process of realising its ambitious modernising efforts,” Schneider-Ammann told Moscow’s chamber of commerce on Monday during a four day trade mission to Russia.
After the signing ceremony he said it was now up to businesses to find partners and to get an entry into the Russian market. He pointed out that this cooperation would help preserve jobs in Switzerland.

Swiss aims

Switzerland’s stated mission in Russia is to concentrate on aiding economic reform while avoiding political interference. In concrete terms, this can be seen in such things as trade delegation visits and the participation of Zurich’s Technopark and the Federal Institute of Technology in the Skolkovo high-tech industrial park being built near to Moscow.
But it is also evident in Switzerland’s international efforts to bring Russia into the World Trade Organisation. Russian negotiations with the WTO have already lasted 20 years with no immediate conclusion in sight.
Schneider-Ammann described Switzerland’s external economic strategy as including mandates to encourage internationally recognised trade rules and to “integrate the largest possible number of countries into the global economy”.
Russia’s accession to the WTO partially hinges on it ditching protectionist measures that favour domestic industries – a reform that would aid Swiss companies trying to enter the market.
Such a move would also help to seal a free trade agreement (FTA) currently being negotiated between the European Free Trade Association (Efta) states, of which Switzerland is a member, and the customs union of Russia, Belarus and Kazakhstan.
The FTA and Russia’s WTO accession are therefore closely linked, although the one does not depend on the other.

Archive for the ‘Latest Issues’ Category

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The Swiss financial markets regulator FINMA was right to order the handing over of client data by UBS to the U.S. authorities, a top court ruled on Friday, despite the country’s cherished tradition of bank secrecy.
FINMA ordered UBS to hand over the data of 255 customers to the U.S. Department of Justice in 2009 as part of a settlement to avert criminal charges being leveled against Switzerland’s biggest bank.
“Such an indictment would have led to the bankruptcy of the bank which in turn would have caused serious and virtually uncontrollable economic repercussions for Switzerland,” the Swiss Federal Supreme Court said in a statement.
“Since FINMA had compelling reasons to believe that not relinquishing the customer data to the U.S. Department of Justice would have seriously impaired Switzerland’s financial markets and have led to serious repercussions for the Swiss economy, the action taken by it was shown to be lawful.”
The ruling overturns a 2010 decision by the Swiss Federal Administrative Court that FINMA’s decision was unlawful in a case brought by UBS customers whose data was handed over. If the Supreme Court had upheld that ruling, UBS clients could have sought damages from the Swiss state.
UBS also paid a fine of $780 million in exchange for the dropping of the U.S. investigation and later handed over details of a further 4,450 accounts to settle the case.
Earlier on Friday local rival Credit Suisse said it is being probed by the U.S. Department of Justice as part of a broader investigation into banks suspected of helping Americans evade taxes.
Switzerland and the United States have been in talks to try to reach a multi-billion dollardeal to get the investigation dropped in return for the banks paying a fine, closing their undeclared offshore banking businesses to Americans, and turning over client names to the Internal Revenue Service (IRS).
Offshore tax havens have come under heavy attack in recent years as cash-strapped governments seek to boost revenues in the wake of the financial crisis, forcing countries like Switzerland to pledge to cooperate more to help hunt tax evaders.

Archive for July 11th, 2011

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In rolling out Office 365, the online version of its ubiquitous Microsoft Office suite, the Redmond, Wash., technology giant is looking to catch up to rival Google Inc. in the race to move business software residing on local computers to remote data centers accessible from anywhere. For a monthly fee starting at $6 per user, Office 365 will allow company employees to edit and store Word documents, Excel spreadsheets and PowerPoint presentations online and communicate with one another via email, instant message or video chat as they work on projects together, an element Microsoft said would allow workers to get more done. Larger companies and those looking for more features will pay more per month.
Cloud proponents say companies can cut costs by getting rid of their own servers — which are expensive and require frequent maintenance and security updates — and allowing technology firms like Microsoft and Google to handle the hard work of supplying businesses’ computing needs.
“What happens when Microsoft Office meets the cloud?” Chief Executive Steve Ballmersaid at a presentation Tuesday. “Collaboration happens in addition to productivity, anywhere for any business of any size.”
Though Microsoft has for years had a cloud element to its Office suite, the company has struggled to catch up to Google in the online software race. The search giant says its Google Apps software, which also includes word processing, email and other business applications, is used by 3 million businesses and 30 million people around the world.
Still, that number is a small fraction of the 1 billion global users Microsoft says it has for its traditional Office suite, which for years has been its bestselling product. In 2010, Microsoft’s Business Division, which makes Office, was responsible for 30% of the company’s $64 billion in annual revenue.
As businesses increasingly buy into the advantages of the cloud, high-profile companies including Google, Amazon.com Inc. and IBM are competing to be the provider of choice. But with a huge existing customer base, Microsoft is looking to convince its users that moving to the cloud will be easier and less risky if they stick with the familiar Microsoft Office.
“The reality is that Microsoft already has these customers and should easily be able to retain them,” said Brad Reback, an analyst at Oppenheimer and Co. “Businesses in general, especially with something as critical as email, are loath to switch companies like that.”
Microsoft has already encountered a number of difficulties with the precursor to Office 365, called BPOS (for Business Productivity Online Suite). The BPOS system has seen a number of outages in recent months, including a three-day period in May when many customers had to wait up to six hours to receive emails. Microsoft later told customers it had “not been timely enough with information” about the system’s status.
A flurry of hacker attacks in recent months has also renewed questions about the vulnerability of data stored online. In cloud computing, information from many companies can reside on servers at a single data center, potentially allowing hackers to attack multiple targets at once.
As soon as Microsoft announced Office 365 on Tuesday, Google went on the offensive with a blog post entitled “365 reasons to consider Google Apps.”
“Upgrading platforms and adding features results in systems that are increasingly difficult to manage and complex to use,” the post started. “At times like these, it’s worth considering a clean slate: an approach based on entirely modern technologies, designed for today’s world.”

Archive for the ‘Financial headlines’ Category

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I am sure that Switzerland, with its modern economic structure, its potential in know-how and innovative high technology products, can be an interesting partner for Russia in the process of realising its ambitious modernising efforts,” Schneider-Ammann told Moscow’s chamber of commerce on Monday during a four day trade mission to Russia.
After the signing ceremony he said it was now up to businesses to find partners and to get an entry into the Russian market. He pointed out that this cooperation would help preserve jobs in Switzerland.

Swiss aims

Switzerland’s stated mission in Russia is to concentrate on aiding economic reform while avoiding political interference. In concrete terms, this can be seen in such things as trade delegation visits and the participation of Zurich’s Technopark and the Federal Institute of Technology in the Skolkovo high-tech industrial park being built near to Moscow.
But it is also evident in Switzerland’s international efforts to bring Russia into the World Trade Organisation. Russian negotiations with the WTO have already lasted 20 years with no immediate conclusion in sight.
Schneider-Ammann described Switzerland’s external economic strategy as including mandates to encourage internationally recognised trade rules and to “integrate the largest possible number of countries into the global economy”.
Russia’s accession to the WTO partially hinges on it ditching protectionist measures that favour domestic industries – a reform that would aid Swiss companies trying to enter the market.
Such a move would also help to seal a free trade agreement (FTA) currently being negotiated between the European Free Trade Association (Efta) states, of which Switzerland is a member, and the customs union of Russia, Belarus and Kazakhstan.
The FTA and Russia’s WTO accession are therefore closely linked, although the one does not depend on the other.

Archive for the ‘Asset Management’ Category

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Switzerland’s stated mission in Russia is to concentrate on aiding economic reform while avoiding political interference. In concrete terms, this can be seen in such things as trade delegation visits and the participation of Zurich’s Technopark and the Federal Institute of Technology in the Skolkovo high-tech industrial park being built near to Moscow.
But it is also evident in Switzerland’s international efforts to bring Russia into the World Trade Organisation. Russian negotiations with the WTO have already lasted 20 years with no immediate conclusion in sight.
Schneider-Ammann described Switzerland’s external economic strategy as including mandates to encourage internationally recognised trade rules and to “integrate the largest possible number of countries into the global economy”.
Russia’s accession to the WTO partially hinges on it ditching protectionist measures that favour domestic industries – a reform that would aid Swiss companies trying to enter the market.
Such a move would also help to seal a free trade agreement (FTA) currently being negotiated between the European Free Trade Association (Efta) states, of which Switzerland is a member, and the customs union of Russia, Belarus and Kazakhstan.
The FTA and Russia’s WTO accession are therefore closely linked, although the one does not depend on the other.

Archive for July 17th, 2011

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One of the most popular scams masquerades as a Facebook post urging the social media site’s nearly 700 million users to click on a link that plays a secret video confession by Casey Anthony, the 25-year-old acquitted July 5 in the first-degree murder of her 2-year-old daughter Caylee Marie.
Scam post message reads: “BREAKING NEWS – Leaked video of CASEY ANTHONY confessing to lawyers. Click To See – She can’t be re-tried, double jeopardy[sic]…OJ all over again!”

There is no video. There is no secret confession. However, scammers gain access to users’ Facebook walls, personal information, and share the viral scam using the unquestioned loyalty of their social media friends.
AllFacebook.com, a site which tracks trends, analytics and news about Facebook, shows that within minutes of the not guilty verdict, users posted 10 comments every second. Given that frenetic activity on the site, it’s no wonder scammers targeted it.
“It makes sense that people are taking advantage given the huge interest in the Casey Anthony trial,” said Josh Benton, director of the Nieman Journalism Lab atHarvard University in Cambridge, Mass. “The mechanism of sharing information can be taken advantage of and it’s a nefarious practice.”
Here’s how the scam baits users:

Archive for the ‘Stock Market’ Category

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I am sure that Switzerland, with its modern economic structure, its potential in know-how and innovative high technology products, can be an interesting partner for Russia in the process of realising its ambitious modernising efforts,” Schneider-Ammann told Moscow’s chamber of commerce on Monday during a four day trade mission to Russia.
After the signing ceremony he said it was now up to businesses to find partners and to get an entry into the Russian market. He pointed out that this cooperation would help preserve jobs in Switzerland.

Swiss aims

Switzerland’s stated mission in Russia is to concentrate on aiding economic reform while avoiding political interference. In concrete terms, this can be seen in such things as trade delegation visits and the participation of Zurich’s Technopark and the Federal Institute of Technology in the Skolkovo high-tech industrial park being built near to Moscow.
But it is also evident in Switzerland’s international efforts to bring Russia into the World Trade Organisation. Russian negotiations with the WTO have already lasted 20 years with no immediate conclusion in sight.
Schneider-Ammann described Switzerland’s external economic strategy as including mandates to encourage internationally recognised trade rules and to “integrate the largest possible number of countries into the global economy”.
Russia’s accession to the WTO partially hinges on it ditching protectionist measures that favour domestic industries – a reform that would aid Swiss companies trying to enter the market.
Such a move would also help to seal a free trade agreement (FTA) currently being negotiated between the European Free Trade Association (Efta) states, of which Switzerland is a member, and the customs union of Russia, Belarus and Kazakhstan.
The FTA and Russia’s WTO accession are therefore closely linked, although the one does not depend on the other.

Archive for July 5th, 2011

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N JOSE, Calif. — Adobe Systems Inc., the maker of Photoshop, Acrobat and Flash software, said Tuesday that net income for its fiscal second quarter grew 54 percent from a year ago as revenue rose 9 percent. It reaffirmed its sales target for the year.
Net income in the three months to June 3 climbed to $229.4 million, or 45 cents per share, from $148.6 million, or 28 cents per share, a year ago.
Excluding stock-based compensation expenses, an income tax windfall and other items, adjusted earnings came to 55 cents per share, more than the 51 cents per share expected by analysts polled by FactSet.
Revenue grew to $1.02 billion from $943 million a year ago, beating the $996 million expected by analysts.
Adobe said it expected third-quarter revenue between $1 billion and $1.05 billion. The mid-point is higher than the average analyst estimate of $1.02 billion.
The company said it also expects to post 50 cents to 56 cents per share of adjusted earnings in the third quarter, roughly in line with the 54 cents analysts are looking for.
Adobe reaffirmed its target for sales to grow 10 percent in the current fiscal year. That would put it on track to post annual revenue of $4.18 billion, above the $4.11 billion analysts are expecting.
Despite the solid outlook, Adobe’s shares fell $1.11, or 3.5 percent, to $30.90 in extended trading. The stock had closed the regular session up $1.06, or 3.4 percent, at $32.01.

Archive for the ‘Social Media’ Category

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There is no video. There is no secret confession. However, scammers gain access to users’ Facebook walls, personal information, and share the viral scam using the unquestioned loyalty of their social media friends.
AllFacebook.com, a site which tracks trends, analytics and news about Facebook, shows that within minutes of the not guilty verdict, users posted 10 comments every second. Given that frenetic activity on the site, it’s no wonder scammers targeted it.
“It makes sense that people are taking advantage given the huge interest in the Casey Anthony trial,” said Josh Benton, director of the Nieman Journalism Lab atHarvard University in Cambridge, Mass. “The mechanism of sharing information can be taken advantage of and it’s a nefarious practice.”
Here’s how the scam baits users:
•Facebook users click on the link which takes them to a site where they confirm their age.
•The scammer then posts a copy of the link to a user’s wall, shares it with everyone on their list of friends, and spreads the scam.
•The user then is taken to another website to answer a never ending succession of questionnaires, giving scammers referral fees and traffic from every completed survey.
Internet scams are not new, but Benton said they are becoming more pervasive on social media sites like Facebook and Twitter because of the evolution of journalism.
“News agencies are relying on their readers to spread their news more than ever before,” Benton said. “Unfortunately, scammers take advantage of the good faith users assume from their friends in sharing links.”
wpacheco@tribune.com or 407-420-6262

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Archive for July, 2011

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The declaration reinforced an existing action plan, that last year was extended until 2013, offering Swiss industrial and research expertise to assist the process of upgrading Russia’s infrastructure and economy.
The two Swiss ministers (centre) visit Kolomna with their Russian hosts (Keystone)
“I am sure that Switzerland, with its modern economic structure, its potential in know-how and innovative high technology products, can be an interesting partner for Russia in the process of realising its ambitious modernising efforts,” Schneider-Ammann told Moscow’s chamber of commerce on Monday during a four day trade mission to Russia.
After the signing ceremony he said it was now up to businesses to find partners and to get an entry into the Russian market. He pointed out that this cooperation would help preserve jobs in Switzerland.

Swiss aims

Switzerland’s stated mission in Russia is to concentrate on aiding economic reform while avoiding political interference. In concrete terms, this can be seen in such things as trade delegation visits and the participation of Zurich’s Technopark and the Federal Institute of Technology in the Skolkovo high-tech industrial park being built near to Moscow.
But it is also evident in Switzerland’s international efforts to bring Russia into the World Trade Organisation. Russian negotiations with the WTO have already lasted 20 years with no immediate conclusion in sight.
Schneider-Ammann described Switzerland’s external economic strategy as including mandates to encourage internationally recognised trade rules and to “integrate the largest possible number of countries into the global economy”.
Russia’s accession to the WTO partially hinges on it ditching protectionist measures that favour domestic industries – a reform that would aid Swiss companies trying to enter the market.
Such a move would also help to seal a free trade agreement (FTA) currently being negotiated between the European Free Trade Association (Efta) states, of which Switzerland is a member, and the customs union of Russia, Belarus and Kazakhstan.
The FTA and Russia’s WTO accession are therefore closely linked, although the one does not depend on the other.