Last quarter of a very special year: What is ahead? The latest events · Citigroup’s Fraser to be...

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Talacker 41, 8001 Zurich, Switzerland, Phone: +41 43 443 72 00, Fax: +41 43 497 22 70, [email protected], www.amcham.ch, October 2020 / No. 400 The latest events (more pictures on pages 4/5) Last quarter of a very special year: What is ahead? Dear members and friends 2020 started with a boom and had a strongly positive outlook. 20/20 vision is the perfect vision, after all! But as we all know, the year turned out differently. The Swiss-American business relationship had a roaring start. After Q4, 2019, the first quarter of 2020 again saw the US market #1 for Swiss exports, ahead of the German market! Exports to the US grew CHF 974 mio, four times the growth to the EU, while exports to the BRIC countries posted a negative growth of CHF 470 mio. Again, the exports to the USA proved to be the locomotive of the Swiss export industry. As we all know, Q2 saw exports to the US crashing down 22% due to the Covid crisis in general and logistics problems as a specific issue. But in the last months, progress came much faster than expected and in August, the US market was again the top export market for Switzerland. The Swiss-US Business relationship has everything to flourish in the future. In the USA, multiple crises unfold. Economy, pandemic, protests against police violence and racism, China-US tensions and congres- sional paralysis over Covid aid package are eagerly followed by the whole world, in many places with much glee. The situa- tion is overshadowed by a messy and loud election campaign, epitomized by a chaotic school-yard brawl named “first Presidential debate” with each side playing exclusively to their own constituency. But beneath gun smoke and fog, we discover first signs of progress. The economy is rebounding well, the Covid curve nicely trends down, there were fewer riots in the main cities and the election period will be behind us soon. The House of Representative will likely remain under Democratic control. Majority in the Senate can go either way. And the race to the White House is far from decided. But in spite of the alarmist press, I expect regular settlement of the election results – albeit with more noise than in other years. And life will go on. For more details, please tune in to Swiss TV on Wednesday November 4 from 06:00 to 10:00 where I will comment on the results of the US election (SF1). In Switzerland, we will experience a fall that will not be as noisy as in the USA, but just as interesting and trendsetting for the future. See article on the right. The Chinese proverb “May you live in interest- ing times” is normally hurled at the enemy, but I would propose to take this proverb positively and “enjoy an interesting time”. Martin Naville CEO Content Business News from the United States ...2 The Chamber & You...........................6/7 Business News from Switzerland ............3 Masthead ..............................................7 Chamber Events ...................................4/5 Chamber Events Plan ..........................8 A “Hot Fall” Ahead! In the coming months, our members, all active in international business, will come under increased pressure. In Switzerland, after the successful result of the Limitation Initia- tive, we are facing new hurdles: the very dogmatic Corporate Responsibility Initiative, looming issues with the EU (data equivalency, multilateral recognition agreements, participation in the Erasmus and Horizon programs, energy and health agreements and the Framework Agreement) and reform of corporate taxes in response to the OECD efforts will challenge the operations of our members. On top, parliamentary initiatives under the innocently sounding motto of “making companies more resilient” will push age-old dreams of redistribution, green economy and renationalization, targeting salaries, boni, dividends, share buybacks, corporate taxes, additional environmental fees, special regulations of all kind, protectionism in many sectors and many other unappealing measures. In the USA, depending on the election outcome, we might see increased hurdles to the free movement of goods, services, people and investment, or alternatively much higher fiscal charges and restricted freedom of operations. The post-Covid times will be a treacherous environment. Swiss Amcham will be ready to inform on such matters, to gather the members to act in their best common interest and to directly influence politicians and the government, and to work with the media. For these tasks, we need the support of all companies concerned, more than ever. You will hopefully remain a part of this group, jointly financing these very important tasks. Swiss Amcham needs you – you need Swiss Amcham! Thank you for your kind consideration and your continued support. Lugano, Annual Dinner, September 17: Franco Polloni (EFG Bank / former Ticino Chapter Board Chairman), Silvio Napoli (Schindler Holding / Swiss Amcham Chairman), Demis Stucki (EFG Bank / Ticino Chapter Board Chairman) Zurich, September 29: J. Erik Fyrwald, CEO, Syngenta Group and Board Member Swiss Amcham [MS] Swiss Amcham’s favorite carrier

Transcript of Last quarter of a very special year: What is ahead? The latest events · Citigroup’s Fraser to be...

Page 1: Last quarter of a very special year: What is ahead? The latest events · Citigroup’s Fraser to be first woman CEO of Wall Street bank Citigroup named consumer banking head JaneFra

Talacker 41, 8001 Zurich, Switzerland, Phone: +41 43 443 72 00, Fax: +41 43 497 22 70, [email protected], www.amcham.ch, October 2020 / No. 400

The latest events (more pictures on pages 4/5)Last quarter of a very special year: What is ahead? Dear members and friends2020 started with a boom and had a strongly positive outlook. 20/20 vision is the perfect vision, after all! But as we all know, the year turned out differently.The Swiss-American business relationship had a roaring start. After Q4, 2019, the first quarter of 2020 again saw the US market #1 for Swiss exports, ahead of the German market! Exports to the US grew CHF 974 mio, four times the growth to the EU, while exports to the BRIC countries posted a negative growth of CHF 470 mio. Again, the exports to the USA proved to be the locomotive of the Swiss export industry. As we all know, Q2 saw exports to the US crashing down 22% due to the Covid crisis in general and logistics problems as a specific issue. But in the last months, progress came much faster than expected and in August, the US market was again the top export market for Switzerland. The Swiss-US Business relationship has everything to flourish in the future.In the USA, multiple crises unfold. Economy, pandemic, protests against police violence and racism, China-US tensions and congres-sional paralysis over Covid aid package are eagerly followed by the whole world, in many places with much glee. The situa-tion is overshadowed by a messy and loud election campaign, epitomized by a chaotic school-yard brawl named “first Presidential debate” with each side playing exclusively to their own constituency. But beneath gun smoke and fog, we discover first signs of progress. The economy is rebounding well, the Covid curve nicely trends down, there were fewer riots in the main cities and the election period will be behind us soon. The House of Representative will likely remain under Democratic control. Majority in the Senate can go either way. And the race to the White House is far from decided. But in spite of the alarmist press, I expect regular settlement of the election results – albeit with more noise than in other years. And life will go on. For more details, please tune in to Swiss TV on Wednesday November 4 from 06:00 to 10:00 where I will comment on the results of the US election (SF1).In Switzerland, we will experience a fall that will not be as noisy as in the USA, but just as interesting and trendsetting for the future. See article on the right.The Chinese proverb “May you live in interest-ing times” is normally hurled at the enemy, but I would propose to take this proverb positively and “enjoy an interesting time”.Martin NavilleCEO

ContentBusiness News from the United States ...2 The Chamber & You...........................6/7Business News from Switzerland ............3 Masthead ..............................................7Chamber Events ...................................4/5 Chamber Events Plan ..........................8

A “Hot Fall” Ahead!In the coming months, our members, all active in international business, will come under increased pressure. In Switzerland, after the successful result of the Limitation Initia-tive, we are facing new hurdles: the very dogmatic Corporate Responsibility Initiative, looming issues with the EU (data equivalency, multilateral recognition agreements, participation in the Erasmus and Horizon programs, energy and health agreements and the Framework Agreement) and reform of corporate taxes in response to the OECD efforts will challenge the operations of our members. On top, parliamentary initiatives under the innocently sounding motto of “making companies more resilient” will push age-old dreams of redistribution, green economy and renationalization, targeting salaries, boni, dividends, share buybacks, corporate taxes, additional environmental fees, special regulations of all kind, protectionism in many sectors and many other unappealing measures. In the USA, depending on the election outcome, we might see increased hurdles to the free movement of goods, services, people and investment, or alternatively much higher fiscal charges and restricted freedom of operations.

The post-Covid times will be a treacherous environment. Swiss Amcham will be ready to inform on such matters, to gather the members to act in their best common interest and to directly influence politicians and the government, and to work with the media. For these tasks, we need the support of all companies concerned, more than ever. You will hopefully remain a part of this group, jointly financing these very important tasks. Swiss Amcham needs you – you need Swiss Amcham!

Thank you for your kind consideration and your continued support.

Lugano, Annual Dinner, September 17: Franco Polloni (EFG Bank / former Ticino Chapter Board Chairman), Silvio Napoli (Schindler Holding / Swiss Amcham Chairman), Demis Stucki (EFG Bank / Ticino Chapter Board Chairman)

Zurich, September 29: J. Erik Fyrwald, CEO, Syngenta Group and Board Member Swiss Amcham [MS]

Swiss Amcham’s favorite carrier

Page 2: Last quarter of a very special year: What is ahead? The latest events · Citigroup’s Fraser to be first woman CEO of Wall Street bank Citigroup named consumer banking head JaneFra

Investors brace for months of big market swingsInvestors are bracing for an extended pe-riod of market volatility as worries over a potential resurgence of coronavirus cases and political uncertainty loom. Market par-ticipants are not expecting the turbulence to die down any time soon. VIX futures show that investors are betting that market swings will persist beyond the November 3 U.S. presidential election and into December, reflecting worries about the possibility of a contested election and concerns that a deeply divided government will fail to agree on providing more fiscal stimulus to support the U.S. economy. Other possible stumbling blocks for U.S. stocks include re-escalating tensions between the United States and China, as well as a potential increase of global coronavirus cases that could once again lead to broad economic shutdowns.

Federal Reserve starts effort to update bank fair lending rulesIn late September, the Federal Reserve kicked off its own effort to update community lending standards for banks. The move by the central bank to solicit input on potential rule changes for the Community Reinvest-ment Act comes after other U.S. bank regulators already put forward separate rule updates. The Fed is soliciting feedback on how to update the rules to ensure lower-income communities are still supported by banks while reflecting the ways technology has changed banking in recent years. The proposed rules would expand the act and clarify the aspects of the act that support minority depository institutions, community development financial institutions, women-owned financial institutions and low-income credit unions.

Americans grew more pessimistic about job prospects amid pandemic Americans faced a tougher labor market in early summer as more people lost jobs during the pandemic and became more pessimistic about their employment pros-

pects going forward, according to a survey released by the New York Federal Reserve in the second half of September. Some 10.5% of consumers surveyed said they had become unemployed between March and July of this year, up from 2.8% in July 2019 and reaching a series high for the survey, which started in March 2014. The average expected likelihood of becoming unemployed also rose to 3.7% in July from 2% a year earlier. Consumers also faced more challenges finding new jobs. The share of people who changed employers dropped to 4.4% in July from 6.2% a year earlier.

U.S. corporate board gender diversity lags Publicly traded U.S. companies have been slow to add minority directors over the past five years even as women grabbed a greater share of board seats during that period, a comprehensive study released in late Sep-tember shows. Across the Russell 3000, a broad index of U.S. companies, 29% now have two or more ethnically diverse direc-tors, 7 percentage points more than in 2016, according to the new data from Institutional Shareholder Services. By contrast 66% of those boards now have 2 or more women, 27 percentage points more than in 2016. The few minorities who become corporate directors are then in demand, with 30% of the 817 individual black directors within the index serving on more than one board, compared to a rate of 19% for the 17,810 white directors counted for the study. Top asset managers have previously focused more of their diversity efforts on gender, not race, although that has begun to change. Minority business leaders have long urged boards to seek candidates from nontradi-tional backgrounds.

U.S. current account deficit surges 52.9% in second quarter The U.S. current account deficit soared to its highest level in nearly 12 years in the second quarter as the Covid19 pandemic weighed on the exports of goods and services. Ac-cording to the Commerce Department, the

current account deficit, which measures the flow of goods, services and investments into and out of the country, jumped 52.9% to USD 170.5 billion last quarter. That was the highest level since the third quarter of 2008. Data for the first quarter was revised higher to show a USD 111.5 billion shortfall, instead of USD 104.2 billion as previously reported. Economists had forecast the cur-rent account gap increasing to USD 157.9 billion in the April-June quarter.

U.S. consumer sentiment improves in early SeptemberU.S. consumer sentiment improved in early September, according to a survey, which also showed the upcoming November presidential election was starting to have an impact on expectations about future economic prospects. The University of Michigan said its consumer sentiment index rose to 78.9 in the first half of September from a final reading of 74.1 in August. Economists had forecast the index edging up to a reading of 75.

U.S. passenger airline traffic rising, but still down sharply over 2019U.S. passenger airline traffic continues to rebound over historic lows after the coro-navirus pandemic, but is still down sharply over 2019 levels. The U.S. Transportation Department said airlines carried 21.4 million passengers in July, up from 16.5 million in June, but still down 73% over July 2019 levels.

Citigroup’s Fraser to be first woman CEO of Wall Street bankCitigroup named consumer banking head Jane Fraser as its next chief executive, mak-ing her the first woman to lead a major Wall Street bank. Fraser has been a rising star in the financial industry, with a career that spans investment banking, wealth mana-gement, troubled mortgage workouts and strategy in Latin America, a key geography for Citigroup. She will take the reins from CEO Michael Corbat in February 2021.

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Study: No wave of coronavirus bankruptcies so far According to a survey by the Swiss associa-tion of creditors Creditreform, government credits and employment support measures have helped stave off a wave of bankrupt-cies, but they could rise over the longer term. Between January and August 2020, which includes the lockdown period, 2,800 firms in Switzerland declared bankruptcy. This is actually 621 fewer than in the same period last year. The study puts this down to govern-ment support measures such as emergency interest free loans for companies hit by the crisis and employment support such as short time working subsidies. But the study also warns of a possible rise in bankruptcies over the longer term amid a tougher economic climate. In mid-September, government ex-perts at the Swiss Secretariat for Economic Affairs forecasted GDP to fall by 5% this year. This was slightly revised downwards from a previous forecast of -6.2%.

Swiss law reforms make crypto respectableParliamentarians in the Senate rapidly passed a wide-ranging set of financial and corporate law reforms in September. The so-called “Blockchain Act” had sailed through the House of Representatives unopposed in the summer session, meaning the law will likely come into effect early next year. The legislation could open the doors not just to decentralised finance but also to the creation of digital company shares and a range of other tradeable assets. Several existing laws have been updated, ranging from company bankruptcy to securities trad-ing. Neighboring Liechtenstein has already enacted extensive blockchain legislation, but it chose to create new laws rather than amend the current code. The growing Swiss blockchain industry has welcomed the legislation. Heinz Tännler, President of the Swiss Blockchain Federation said that as of next year, Switzerland will have a regulatory framework that is among the most advanced in the world.

Covid’s severe impact on Zurich airport’s operationsSwitzerland’s largest international airport posted a loss of CHF 27.5 million for the first six months of 2020. This compares to a profit of CHF 143.4 million in the first half of 2019. In the first six months of 2020, 5.3 million passengers used Zurich airport, a decrease of 64.3% compared with the same period in 2019. The number of flight movements went down by 55.5% between January and June 2020. The airport stayed open during the spring - the height of the pandemic when Switzerland went into nationwide lockdown and air traffic was almost at a standstill - to accommodate air freight, repatriation and ambulance flights, alongside a few passenger flights.

Swiss private banks brace for coronavirus impact The Swiss private banking sector saw a resurgence in fortunes last year but faces an uncertain future as the Covid19 pandemic continues to play havoc with financial mar-kets. Favourable market conditions in 2019 allowed the 84 banks surveyed by KPMG to grow client assets by 14%, according to a recently published report by the audit firm. The situation so far this year is proving hard to judge. While the report suggests that some banks have leveraged the Swiss safe haven status to attract new funds, others are clearly struggling as clients bailed out of investments. KPMG predicts that private banks will struggle to attract new clients for the rest of the year as travel restrictions continue to hinder the all-important face-to-face meetings usually required to persuade people to open new accounts.

“Crypto Valley” canton to accept Bitcoin for tax paymentsCanton Zug, the heart of Switzerland’s “Crypto Valley”, says it will accept Bitcoin or Ether as tax payments from February 2021. The move will make it the first Swiss Canton to accept payment with cryptocurrencies.

Business News from Switzerland

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The eponymously named capital of Zug has accepted Bitcoin for government ser-vices since 2016, but only up to a value of CHF 200. According to the canton’s finance director, Heinz Tännler, as the home of the Crypto Valley, it is important to further promote and simplify the use of crypto cur-rencies in everyday life. Both companies and private individuals will be able to use either Bitcoin or Ether for payments up to CHF 100,000.

Red Cross to cut almost 100 posts in Geneva The Swiss-run International Committee of the Red Cross (ICRC) will cut 95 posts owing to financial pressures linked to the Covid19 pandemic. The deficit is expected to be CHF 130 million for 2020, ICRC announced in mid-September. Cost cutting measures of CHF 25 million are being planned. Jobs are at risk - the organization employs more than 20,000 people worldwide. In total, there should be around 60 redundancies, taking into account retirements and other factors among the 95 posts concerned, the organization said.

Switzerland is everywhere in space researchWhether it is on Mars with the Europeans, the Americans or the Chinese, on the Moon with the Russians, on satellites orbiting Ju-piter, on comets or peering into the infinite, Swiss technology is everywhere in space. A new report by the Academy of Natural Science sums this all up. It highlights 60 instruments deployed to 50 different space missions. Of those 50 missions, a good third are chartered by the European Space Agency (ESA). This makes sense as Swit-zerland is a founding member of ESA and contributes some CHF 170 million a year to the EUR 4.7 billion budget. Switzerland also contributes to nine NASA (U.S.), three Roscosmos (Russian), two JAXA (Japa-nese) and five CNSA (Chinese) missions, as well as various international consortiums.

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Chamber Events

1. Zurich, Sept. 16: Hidden Swiss Champions - Profitable Nachhaltigkeit als Erfolgsmodell2. Lugano, Sept. 17: Ticino Annual Dinner with Guest of Honor Silvio Napoli, Chairman Schindler Group and Chairman Swiss Amcham3. Zurich, Sept. 29: J. Erik Fyrwald, CEO, Syngenta Group. Topic: “Syngenta – 256 years of Swiss innovation to safely nourish the world and address climate change”

Pictures: [MS] Markus Senn

Andreas Müller (Georg Fischer), Lars van der Haegen (Belimo Holding), Heinz O. Baumgartner (Schweiter Technologies), Thomas Ebinger (PwC), Matthias P. Huenerwadel (Zehnder Group) (1)

Kiyan Nouchirvani (IMD), Bruno Wirz (IMD) (1)

Robert Itschner (ABB Schweiz), Thomas Bertschinger (Helbling Business Advisors) (1)

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Martin Naville (Swiss Amcham), Silvio Napoli (Schindler Holding / Swiss Amcham), Demis Stucki (EFG Bank / Ticino Chapter Board) (2)

Daniel Moos (International Music Productions), Natalia Ferrara, Martin Lenke (KPMG), Lorenzo Job (KPMG) (2)

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Chamber Events

Simone Leonardi (KPMG), Marco Netzer (Banque Cramer & Cie), Luigi Campagna (Goldberg & Partner), Reinhard Oertli (Meyerlustenberger Lachenal) (2)

J. Erik Fyrwald (Syngenta Group), Andreas Staubli (PwC) [MS] (3)

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Lorena Cedillo, Luca di Fede (Ashenden Finance), Piermichele Bernardo (IBC), Laura Poggioli Maraniello (2)

Björn Johansson (Dr. Björn Johansson Associates), Sam de Boo (Ecolab Europe) [MS] (3)

Alberto Logiudice (Dow Europe), Elzbieta Czetwertynska (Citibank), Olga Nieto (Citibank) [MS] (3)

Aloys Hirzel (Hirzel.Neef.Schmid.Konsulenten), Rolf Schläpfer (Hirzel.Neef.Schmid.Konsulenten) [MS] (3)

Matthias Schulthess (Schulthess Zimmermann & Jauch), Xavier Schops (Sonova Holding) [MS] (3)

Doris Albisser (EVALUGLOBE), Marianne Petitpierre (SBS Swiss Business School) [MS] (3)

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The Chamber & You

New MembersEFG International AG, ZurichWealth & asset management

FELFEL AG, ZurichFood tech

Jonas Fischer GmbH, ZugDispute resolution experts

LKQ Europe GmbH, ZugImporter and distributor of spare parts and accessories for passenger cars, vans, trucks and motorcycles

Park Hyatt Zurich GmbH, ZurichHotel company

RUAG MRO Holding AG, BernSupplier, support provider and inte-grator of systems and components for civil and military aviation

Sensirion AG, Stäfa Manufacturer of digital microsensors and systems

Stiftung Synapsis Alzheimer Forschung Schweiz, ZurichHealth care and social assistance

Vanguard Properties, Mill Valley, CAReal estate brokerage

Chamber Members in the NewsABBOn August 1, Theodor Swedjemark joined the Executive Committee of ABB as the company’s Chief Communications Officer. He has been holding the position on an interim basis since March 1, 2020. Theodor Swedjemark will be functionally responsible for external and internal communications, brand management, ABB Formula E, government relations & public affairs as well as sustainability & HSE. Swedjemark holds a master’s degree in business ad-ministration and economics from Linköping University in Sweden.

ABB is investing about CHF 40 million in new research and development facilities and office space for its Motion and Indus-trial Automation Business Areas at the company’s largest Swiss location in Turgi in the Canton of Aargau. The investment will enable ABB to strengthen its position in a number of high-growth areas while also enabling the company to expand its innovation capabilities.

Coca-Cola HBC Thomas Krennbauer is the new Country General Manager of Coca-Cola HBC Swit-zerland since April 1, 2020. He already worked for Coca-Cola HBC in a variety of roles in the past and knows the Swiss market. He took over from Nigel Davis, who had held this position since 2016.

Credit SuisseMartin Mende heads the Strategy & Initia-tive area at Credit Suisse (Switzerland) Ltd. October 1, 2020. He will thus become a member of the Management Committee of the Swiss Universal Bank division and will take a seat on the Executive Board of Credit Suisse (Switzerland) Ltd. He suc-

ceeds Daniel Hunziker, who will head the Institutional Clients business area from October 1. Martin Mende has many years of experience in the banking sector and has held various management positions in business development and consulting for more than 25 years.

DormakabaThe Board of Directors of dormakaba Holding has appointed Sabrina Soussan as new Chief Executive Officer of the Group effective April 1, 2021. She will succeed Riet Cadonau, who will focus on his role as Chairman, in line with previous communica-tions. Furthermore, the Board of Directors is proposing John Liu as a new member of the Board at the upcoming Annual General Meeting, while Rolf Dörig, Board member since 2004, will not stand for re-election, as previously announced.

Firmenich Firmenich has appointed Benoit Fouilland as Chief Financial Officer, effective Septem-ber 1. Benoit will report directly to Firmenich CEO Gilbert Ghostine, as a member of the Company’s Executive Committee. He will also be the Secretary of the Finance, Audit & Risk Committee of the Board of Direc-tors. Having most recently served as Chief Financial Officer at Criteo, Benoit joins Fir-menich with extensive experience as CFO in rapidly changing market environments and publicly-listed companies.

Julius BaerBank Julius Baer will create a new unit and launch a dedicated offering for direct private investments such as Private Equity and Private Debt for its UHNW clients. The unit will be led by Giuseppe De Filippo, who has joined the Bank together with a team of several experts on October 1. This unit will offer access to private market transactions

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The Chamber & You

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Switzerland Talacker 41, 8001 Zurich Phone 043 443 72 00, Fax 043 497 22 70 www.amcham.chCEO: Martin Naville Editor Business News: Bettina AsafE-mail: [email protected]: Ileana GarrigaE-mail: [email protected]

Boston Chapter420 BroadwayCambridge, MA 02138E-mail: [email protected]

California - Los Angeles Chapter 9461 Charleville Boulevard, #537 Beverly Hills, CA 90212Phone 626/252-2834E-mail: [email protected]

California - San Francisco Chapter 601 Montgomery Street, STE 1400 San Francisco, CA 94111 Phone 415/433-6679 E-mail: [email protected]

New York Chapter 500 Fifth Avenue, Room 1800 New York, NY 10110 Phone 212/246-7789, Fax 212/246-1366 E-mail: [email protected]

Southeast USA Chapter E-mail: [email protected]

Carolina Division E-mail: [email protected]

Florida Division E-mail: [email protected]

Opinions expressed do not necessarily reflect those of the Chamber‘s Board of Directors. 5 issues p.a.; membership publication

across all its regions via professionals in its major booking centres; it will complement Julius Baer’s current product range and will be embedded in its Markets division.

LindtWith a spectacular inauguration on Sep-tember 10, the curtain was raised on the new Lindt Home of Chocolate in Kilchberg (Canton of Zurich). The unique Chocolate Competence Center with interactive mu-seum, research plant, open-view production line and many other highlights is delighting visitors from Switzerland and across the world. Swiss Federal Councillor Ueli Maurer, President of the Foundation’s Board Ernst Tanner and brand ambassador Roger Federer unveiled the centerpiece of the new Lindt Home of Chocolate - the over 9-meter high chocolate fountain.

SiemensKlaus Helmrich, the Managing Board member responsible for Digital Industries, will retire upon expiration of his contract at the end of March 2021 after 35 years at the company. Cedrik Neike, the Managing Board member currently responsible for Smart In-frastructure, will succeed him as of October 1, 2020. Matthias Rebellius, currently Chief Operating Officer of Smart Infrastructure, has been appointed to the Managing Board and will assume responsibility for this unit.

SIG Combibloc GroupSIG announced that Markus Boehm, Chief Market Officer and member of the Group Executive Board, has decided to leave the company at his own request in view of upcoming organisational changes. Certain responsibilities of the Chief Market Officer will be devolved to the regional heads in Europe, Asia Pacific and the Americas, while the remainder will be redistributed to other members of the Group Executive

Board. Ian Wood, currently Chief Supply Chain Officer, will become Chief Techno- logy Officer and, in addition to his current responsibilities, will assume leadership of the global technology and R&D functions. Samuel Sigrist, Chief Financial Officer, will assume overall responsibility for commer-cial operations, including filler investments and solutions pricing, in addition to his current responsibilities. Consequently, the number of Group Executive Board members will be six instead of seven.

SulzerSulzer has agreed to acquire Swiss-German privately held drug delivery device deve- loper and manufacturer Haselmeier for an enterprise value of EUR 100 million. With this acquisition, Sulzer will complement its healthcare portfolio and leverage its APS expertise in precision injection molding to seize growth opportunities in the fast-growing drug delivery devices market.

UBSForbes/Shook recently released their 2020 “America’s Top 250 Wealth Advisors” list and recognized 50 UBS Advisors - up from 40 in 2019. They were among 250 talented Advisors who represent the best minds of the wealth management industry. The Advisors on the 2020 list have a minimum of seven years’ experience, and factors such as revenue trends, asset under management, compliance records and industry experience are considered.

VontobelAfter 12 years as Vontobel CFO, Dr. Martin Sieg Castagnola has handed over the role to Thomas Heinzl at the presentation of the half-year results on July 28. Sieg Castagnola will support Dr. Hans-Dieter Vontobel in the management of his investments and real estate in the future.

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Chamber Events Plan

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GenevaOct. 28, Wednesday, 11:30 am - 2:00 pmBoris Collardi, Managing Partner, Banque Pictet & CieDec. 10, Thursday, 11:45 am - 2:00 pmClaudio Bozzo, Chief Operating Officer, MSC Mediterranean Shipping Company SA, In Cooperation with AIC American International Club of GenevaJan. 21, Thursday, 11:45 am - 2:00 pmThe future of Geneva, In Cooperation with AIC American International Club of GenevaAntonio Hodgers, Conseiller d‘Etat, Département du territoire (DT), Canton of Geneva; David Montalba, AIA Founding Principal, Montalba Architects, Inc.; Mark Muller, Avocat au Barreau de Genève et Ancien Président du Conseil d‘Etat, Muller & Fabjan Real estate law

ZurichOct. 20, Tuesday, 11:30 am - 2:00 pmTej Tadi, Founder & CEO, MindMazeOct. 29, Thursday, 5:30 pm - 7:30 pmHR Personnel Forum, UBS Compensation Survey Outlook 2021 and Panel DiscussionDr. Daniel Kalt, Chief Economist Switzer-land, UBS; Ralf Brinkmann, Area President D/A/CH, Greece, Israel, Italy, Central Europe, and Greater Russia, Dow Europe; Monica Dell‘Anna, CEO The Adecco Group Switzerland & Austria, The Adecco Group; Alexander Senn, Head Human Resources, Siemens Schweiz Smart Infrastructure Global Headquarters

Nov. 4, Wednesday, 6:00 am - 9:00 amU.S. Presidential Election BreakfastJoin us to watch CNN coverage on big screen TVs and to discuss the outcome of the U.S. Presidential Election 2020Nov. 16, Monday, 5:00 pm - 7:00 pmComposition of Executive Boards of Swiss Companies in USASteven Baert, Chief People & Organization Officer, Novartis; Dr. Björn Johansson, Chairman & CEO, Dr. Björn Johansson Associates Inc Global Board Advisors; Grégoire Poux-Guillaume, CEO, Sulzer; Dr. Stefan Seiler, Group Head Human Resources, UBS; Dr. Dieter Weisskopf, CEO, Lindt & SprüngliNov. 26, Thursday, 11:30 am - 2:00 pmPeter Voser, Chairman & CEO, ABB

Florida Oct. 21, Wednesday (virtual)Swiss Peer to Peer Conference in Miami, October 21-22Oct. 28, Wednesday (virtual)Outlook for the Cruise Line Industry

Los Angeles QuarterlyOrange County Swiss Business Mixer

See www.amcham.ch for more event details

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