Talacker 41, 8001 Zurich, Switzerland, Phone: +41 43 443 72 00, Fax: +41 43 497 22 70, [email protected], www.amcham.ch, March 2020 / No. 397 The latest events (more pictures on pages 4/5/8) What will 2020 bring? Dear members and friends My column for the December 2019 Busi- ness News was titled “2020 will be an interesting year”. How clairvoyant – unfor- tunately! COVID-19, possibly a major Black Swan, threw a wrench into a very positive business environment. At the time of writing, the further development of the virus expan- sion is still very unclear (for Swiss Amcham handling of the situation, please see on the right side). And still, life will go on and busi- ness will continue. So let’s first look at the situation pre-Black Swan: Business between Switzerland and the USA continued to excel! Swiss exports to the USA grew another 9.1% in 2019, very favorably comparing with growth to Germany (+0.4%), France (-6.0%) or Italy (-2.0%). In absolute terms, exports growth to the USA were a plus of CHF 3.4 bn, compared with a plus of CHF 3.5 bn to the entire EU or CHF 1.2 bn to China. Switzerland still exports more than twice the volume to the USA than to Brazil, Russia, India and China combined. In the other direction, Swiss imports from the USA also grew impressively with +9.3%. So all was well until the end of the year. COVID-19 will certainly change the trajectory of the global business development. Logistics chains will get disrupted, jobs will be lost in exposed industries and supply shortfalls will certainly appear in many places. But panick- ing will not help. We need to plan for all sorts of scenarios, but we should not forget that the issues apparent at the end of 2019 will not go away. Trade conflicts between USA and China, USA and Europe, the expansion of China as a transforming economic power with very different rules and values, the drive for a cleaner and more sustainable economy and many other key issues will continue to define the future. On Switzerland’s domestic side, we need to carry on focusing on the attractiveness of Location Switzerland, its relationship with the EU and making the right decisions in the upcoming votes on the Limitation Initiative and the Corporate Responsibility Initiative. And yes, we still need to strive to start negotiating a Free Trade Agreement with the USA. A lot of challenges for 2020. We live in the best of times, but also in most interesting times! 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 Swiss Amcham and COVID-19 Corona virus all over the media! Many people are in a limbo between panic (look at the stock market!) and “let’s get on with business!”. After all, every year 1’500 people die from the normal flu – in Switzerland alone. On Feb. 28, 2020, the Swiss confederation released a new ordinance prohibiting all organized activities bringing together more than 1’000 people. For smaller events, the organizers are called upon to perform a risk analysis with the relevant cantonal authorities. As we write this (Friday, Feb 28), we believe that the situation does (not yet) warrant a complete clamp down of activities and we will continue to do business and organize events while obviously taking all possible precautions to minimize risks. Should the situation deteriorate further, we will take then the necessary measures and inform all people concerned. Zurich, Jan. 14: Toto Wolff, Team Principal & CEO, Mercedes-AMG Petronas Motorsport [MS] Davos, Jan. 23: Bettina Schaller (Adecco), André Kudelski (Kudelski), Swiss Ambassador Jacques Pitteloud, Isabelle Moret (President, National Council), Thomas D. Meyer (Accenture), Christa Markwalder (National Council), U.S. Ambassador Edward T. McMullen, Jr., Martin Naville (Swiss Amcham) [AK] Swiss Amcham’s favorite carrier Zurich, Febr. 26: Antoine de Saint-Affrique, CEO, Barry Callebaut [MS]
The latest events (more pictures on pages 4/5/8)What will 2020 bring?
Dear members and friends
My column for the December 2019 Busi-ness News was titled “2020 will be an interesting year”. How clairvoyant – unfor-tunately! COVID-19, possibly a major Black Swan, threw a wrench into a very positive business environment. At the time of writing, the further development of the virus expan-sion is still very unclear (for Swiss Amcham handling of the situation, please see on the right side). And still, life will go on and busi-ness will continue.
So let’s first look at the situation pre-Black Swan: Business between Switzerland and the USA continued to excel! Swiss exports to the USA grew another 9.1% in 2019, very favorably comparing with growth to Germany (+0.4%), France (-6.0%) or Italy (-2.0%). In absolute terms, exports growth to the USA were a plus of CHF 3.4 bn, compared with a plus of CHF 3.5 bn to the entire EU or CHF 1.2 bn to China. Switzerland still exports more than twice the volume to the USA than to Brazil, Russia, India and China combined. In the other direction, Swiss imports from the USA also grew impressively with +9.3%. So all was well until the end of the year.
COVID-19 will certainly change the trajectory of the global business development. Logistics chains will get disrupted, jobs will be lost in exposed industries and supply shortfalls will certainly appear in many places. But panick-ing will not help. We need to plan for all sorts of scenarios, but we should not forget that the issues apparent at the end of 2019 will not go away. Trade conflicts between USA and China, USA and Europe, the expansion of China as a transforming economic power with very different rules and values, the drive for a cleaner and more sustainable economy and many other key issues will continue to define the future.
On Switzerland’s domestic side, we need to carry on focusing on the attractiveness of Location Switzerland, its relationship with the EU and making the right decisions in the upcoming votes on the Limitation Initiative and the Corporate Responsibility Initiative. And yes, we still need to strive to start negotiating a Free Trade Agreement with the USA.
A lot of challenges for 2020. We live in the best of times, but also in most interesting times!
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
Swiss Amcham and COVID-19 Corona virus all over the media! Many people are in a limbo between panic (look at the stock market!) and “let’s get on with business!”. After all, every year 1’500 people die from the normal flu – in Switzerland alone.
On Feb. 28, 2020, the Swiss confederation released a new ordinance prohibiting all organized activities bringing together more than 1’000 people. For smaller events, the organizers are called upon to perform a risk analysis with the relevant cantonal authorities.
As we write this (Friday, Feb 28), we believe that the situation does (not yet) warrant a complete clamp down of activities and we will continue to do business and organize events while obviously taking all possible precautions to minimize risks. Should the situation deteriorate further, we will take then the necessary measures and inform all people concerned.
Zurich, Jan. 14: Toto Wolff, Team Principal & CEO, Mercedes-AMG Petronas Motorsport [MS]
Davos, Jan. 23: Bettina Schaller (Adecco), André Kudelski (Kudelski), Swiss Ambassador Jacques Pitteloud, Isabelle Moret (President, National Council), Thomas D. Meyer (Accenture), Christa Markwalder (National Council), U.S. Ambassador Edward T. McMullen, Jr., Martin Naville (Swiss Amcham) [AK]
Swiss Amcham’s favorite carrier
Zurich, Febr. 26: Antoine de Saint-Affrique, CEO, Barry Callebaut [MS]
U.S. companies cut back on installing robots in 2019U.S. companies installed fewer robots in 2019 than they did the year before, the first cut back since 2015, as a downturn in manufacturing fueled by trade conflicts and weaker demand dampened appetite for the machines. Shipments fell to 23,758, a more than 16% drop, according to data released in mid-February by the Association for Advan- cing Automation, an industry group based in Michigan. Robot shipments also fell in Mexico last year, declining 25% to 3,263, while shipments in Canada roughly held steady at just over 3,000 units. A major goal of President Donald Trump has been to drive manufacturers to bring work back to the United States, presumably aided by new automation and robotics that would allow domestic plants to compete with cheaper labor in China and other lower-cost countries. But that trend appears to have been overwhelmed by a larger slowdown in manufacturing.
Fed’s Powell reinforces regulation and defends repo supportU.S. central bank officials are consider-ing options that would make it easier for banks to treat Treasury holdings similar to reserves when meeting liquidity require-ments, Federal Reserve Chair Jerome Powell said in mid-February in a letter to the Senate Democrat Sherrod Brown. The Fed chair said financial firms have a preference for holding reserves when planning for stress scenarios, and that central bank officials are considering changes to address situations when Treasu- ries and reserves should be fully substitu- table. The Fed has been injecting billions of dollars of cash into overnight lending markets since mid-September, when a liquidity shortage caused a surge in short-term borrowing costs. The central bank is conducting daily and term temporary operations in the markets for repurchase agreements, or repo. The Fed is also
purchasing short-term Treasury securities in a move to boost reserves back above USD 1.5 trillion, the level seen in early Sep-tember before the disruption.
Rents lift U.S core inflation U.S. underlying consumer prices picked up in January, while the number of Americans filing claims for unemployment benefits rose slightly in early February, suggesting the economy was stable enough for the Federal Reserve to keep interest rates on hold this year. The consumer price index excluding the volatile food and energy components rose 0.2% in January as Americans paid more for accommodation and apparel, after edging up 0.1% in December. Labor market strength is helping to sustain con-sumer spending, and supporting the longest economic expansion on record. Owners’ equivalent rent of primary residence, which is what a homeowner would pay to rent or receive from renting a home, increased 0.3% after rising 0.2% for two consecu-tive months.
College grads, baby boomers are the big winners in Trump’s economyPresident Donald Trump rolled out an eye-catching statistic in his State of the Union address in February: the wealth held by the poorest half of American households increased three times as fast as the wealth held by the “1%” since he became president. According to Federal Reserve data, Ameri-cans have on average seen a 17% jump in household wealth since Trump’s election, while wealth at the bottom half has increased 54%. The biggest winners on a dollar basis were whites, college graduates, and people born during the “baby boom” between 1946 and 1964. Much of the increase among the bottom half was due to increases in real estate, not stocks, after a resurgence in home ownership rates that began in 2016. Wages for lower-skilled jobs have of late been rising faster than those for higher-skilled occupations. January non-farm
payrolls data show a bigger-than-expected jump in overall employment, bolstered by an increase in construction jobs.
Mild weather boosts U.S. job growth, jobless rate ticks up U.S. job growth accelerated in January, with unseasonably mild temperatures boosting hiring in weather-sensitive sectors, indicat-ing the economy will probably continue to grow moderately despite a deepening slump in business investment. As for rising unem-ployment rates, economists say the size of the benchmark revisions, which showed substantial downgrades to manufacturing employment from August through to De-cember 2018, suggested the government might not be fully capturing the impact on payrolls of Trump’s 19-month trade skirmish with China, which has contributed to the longest downturn in business investment since 2009.
From wind power to cow manure: oil traders seek new profit recipeThe world’s largest oil traders are pouring hundreds of millions of dollars into climate-friendly projects - including wind farms, cow manure plants and blue hydrogen - as they seek to match the profits they make from trading oil. The energy industry as a whole faces an existential threat from the shift to a lower carbon future and faces growing pressure from investors, govern-ments, activists and financiers to find a sustainable business model. For oil trading houses, the challenge is more acute, as their profit margins have already shrunk due to increased competition, regulatory scrutiny and growing industry transparency. Trading firms have already put money into wind farms, hydrogen, solar, EV techno- logy, biofuels and biomethane as potential replacements for oil, traditionally their big profit driver. But like the big international oil companies they have yet to figure out what could become their new business model for an environmentally-friendly future.
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Business News from the United States
Pictet North America AdvisorsGeneva and Zurich+41 22 307 9000www.pictetadvisors.com
The values of a family should
not be tested by wealth.
U.S. places Switzerland on “currency manipulation watch list” The U.S.Treasury Department has put Swit-zerland back on a biannual list of countries that are under observation because of large trade surpluses with the United States. Switzerland was previously included on the Monitoring List between October 2016 and October 2018, “having a material current account surplus and engaged in persis-tent, one-sided intervention in the foreign exchange market”. It was then removed in May 2019. The U.S. Treasury announced in mid-January that Switzerland’s trade surplus with the U.S. in the four quarters through the end of June 2019 totalled USD 21.8 billion. Switzerland also had a current account surplus which amounted to 10.7% of GDP in the same period. In an immediate statement, the State Secretariat for International Finance said that it should be emphasized that Switzerland does not engage in any manipulation of its currency in order to prevent balance of payments adjustments or to gain unjustified competi-tive advantages.
Swiss rents fell but property prices increased in 2019Last year was a good one for tenants, according to the Swiss Real Estate Offer Index, which was published in early January. December alone saw rents dropping 0.4% on average. The most significant drops were in central Switzerland (-1.7%), the Lake Geneva region (-1.1%) and northwestern Switzerland (-0.9%). Meanwhile, rents increased in Ticino (+1.9%), the central Plateau region (+0.8%), the Zurich region (+0.6%) and in eastern Switzerland (+0.3%). Access to home ownership became more expensive. Houses were advertised at prices that were 2.8% higher at the end of 2019 than at the beginning, with an increase of 0.5% in December. For appartments, the price increase for the whole of 2019 was only 0.4%, also thanks to a slight decrease in December (-0.2%). For 2020 the byword
is stability, as the situation is expected to change little, whether in terms of interest rates or general economic developments.
Trump tells Sommaruga he wants Swiss-U.S. trade dealU.S. President Donald Trump met Swiss President Simonetta Sommaruga on the sidelines of the World Economic Forum in Davos in late January. He expressed his wish to find a free trade agreement with Switzerland. The U.S. president had given similar positive signals to Sommaruga’s predecessor Ueli Maurer last May, but the trade deal has been stalling since.
Switzerland could lack 700,000 workers in a decade’s time The head of the Swiss Employers’ Asso-ciation, Valentin Vogt, has warned that Switzerland will be facing a shortage of 700,000 workers in ten years’ time - and that immigration is key to plug the gap. In a recent interview, Valentin Vogt said that over the next decade around one million babyboomers would retire, but that there would only be 500,000 employees following on. There are also far more older people taking their pensions than young people coming into the labor market, he explained. The Swiss Employers’ Association re- cognizes the importance of women on the labor market and has suggested that those working part-time should up their work percentages where possible. But for now - mindful of a forthcoming public vote on a rightwing proposal to limit immigration and cancel a deal with the European Union on the free movemement of people - its main message is on immigration.
Income defines carbon footprint of Swiss householdsThe carbon footprint of Swiss households depends more on social and economic status than on whether consumers live in urban or rural areas, according to a new study. A team of researchers at the Federal
Business News from Switzerland
3
Institute of Technology in Lausanne found that income levels play an important role. The team examined data from Switzerland’s household budget survey for 2008, 2011 and 2014 and combined them with a so-called environmentally- friendly input-output analy-sis. The study found that households in the countryside have larger carbon footprints than those in cities mainly because they travel more and use more energy in their homes. But urban households are bigger polluters when it comes to food, clothing, cultural activities and air travel. Overall, a two-person household has the largest per-capita footprint and people in southern Switzerland are the worst offenders.
Switzerland to attend G20 summit for the first time Saudi Arabia, which on December 1 took over the chairmanship of the G20, has invited Switzerland to the next G20 sum-mit in Riyadh in November. The two other countries that have been invited as guests are Jordan and Singapore. This is the first time Switzerland has been invited to the table of G20 Heads of State. It has neverthe-less taken part several times in meetings of G20 finance ministers. Bern maintains good relations with the host country Saudi Arabia, despite widespread criticism of its human rights record. Switzerland holds “protect-ing power” mandates to represent Saudi Arabia’s interests in Iran and vice versa.
Swiss unemployment drops to new lowThe Swiss unemployment rate fell to 2.3% in 2019, according to the State Secretariat for Economic Affairs (SECO). That is the lowest yearly rate for almost 20 years. In a statement in early January, SECO said that 106,932 people were registered with regional job centres in 2019, 9.5% less than in the previous year. According to SECO, these figures show that the labor market is in a good state, despite subdued economic growth.
Patrice E. Humbel (Vontobel Swiss Health Advisors), Shaila-Ann Rao (Mercedes-AMG Petronas motor- sport), Roger Scherer (Vontobel Swiss Wealth Advisors) [MS] (1)
U.S. Ambassador Edward T. McMullen, Jr., Martin Naville (Swiss Amcham), State Secretary Marie-Gabrielle Ineichen-Fleisch, Swiss Ambassador Jacques Pitteloud [AK] (2)
Marco Huwiler (Accenture), Thomas D. Meyer (Accenture) [AK] (2)
Thomas Jordan (Swiss National Bank), Françoise Kudelski, André Kudelski (Kudelski) [AK] (2)
U.S. Ambassador Edward T. McMullen, Jr., Paul Bulcke (Nestlé) (2)
Sergio P. Ermotti (UBS), Peter Friedli (Friedli Corporate Finance) (2)
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Chamber Events
1. Zurich, Jan. 14: Fireside Chat with Toto Wolff, Team Principal & CEO, Mercedes-AMG Petronas Motorsport2. Davos, Jan. 23: WEF Swiss-American Friendship Cocktail3. Zurich, Febr. 3: Panel Meeting on Digital Transformation with Prof. Michael R. Wade, Professor of Innovation and Strategy, Director of the Global Center of Digital Business Transformation, IMD4. Zurich, Febr. 26: Antoine de Saint-Affrique, CEO, Barry Callebaut. Topic: “Doing Well by Doing Good”5. San Francisco Chapter, Dec. 5: Holiday Party with Fundraiser
Pictures: [MS] Markus Senn [AK] Andrea Kammermann
Cornelia Ritz Bossicard (2Bridge), Markus Braun (ZHAW School of Management and Law) [MS] (3)
Silvio Napoli (Swiss Amcham Chairman / Schindler), Michael R. Wade (IMD), Bertrand Bodson (Novartis), Kamel Ouadi (KO&CO), Antonio Carriero (Breitling) [MS] (3)
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Unlocking the potential of those who advance the world
Bjoern A. Jeker (CRC Results / SF Chapter Chapter) Manuela Borden (SF Chapter) (5)
Consul General San Francisco Benedikt Wechsler, his wife Frieda van Wermeskerken, Murat Sonmez (World Economic Forum San Francisco) (5)
Markus R. Neuhaus (Barry Callebaut), Antoine de Saint-Affrique (Barry Callebaut), Andreas Staubli (PwC) [MS] (4)
Walter H. Anderau (VIVA), Manuel Ebner (Bank of America Merrill Linch Int.) [MS] (4)
Charles Errico, Robin Errico (Ernst & Young), Romano Monsch (Albin Kistler) [MS] (4)
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The Chamber & You
New MembersBerlinger & Co. AG, GanterschwilProducing electronics and high security containers
Design 21, LLC, Marina del Rey, CAArchitecture firm
Brand Affairs AG, ZurichPR agency
d’Tank Inc, North Hollywood, CAManufacturing custom commercial furniture
Royal Caribbean Cruises Ltd., Miami, FLCruise lines
SeemannLaw, ZurichLegal services
Synergy Group Business Developer, Miami, FLReal Estate
St. Nicholas Orthodox Christian Cathedral, Los Angeles, CAChurch
Vontobel Swiss Wealth Advisors Ltd, New York, NYSEC registered investment advisor
Vive Property LLC, Los Angeles, CAReal estate developer
Chamber Members in the NewsABBAs of December 31, 2019, Claudio Facchin, Frank Duggan and Chunyuan Gu stepped down from the Executive Committee of ABB. With the announced divestment of Power Grids to Hitachi, Claudio Facchin will continue to lead Power Grids as a stand-alone business ahead of the closing of the transaction, which is expected in the first half of 2020. Frank Duggan and Chunyuan Gu are stepping down from their roles as Presidents of the Europe and AMEA (Asia,Middle East and Africa) regions respective- ly, as those roles are to be discontinued under the new ABB operating system. Duggan and Gu will continue as advisors to the company. In addition, Duggan will be appointed a member of the Hitachi ABB Power Grids Board, representing ABB, while Gu will continue as Chairman of the Board of Directors of ABB China.
Burckhardt Compression Ton Büchner will be nominated by the Board of Directors for election to the Board of Directors and as its new Chairman at the Annual General Meeting on July 3. Valentin Vogt, the current Chairman, will not stand for re-election at the pending Annual Ge-neral Meeting.
ClariantStephan Lynen will be appointed CFO as of April 1. The proven financial expert, currently Head of the Business Unit Addi-tives, has been with the company for more than 20 years in various international general management and business roles. He will succeed Patrick Jany who decided to pursue a career opportunity outside of Clariant as CFO of A.P. Moller - Maersk, a global leader in shipping services.
ConzzetaThe Board of Directors of Conzzeta AG has decided that the Group’s future focus will be on the Bystronic business unit. The other units are to be divested step by step within the period of a year, market conditions per-mitting. By focusing, Conzzeta is taking the next logical step to become a technology-oriented industrial company following the sale of its automation business in 2014, the spin-off of the real estate portfolio in 2015 and the disposal of the glass processing segment in 2019.
Credit Suisse The Board of Directors of Credit Suisse Group has unanimously accepted the re- signation of Tidjane Thiam and appointed Thomas Gottstein as the new CEO of Credit Suisse Group. André Helfenstein succeeds Thomas Gottstein as CEO of Credit Suisse (Switzerland).
GeberitGroup Executive Board member Egon Renfordt-Sasse is retiring effective March 31. In this connection, the two Group Executive Areas Operations and Product Management & Innovation will be merged to form the new Group Executive Area Products & Operations under the manage-ment of Group Executive Board member Martin Ziegler.
+GF+Andreas Koopmann, Chairman of the Board of Directors of Georg Fischer, will not stand for re-election at the next Annual Sharehol- ders’ meeting on April 15. Roman Boutellier will step down as Board member reaching the official retirement age. The GF Board of Directors will propose Yves Serra for elec-tion as new Chairman and Peter Hackel as new Board member.
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Julius BaerJulius Baer has appointed Alireza Valizadeh as CEO of Julius Baer (Middle East) Ltd. and Shaj Babu as CEO of Julius Baer (Bahrain) BSC effective February 1.
Kudelski SecurityKudelski Security announced the appoint-ment of Derek Philips as Kudelski Security’s Chief Revenue Officer, effective December 2, 2019. Philipps joined from Deloitte, where he was the SVP of Sales and Market Development.
Lindt & SprüngliChocoladefabriken Lindt & Sprüngli an-nounced that the Board of Directors has appointed Dr. Jennifer Picenoni as new member to the Group Management. Last January Jennifer Picenoni joined the Group Management in her function as Group General Counsel and Corporate Secretary.
NestléNestlé has announced that it proposes Hanne Jimenez de Mora, Co-founder and Chairperson of management consulting company a-connect and formerly a partner with McKinsey & Company, for election to its Board of Directors. The elections will take place at the company’s Annual General Meeting on April 23. At the AGM, Beat Hess will retire from the Board after twelve years of dedicated services. The Board will pro-pose the individual re-election of all other current members of the Board and the Chairman.
SiegfriedThe Board of Directors of Siegfried Hol- ding will propose to the General Meeting of Shareholders next April the election of Isabelle Welton to the Board of Directors. Rudolf Hanko will not stand for re-election.
SonovaSonova announced that Adrian Widmer has been nominated as a new board member for election at the next Annual General Meeting, and that Michael Jacobi will not stand for re-election, having served as a member of the Board of Directors since 2003 and as Chairman of the Audit Committee from 2004 until 2019.
Straumann GroupStraumann’s Head of Research, Develop-ment & Operations, Dr. Gerhard Bauer, is planning to retire at the end of June. He will be succeeded by Mark Johnson, an experienced engineer with a strong track record in manufacturing and operations.
SyngentaIn early January, ChemChina and Sinochem announced that they are consolidating their agricultural assets into a new holding com-pany that will be called Syngenta Group. After a career spanning of 26 years, Mark Patrick, Chief Financial Officer and member of the Syngenta Executive Team since 2016, left the company at the end of January. Chen Lichtenstein, former President and CEO of Adama, has been nominated CFO of the newly formed Syngenta Group.
UBSThe Board of Directors of UBS announced in mid-February that is has named Ralph Hamers as its new Group Chief Executive Officer and President of the Executive Board of UBS AG, effective November 1. Hamers currently serves as CEO of ING Group.Nathalie Rachou and Mark Hughes are nominated for election to the Board of Directors of UBS Group at the forthcoming Annual General Meeting. David Sidwell and Isabelle Romy are not standing for re-election.
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Chamber Events Plan
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GenevaMar. 16, Monday, 11:30 am - 2:00 pmBørge Brende, President, World Economic Forum May 18, Monday, 5:30 pm - 9:00 pmGallatin Award 2020, Award Presentation Ceremony Oct. 28, Wednesday, 11:30 am - 2:00 pmBoris Collardi, Managing Partner, Banque Pictet & Cie
ZurichMar. 19, Thursday, 11:30 am - 2:00 pmFireside Chat with Ambassador Dennis Shea, Deputy U.S. Trade Representative & Chief of Mission to the WTOEvent in cooperation with Swiss Advisory Council of the American Swiss Foundation and ASF Young Leaders Alumni Foundation
Mar. 25, Wednesday, 11:30 am - 2:00 pmJacob Wallenberg, Chair of Investor AB; Director of The Knut and Alice Wallenberg Foundation; Vice Chair of ABB, Ericsson, FAM and Patricia Industries; Former Chair and CEO of Skandinaviska Enskilda Banken (SEB)Joint event in cooperation with the Wharton Alumni Club of SwitzerlandApr. 28, Tuesday, 11:30 am - 2:00 pmHerbert Scheidt, Chairman, Swiss Bankers AssociationJun. 18, Thursday, 11:30 am - 2:00 pmPeter Voser, Chairman & CEO, ABBJun. 29, Monday, 5:30 pm - 9:00 pmAnnual General Meeting 2020. Guest of honor: Federal Councilor Guy ParmelinAug. 25, Tuesday, 11:30 am - 2:00 pmDaniel Grieder, CEO, Tommy HilfigerSept. 29, Tuesday, 11:30 am - 2:00 pmJ. Erik Fyrwald, CEO, Syngenta See www.amcham.ch for more event details
Oct. 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
Los Angeles Mar. 19, Thursday, 12:00 pm - 2:00 pmShopify Lunch and Workshop - How to improve your business with E-commerceQuarterlyOrange County Swiss Business Mixer
San Francisco Apr. 22, Wednesday, 5:30 pmABB opens the doors to his Silicon Valley campusMay 20, Wednesday, 5:30 pmSACC Stammtisch
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Members of the Los Angeles Chapter celebrating the annual Christmas Holiday Gala (1)
Outgoing Chair Angelle G. Ghiz-Wacker with new Chairman Reto Eberle (1)
Los Angeles Chapter:
1. Dec. 5: Annual Christmas Holiday Gala “A Christmas at Tiffany’s”2. Febr. 20: Town Hall Meeting
Gerhardt Widtmann, Todd Lindgren, Franco Zimmerli (Honorary Consul of Switzerland), Daniel Tschopp, Reto Eberle (Chairman LA Chapter), Veronica Besmer, Christoph Besmer (Swiss Business Hub USA) (2)
