Talacker 41, 8001 Zurich, Switzerland, Phone: +41 43 443 72 00, Fax: +41 43 497 22 70, info@amcham.ch, www.amcham.ch, December 2019 / No. 396

The latest events (more pictures on pages 4/5)2020 will be an interesting year - let’s doubly enjoy the Holiday Season!

Dear members and friends

Going into the Holiday Season, it is time to look forward to what next year will bring.

First the good news: Business between Switzerland and the USA does very well, despite the negative and pessimistic press coverage. In the first nine months of 2019, Swiss exports to the USA grew 11%, and imports from the USA also grew nearly 7%. And we hear good stories about foreign direct investments in both directions. In June and September 2019, we had historic months with exports to the USA the #1 des-tination, surpassing exports to Germany! Cautious forecast sees exports to the USA grow a little slower than the average growth of 12.3% per annum in the last 10 years. And still, developments are expected to continue on a positive path.

But otherwise, 2020 will be an interesting year – as in the Chinese curse “may you live in interesting times”. Globally, we see many ongoing and potential trade distur-bances between the US and China, Brexit and the relationship between UK and EU, the open issues between the USA and the EU, difficult questions within the EU and a US election campaign which will certainly not add to stability.

In Switzerland, we will be confronted with many hurdles like the cohesion payments to the EU, the Swiss participation in the EU R&D program Horizon Europe, the poten-tially threatened EU data equivalency for Switzerland, the necessary renegotiations of the Multilateral Recognition Agreements and the next phase of the never-ending saga of the Framework Agreement. And we hope that discussions towards a Swiss-USA Free Trade Agreement will begin in earnest. Domestically, we will face difficult, business-unfriendly public ballots: The Corporate Responsibility Initiative and the Limitation Initiative (leading to a cancel-lation of the Free Movement of People Agreement; in short “SwissExit”).

2020 will be a busy year! Let’s enjoy the Holiday Season to rest, enjoy our loved ones and get ready for this interesting New Year.

With the Swiss Amcham Team, I wish you the very best. Looking forward to seeing you next year.

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

Lugano, October 23: Christian Vitta (Presidente del Consiglio di Stato e Direttore del Dipartimento delle finanze e dell’economia), U.S. Ambassador Edward T. McMullen, Jr., Franco Polloni (Sen. EVP, EFG Bank / Chairman, Ticino Chapter Board)

Ulrich T. Brechbühl Guest of Honor of Swiss Amcham’s Board of Director At its meeting of November 21, Swiss Amcham’s Board of Director was honored by the visit of Ulrich T. Brechbühl, Counselor to U.S. Secretary of State Mike Pompeo (see picture above). Ueli Brechbühl was born in Switzerland and moved to the USA at age 2 when his father, a UBS banker, accepted a position in New York. Growing up in Garden City, he graduated from the United States Military Academy at West Point, spent some 7 years serving in the US Army before attending Harvard Business School. In West Point’s Yearbook, it says “a staunch Republican who could one day be President of the USA if it were not for his anathema toward politicians and the fact that he was born in Switzerland.”[ After a long career as an entrepreneur, Mr. Brechbühl accepted the role of Counselor when his West Point friend Mike Pompeo called. Still a perfect speaker of Bernese dialect, Mr. Brechbühl is clearly the most senior Swiss-born personality in the current administration.Under strict Chatham House rules, Mr. Brechbühl gave the Board members a candid in-depth look of the current US foreign affairs policy and debunked several falsely held believes. This was a great opportunity to get a better understanding of the current state of the world. Thank you, Ueli, for this great honor!

Zurich, November 7: Fireside Chat. Silvio Napoli (Chairman, Schindler Holding / Chairman, Swiss Amcham), Vasant Narasimhan (CEO, Novartis) [MS]

Bracken Darrell (Logitech), U.S. Ambassador Edward T. McMullen, Jr., Silvio Napoli (Schindler / Swiss Amcham), Ulrich Brechbühl (Counselor of the U.S. Dept. of State), André Kudelski (Kudelski / Swiss Amcham), Martin Naville (Swiss Amcham)

U.S. productivity drops by most since fourth quarter of 2015American workers were unexpectedly less productive during the third quarter, with growth in their output failing to keep up with the hours worked. The Labor Department said in early November nonfarm productivity, which measures hourly output per worker, fell at a 0.3% annualized rate between July and September, the biggest decline in almost four years. The last drop that was sharper was in the fourth quarter of 2015. The decline might set back the prospects of a pick-up expected by some economists in the trend growth rate for productivity follow-ing 2017 tax law changes partially aimed at fostering investment.

Wall Street increasingly weighs risk from climate changeIn the wake of two years of devastating wildfires in California, Wall Street is incor-porating a new risk metric when evaluating companies: climate resiliency. Investors, analysts, research firms and companies are putting more emphasis on how climate issues ranging from rising sea levels to record heatwaves will affect profits and revenues in the United States and what companies are doing to address those risks. As a result, fund managers, who typically do not incorporate environmental attributes in their analysis of a company, are taking a closer look at whether the physical locations of their property and equipment will put them at a higher risk of being impacted by climate change. So-called ESG funds, which focus on a company’s environmental, social, and governance attributes, have been at the forefront of focusing on the physical risks of climate change.

Homebuilder confidence slips slightly in November, from record highThe nation’s single-family homebuilders are feeling very positive about their business, but a monthly sentiment indicator fell in

November from a recent high. The national association of Home Builders/Wells Fargo Housing Market Index (HMI) fell 1 point to 70, after rising steadily since June to the highest level of the year in October. Anything above 50 is considered positive. The index measured 60 a year ago. Of the index’s three components, current sales conditions fell 2 points to 76, traffic of prospective buyers dropped 1 point to 53, and sales expectations in the next six months rose 1 point to 77. Sentiment, as well as housing starts, are stronger this year thanks in part to much lower mortgage interest rates.

U.S. Justice Department sets up anti-price collusion strike forceIn early November, the Justice Department said it had created a strike force that will identify and prosecute companies that fix prices or collude to push up the cost of billions of dollars’ worth of U.S. government purchases. The announcement follows the discovery that five South Korean companies had colluded in delivering oil to U.S. military bases. The Procurement Collusion Strike Force will be made up of the department’s Antitrust Division, 13 U.S. attorneys’ offices, the Federal Bureau of Investigation and the offices of inspectors general from the Defense Department, Justice Department, General Services Administration and U.S. Postal Service. Its creation is a follow-up to the Justice Department’s announcement last year that it would be more aggressive in pressing antitrust charges against compa-nies that rig bids for government contracts.

U.S. weekly jobless claims fall more than expected The number of Americans filing applications for unemployment benefits fell more than expected in early November, consistent with strong labor market conditions and continued job growth. Initial claims for state unemployment benefits decreased 8,000 to a seasonally adjusted 211,000 for the

week ended November 2, according to the Labor Department. The level of claims suggests solid labor market conditions.

Risks to U.S. economy are still on the downsideThe U.S. Federal Reserve has interest rates at the appropriate level for the U.S. economy but risks to the economic outlook are still tilted downwards, according to New York Federal Reserve President John Williams. The Federal Reserve voted 8-2 to cut interest rates by a quarter per- centage point at its October meeting to a target range of between 1.50% and 1.75%. It was the third interest rate cut this year, but the Fed made plain at the time that it would lower rates again only if there is a material deterioration in the U.S. economic outlook. Early in November, Williams said that the U.S. economy is in a good place and reiterated that the central bank’s reduction in borrowing costs this year should mitigate the potential risks of the ongoing U.S.-China trade war and slowing global growth.

U.S. SEC proposes rules that could limit shareholder voicesWall Street’s top regulator proposed in early November a pair of long-awaited rules that would set new limits on shareholders’ abili-ty to call for corporate changes on thorny issues like climate change disclosures and executive compensation. In one of the biggest wins for the corporate lobby under President Donald Trump, the U.S. Securities and Exchange Commission voted 3-2 along partisan lines to raise the resubmission thresholds for motions that shareholders file on company ballots and to put new requirements on firms guiding investors how to vote in corporate elections. Both shareholder proposals and proxy advisory firms are cornerstones of corpo-rate governance and how investors hold management accountable. Both changes will be subject to public comment.

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Swiss elections: Landslide Green gains tip parliament to the left Green parties have made historic gains at the expense of those to the right and the left in elections to the Swiss parliament in late October. Final results show the left-wing Green Party winning 13% of the vote for the House of Representatitves - up nearly 6% on 2015 and their best result ever. The centrist Liberal Greens also increased their share of the vote to 7.9% from 4.6%. The right-wing People’s Party remains the largest group in the House ahead of the left-wing Social Democrats. Overall, the left and the centre have gained ground, prompting speculation about a reshuffle of the multi-party govern-ment. The seven-member executive, the Federal Council, is currently made up of members of the main four parties, but not the Greens.

Negative interest rates harm Swiss economyA survey of Swiss companies commissioned by UBS concludes that negative interest rates are harming the wider economy. UBS asked 2,500 companies about the impact of negative interest rates - nearly two-thirds of respondents stated that the cost for the economy outweighed their benefits overall. The findings put more pressure on the Swiss Natonal Bank (SNB), which continues to defend its actions. However, companies are not particularly concerned about the effects of monetary policy on their own businesses, only a minority pay negative interest rates on cash held in bank accounts. Moreover, ultra-low rates, which have been in place since 2015, help exporters by stopping the value of the franc from spiraling out of control and benefit firms taking out loans. Concerns center on the inability of pension and savings funds to grow from traditional interest-bearing investments. The Swiss property market is also in danger of over-heating, as investors rush to put their money into bricks and mortar.

Self-censorship increases online amid data privacy concernsThe Swiss are using the internet more than ever but have growing angst about companies like Facebook violating their privacy. The consequence is a rising trend to self-censorship: not looking for certain information or not expressing oneself online. Confidence in online information continues to decline, with six out of ten users say-ing that they believe at least half of the information on the internet is credible. The results also reveal that many Swiss do not believe the internet will further improve the democratic quality of Switzerland’s political system. Only a minority believe that citizens can have more say and more power because of internet use.

How important are university rankings? Swiss schools tend to do well in university rankings. But how are they regarded by the institutions themselves, and why do the results vary so much? While some argue that league tables help assess quality in an increasingly global, competitive and diverse environment, others say they can lead universities to focus on rankings-friendly research over teaching and social respon-sibility. Critics have also pointed to league tables favoring the advantage enjoyed by the top 200 unis, many of which are in Europe and North America. The Federal Institute of Technology ETH Zurich is gene-rally Switzerland’s highest-ranked univer-sity, with its Lausanne counterpart EPFL coming in second. In the Times Higher Education (THE) World University 2020 rankings, Switzerland had more top-200 uni-versities per capita than any other country.

New Swiss copyright law and its impact on users of online contentLong considered lenient on copyright is-sues, Switzerland is bringing protections

Business News from Switzerland

3

of intellectual property into the digital age. The government believes these changes ought to prompt the country’s removal from a United States copyright protection watchlist. Fighting online piracy is at the core of the revision of the federal copyright law approved by parliament in September. But rather than penalise consumers of pirated content, the law targets hosting providers. The revised law facilitates and speeds up legal access to digital TC offerings and streaming services, while also boosting copyright protection for creative artists. It does not penalise consumers who illegally download films or music for private use on “peer-to-peer” sharing sites. Instead, the legal amendment targets hosting providers - web services that give users storage space on their servers to host data - operating out of Switzerland, and specifically those whose business model is based on piracy.

Swiss remain the richest in the world The Swiss have pulled away from the pack when it comes to assets per adult, remain-ing on average the wealthiest citizens in the world. By mid-2019, assets per adult in Switzerland stood at USD 564,650, an increase of USD 17,790 over the previous year, according to the recently published Credit Suisse Global Wealth Report. This puts Switzerland ahead of the United States, where assets per adult have risen by USD 11,980 since mid-2018, Japan (plus USD 9,180) and the Netherlands (plus USD 9,160). Since 2000, assets per adult have risen by 144%, according to the re-port. However, much of that rise has been due to appreciation of the franc against the dollar, especially between 2001 and 2013. The study authors noted that among the ten countries with a long series of wealth distribution data, Switzerland alone has seen no appreciable reduction in wealth inequality over the past century.

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Chamber Events

Meredith Hubble, Chris Nikoloff (TASIS), Emily McKee (TASIS), Lynn Fleming Aeschlimann (TASIS), Bill Eichner (TASIS), Corina Nikoloff (Thermo Fisher Scientific) (2)

Yasmine Quaglia (Corner Banca), Franco Polloni (EFG Bank / Ticino Chapter Board Chairman) (2)

Jennifer Bullard Broggini (Kieger), Michael A. Granville (Linnea) (2)

1. Zurich, Oct. 21: Hidden Swiss Champions - Schweizer Robotics-Szene an der Weltspitze

2. Lugano, Oct. 23: Ticino Annual Dinner

3. Zurich, Oct. 24: Special Evening with Markus Leitner, Ambassador of Switzerland to the Islamic Republic of Iran

4. Zurich, Oct. 30: HR Personnel Forum

5. Zurich, Nov. 7: Fireside Chat between Vasant Narasimhan, CEO, Novartis, and Silvio Napoli, Chairman, Schindler Holding

6. Zurich, Nov. 19: The Quest for Technology Supremacy: Are the U.S. and China Headed for a Great Tech Divide?

7. Berne, Nov. 21: Board of Directors’ meeting fall 2019

8. Zurich, Nov. 26: Corporate Tax Symposium 2019

9. Zurich, Dec. 3: Wie Smart Produzieren die Swiss Hidden Champions?

Pictures: [MS] Markus Senn [RE] Robert Eggs, Casa Cakchiguel

Ellen Frick-Delman (AWCZ/AICZ), James Mcsay (AICZ), Lyla Taylor (AWCZ), Markus Leitner (Ambassador of Switzerland to the Islamic Republic of Iran), Martin Naville (Swiss Amcham) [RE] (3)

Speaker Markus Leitner (Ambassador of Switzerland to the Islamic Republic of Iran) [RE] (3)

Daniel Kessler (BCG), Hanspeter Fässler (ANYbotics), Roland Siegwart (Wyss Zurich / ETH Zurich), Dominique Schär (Güdel Group), Jürg Niederbacher (PwC) (1)

Andreas R. Hofmann (Wilco), Marianne Janik (Microsoft), Andreas Staubli (PwC) [MS] (5)

5

Chamber Events

Maria Fayeulle (Citibank), Elzbieta Czetwertynska (Citibank) [MS] (5)

Pascale Saar-Naville (former Zurich Insurance Company), Dipak Mane (Bühler Management), Chantal Büchi Neher (Zühlke Engineering) (4)

Andreas Bantel (Bantel & Partner), Aloys Hirzel (Hirzel. Neef. Schmid. Konsulenten), Björn Johansson (Dr. Björn Johansson Associates) [MS] (5)

Martin Naville (Swiss Amcham), Jamil Anderlini (Financial Times), Alessandro Curioni (IBM), Eric Durand (Swiss Re) [© Asia Society Switzerland] (6)

Georg Kofler (Johannes Kepler Universität, Linz), H. David Rosenbloom (Caplin & Drysdale), Joseph J. Czajkowski (former Exxon Mobil Corp.), Robert Stack (Deloitte Tax), Andreas Risi (UBS), Vikram Chand (University of Lausanne), René Matteotti (University of Zurich), Peter R. Altenburger (Altenburger Legal+Tax), Stewart Brant (OECD), Barbara Angus (Ernst & Young), Pia Dorfmueller (P+P Pöllath + Partners), Markus F. Huber (Biogen), Peter Dormann (Johnson & Johnson - Cilag), Adrian Hug (Swiss Federal Tax Administration FTA) (8)

Thomas Bühler (PwC), Urs Riedener (Emmi Management), Thomas Landolt (IBM), Dirk Hoffmann (Metall Zug), Lukas Winkler (Inficon Holding) (9)

Martin Hirzel (Autoneum Holding), Mark Eisenhut (Abegg Holding) (9)

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The Chamber & You

New MembersAutomation Anywhere, OpfikonRobotic process automation software

Carbonite GmbH, ZurichIT - data protection and security

Galderma S.A., LausanneSkin Health

JUMI Enterprises, Kansas City, MOManagement Consulting

Miguel J Lanz, MD PL & Allergie, Asthma & Sinus Clinical Research, Coral Gables, FL Medical, health

Equitable Holdings, New York, NYInsurance, asset management

Schulthess Zimmermann & Jauch, Zurich Board advisory

swissnex in New York, New York, NYSwiss government representation for technology, research, innovation, and the arts

THE SETAI, Miami Beach, FL Hotel

Tiffany & Co., Beverly Hills, CARetail, jewelry and watches

VIVA Investment Partners AG, Zollikon Private equity, corporate finance

Withers Bergman LLP, New York, NYLaw firm

Chamber Members in the NewsAmcorEva Cheng retired as a non-executive direc-tor in early November after over five years of service to the company. The company is pleased to announce the nomination of Andrea Bertone as a non-executive direc-tor of Amcor.

autoneum In early October, the Board of Directors of Autoneum Holding appointed Matthias Holzammer, the former long-term Head of Business Group Europe, as CEO with immediate effect. He took over from Martin Hirzel, who is leaving the company by the end of the year after 11 years at the helm.In late October, the Board of Directors of Autoneum Holding appointed Bernhard Wiehl, the long-standing Head of Finance & Controlling of Business Group Europe, as Chief Financial Officer and member of the Group Executive Board with immediate effect. The previous CFO, Martin Zwyssig, has decided to leave autoneum.

BNP ParibasAs of April, Enna Pariset will become Head of Corporate and Commodities Coverage for BNP Paribas in Switzerland. She will split her time between Geneva and Zurich. Enna Pariset has 25 years of experience working in the US, the UK, France and Switzerland. She will be replacing Dorothée Regazzoni who is becoming Head of Corporate Cover-age for BNP Paribas in Germany.

Credit SuisseCredit Suisse announces the appointment of Mark Uy as Head of Philippines Cover-age in its Asia Pacific Investment Banking & Capital Markets (IBCM) department. Based in Manila, Mr. Uy will be responsible for driving the growth of Credit Suisse’s IBCM

business in the Philippines. He will report to Rehan Anwer and Pankaj Goel, co-heads of IBCM, Southeast Asia and Frontier Markets.

Franke The Franke Group appoints Marco Zancolò as the new Head of Franke Coffee Systems division and at the same time as a member of the Group Management. He succeeds Thomas P. Meier, who left the company on his own accord in March. Marco Zancolò previously worked for Nespresso, where he held various key positions in management. Most recently, he was responsible as Head of Zone Europe.

HiltiAvi Kahn, Region Head and Chief Execu-tive Officer of Hilti North America, has been promoted to the Hilti Group Executive Board, effective January 1, 2020. Over his 15-year career, Avi has held various roles of increasing responsibility after starting with the company in 2004 in San Francisco as an account manager, demonstrating and selling Hilti products to area contractors. Martina McIsaac, currently general ma-nager of Hilti Canada, will be promoted to Region Head and Chief Executive Officer of Hilti North America effective January 1, 2020.

Julius BaerEffective January 1, Julius Baer’s execu-tive leadership team will follow a simplified organisational structure. Competences and market responsibilities will be bun-dled, enhancing client focus and enabling fast decision-making. As part of these changes, the Executive Board of Julius Baer Group and Bank Julius Baer & Co., the Group’s main operating entity, will be aligned, with the same people serving on both boards. The executive leader-ship of Group and Bank will thereby be

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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: bettina.asaf@amcham.chPublisher: Ileana GarrigaE-mail: ileana.garriga@amcham.ch

Boston Chapter420 BroadwayCambridge, MA 02138E-mail: boston@amcham.ch

California - Los Angeles Chapter 9461 Charleville Boulevard, #537 Beverly Hills, CA 90212Phone 626/252-2834E-mail: SACCLAoffice@gmail.com

California - San Francisco Chapter 601 Montgomery Street, STE 1400 San Francisco, CA 94111 Phone 415/433-6679 E-mail: swissamericanchamber@saccsf.com

New York Chapter 500 Fifth Avenue, Room 1800 New York, NY 10110 Phone 212/246-7789, Fax 212/246-1366 E-mail: newyork@amcham.ch

Southeast USA Chapter E-mail: southeastusa@amcham.ch

Carolina Division E-mail: carolinadivision@amcham.ch

Florida Division E-mail: info@saccfl.com

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

reduced from 15 to 9 members: Philipp Rickenbacher, Chief Executive Officer; Yves Robert-Charrue, Head Switzerland & Europe, Middle East, and Africa; Jimmy Lee Kong Eng, Head Asia Pacific; Beatriz Sanchez, Head Americas; Nic Dreck-mann, Chief Operating Officer & Head of Intermediaries; Nicolas de Skowron-ski, Investment & Wealth Management Solutions, Head of Wealth Management Solutions; Yves Bonzon, Investment & Wealth Management Solutions, Chief Investment Officer; Dieter A. Enkelmann, Chief Financial Officer; Oliver Bartholet, Chief Risk Officer. Julius Baer announced the hiring of Yvonne Suter as new Head of Corporate Sustainability and Responsible Invest-ments (CSRI) as of November 4. With the appointment of the seasoned senior manager, the sustainability expertise will be further strengthened within the Group. Yvonne Suter reports to both the CEO Of-fice and the Bank’s Sustainability Board.

LafargeHolcimMagali Anderson has been appointed to the newly created position of Chief Sus-tainability Officer as part of the Executive Committee, effective October 1. Magali Anderson, a French national and a mechani-cal engineer, has an extensive international industry experience, acquired in a variety of general management, ope-rational and functional roles in countries such as Brazil, Nigeria, Indonesia, Angola, Romania and China.

LonzaLonza has announced that Marc Funk, CEO, will leave the Company for personal reasons. The Board of Directors has also announced that Albert Baehny, Chairman, will take on the additional responsibility of Chief Executive Officer on an ad interim

basis until a permanent successor has been found. Marc Funk will stay until January 2020 to ensure a smooth hand-over. In addition, board member Christoph Maeder has been appointed Lead Independent Director by the Board.

NestléThe Nestlé Board of Directors has decided to integrate the Nestlé Waters business into the Group’s three geographical zones, effective January 1, 2020. A dedicated Strategy Business Unit (SBU) will be cre-ated and report to Patrice Bula, member of the Executive Board and Head of Strategic Business Units, Marketing & Sales. The new Waters SBU will ensure strategic alignment globally and manage core global functions.Nestlé has also announced that Maurizio Patarnello, Deputy Executive Vice Presi-dent and Head of Nestlé Waters, will leave the Nestlé Executive Board on December 31. He will continue to advise Nestlé Waters in order to ensure a smooth transition to the new organizational structure. Sanjay Bahadur, currently Head of Acquisitions and Business Development, has been appointed to the Executive Board as Deputy Executive Vice President, effective January 1.

SIXThomas Wellauer has been proposed by the Board of Directors of SIX as its new Chairman with effect from March 15, 2020. He will take over from Romeo Lacher, who will remain Chairman until then. The formal election will take place at the Ex-traordinary General Meeting in December 2019. Thomas Wellauer has many years of experience both in top management and on various boards of directors of international companies in the financial and pharmaceuti-cal industries.

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GenevaMar. 16, Monday, 11:30 am - 2:00 pmBørge Brende, President, World Economic Forum Oct. 28, Wednesday, 11:30 am - 2:00 pmBoris Collardi, Managing Partner, Banque Pictet & Cie

ZurichJan. 14, Tuesday, 5:30 pm - 7:00 pmFireside Chat with Toto Wolff, Team Principal & CEO, Mercedes-AMG Petronas Motorsport and Markus U. Diethelm, Group General Counsel, UBSFeb. 3, Monday, 5:30 pm - 7:30 pmProf. Michael R. Wade, Innovation and Strategy, Cisco Chair in Digital Business Transformation, IMDFollowed by Panel discussion with Bertrand Bodson, Chief Digital Officer, Novartis; Antonio Carriero, Chief Digital & Technolo-gy Officer, Breitling; Kamel Ouadi, Group General Manager, Puig

Feb. 26, Wednesday, 11:30 am - 2:00 pmAntoine de Saint-Affrique, CEO, Barry CallebautMar. 10, Tuesday, 11:30 am - 2:00 pmGrégoire Poux-Guillaume, CEO, SulzerMar. 25, Wednesday, 11:30 am - 2:00 pmJacob Wallenberg, Chairman of Investor AB; Vice chairman of ABB, Ericsson, FAM, Patricia IndustriesJoint event with Wharton Alumni Club of SwitzerlandApr. 28, Tuesday, 11:30 am - 2:00 pmHerbert Scheidt, Chairman, Swiss Bankers AssociationJun. 29, Monday, 5:30 pm - 9:00 pmAnnual General Meeting 2020. Guest of honor: Federal Councilor Guy Parmelin

See www.amcham.ch for more event details

Los Angeles Febr. 20, ThursdayTownhall EventQuarterlyOrange County Swiss Business Mixer

San Francisco Jan. 22 or Jan. 29armasuisse/Cyber Security EventFeb. 12, Wednesday, 5:30 pmSACC Stammtisch

Swiss Amcham’s favorite carrier

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We would like to thank you, dear member, for your much appreciated support and look forward tocontinuing to work with you towards our common goals.Wishing you a merry Christmas and a happy, successful New Year!

The entire Chamber Team