SNB & CHF

SWISS currently operates 36 routes from Geneva; it plans to reduce this to 30. (Keystone) - Click to enlarge The CEO of Swiss International Air Lines has said that it is not impossible that the carrier’s Geneva operations be taken over by Eurowings, Lufthansa’s low-cost arm, in 2019. In an interview published in the Agefi newspaper on Monday, Thomas Klühr said he remained “confident” that such a scenario...

Les retraités pourront-ils toujours à l’avenir retirer leur 2e pilier selon les modalités actuellement en vigueur? - Click to enlarge C’est une réforme majeure du 2ème pilier qui a été repoussée sous la Coupole fédérale. Dans le cadre de la modification du régime des prestations complémentaires, le Conseil national a refusé de limiter le retrait de l’avoir vieillesse sous forme de capital. Aujourd’hui, un assuré peut...

If you think this is a robust, resilient, stable system, please check your Ibogaine / Hopium / Delusionol intake. Correspondent James D. recently asked for an update on the four intersecting cycles I’ve been writing about for the past 10 years. Here’s the chart I prepared back in 2008 of four long-term cycles: 1. Generational (political/social) 2. Price inflation/wage stagnation (economic) 3. Credit/debt...

Alas, fakery isn’t actually a solution to fiscal/financial crisis.. This chart of “debt securities and loans”–i.e. total debt in the U.S. economy–is also a chart of the creation and distribution of new money, as the issuance of new debt is the mechanism in our financial system for creating (or “emitting” in economic jargon) new currency: when a bank issues a new home mortgage, for example, the loan amount is new...

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Euro area employment grew for the 18th consecutive quarter in Q4 2017 (+0.3% q-o-q), and is now 1.5% above its pre-crisis (2008) level. By contrast, hours worked per person employed decreased during the same period, remaining 4% below their pre-crisis level. The two data series have followed divergent trends since the start of the economic recovery. Between Q1 2008 and Q2 2013, the total amount of labour input used by...

– Gold Cup at Cheltenham – ‘The Olympics’ of the European horse racing calendar   – Gold Cup trophy contains 10 troy ounces of gold – worth £9,000 – £620 million bets on horses, 230,000 pints of Guinness will be drunk, 9.2 tonnes of potato eaten  – Since the 5th century BC, gold has been the ultimate prize to award champions and gold has been constantly and universally awarded as top prize  – Gold, like the summit of...

Among the world’s most expensive places to fill a shopping cart: Zurich and Geneva Only Singapore is more expensive than Zurich, finds an economic survey that compared the prices of more than 150 grocery items in 133 cities around the world. In fact Zurich tied with Paris for second place, followed by Hong Kong, Oslo, and Geneva – which tied with Seoul for sixth place. The ranking comes from the 2018 Worldwide Cost of...

Despite the name, SWISS is owned by German group Lufthansa. Swiss International Air Lines saw an increase in profitability of almost one-third in 2017, the company has reported. The performance is largely due to more efficient and capacious planes. While total income increased by a more modest 3.2% to CHF4.95 billion ($5.24 billion), pre-tax profits jumped by 31% to CHF561 million. This made the year 2017 one of the...

If indeed this inflation hysteria has passed, its peak was surely late January. Even the stock market liquidations that showed up at that time were classified under that narrative. The economy was so good, it was bad; the Fed would be forced by rapid economic acceleration to speed themselves up before that acceleration got out of hand in uncontrolled consumer price gains. On February 1, the Atlanta Fed’s GDPNow...