le News

Investec Switzerland. 2016’s December rally continued this week as Swiss and European equities outperformed global stocks. The US dollar continued to surge after the Federal Reserve increased interest rates for only the second time in a decade on Wednesday. © Elena Yakusheva | Dreamstime.com Fed Head Janet Yellen told reporters that inflation expectations have risen ‘considerably’ on the back of Donald Trump’s election win in November but added that the economic outlook...

According to UN trade statistics, the small Alpine nation exported US$ 2.4 billion1 of coffee in 2013. This figure is far higher than its cheese (US$ 615 million2) or chocolate (US$ 822 million3) exports, two far more famous Swiss exports. © Hpphoto | Dreamstime.com In 2013, Swiss coffee exports ranked 4th behind Brazil ($5.3b), Germany ($3.4b) and Vietnam ($2.9b). Ethiopia, where the coffee plant originated, trailed back in 13th place with $771 million of exports. And Italy, the European...

Investec Switzerland. The Switzerland attorney general’s office is shifting its focus to banks operating in the country as it continues to investigate Brazil’s bribery scandal, after plea deals with individual executives provided fresh insights into how the illicit funds flowed through the financial system. © Kevkhiev Yury | Dreamstime.com Attorney General Michael Lauber said in an interview that he’s reviewing how Swiss banks were used to funnel bribes to officials at the...

20 Minutes. Because of negative interest, even a savings account earning 0% interest is earning too much reckons the bank’s boss. Source: Facebook Migros Bank Soon many banks will be passing on some of the cost of negative interest to their clients, reports 20 Minutes. Migros Bank will need to seriously consider doing the same in 2017. The bank’s boss Harald Nedwed told the NZZ am Sonntag that the situation is difficult for all Swiss banks reliant on interest margins. Savings accounts earning...

20 Minutes. Because of negative interest, even a savings account earning 0% interest is earning too much reckons the bank’s boss. Source: Facebook Migros Bank Soon many banks will be passing on some of the cost of negative interest to their clients, reports 20 Minutes. Migros Bank will need to seriously consider doing the same in 2017. The bank’s boss Harald Nedwed told the NZZ am Sonntag that the situation is difficult for all Swiss banks reliant on interest margins. Savings accounts earning...

How many hours must you work to buy a new iPhone? It varies dramatically around the world, reflecting disparities in productivity and purchasing power. According to a recent report by UBS that aims to measure well-being by estimating how many minutes workers in various countries must work to afford either an iphone, a Big Mac, a kilo of bread or a kilo of rice, the average worker in Zurich or New York can buy an iPhone 6 in under three working days. In Kiev, by contrast, it would take 13...

20 Minutes. Some Swiss politicians would like to focus minds on the costs of going to the doctor to reduce the number going for the most minor of reasons. © Tyler Olson | Dreamstime.com Their plan would require deductibles to rise annually in line with increases in the cost of basic health insurance. Higher deductibles, they think, would put people off going to the doctor unecessarily, reducing pressure on the health system. On Thursday, parliament voted in favour of such an idea by 129 votes...

Investec Switzerland. In the cutthroat world of commodities trading, there’s no bigger prize than Russia. The country of Vladimir Putin has it all: oil, natural gas, aluminum, nickel, wheat, coal and many other riches. The world’s biggest trading houses have jostled over it for decades. In recent years, Trafigura Group had pushed ahead of arch-rival Glencore Plc in Russian oil trading. Now, Glencore Chief Executive Officer Ivan Glasenberg is reclaiming that territory with...

Switzerland’s Federal Council is looking at a proposal to make pension payments compulsory for self-employed workers in the same way that they are for salaried workers. © Katatonia82 | Dreamstime.com In Switzerland there are three elements to pensions. A universal state pension, funded from social security payments, a second element, known as a second pillar, which is a pot built up from sums deducted from salary, and a third pillar, which is an optional tax deductible amount...

Investec Switzerland. According to European Central Bank President Mario Draghi “uncertainty prevails everywhere” but apparently investors don’t mind. Market participants shrugged off last weekends “no” to constitutional reform in Italy and the subsequent resignation of Prime Minister Matteo Renzi to push European indices to 12 month highs this week. © Patrick Poendl | Dreamstime.com The Swiss Market Index followed European markets higher. The German DAX and France’s CAC...