SNB & CHF

For five years, governance reforms at the IMF have been stymied by the refusal of the US Congress to accept a new and higher quota (money) to the IMF.  This has frustrated efforts to integrate the developing countries, especially the large ones, like China, better into the global economy.  It may have also helped spur China to develop parallel organizations, like  the Asian Infrastructure Investment Bank. The omnibus spending and tax bill that looks likely to be approved by Congress and...

Asia extended the US dollar's post-Fed gains while Europe has seemed content to consolidate the move, perhaps waiting for US leadership.  Much of the commentary about the Fed's action have noted that the FOMC statement used the word "gradual" not once but twice evidence of its dovishness.     The Fed's dot plots continued to signal that the majority of officials see a 1.375% Fed funds rate at the end of 2016 as appropriate.   The Fed may call this gradual, but the December 2016 Fed funds...

Whistle-blowers like Hervé Falciani have helped relegate banking secrecy to the history books. What consequences has this paradigm shift had on the financial centre of Geneva? (SRF/swissinfo.ch) Falciani will be tried in his absence on Monday in the Swiss Criminal Court on charges stemming from stealing client data from his former employer, the Geneva branch of HSBC. It was a turning point for HSBC and other Geneva banks when the public became aware of the case in 2009 and the scale of tax...

Switzerland is a world leader not only in watchmaking, but also for crafting beautiful handmade music boxes. swissinfo.ch takes a peek inside the Reuge workshops at Sainte-Croix in the Jura mountains. The founder Charles Reuge began work in Geneva, where some of the first music boxes were made at the turn of the 19th century. Their principle remains the same today. A mechanical movement turns a cylinder or a metallic disk fitted with pins, which pluck the tuned teeth of a steel comb in a...

A new study says preserving ancient breeds of cows in Switzerland - like the Evolène - could help provide a future source of meat and milk as global warming kicks in. Adrienne Stettler has 20 Evolènes on her farm in Utzigen, canton Bern. swissinfo.ch paid them a visit.(Julie Hunt, swissinfo.ch) --- swissinfo.ch is the international branch of the Swiss Broadcasting Corporation (SBC). Its role is to report on Switzerland and to provide a Swiss perspective on international events. For more...

Zurich's new railway bridge will be the longest in operation when it's opened in December. It will be able to will bear the weight of 800-ton trains. (SRF/swissinfo.ch) --- swissinfo.ch is the international branch of the Swiss Broadcasting Corporation (SBC). Its role is to report on Switzerland and to provide a Swiss perspective on international events. For more articles, interviews and videos visit swissinfo.ch or subscribe to our YouTube channel: Website: http://www.swissinfo.ch...

This winter, there’s one Swiss ski resort where tourists won’t suffer from the effects of the strong Swiss franc: Grächen in canton Valais. (RTS/swisisnfo.ch) -- swissinfo.ch is the international branch of the Swiss Broadcasting Corporation (SBC). Its role is to report on Switzerland and to provide a Swiss perspective on international events. For more articles, interviews and videos visit swissinfo.ch or subscribe to our YouTube channel: Website: http://www.swissinfo.ch Channel:...

For a long time, the identity of a woman portrayed on the case of a watch made by Jaeger-LeCoultre remained a mystery. An extensive search of the identity of the Indian royal has revealed the most likely candidate. The hunt finally led to the tiny state of Tripura in north-eastern India. Interestingly, the last royal to rule Tripura was a woman. The death of the maharajah of Tripura Bir Bikram Kishore Debbaraman in 1947 - he built Tripura’s only airport - meant that his son Kirit Bikram...

The Federal Reserve delivered a hawkish hike.  The dot plot reflects expectations for four rate hikes in 2016.   There were no dissents.  This is important. It underscores the decisiveness of the decision.  There have been three voting Fed members that were thought to be likely dissents.    The Fed will also continue to reinvest maturing securities until the normalization process is well underway.  We think it may be an issue near mid-year at the earliest.  We recognize that some think...

(from my colleague Dr. Win Thin) Today’s Fitch downgrade is a stark reminder that Brazil continues to suffer from a toxic mix of high inflation, recession, low commodity prices, and heightened political uncertainty.  Because we see no end in sight for these negative factors, we believe Brazil assets will continue to underperform.POLITICAL OUTLOOK The impeachment process has begun, but it is not yet clear whether it can gain enough traction to actually topple President Rousseff.  We have...