SNB & CHF

Questions are being raised about canton Zug’s practice of granting a special residency permit to a wealthy Russian, who has rarely been seen at his Swiss property. Swiss cantons define their own rules for granting these kinds of permits to wealthy foreigners. Attracting the rich is one way cantonal authorities have of improving their balance sheet. They decide the minimum taxable income and wealth an individual must have in order to qualify, and also require the person in question to make...

[unable to retrieve full-text content]This press release presents the results for a Swiss National Bank (SNB) survey on turnover in foreign exchange and derivatives markets. The request for data was sent to 30 banks that operate in Switzerland and have a sizeable share in the foreign exchange and over-the-counter (OTC) derivatives markets. These banks reported the turnover of their domestic offices.

[unable to retrieve full-text content]The new month has begun with a couple of surprises. The biggest surprise has been the record jump in the UK manufacturing PMI to 53.3 from 48.3. A much smaller rebound was expected in August after the Brexit shock drop in July.

ABSTRACT: http://financialrepressionauthority.com/2016/09/01/charles-hugh-smith-the-fly-in-the-ointment-stagnant-wages-hidden-inflation/

[unable to retrieve full-text content]Turnover in the retail sector fell by 2.6% in nominal terms in July 2016 compared with the previous year. This decrease has been ongoing since January 2015. Seasonally adjusted, nominal turnover rose by 0.4% compared with the previous month. These are provisional findings from the Federal Statistical Office (FSO).

[unable to retrieve full-text content]The gathering of central planners at Jackson Hole was widely expected to bring some clarity regarding the Fed’s policy intentions. This is of course a ridiculous assumption, since these people have not the foggiest idea what they are doing or what they are going to do next. Like all central planners, they are forever groping in the dark.

[unable to retrieve full-text content]One of my reading projects over the past year is to learn more about empires:how they are established, why they endure and why they crumble. To this end, I've recently read seven books on a wide variety of empires. The literature on empires is vast, so this is only a tiny slice of the available books. Nonetheless I think these 7 titles offer a fairly comprehensive spectrum:

In 1957, Yehudi Menuhin founded the Menuhin Music Festival in Gstaad. The famous violinist performed concerts in the Saanen church right up until his death. Now his son, Jeremy Menuhin, is continuing the tradition. (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...

One of Geneva’s most famous attractions wasn’t originally built for tourists. The history of the Jet d’eau is connected to the Swiss watchmaking industry.(SRF/RTS/swissinfo.ch) Every second, five hundred litres of water are pumped out of Lake Geneva into the air by two turbines. The stream of water reaches an altitude of 140 metres, leaving the nozzle at a speed of 200 kilometres per hour. The landmark fountain begins sprouting every morning at 9 o’clock and attracts many visitors to the...

Researchers and collectors have discovered hundreds of meteorite fragments on a field in canton Bern. It’s the largest meteorite find in Switzerland so far and an important one for science. (SRF/swissinfo.ch) More than 30 years ago, a Swiss farmer came across a single piece of a meteorite that fell to earth around 160,000 years earlier. Now, a Bern researcher and a small army of meteorite hunters have found hundreds more pieces. The Twannberg meteorite broke into hundreds of pieces when it...