SNB & CHF

More than 100 refugees from Syria have started new lives in Switzerland. They are part of a programme run by the UN refugee agency to resettle particularly vulnerable Syrians who fled the conflict in their homeland. (SRF/swissinfo.ch) The Swiss government decided to take in 500 Syrians two years ago as part of the resettlement programme. This summer, the latest group of Syrian refugees arrived. They have been put up in a former boarding school in the village of Thal in eastern Switzerland,...

The Bank of Japan was the fourth major central bank to meet this week.  Sweden and Norway kept policy unchanged.  The Fed hiked.  The BOJ was not expected to do anything.  Governor Kuroda surprised the market with largely operational tweaks to what Japan calls Qualitative and Quantitative Easing.  Initially, and perhaps with the help of headline reading algos, the yen sold off and Japanese shares rallied.  As cooler, or perhaps human, heads prevailed, the markets reversed.   There are...

We will not spend much time discussing what the FOMC did as tons of ink have been spilled on that already. We will rather spend more time on what the FOMC did not do. A short recap will suffice; the FOMC did raise the interest rate band by 25 basis points to 0.25 – 0.5 per cent from the seven yearlong band of 0 – 0.25 per cent. No surprise there as this move was well communicated weeks in advance. As discussed in Unintended Consequences of Liftoff the recent move to secure a floor in the...

Jason Burack of Wall St for Main St had on returning guest, author and popular economic blogger, Charles Hugh Smith http://www.oftwominds.com/blog.html. Charles came on to discuss his new book, A Radically Beneficial World: Automation, Technology and Creating Jobs for All: The Future Belongs to Work That Is Meaningful which can be purchased on Amazon http://www.amazon.com/gp/product/B0178MQI1M/. Charles' other books he's authored are listed here: http://www.oftwominds.com/CHS-books.html...

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...