Tag Archives: Business

Glencore has denied any wrongdoing (Keystone) - Click to enlarge Swiss NGO Public Eye has filed a criminal complaint with the Office of the Attorney General of Switzerland against the activities of Swiss commodities giant Glencore in the Democratic Republic of Congo (DRC). The Office of the Attorney Generalexternal link on Tuesday confirmed receipt of the complaint but said further details were currently not...

The farm had been placed under strict quarantine since the end of November and 6,000 chickens were euthanised to contain the spread of the virus. (Keystone) - Click to enlarge A poultry farm in southern Switzerland has been given a clean bill of health following a recent outbreak of the virulent Newcastle virus that resulted in thousands of chickens being put down. Veterinarians in canton Ticino confirmed...

The chairman of the Swiss insurance company Helvetia, Pierin Vincenz, has resigned. The Swiss financial regulator, FINMA, is currently investigating his activities during his time in charge of the Raiffeisen bank. In a statementexternal link released on Monday, Helvetia said Vincenz had stepped down with immediate effect. He had been a member of the Helvetia board since 2000 and chairman since October 2015. Vincenz...

In the most ironic story of the day, the company that makes the paper that Swiss banknotes are printed on was just bailed out by the money-printing, stock-purchasing, plunge-protecting, savior-of-global equities…Swiss National Bank. - Click to enlarge While The SNB has a long and checkered history of buying shares in companies… as we have detailed numerous times, it is no stranger to pumping money into companies...

The Panama Papers, leaked from the Panamanian law firm Mossack Fonseca, revealed that 1,339 Swiss lawyers, financial advisors and other middlemen had set up more than 38,000 offshore entities over the past 40 years (Keystone) - Click to enlarge Switzerland must not go to war on its own against offshore tax havens in the wake of the Panama Papers scandal, the lower chamber of parliament has agreed. It prefers...

I believe 2018 will be the year inflation arrives. The reason, as I’ve noted throughout mid-2017, is that multiple Central Banks, particularly the European Central Bank (ECB), Bank of Japan (BoJ) and Swiss National Bank (SNB) have maintained emergency levels of QE and money printing, despite the fact that globally the economy is performing relatively well. All told, in 2017 alone, these Central Banks will printed over...

Switzerland has a free trade agreement with China since 2014 (Keystone) - Click to enlarge A study commissioned by Switzerland Global Enterprise (SGE) indicates that China is the most attractive export destination for Swiss small and medium enterprises (SMEs). A total of 107 countries were evaluated using a set of 15 criteria that included market size, market potential, export volume and average market...

Bitcoin is increasingly being accepted into the mainstream, but many remain sceptical (Keystone) - Click to enlarge Axel Weber, the board chairman of big bank UBS, has warned of a possible Bitcoin currency crash. With increasing numbers of small investors jumping on the cryptocurrency bandwagon, it is time for regulators to intervene, he says. Bitcoin has surged from $1,000 (CHF9,900) at the start of the...

Buy Gold, Silver Time After Speculators Reduce Longs and Banks Reduce Shorts – Gold and silver COT suggests bottoming and price rally coming– Speculators cut way back on long positions and added to short bets– Commercials/banks significantly reduced short positions– Commercial net short position saw biggest one-week decline in COMEX history– ‘Big 4’ commercial traders decreased their short positions by 28,800...

Pressure from taxi companies and fines imposed on drivers have resulted in the retreat of UberPop from Swiss cities (Keystone) - Click to enlarge The ride-sharing firm Uber has announced it will abandon its UberPop service in the city of Basel from June 1, 2018, as it is not profitable enough. UberPop has already been discontinued in Zurich and Lausanne. According to the company, the decision was taken due to...