Tag Archives: Business

U.S. Treasury Secretary: I Assume Fort Knox Gold Is Still There US Treasury Secretary Steve Mnuchin visits Fort Knox Gold Later tweeted ‘Glad gold is safe!’ Only the third Treasury Secretary to visit the fortified vault, last visit was 1948 Last Congressional visit was 1974 Speculation over existence of gold in Fort Knox is rife Concerns over Federal Reserves lack of interest in carrying to an audit on gold Gold was last counted in 1953, nine years before Mnuchin was born Mnuchin may be...

We’ve all heard that globalization lifts all boats and increases our prosperity … But mainstream economists and organizations are now starting to say that globalization increases inequality. The National Bureau of Economic Research – the largest economics research organization in the United States, with many Nobel economists and Chairmen of the Council of Economic Advisers as members –  published,  a report in May finding: Recent globalization...

The Swiss National Bank’s investment in US nuclear arms fabrication has soared since last year. (Keystone) A wide range of topics occupied Swiss newspapers this weekend, from Swiss investments in US arms companies and requirements for FIFA World Cup host countries, to what to do in the event of a terror attack. A critique of Geneva’s relationship with the Red Cross also made headlines. Swiss arms investments The NZZ am...

Under the US Department of Justice’s 2013 ‘Swiss Bank Program’, 80 Swiss or Swiss-based banks paid $1.36 billion in fines for helping clients evade US taxes (Keystone) The Geneva asset management firm Prime Partners has agreed to pay $5 million (CHF4.8 million) to the United States to settle charges for tax evasion and assisting US taxpayers in opening and maintaining undeclared foreign bank accounts from 2001 to 2010....

Don’t let “traditional biases” stop you from diversifying into gold – Dalio on Linkedin “Risks are now rising and do not appear appropriately priced in” warns founder of world’s largest hedge fund Geo-political risk from North Korea & “risk of hellacious war” Risk that U.S. debt ceiling not raised; technical US default Safe haven gold likely to benefit by more than dollar, treasuries Investors should allocate at...

Etihad is no longer willing to bail out Air Berlin’s failing business model (Keystone) Airline passengers in Switzerland are bracing themselves for a hike in prices for flights to Germany following the insolvency of budget carrier Air Berlin. The airline had been running at a loss for several years, prompting owner Etihad to pull the plug on Tuesday. Air Berlin is particularly strong at Zurich airport, operating 11...

A Jumbolino taking off from Lugano (Keystone) - Click to enlarge Swiss International Air Lines has for the last time flown passengers in an Avro RJ100, fondly called a Jumbolino by many pilots, flight attendants and passengers. The full plane, which flew from London to Zurich on Monday night, carried 81 passengers. Swiss, which rose from the ashes of Swissair in 2002, took on a total of 21 Avro...

The Pilatus PC-7 is used by the Swiss Air Force as a training aircraft and for aerobatic shows (Keystone) Swiss authorities have received requests for information concerning possible Swiss bank accounts of Indian defence deals broker Sanjay Bhandari. He is under investigation for allegedly helping Swiss firm Pilatus secure an order for 75 training aircraft for the Indian Air Force in 2012. The decision on whether or not...

Accounts of the financial crisis leave out the story of the secretive deals between banks that kept the show on the road. How long can the system be propped up for? - Click to enlarge It is a decade since the first tremors of what would become the Great Financial Crisis began to convulse global markets. Across the world from China and South Korea, to Ukraine, Greece, Brexit Britain and Trump’s America it has shaken...

“Add to shopping cart”: Regiodata reported in May that online sales represent about 10% of overall retail sales in Switzerland. (Keystone) According to a European comparison, Swiss residents spend the second-most money annually on online purchases, after British shoppers. Each year, people in Switzerland click their way to an average of CHF1,172 ($1,202) in online goods per person. Shoppers in Britain topped the list...