Investec Switzerland. 2016’s December rally continued this week as Swiss and European equities outperformed global stocks. The US dollar continued to surge after the Federal Reserve increased interest rates for only the second time in a decade on Wednesday. © Elena Yakusheva | Dreamstime.com Fed Head Janet Yellen told reporters that inflation expectations have risen ‘considerably’ on the back of Donald Trump’s election win in November but added that the economic outlook...
Read More »Swiss fact: Switzerland is one of the world’s top 5 coffee exporters
According to UN trade statistics, the small Alpine nation exported US$ 2.4 billion1 of coffee in 2013. This figure is far higher than its cheese (US$ 615 million2) or chocolate (US$ 822 million3) exports, two far more famous Swiss exports. © Hpphoto | Dreamstime.com In 2013, Swiss coffee exports ranked 4th behind Brazil ($5.3b), Germany ($3.4b) and Vietnam ($2.9b). Ethiopia, where the coffee plant originated, trailed back in 13th place with $771 million of exports. And Italy, the European...
Read More »Swiss banks probed at home over Brazil’s ‘Carwash’ bribe scandal
Investec Switzerland. The Switzerland attorney general’s office is shifting its focus to banks operating in the country as it continues to investigate Brazil’s bribery scandal, after plea deals with individual executives provided fresh insights into how the illicit funds flowed through the financial system. © Kevkhiev Yury | Dreamstime.com Attorney General Michael Lauber said in an interview that he’s reviewing how Swiss banks were used to funnel bribes to officials at the...
Read More »Migros Bank could pass on negative interest rates
20 Minutes. Because of negative interest, even a savings account earning 0% interest is earning too much reckons the bank’s boss. Source: Facebook Migros Bank Soon many banks will be passing on some of the cost of negative interest to their clients, reports 20 Minutes. Migros Bank will need to seriously consider doing the same in 2017. The bank’s boss Harald Nedwed told the NZZ am Sonntag that the situation is difficult for all Swiss banks reliant on interest margins. Savings accounts earning...
Read More »Swiss-based Glencore’s Rosneft deal reopens battle for Russian commodities
Investec Switzerland. In the cutthroat world of commodities trading, there’s no bigger prize than Russia. The country of Vladimir Putin has it all: oil, natural gas, aluminum, nickel, wheat, coal and many other riches. The world’s biggest trading houses have jostled over it for decades. In recent years, Trafigura Group had pushed ahead of arch-rival Glencore Plc in Russian oil trading. Now, Glencore Chief Executive Officer Ivan Glasenberg is reclaiming that territory with...
Read More »Uncertainty prevails everywhere, says Draghi, but apparently investors don’t mind
Investec Switzerland. According to European Central Bank President Mario Draghi “uncertainty prevails everywhere” but apparently investors don’t mind. Market participants shrugged off last weekends “no” to constitutional reform in Italy and the subsequent resignation of Prime Minister Matteo Renzi to push European indices to 12 month highs this week. © Patrick Poendl | Dreamstime.com The Swiss Market Index followed European markets higher. The German DAX and France’s CAC...
Read More »Pension payments could become compulsory for self-employed in Switzerland
Switzerland’s Federal Council is looking at a proposal to make pension payments compulsory for self-employed workers in the same way that they are for salaried workers. © Katatonia82 | Dreamstime.com In Switzerland there are three elements to pensions. A universal state pension, funded from social security payments, a second element, known as a second pillar, which is a pot built up from sums deducted from salary, and a third pillar, which is an optional tax deductible amount...
Read More »Swiss EU immigration – unfortunately there is no plan B, says president in interview
Investec Switzerland. Switzerland’s plan to solve an immigration dilemma with the European Union could avoid being held up by another referendum if it gets strong support in parliament next week, according to Swiss President Johann Schneider-Ammann. A clear result in a final vote on Dec. 16 with the Swiss People’s Party, or SVP, in the minority could make it “delicate” for the group to push for another plebiscite, he said in an interview with Bloomberg Television’s Guy...
Read More »Credit Suisse planning more Swiss job cuts
Investec Switzerland. Credit Suisse Group AG is preparing a new cost-savings program that puts as many as 1,300 jobs in Switzerland on the line, according to Schweiz am Sonntag. © Pincasso | Dreamstime.com The plan will be announced Wednesday, when the lender holds its investor day in London, the newspaper said, without saying where it got the information. Credit Suisse’s Swiss unit may slash an additional 1,000 to 1,300 positions, or about eight to 10 percent of the unit’s...
Read More »Over 4,000 studios for rent. Standing room only. Telephone included.
The contractural requirement for Swisscom to provide every commune with a telephone box comes to an end at the end of next year. Late last week, the Federal Council adopted a new plan that will come into force in 2018. Internet subscriptions without a fixed phone contract should also be part of the new plan. © Phillip Judd The current deal with Swisscom, which requires the company to provide universal coverage for ten years, comes to an end on 31 December 2017. One casualty of the switch to a...
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