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The following is an excerpt from David Enrich’s nonfiction financial and legal thriller The Spider Network: The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History.  (Read part of the prologue here; another excerpt can be found here) This excerpt takes place shortly after the accused mastermind of the Libor scandal, Tom Hayes, is fired from his job at...

Closing the book on Q4 2016 balance sheet capacity is to review essentially forex volumes. The eurodollar system over the last ten years has turned far more in this direction in addition to it becoming more Asian/Japanese. In fact, the two really go hand in hand given the native situation of Japanese banks. As expected, data compiled by the Office of Comptroller of the Currency (OCC) shows the same negative tendencies...

The consumer price index (IPC) increased by 0.2% in April 2017 compared with the previous month, reaching 100.9 points (December 2015=100). Inflation was 0.4% compared with the same month the previous year. These are the results of the Federal Statistical Office (FSO). Switzerland Consumer Price Index (CPI) YoY, April 2017(see more posts on Switzerland Consumer Price Index, ) Source: investing.com - Click to enlarge...

Swiss Franc EUR/CHF - Euro Swiss Franc, May 10(see more posts on EUR/CHF, ) - Click to enlarge FX Rates Investors absorbed a few developments that might have been disruptive for the markets with little fanfare. North Korea’s ambassador to the UK warned that his country would go ahead with its sixth nuclear test, as South Korea elected a new president who wants to reduce tensions on the peninsula. The Dollar...

Second ninth-series note showcases Switzerland’s creativity The Swiss National Bank (SNB) will begin issuing the new 20-franc note on 17 May 2017. It is the second of six denominations in the new banknote series to be released. The current eighth-series banknotes will remain legal tender until further notice. The inspiration behind the new banknote series is ‘The many facets of Switzerland’. Each denomination depicts a...

© Steve Woods | Dreamstime.com 24 Heures. Last week, the regional newspaper 24 Heures, uncovered a fraudulent scheme allegedly involving two workers from the union Unia, which may have cost Vaud’s social security system as much as CHF 3 million. The alleged fraud is centred on the construction industry, where bosses of small businesses along with two staff from the union Unia managed to deceive the canton’s unemployment...

The Los Angeles Times today asked the question only the mainstream would ask. “Wages are growing and surveys show consumer confidence is high. So why are motor vehicle sales taking a hit?” Indeed, the results reported earlier by the auto sector were the kind of sobering figures that might make any optimist wonder. Across the board, and for the fourth straight month, there was almost all negatives, some still large....

  An Old Seasonal Truism Most people are probably aware of the saying “sell in May and go away”. This popular seasonal Wall Street truism implies that the market’s performance is far worse in the six summer months than in the six winter months. Numerous studies have been undertaken particularly with respect to US stock markets, which confirm the  relative weakness of the stock market in the summer months. What is the...

Headlines Week May 08, 2017 The centre-left politician Macron has won the French elections. He is a politician that – similar to Hollande four years ago – promises economic improvements, move investment, more jobs. Mostly probably he will fail similar to his predecessor because the French economic reality is simply different. His success moved the EUR/CHF up to 1.0865, mostly caused by FX speculators. But serious...

Unemployment Rate (not seasonally adjusted) Registered unemployment in April 2017 – At the end of April 2017, 146,327 unemployed persons were registered with the Regional Employment Services Centers (RAV), according to the SECO surveys, 5,953 less than in the previous month. The unemployment rate thus fell from 3.4% in March 2017 to 3.3% in the reporting month.  Switzerland Unemployment Rate Not Seasonally Adjusted,...