News

21.12.2016

Swiss Competion Commission (COMCO) fines several European and U.S. banks

The Swiss Competition Commission (COMCO) said on Wednesday it had fined several European and U.S. banks over four instances of interest rate cartels, the largest of which was a 33.9 million Swiss franc ($32.9 million) penalty for JPMorgan Chase & Co. The commission said J.P. Morgan and RBS ran a “bilateral cartel” to influence the Swiss franc Libor benchmark rate, which is widely used by banks to determine on what terms they will lend to each other and to price derivatives, between 2008 and 2009.  JPMorgan will pay CHF33.9 million, but RBS will not have to pay a fine as it went to Weko with the information.

 
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21.12.2016

Novartis is buying US start-up leader in presbyopia's treatment

Novartis, the Swiss pharmaceutical giant that owns Alcon, is buying Encore Vision, a privately-held company in Fort Worth, Texas, USA, focused on the development of a novel treatment in presbyopia.  Novartis said Tuesday that the acquisition would add a “first-in-class” treatment to its ophthalmology pipeline, “providing a potentially disruptive innovation to patients in a new therapeutic area of high unmet need and high prevalence.” Terms were not disclosed.

 
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20.12.2016

Facebook accused of misleading EU in Whatsapp takeover

The European Commission is accusing Facebook of providing incorrect or misleading information during the Commission's investigation into its merger with WhatsApp back in 2014, opening the company to a possible fine of 1% of its turnover. It centers around the fact that Facebook told the Commission that it would be unable to reliably automate matching between separate accounts on the messaging app and the social network. "Companies are obliged to give the Commission accurate information during merger investigations. They must take this obligation seriously," Ms Vestager, the European Union's Competition Commissioner, said.

 
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20.12.2016

US Justice proposes $5-7 bn fine on Credit Suisse over toxic mortgage

The US Department of Justice is asking Credit Suisse to pay between $5 billion and $7 billion to settle an investigation into its selling of mortgage-backed securities, a source with knowledge of the matter told Reuters on Tuesday. The claim against Credit Suisse, which is likely to be negotiated in 2017, far outstrips the bank’s and investors’ expectations. However, if the sides do not reach an agreement, US authorities could sue the bank. Credit Suisse and the Department of Justice declined to comment.

 
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20.12.2016

Equities are a real asset class

Don’t forget equities are a real asset class, and ultimately they are likely to benefit from a reflation regime

 
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20.12.2016

Switzerland: exports record worst result since September 2015

Swiss exports fell by 2.1% in November, to 18.8 billion francs, reaching the lowest level since September 2015, the Federal Customs Administration indicates today. The chemical and pharmaceutical sectors and-electronic machines, first and second in Swiss exports, recorded the stagnation of sales abroad in the previous month. Watchmaking, in third place, has declined by one-tenth, equivalent to 194 million francs.

 
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20.12.2016

Deutsche Bank could reach agreement with US Justice before Christmas

Deutsche Bank could enter 2017 with one less item to tick off its to-do list, as it has emerged that a potential mega fine from the US Department of Justice (DoJ) could be settled on Wednesday, the Reuters reported. A source told the news outlet there is a good chance Deutsche Bank will reach an agreement with the U.S. Department of Justice before Christmas, possibly as early as Wednesday. The source also said the bank is set to pay a penalty well below the $14 billion the DOJ initially demanded. Deutsche has been negotiating the terms of the fine with the DoJ since September, when the US authority targeted it with a $14-billion penalty for its role in the sub-prime mortgage crisis.

 
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20.12.2016

Voluntary disclosure-bis to discover €150 billion in Switzerland

The hidden treasure by Italian citizens in Swiss banks has yet to be discovered, according to the chief prosecutor of Milan, Francesco Greco, and liquidity would amount to 150 billion euro, deposited in safes, in denominations of 500 euro. This note is in fact banned because it is considered instrument of money laundering by the Bank of Italy. A large part of the amount, which estimate is the result of cross-checks between MEF, FIU, Bank of Italy and the Guardia di Finanza, would be, according to Mr Greco, mostly in Ticino.

 
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19.12.2016

Goodbye Deflation

The big event of November was, of course, the election of Donald Trump in the United States. The first thing to keep in mind is the uncertainty surrounding his plans, especially his economic programme. Second, there can be a wide gap between what a candidate says and what he does, once in office. That said, Trump’s statements do provide us with a general outline of at least three complementary scenarios.

 
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19.12.2016

Switzerland unfreezes CHF 180 million Egyptian assets

The Attorney General of Switzerland Michael Lauber said on Saturday that investigations into the assets of ousted president Hosni Mubarak, his sons and associates are approaching a final phase and that tens of million of Swiss francs have recently been released, state news agency MENA reported. Lauber, in a one-day visit to Cairo, said at a press briefing that 180 million Swiss francs has been unfrozen and released from Swiss banks so far, while another 430 million remains frozen.

 
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Events


Semptember 2015
  • 24
    Oct

    Two years after two historic global agreements were established, leaders and other change agents in

  • 25
    Oct

    Im September haben die Schweizer Stimmbürger die „Altersreform 2020“ des Bundesrates abgelehnt.

  • 30
    Oct

    The 2017 symposium, with the theme "Successfully crossing borders", will have a strong focus on the

  • 31
    Oct

    Dieser Event ist ausschliesslich für Pensionskassenvertreter (Stiftungsräte, CEOs, Anlageverantwor

  • 01
    Nov

    Nach Jahren des geldpolitischen Experimentierens sind die Finanzmärkte so verzerrt wie selten zuvor

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