ABB has won a $75m order to supply advanced converter transformers for a high voltage direct current transmission link in Brazil. The 800kV Belo Monte connection will transmit renewable energy generated in the north of the country to the southeast, the Swiss company said. The 2,518 kilometre (km) link will transmit clean power generated in the north of Brazil, from the Xingu substation, to the Rio Substation in the southeast. It will be capable of transporting up to 4000 megawatts (MW) of electricity – enough to meet the needs of around ten million people. The order was booked in the fourth quarter of 2016.
Hedge fund legend George Soros lost a lot of money after the election of Donald Trump, according to a new report from The Wall Street Journal. Sources familiar with the hedge fund manager’s trading said he remained cautious going into the November election and then made the mistake of becoming more bearish immediately after Mr. Trump’s win. The stock market rallied on expectations that Mr. Trump’s policies would boost the economy, causing Mr. Soros’ trading positions to incur losses approaching $1 billion, sources told The Journal.
Swiss bank UBS has failed to persuade the European Court of Human Rights (ECHR) to overturn an order that it must post €1.1 billion bail in a French case about whether it helped clients avoid tax. UBS had argued before the ECHR that the record-setting bond, a guarantee against an eventual fine upon conviction, violated its right to the presumption of innocence and it took the unusual step of going to the human rights court in 2015. The Strasbourg court said on Thursday it had unanimously rejected UBS's application to challenge the order.
A former director at Barclays was sentenced on Wednesday to five months in a U.S. prison for repeatedly passing tips about mergers under way at the bank to a plumber, who made thousands of dollars trading ahead of the deals' announcements. Steven McClatchey, 58-year-old former banker, in July admitted to leaking confidential information to plumber Gary Pusey, who allegedly made about $76,000 trading ahead of deals involving PetSmart Inc., Omnicare Inc. and others. In court, McClatchey saying he had provided the insider tips to ingratiate himself with the plumber, Gary Pusey, in hopes of getting a "simpler, less stressful" job outside of Wall Street with his 20-employee plumbing business in Long Island.
After experienced some high volatility, the US Dollar suffered another leg down on Wednesday, but managed to remain above the immediate support, namely the weekly S1. Moreover, Donald Trump said nothing to support USD bulls yesterday, causing bears to take over. This USD/JPY weakness is likely to persist today, with the immediate support area around 115.00, namely the weekly S1 and the Bollinger band, being incapable of limiting the losses. Instead, attention should be paid to the second demand cluster, located at 113.50 and formed by the weekly S2 and the monthly S1.
In 2015, Swiss companies spent 15.7 billion francs in research and development (R & D), corresponding to an increase of 10% compared to 2012, the last year of data collection. Switzerland is one of the countries where companies are most active in R & D, indicates today the Federal Statistical Office (FSO) in a statement.
Switzerland has been an attractive destination for Chinese tourists in recent years, especially due to their growing interest in winter sports according to a report by the Swiss Chinese Chamber of Commerce. With China's ski industry expected to grow rapidly over the next five to 10 years, there will be greater demand for trips to ski destinations such as Switzerland. Statistics from the Swiss government show that 2015 saw a 33% increase in the number of hotel bookings by Chinese tourists. It is part of a trend that has been taking place over the past decade.
Richemont improved watch sales in its own stores helped luxury goods, the swiss company said Thursday; sales during the last three months of 2016 increased 6% from the previous year, offering hope that the battered luxury goods sector may have turned a corner. The increase was driven by its jewelry unit, offsetting a slight drop in specialty watch sales. Geneva-based Richemont said sales increased to €3.09 billion in the three months to December 31, from €2.93 billion a year earlier.
The euro may not exist in ten years’ time if Paris and Berlin fail to bolster the single currency union. The warning has come from the French presidential candidate Emmanuel Macron in a speech at Humboldt University in Berlin on Tuesday, as cited by Reuters. Macron was economy minister under Socialist President François Hollande until he resigned this year to create his own political movement and stand as an independent candidate in this year’s presidential election. The truth is that we must collectively recognize that the euro is incomplete and cannot last without major reforms,” Macron added.
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