News

20.10.2016

ECB is waiting for December to change programme

he European Central Bank (ECB) on Thursday confirmed monthly purchases of $80 billion in government paper, known as the quantitative easing (QE) programme  while interest rates remained flat or come lower for a prolonged period with the principal rate at 0.00%, the bank deposit rate at -0.40% and refinancing rates at 0.25%.

 
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20.10.2016

Switzerland opened investigation over Equatorial Guinea Vice President Obiang

Swiss prosecutors have begun a preliminary investigation into Teodorin Nguema Obiang, the son of the president of Equatorial Guinea, who is set to go on trial in France for alleged misspending of public funds, as the Switzerland's 24 Heures newspaper reported Tuesday. The Swiss Federal Office of Justice confirmed it had sent a judicial request to French authorities seeking support for its probe of Obiang. He is accused of acquiring real estate, luxury cars, art and other goods in France with public funds from the native country. Geneva prosecutor's office spokesman declined further comment about the investigation.

 
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20.10.2016

The schizhophrenic economy

According to the FED, the recovery after the crisis of 2008 is coming along nicely although it is a bit slower in Europe.  The FOMC is still debating whether a rise in interest rates is indicated, and December seems to be the right month for another rise of 25 basis points.

 
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20.10.2016

Saudi Arabia set $17.5 billion bond sale

Saudi Arabia has raised more than $17 billion in its first foray into the global bond markets, according to news reports, as the kingdom struggles to close a budget deficit caused by declining oil prices. The issue eclipsed the previous record for an emerging market sovereign bond sale, a $16.5 billion issue by Argentina in April, Reuters reported. The bonds are due to be repaid in 5, 10 and 30 years and are expected to trade at a 160-235 basis point premium to US Treasuries. The notes are expected to be rated A1 by Moody’s and AA- by Fitch.

 
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20.10.2016

Former banker Julius Bär condemned for misappropriation

Domenico Petrella, a former executive at Bank Julius Bär, was sentenced to 4 years and 6 months imprisonment and compensation of private accusers over the misappropriation of about €15 million, by the Court of Criminal Lugano, presided over by Judge Mauro Ermani, as reported by the Giornale del Ticino. The banker had cheated forty Italian customers by attracting approximately €15 million to play them at the Casino of Campione.

 
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20.10.2016

Mexican Peso move suggests Clinton won debate

Mexico’s peso reached a six-week high in a signal that Hillary Clinton held on to her advantage over Donald Trump in the final U.S. presidential debate. The currency was up by 0.2% at 18.4937 per dollar around 10:45 p.m. ET. Earlier, it drifted between little changed to down by as much as 0.2% as the two candidates spoke.

 
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20.10.2016

US housing dropped in September against estimates

US housing starts dropped unexpectedly last month, whereas building permits rose more than expected, official figures revealed on Wednesday.  According to the US Department of Commerce, overall groundbreaking activity, however, declined 9.0% to a seasonally adjusted annual pace of 1.05 million units last month, the lowest level since March 2015, while market analysts anticipated a slight increase to 1.18 million units during the reported period. 

 
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19.10.2016

Swatch is rising in chinese market

Swatch CEO Nick Hayek claims to be optimistic, despite the difficulties in the Chinese market "We've seen growth in China since July, every month a bit blackberries," particularly as regards the trend of Omega but also that of Blancpain Longines, as he stated in an interview published today on the newspaper "Handelszeitung". Swatch is taking advantage of the weakness of the British pound due to Brexit

 
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19.10.2016

Swisscard opens the door to Apple Pay

The holders of MasterCard, Visa and American Express issued by Swisscard will make payments via Apple Pay by the end of autumn,. The provider of credit cards, leader of the sector, manages in Switzerland over one million cards. Using their own credit card with Apple Pay, the card number is not stored on your phone and even on Apple's servers, the company states in today's note. Each transaction is authorized by a specific dynamic code.

 
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19.10.2016

Credit Suisse ready to write €100 million check to Italy

Credit Suisse is ready to write a €100 million check to the Italian Revenue Agency to close the tax dispute with Italy,  as Reuters reported by a source with knowledge of the dossier. The bank, through a spokesman, answered with a "no comment". The Swiss banking group has been at the center of an investigation conducted by the prosecutor Gaetano Ruta, of Milan prosecutors, for violation of the Law 231/2001 on the liability of companies for crimes committed by their employees, and also for tax fraud, money laundering, obstacle to the supervisory authority and illegal.

 
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