The eurozone unemployment rate fell to 8.8 percent in October, from 8.9 percent in September. A year ago, the rate was 9.8 percent. The positive data come after the European Central Bank (ECB) announced it was starting to wind down the massive support it has given the 19-member currency zone to help it through the crises of recent years.
Switzerland's economy grew 1.2 percent year-on-year in the third quarter, accelerating sharply from the weak second quarter as manufacturing and exports picked up. Switzerland’s gross domestic product rose 0.6 per cent quarter on quarter in the three months to the end of September, according to the State Secretariat for Economic Affairs. That was in line with a median estimate compiled by Reuters of 0.6 per cent. GDP growth for the second quarter was also revised up to 0.4 per cent from 0.3 per cent.
A reluctant Russia is expected to agree with OPEC and other producers to continue to curb global oil production, but the deal may have more caveats than initially expected by the market. The somewhat rocky road to reaching an agreement by Thursday's OPEC meeting has also exposed some cracks in the new world order of oil – where Saudi Arabia and Russia use their combined heft to influence prices and global supply. The cause of those "cracks" in the new 'R-OPEC' appears to be U.S. shale oil.
Bitcoin surpassed $US11,000 in a matter of hours after hitting the $US10,000 milestone, taking this year's price surge to almost 12-fold as buyers shrugged off increased warnings that the largest digital currency is an asset bubble. The euphoria is bringing to the mainstream what was once considered the provenance of computer developers, futurists and libertarians seeking to create an alternative to central bank-controlled monetary systems. While the actual volume of transactions conducted in cryptocurrencies is relatively small, the optimism surrounding the technology continues to drive it to new highs.
A tiny Swiss village threatened with extinction after an exodus of residents has come up with a novel way of turning around its fortunes. Albinen, a picturesque village near Leukerbad in Valais, has seen its population shrink to just 240. The local school has been forced to close and many of the houses in the village are used as holiday homes, laying empty for much of the year. As a result, local residents have demanded that the council do something to help reverse the decline and ensure the village’s future.
Switzerland's consumption indicator remained broadly unchanged in October but suggested that private spending is growing at a solid pace in the fourth quarter, the UBS investment bank said Wednesday. The indicator inched up to 1.54 points in October from revised 1.51 in September. New passenger car registrations and domestic tourism improved in October. By contrast, the index of consumer confidence measured by the State Secretariat for Economic Affairs stagnated. In October it was -2 points, virtually unchanged from the previous quarter's -3.
Nestlé is investing 54 million Swiss francs ($55 million) to construct a new factory in Cuba, which will employ 260 people by its third year, it said Wednesday. The Swiss company said that the site will produce its coffee brand Nescafe, Cuban coffee Serrano, Nestle Fitness cereal snacks, powdered beverage Nesquick and Maggi-brand cooking aids.
Bitcoin hit the $10,000 mark for the first time Nov. 28, passing the milestone on several exchanges and indexes. When you consider the digital currency’s rapid growth, you might think that people who say a single bitcoin could be worth $50,000 in the next decade might be onto something. After a day of tepid approaches toward the total, the price of bitcoin rose above $10,000 on CoinDesk's Bitcoin Price Index (BPI) for the first time in history on Tuesday.
After focusing on industries such as coal and weapons, Norway’s $1-trillion sovereign wealth fund is turning its attention to fashion. Together with UNICEF, the world’s biggest wealth fund is setting up a network with some of the top fashion companies to improve children’s rights, whether they are exploited in the production of garments and shoes or impacted by the industry in other ways.
Former Fortress hedge fund manager Michael Novogratz said Monday that bitcoin can multiply more than four times in roughly the next 13 months. On CNBC’s Fast Money, Novogratz expressed his optimism towards both bitcoin and Ethereum in the mid-term. Novogratz, who has predicted the price of bitcoin to achieve the $10,000 mark before the end of 2017, stated that bitcoin price will quadruple by the end of 2018, and the price of Ether, the native cryptocurrency of Ethereum, will triple in value.
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