Swiss banks' overall operating income fell last year for the fist time since 2012, Switzerland's banking lobby said on Thursday, as the Alpine nation's lenders grapple with negative interest rates and rising regulatory costs. Switzerland's banks, already hit by a clamp-down on tax evasion which has dampened the country's position as a tax haven, saw aggregate operating net income fall 3.2 percent in 2016 to 62.5 billion Swiss francs ($65.1 billion). "2016 was once again a difficult year for the banks in Switzerland," the Swiss Bankers Association (SBA) said while publishing its annual banking study.
The Swiss franc’s recent weakening against the euro is a positive development but the trend was “fragile”, Swiss National Bank governing board member Andrea Maechler said on Thursday. “Overall, the trends are pointing in the right direction for the Swiss franc, but it is too early to say whether these trends are sustainable,” Maechler told an economic conference in Yverdon-Les-Bains.
Tax authorities in France are reportedly seeking €600m in taxes from the local subsidiary of software giant Microsoft. The company paid €32.2 million in corporate tax in France last year, and billed French customers from its operation in Ireland, where business tax rates are considerably lower, the weekly L'Express reported on Wednesday.
If you're going on a certain kind of holiday, the price of a drink might take precedence over certain other factors, but even if you're not planning on wearing a bright pink polo with a lurid slogan printed on the back, knowing the price of a pint is always useful. The study, carried out by UK based FX comparison site Travelex, who produced an International Beer Index for 2017, looked at the average price of half a litre of beer in 32 countries which are popular holiday destinations for British holidaymakers.
Switzerland, Germany and Austria have the highest proportion of people renting a home rather than buying, accounting for over 45% of their populations, a new report shows. At the other end of the spectrum, in Croatia, Macedonia and Romania less than 10% of the population rent, according to the research from real estate firm Savills. Switzerland is the only country where more people rent than buy, with almost 60% doing so, while in Germany it is almost 50% and in Austria it is just over 45% while in Turkey and Denmark it is just under 40%.
American billionaire Warren Buffett’s Berkshire Hathaway group has officially become the top shareholder in Bank of America after exercising its right to buy 700 million shares at a discount. Buffett had received the warrants in 2011 after investing $5 billion in the bank, which was suffering at the time from the fallout from the global financial crisis.
Geneva-based private bank Lombard Odier has reversed a fall in profits last year to post a 13% year-on-year rise for the first half of 2017. Figures published today show consolidated net profits for the six months to the end of June were 69 million Swiss francs (€60.4 million). In a statement, the bank, one of Switzerland’s oldest, said that market performance had lifted assets as global protectionist threats and European political risks diminished. Total client assets stood at 242 billion Swiss francs at the end of June, up from 233 billion francs at the end of 2016. The rise in profits so far this year compares with a 13% fall in net profits for the whole of 2016.
A central bank rescue of Russian bank Otkritie has eased market concerns that other banks could be in trouble, prompting banking stocks to reverse three days of losses. Russia’s central bank stepped in on Tuesday to take at least a 75 per cent stake in Otkritie, the country’s biggest privately-owned bank, to plug a hole in its balance sheet. The bailout highlights problems among Russia’s banks and the challenge the authorities face in trying to clean up the sector.
Tropical storm Harvey had not stopped raining on Texas before the first estimates emerged as to how many billions of dollars in damages would result from the storm. Initial estimates from insurance companies like Hannover Re put the number at $3 billion. In a note to clients, JP Morgan estimated that the insurance industry could lose $10 to 20 billion from Harvey, making it one of the top 10 costliest hurricanes to hit the U.S. Enki Holdings, a consultancy that calculates the risks and costs of various natural disasters, said Monday afternoon that its estimates for Harvey damages had reached $30 billion.
Two years after two historic global agreements were established, leaders and other change agents in
Im September haben die Schweizer Stimmbürger die „Altersreform 2020“ des Bundesrates abgelehnt.
The 2017 symposium, with the theme "Successfully crossing borders", will have a strong focus on the
Dieser Event ist ausschliesslich für Pensionskassenvertreter (Stiftungsräte, CEOs, Anlageverantwor
Nach Jahren des geldpolitischen Experimentierens sind die Finanzmärkte so verzerrt wie selten zuvor
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