French financial prosecutors have asked judges to send HSBC and two former executives to trial on charges of aggravated tax fraud by its Swiss private bank in a case that relates to files stolen by Hervé Falciani, a former HSBC employee. If French judges decide to follow prosecutors' advice, HSBC could stand trial in Paris in the first half of next year. The judges could also dismiss the case.
Richemont reported a 51% fall in six-month profit to €540 million ($599 million). Sales fell 13% to €5.1 billion. In September, Richemont had warned profit would be down about 45%. “Sales and profits for the six-month period ended Sept. 30, 2016 were significantly below the prior year’s level, reflecting the difficult global environment, the exceptional inventory buybacks and challenging comparative figures in the first half of the previous financial year,” Executive Chairman Johann Rupert said in a statement.
US dollar is overvalued and that investors would do well to move out of that currency. In the long run the national debt, which is currently 106% of GDP, and the balance of payments deficit, currently running at about 40 to 45 billion dollars a month, are unsustainable. Of course the US is the largest single economy globally and has huge reserves of coal, oil and gas besides extensive farming land. So it is not to be expected that the US dollar is going to collapse. It could soon however gradually lose 20% to 30% of its current value.
People's Viennaline, an Austrian airline has begun what it claims is the world's shortest regular international connection - an eight-minute hop across Lake Constance. The flight, offered by air company, connects St. Gallen-Altenrhein in Switzerland with Friedrichshafen in southern Germany, just 20 kilometer. It's part of a route that continues onward to Cologne, but passengers can book only the short part for €40.
The labor market in Switzerland shows signs of slowing down: the employment indicator calculated by the economic research center at ETH Zurich (KOF) remains in negative zone and is fixed for the fourth quarter of the year at -3.7 points while three months ago it was at -1.2 points.
Britain’s trade in services with the European Union is likely to fall by 60% if the United Kingdom leaves the European single market, according to a new report by the country’s leading economic think tank. The National Institute of Economic and Social Research (NIESR) says trade in services will slump by almost two-thirds, even if Britain secures a free-trade agreement (FTA) with the EU after Brexit.
Switzerland's consumer confidence improved slightly in October, survey data from the State Secretariat for Economic Affairs or SECO showed Thursday. The Swiss SECO quarterly consumer confidence survey was -13 for October from -15 in the previous survey and was in line with market expectations. The overall index has also remained below its long-term average of -10 for over a year as underlying caution continues.
Lombard Odier IM has announced on Wednesday the acquisition of an eight-strong market neutral team from London-based AlphaGen Capital, a subsidiary of Henderson Global Investors, to bolster its hedge fund strategies team. The Volantis investment management team will join the Geneva group’s 1798 hedge fund strategies platform, as it transfers from AlphaGen Capital, where it managed over $1 billion in assets in UK equity long/short and long only strategies, Lombard Odier IM said in a statement.
Credit Suisse has reported an unexpected net profit of 41 million Swiss francs ($42.2m) for the third quarter. Profit fell 95% from 779 million Swiss francs in the same quarter last year, but the company beat analysts' forecasts who expected 150 million francs loss. It is the second consecutive quarter in which Credit Suisse has surprised the market with a profit after a rocky start to chief executive Tidjane Thiam's turnaround plan for the bank. The bank also said its core tier 1 common equity - a measure of the amount of capital it has set aside to absorb business and market losses - rose to 12% in Q3 from 11.8% in the previous three month period.
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