News

26.05.2017

OECD: Basic Income could not reduce poverty

As the global economy stares down the barrel of rising inequality and increased automation, more countries are toying with the idea of a universal basic income. But a new report by the Organization for Economic Cooperation and Development (OECD) is less than enthusiastic. According to OECD research, welfare reforms that would introduce public payment of an unconditional basic income to everyone of working age are worth exploring but would do little to combat poverty if not financed by extra tax. That conclusion is very problematic for a welfare reform that advocates bill as a solution to poverty. A small safety net of cash distributed to everyone regardless of income level or employment status, prevents people – but especially the poor – from slipping into destitution.

 
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26.05.2017

Swiss hotels: Fast start in first quarter 2017

Overnight stays in hostels were added to the overall number by the Federal Statistical Office last year. Without them, the number of overnight stays in the first quarter would have fallen by 0.6 percent. The decline in Swiss and foreign visitors was roughly the same. The three largest source markets of Swiss hotels, have all suffered decline in terms of visitor numbers. Among German guests the decline was 6.2%, with the number of overnight stays falling below the million mark for the first time in many years. But the Germans are still by far the most numerous group of foreigners in Swiss hotels, though the decline is massive. Ten years ago, there were 1.6 million overnight stays by German guests in the first quarter of the year.

 
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26.05.2017

Ethereum, the next rival for Bitcoin

Cryptocurrency is not only Bitcoin: when Ether was announced in 2015, it seemed like a very ambitious project. By this time, bitcoin had already established dominance in the cryptocurrency industry, but it had been created with a different purpose that would diverge from bitcoin’s primary use as a cryptocurrency. Ethereum would build a network, much like bitcoin, which was based on blockchain, but Ethereum would allow other apps to be created on it. The idea being to allow companies to take advantage of blockchain technology and run their own stuff. In return, Ethereum users would earn ether for keeping the network running. After receiving funding, Ethereum users were rewarded with ether, whose value was about $3.

 
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26.05.2017

Amazon opens its first "real" bookshop in New York

Online retail giant Amazon on Thursday opened its first brick and mortar bookstore in New York, selling a limited range of its highest-rated books and letting customers browse products as in times gone by. Amazon, which launched as an online bookseller in 1995 but which now sells everything from designer clothes to groceries, bided its time before venturing into the US cultural capital. It launched brick and mortar bookstores in six other cities first, starting in its hometown Seattle in 2015.

 
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25.05.2017

BNP Paribas fined by NY regulator over forex manipulation

French bank BNP Paribas (BNPP) has today been struck with a $350 million USD fine by New York State’s banking regulator. The bank is being held responsible for its Foreign Exchange “Cartel” manipulating foreign exchange rates, engaging in collusion, executing fake trades, coordinating trades to enhance profits at customers’ expense, and improperly sharing confidential customer info for many years.

 
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25.05.2017

Swiss Bitcoin Association adds EY

Ernst & Young’s (EY) Swiss arm has announced formal support and membership of the Bitcoin Association of Switzerland (BAS). An announcement posted by the BAS on Wednesday states the move is part of the global consultancy giant’s continued foray into cryptocurrency. “Being the first of the Big 4 to get into Bitcoin, the next obvious step for EY was to support our local Bitcoin community by joining the Bitcoin Association as a corporate member,” BAS stated. The association exists as a lobby group raising awareness and organizing events centered on Bitcoin and the decentralization of money.

 
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25.05.2017

Fed to raise rates very soon, again

The account of the Federal Reserve’s early May meeting, which the Fed published Wednesday, suggested the decision to raise interest rates in June still hangs in the balance. “Members generally judged that it would be prudent to await additional evidence indicating that the recent slowdown in the pace of economic activity had been transitory before taking another step in removing accommodation,” the Fed said in an account, released after a standard three-week delay.

 
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25.05.2017

Expert Commentary: Focus on ECB and his monetary policy

The ECB kept its monetary policy unchanged. Though, strong economic recovery may encourage policymakers to start tightening monetary conditions. Do you share this point of view? At this point, we agree that the Euro zone's economy is strengthening. We have recently revised our forecast for this year, though I think the key point here is that the ECB has not really seen any reasonable signs of an economic recovery. We have seen a little bit stronger inflation earlier in the year due to energy effects; however, inflation is probably going to be lower this year than we thought six months ago. Even if the Euro zone economy is picking up steam, we certainly do not expect the ECB to start raising interest rates until 2019.

 
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25.05.2017

OPEC: cut or not to cut, hamletic doubt in Vienna's meeting

OPEC is meeting in Vienna to discuss rolling over its six-month deal with 11 other exporters to remove 1.8 million barrels a day from the oil market in order to shrink global crude stockpiles. Consensus has formed in recent weeks around a nine-month extension, along the lines of a plan agreed to last week bySaudi Arabia and Russia. Most analysts expect the cartel to extend production cuts for another six to nine months following recent statements from major oil players.

 
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25.05.2017

Electric car could be cheaper by 2030, bad news for gas-powered one

Between now and 2021, battery production all over the world will more than double, Bloomberg reports. With more companies getting into the game, expansion and competition are up, and prices are down. This will mean more opportunities for energy companies and electric car manufacturers, and better deals for consumers looking to purchase clean powered technology for less money. The key is an expected increase in the number of battery factories, which will boost production capacity—and thus provide the economies of scale needed to make batteries cheaper.

 
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    ICDA will return this year to its alpine home for the 38th Bürgenstock Meeting.

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