News

27.01.2017

Bundesbank President: FinTech needs regulation

Speaking at the G20 conference, where leaders from the international organization are meeting in Germany to discuss issues around the digitization of finance Weidmann said: "Originally developed for the bitcoin virtual currency, this distributed ledger technology, it would appear, has turned out to be a multi-purpose tool. And even central banks – which aren't typically known for being early adopters of new technologies – are currently doing experimental research on the potential use of blockchain." 

 
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27.01.2017

Technical analysis : GBP/USD to slide down again

In spite of a strong UK GDP reading, the GBP/USD currency pair was unable to pierce the immediate resistance cluster, resulting in a small bearish correction, with a slip below 1.26 again. The same cluster keeps providing strong resistance today around 1.2670, implying that the Pound is to weaken against the US Dollar for the second day. The nearest demand area rests around 1.2515, which could limit possible losses, while another strong group supports is located at 1.2430, namely the monthly PP and the 55-day SMA. However, technical indicators in the daily timeframe suggest the Cable is to inch higher; nevertheless, the immediate resistance is expected to remain intact. 

 
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27.01.2017

Barclays plans to move HQ to Ireland after Brexit

Barclays has settled on Dublin for its main hub inside the EU after Brexit, and is planning to add about 150 staff here if UK-based finance companies lose easy access to the trading bloc, according to Bloomberg sources. It is believed the bank started scouting the city for office space this month, and has been in contact with regulators here about expanding its operations.

 
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27.01.2017

UBS earnings declined in Q4

Swiss bank UBS  reported net income of 738 million Swiss francs (US$736 million) in the fourth quarter, compared with 949 million a year earlier, due in part to tax effects, but says rising investor confidence in the United States could boost its wealth management business.  "Despite a very challenging market environment in 2016, we achieved solid results, thanks to our balanced business and geographic mix, as well as our strong focus on executing our strategy," said CEO Sergio Ermotti.  UBS also recorded more than 1 billion francs in negative income due to cash-flow hedges, citing a drop in unrealized gains from hedging derivatives as long-term interest rates increased. 

 
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26.01.2017

Swiss Gold Over the Top, exports hit record in 2016

Switzerland's gold exports to China surged to their highest on record in December at 158 tonnes, data from the Swiss customs bureau showed on Thursday, nearly triple the level of the same month a year earlier. According to Eddie van der Walt as reported on the Bloomberg terminal this morning, total Swiss gold exports surged to 287.6 tons in December (valued at CHF 10.8b), their highest since May 2013 in December, according to data on the website of the Swiss Federal Customs Administration. Gold exports to China in December “were the highest since at least January 2014” according to Bloomberg. Most of the exports to China are in the form of investment grade gold bars in the one kilogramme gold bar format which is used by Chinese investors, institutions, exchange traded funds (ETF) and indeed the Shanghai Gold Exchange.

 
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26.01.2017

Trump wants Mexican wall as soon as possible

President Donald Trump has proposed construction of a US-Mexican border wall and is expected to pause the flow of refugees to America as he launched broad but divisive plans to reshape US immigration and national security policy. A draft executive order seen by Reuters that Trump is expected to sign in the coming days would block the entry of refugees from war-torn Syria and suspend the entry of any immigrants from Muslim-majority Middle Eastern and African countries Syria, Sudan, Somalia, Iraq, Iran, Libya and Yemen while permanent rules are studied.

 
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26.01.2017

Bitcoin needs to come under regulation to avoid bubble

BTCC co-founder and CEO Bobby Lee believes that China's immensely popular cryptocurrency bitcoin will come under regulation in future. The announcement by Lee comes after PBoC launched an investigation on BTCC, China's largest bitcoin exchange, along with other leading bitcoin exchanges like Huboi and OkCoin, in the aftermath of the immense price hike in bitcoin at the end of December 2016 and beginning of January 2017. "The answer is, I don't know when it will happen but I know it will happen. I have confidence of that because fundamentally I think bitcoin exchanges need to be regulated," said Lee to Business Insider.

 
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26.01.2017

Strong franc didn't stop Swiss exports in 2016

Switzerland's foreign trade grew again in 2016 after a decline in the previous year,, with the development of chemical-pharmaceutical products, the State Secretariat for Economic Affairs said Thursday. Exports rose by 3.8% (real: - 0.8%) to a record high of CHF 210.7 billion. However, the two other major divisions - machines and electronics as well as watches - were unable to participate in the growth. Imports increased by 4.1% (real: + 1.2%) to CHF 173.2 billion. The surplus in the trade balance reached a new record (37.5 billion francs). Exports expanded by 3.8% (real: - 0.8%) to CHF 210.7 billion in 2016, which means that, they reached a new peak. 

 
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26.01.2017

Trumping robotics is hard to do

President Trump argues that too many US workers have lost their jobs to foreign peers as companies have offshored manufacturing. US companies need to bring those jobs back and, in doing so, restore America’s industrial greatness. His diagnosis isn’t altogether wrong: fewer companies manufacture cars, for instance, in the US than was previously the case. But this thesis is too simplistic.

 
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26.01.2017

Swiss watch industry: 2016 exports the worst year

Swiss watch exports registered one of its shallowest falls of last year in December, yet marking a decline for the whole of 2016, figures from the Federation of the Swiss Watch Industry showed Thursday. Watch exports declined 4.6% year-on-year in December to CHF 1.7 billion. Exports for the whole year tumbled 9.9 percent to CHF 19.4 billion. The annual decline is the worst performance since exports fell 22 percent in 2009 in the wake of the bankruptcy of Lehman Brothers and the subprime mortgage crisis.

 
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