News

19.07.2017

Immigration: Switzerland less attractive for EU citizens

Net immigration to Switzerland from the European Union has fallen to its lowest level for 12 years, continuing a steady decline in immigration from nearby countries. Nearly 6,480 more EU citizens settled in Switzerland than departed between April and June, according to data released on Monday by the State Secretariat for Migration, the lowest since the second quarter of 2005.

 
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19.07.2017

Athens, welcome back to the (bond) market

Greece plans to issue bonds next week for the first time in three years, according to news reports. Rumors had circulated that the country would make a return to debt markets early this week. But the government pushed back the date of its five-year bond issue to next week to avoid higher borrowing costs, according to Greece’s Kathimerini newspaper. Since the weekend, the country’s bond prices have risen as investors hope the proceeds will strengthen Greece’s finances.

 
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19.07.2017

Hacker stole $7.4 mln in Ethereum during ICO

A mysterious cyberthief made off with $7 million in the cryptocurrency Ethereum on Monday after hacking CoinDash, a virtual currency trading platform, during its Initial Coin Offering and inserting a malicious address where digital investors were tricked into sending their funds. In an official statement on its webiste, the CoinDash team wrote the platform apologized, admitting that a "hacking attack" took place during the event by an unknown perpetrator, resulting in the loss of millions in ethereum. And explaining the cyber attack, the statement said that more than 2,000 investors unknowingly sent their virtual money to the hacker, for a total of roughly 37,000 Ethereum, which equates to around $7 million.

 
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19.07.2017

MUSIC TECH STARTUPS: Kombie, targeting the millennials

Stuart Berwick is the cofounder of Kombie, an app mostly aimed at younger users. It lets them record and mesh themselves to any video. «It’s a really simple concept but it actually does a number of things. With Kombie you can record yourself in and out, and it loops around, so it’s really engaging. With other apps you record yourself on some music and then you share it. We have the video too, so it’s much more powerful. You can do comedy as well, or take any video you like from your camera».

 
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19.07.2017

Lessons from a crisis: rules alone will not suffice

It was becoming obvious at about this time in 2007 that something very bad was happening in America’s banks. Air was rushing out of the US housing market bubble and the country’s banks, mortgage providers and brokers were bearing the brunt of the blast. One of the biggest sub-prime lenders in the US, New Century Financial, had already filed for bankruptcy. Bear Stearns would soon bail out one of its hedge funds that was exposed to the US housing market to the tune of $3.2bn.  The bank would be forced to liquidate it a month later. As we now know, what started in the US would spread around the world. Part of the crisis response has been to rewrite the global bank rulebook. Much of this has been sensible. This has made them safer to the kind of capital flight that did for them in the crisis. Big capital buffers should mean that the largest banks will not need to turn to taxpayers if there is a repeat of the conditions of the financial crisis.

 
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18.07.2017

London is facing Brexit impact on economy, research says

Research by think tank the Centre for London concludes that the looming EU exit could be a factor in reducing numbers of Europeans coming to the capital to work, a slowdown in job creation, declining business confidence and decelerating house price growth. The report underlined an economic slowdown included deteriorating house prices and plummeting business confidence, coinciding with a drop in the numbers of Europeans registering to work.

 
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18.07.2017

Cyber guru McAfee is quite "hard" bullish over Bitcoin's price

Price predictions in the Bitcoin world are always rather interesting. Especially considering how the price turned very bearish over the weekend. Cybersecurity guru John McAfee feels one Bitcoin can become worth as much as half a million Dollars in three years. However, he is quite confident his prediction will come true. He has avidly followed the recent price momentum and shared his opinions on the price dip. In fact, he was one of the first to acknowledge this was a mere technical correction. And McAfee is very sure that tweeted to one of his followers today that if his predictions fail to materialize, he will dine on his own penis in front of everyone. McAfee made the comment after saying bitcoin will move above $500,000 within three years.

 
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18.07.2017

Remain invested, favor Eurozone - Second part

- The economy continues to decelerate gradually to a more sustained speed of around 5% in the medium term. It is expected to slow in Q2 17, but also to transform itself toward more consumption and services - Beyond the growth objectives, the authorities are looking to curb financial excesses and to diversify in and outflows channels. State Owned Enterprises (SOE) restructuring remains the weak link of the current reforms

 
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18.07.2017

Credit Suisse CEO plans new era ending cost-cutting phase

Credit Suisse signalled the era of cost-cutting and job cuts may be soon be over, telling employees that the bank will emphasise businesses that generate higher returns in its next strategic plan. Credit Suisse aims to achieve its current capital, cost and pre-tax income targets by 2018 but Chief Executive Tidjane Thiam told staff preparation will start in July on its 2018-2020 plan.

 
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18.07.2017

FED fined BNP Paribas $246 mln over forex trades

The Federal Reserve on Monday slapped BNP Paribas S.A. and some of its U.S. subsidiaries with a $246 million fine for what it said were the firm’s unsafe and unsound practices in foreign exchange markets. The Board levied the fine after finding deficiencies in BNP Paribas's oversight of, and internal controls over, FX traders who buy and sell U.S. dollars and foreign currencies for the firm's own accounts and for customers.

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

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