Prosecutors in Switzerland have seized 11 luxury cars belonging to the vice-president of Equatorial Guinea Teodorin Obiang, who they are investigating for corruption, on Thursday. Contacted by Reuters, Obiang's lawyer in Paris said the cars seized in Switzerland did not belong to his client. "These are not his vehicles," Emmanuel Marsigny said.
HSBC reported a sharper-than-expected 86% fall in pretax profit for the third quarter as the British lender took a $1.7bn loss on the sale of its Brazilian unit and it also pointed to customer compensation in America and currency moves for the fall in profits. The bank's reported pretax profit was $843 million in the September quarter, down from $6.1 billion in the same period a year ago, HSBC said in a Hong Kong stock exchange filing on Monday.
"Investing in natural gemstones is an excellent opportunity for those who want to diversify their portfolio without taking any risks - says Maurizio Spoldi, CEO and CFO of INVESTMENT DSC, brand that will be present at Lugano Fund Forum 2016 - It is a choice that protects the capital and that is re-evaluated through time, despite inflation and devaluations ".
The yellow metal was in a full on retreat on Friday morning, as it had erased all of Thursday's gains. However, the situation seems only temporary, as the metal is still set to surge, as it is indicated by various factors. First of all, the metal has reached the support provided by the weekly R2 at 1,296.73. Secondly, trader set up orders are mostly long. Third is the fact that daily aggregate technical indicators forecast a surge. Last but not least, the US election is not over and the drama will continue.
«Je m’attends à une normalisation des taux d’intérêt, mais plus lente que beaucoup ne l’espèrent. Les taux longs grimperont à 2-3% d’ici cinq à dix ans», déclare François-Serge Lhabitant, directeur général et responsable de la stratégie de Kedge Capital, mercredi à Zurich. Ce gérant d’actifs place les capitaux de la famille Ernesto Bertarelli dans les hedge funds depuis 2001 et fait partie de Waypoint Capital. Kedge gère 4 milliards de dollars, dont 80% proviennent de la famille et 20% d’investisseurs extérieurs.
François Degeorge, professor at USI since 2003 and current director of the Institute of Finance at the Faculty of Economic Sciences, is the new Managing Director of the Swiss Finance Institute and succeeds Prof. Claudio Loderer, University of Bern.
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.
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