The Swiss Bankers Association announced in a statement the nex list of accounts hold assets of about eight million Swiss francs (€7.4 million). The first step was in December 2015, when the association published a list of more than 2,600 accounts of individuals or companies without any movements on their Swiss bank accounts for the past 60 years.
The Swiss National Bank is ready to take policy measures as and when they are necessary to keep the country's inflation and economy on track, two top policymakers underlined on Wedsneday. SNB Vice Chairman Fritz Zurbruegg said currency market interventions had become an increasingly important tool since the financial crisis and the euro zone debt crisis had pushed up the safe-haven Swiss franc. "Since last January our monetary policy framework is based on two elements. The first is negative interest rates... and the second element, which is important to underscore, is a willingness to intervene on foreign exchange markets as necessary," Zurbruegg said at a UBS banking conference.
Do not be afraid.This is not a piece on philosophy. It is a very short essay on one of the market themes I am more emotionally attached: active investing. The reason is straightforward: I am an active investor. In an era of ever-rising prominence of passive investing, I want to spend few words defending the social usefulness of my work and the one of my fellow colleagues that put all their brains in the tough but fascinating world of active investing. At this stage, you probably wonder what would be the link with Immanuel Kant in the title. It is stronger than you think.
Switzerland's federal cabinet approved a new graft bill on Wednesday that would end the tax break for bribes, a reform it decided to pursue almost a year ago. It now goes to the parliament for a vote. But it leaves untouched the practice of letting companies take a deduction for illegal profits seized by regulators, provided these repaid sums - known as disgorgements - do not meet the formal definition of a penalty for criminal behaviour.
Swiss private bank Julius Baer said on Thursday its assets under management rose 9% in the first ten months of 2016 to 327 billion Swiss francs ($326.45 billion), up from 311 billion francs in the first half of the year. Switzerland's third-largest listed bank said net new money in the year to date on an annualised basis was close to 4%, the bottom end of its medium-term target range of 4-6%.
New York’s Upper 5th Avenue remains the world’s most expensive retail street, narrowly ahead of Hong Kong’s Causeway Bay. Paris’ Avenue des Champs Élysées, where annual rents are €13,255.2 per square metre, is third, London’s New Bond Street is fourth (€12,433.6 sq.m/yr) with Tokyo’s Ginza leap frogging into fifth place with annual rents totaling €12,102.9 sq.m/yr.
Business confidence in Switzerland registered its highest gain in five months, while economic sentiment for a third consecutive month in November on expectations that the momentum of economic development is set to hold steady in the next six months. The ZEW-Credit Suisse Indicator for the economic sentiment in Switzerland increased by 3.7 points to a current reading of 8.9 points. In contrast, there was a decline in the current conditions to 14.7 from 17.9 previously.
On November 7, one of Israel’s leading diamond corporations, the Dalumi Group, announced that it had purchased a company called Zoara.com, an online luxury jewelry retailer that is active in more than 40 countries, selling loose diamonds, diamond engagement rings and diamond jewelry. Founded in 2008, Zoara.com is an e-commerce platform devoted to the exclusive sale of loose diamonds, luxury jewelry and precious gemstones. Operating on a multilingual and multi-currency digital platform, local versions of its website are available the United States, Canada, the United Kingdom, Australia, New Zealand, Argentina, Valenzuela, Peru, Mexico, Spain, France, Germany, Hong Kong, Taiwan and China. According to the announcement put out by the two companies, Zoara.com will now enjoy direct access to wholesale suppliers within the diamond industry, enabling it to present an updated online product catalog of luxury jewelry and more than 200,000 loose diamonds, which the companies said is unprecedented in terms of its volume and variety in the market.
British consumer prices dropped unexpectedly last month, despite the steep fall in the value of the British Pound after the Brexit vote, official data showed on Tuesday. According to the Office for National Statistics, the Consumer Price Index advanced 0.9% year-over-year in October, compared to the preceding month's 1.0% rise. That was below the 1.1% market forecast, who suggested that the weak Sterling would lift inflation last month. Nevertheless, the ONS said factory gate prices increased 2.1%, faster than expected and the largest increase since April 2012.
Leonteq, Zurich-based group specializing in structured investment products, intends to reduce the cost by 10 million Swiss francs within the end of 2017. The group, it said in a note today, plans to cut 50 jobs worldwide. The Zurich company will waive new hires. The Leonteq's staff should reach 480 units. Since 2018, however, the rate of new hires should grow by 5% a year.
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