Credit Suisse has reported a net loss of 2.347 billion Swiss francs ($2.337 billion) for the fourth quarter of 2016 as the bank felt the impact of a $5.28 billion fine from the U.S. Department of Justice. The fine in December stems from the bank's sale of toxic mortgage assets in the lead up to the 2008 global financial crisis and brings an end to a "major source of uncertainty" for the bank, according to Chief Executive Tidjane Thiam. It said Tuesday it recorded a provision of approximately $2 billion during the fourth quarter of 2016 for this penalty, in addition to existing provisions of $550 million in prior periods.
Voters rejected plans to overhaul Switzerland’s corporate tax system. Corporate tax reform III was rejected by popular referendum on Sunday, with 59.1% of the population voting against the Swiss government proposal. The “yes” won only in four cantons: Nidwalden, Ticino, Vaud, and Zug. The aim of the reform was to make the Swiss tax system more acceptable internationally. The government had hoped to secure approval for changes that would keep corporate tax rates globally competitive while abolishing special treatment for many multinational companies. “It will not be possible to find a solution overnight,” Ueli Maurer, the Swiss finance minister, said at a news conference in Bern, adding that it could take a year to come up with a new plan and years more to enact it.
The Dow has gone over 20,000, a historic high. As of 10th February it was at 20,269.37. The SPX was also flying high at 2,316.10. “All is well that ends well” can certainly be said for the past week`s performance in the markets. As is well known, however, history and past performance are no guarantee for the future.
Although the US election is over, the problem of fake news isn’t. Apple CEO Tim Cook said it’s time to do something about it. “All of us technology companies need to create some tools that help diminish the volume of fake news,” Cook said in an interview with the Daily Telegraph on Friday. Cook also called for governments to lead information campaigns to crack down on fake news in an interview with a British national newspaper. The scourge of falsehoods in mainstream political discourse came to the fore during recent campaigns, during which supporters of each side were accused of promoting misinformation for political gain.
The Swiss private bank Julius Baer Group said Friday that an unnamed bankrupt European company has sued for €306 million ($326 million) after years of making demands on the bank for not doing enough to prevent two of its account holders from embezzling the company’s assets Baer is contesting the claim and taking what it called "further appropriate measures" to defend its interests, it said in a statement.
This series of articles is intended to show different trading techniques that work on multiple time frames in liquid markets - especially in equities, equity-indices, commodity markets such as gold and crude oil, and in Forex trading. In conjunction with the right indicators these methods have been proven well. You will get a set of rules to the hand, which is intended to help you find a trade setup for opening a position at the right time, for placing wisely your Stop and for determining the Exit.
Swiss voters on Sunday approved a measure to make it easier for third-generation immigrants to become citizens, dismissing suggestions from the far-right that the move could pose a security threat. In a referendum on Sunday, they backed a proposal to simplify naturalisation for third-generation immigrants. According to final official results, the "Yes" camp claimed 60% support and a victory in 19 of Switzerland's 26 cantons, meeting the two criteria needed for a win.
The first weeks of Mr Trump being in power have been disruptive, the least to say. Concomitantly, reflation trades, which we were early proponents of since Spring last year, may be getting overextended. We believe it may be time to consider Defensive and Growth stocks again.
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