Geneva-based private bank Lombard Odier has reversed a fall in profits last year to post a 13% year-on-year rise for the first half of 2017. Figures published today show consolidated net profits for the six months to the end of June were 69 million Swiss francs (€60.4 million). In a statement, the bank, one of Switzerland’s oldest, said that market performance had lifted assets as global protectionist threats and European political risks diminished. Total client assets stood at 242 billion Swiss francs at the end of June, up from 233 billion francs at the end of 2016. The rise in profits so far this year compares with a 13% fall in net profits for the whole of 2016.
A central bank rescue of Russian bank Otkritie has eased market concerns that other banks could be in trouble, prompting banking stocks to reverse three days of losses. Russia’s central bank stepped in on Tuesday to take at least a 75 per cent stake in Otkritie, the country’s biggest privately-owned bank, to plug a hole in its balance sheet. The bailout highlights problems among Russia’s banks and the challenge the authorities face in trying to clean up the sector.
Tropical storm Harvey had not stopped raining on Texas before the first estimates emerged as to how many billions of dollars in damages would result from the storm. Initial estimates from insurance companies like Hannover Re put the number at $3 billion. In a note to clients, JP Morgan estimated that the insurance industry could lose $10 to 20 billion from Harvey, making it one of the top 10 costliest hurricanes to hit the U.S. Enki Holdings, a consultancy that calculates the risks and costs of various natural disasters, said Monday afternoon that its estimates for Harvey damages had reached $30 billion.
Litecoin, the fifth-largest cryptocurrency by value and rival to bitcoin, has rallied nearly 1,400 percent since the start of the year after hitting a record high price. On Monday, litecoin hit an all-time high of $64.2, marking a 1383% rise since January first where it traded at $4.33, data from industry website Coinmarketcap.com showed. The price pulled back slightly on Tuesday and was just above $62 in early trade.
Tokyo-based Nomura said it expects the North Korea tensions to stay controlled, even after the rogue state on Tuesday fired a missile over Japan. "We see today's provocation as in line with our base case for the [Korean] peninsula — that tension will remain elevated for some time, but also remain contained," a team of Nomura research analysts said in a Tuesday note led by Hong Kong-based economist Minoru Nogimori.
Lawyers for former Georgia prime minister Bidzina Ivanishvili said on Tuesday they are suing Credit Suisse in Singapore, New Zealand and Bermuda, alleging failings at the bank led to fraudulent mismanagement and substantial losses. Lawyers for Mr Ivanishvili have previously alleged that fraudulent activities by a Credit Suisse client adviser lost the former Georgian leader hundreds of millions of dollars.
Building on the basis of the basic article “Smart traders track” (TRA-DERS’ 04/2017; available in the shop at www.traders-media.de), we introduce a strategy to you in this article that will help you combine obvious trend figures with each other in a clever way. This makes a profitable trading setup. Whoever wants to trade successfully, should know the individual components (see infobox) as well as the behavior of the individual market players. These leave behind tracks within the chart with their purchases and sells. We want to trade confluent trend figures within a time unit and therefore need to look at the courses of the trends within a time unit. It’s therefor necessary to figure out:
As all car lovers know, purchasing a classic car is about much more than getting around in style. It’s owning a piece of motoring history – and getting to hear the sound of a vintage engine rumbling into life. As well as being a piece of art, buying a vintage car can be a good investment. That’s why MoneySuperMarket have put together a list of some of the most valuable car sales yet.
Finland's Varma Mutual Pension Insurance Company— the country's largest pension fund— told Bloomberg it has reduced its exposure to stocks by five per cent, most of that reduction coming from U.S. stocks. "It seems as if there is no president in the U.S.," Varma CEO Risto Murto said. "If I look at what is the moral and practical power, there is no longer a traditional president."
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