News

21.03.2017

Big Nordic banks involved in money laundering fraud

Two of the Nordics' biggest banks, Nordea and Danske Bank, are involved in a money laundering scandal that involves billions of Danish krona, reports Berlingske.  They are cooperating with authorities over possible incidents of money laundering via their overseas branches from 2011 to 2014, it added. The Danish newspaper cites investigations into authorities in countries including Latvia and Moldova, which show that large amounts of money passed through Danish banks into tax havens like the Seychelles and Panama. The origin of the money is not certain, but sources point to Russian organized crime. Meanwhile, according to Berlingske, fourteen Moldovan judges have been arrested and are awaiting trial for aiding the perpetrators.

 
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21.03.2017

Bill Gates the richest man in the world, fourth in a row

Microsoft co-founder Bill Gates once again topped the Forbes magazine list of the world's richest billionaires, while US President Donald Trump slipped more than 200 spots, the magazine said on Monday. Gates, whose wealth is estimated at $86 billion, led the list for the fourth straight year; Gates's is followed by Warren Buffett, the American magnate, and Berkshire Hathaway chief with an estimated wealth of $75.6 billion. 

 
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21.03.2017

Swiss economy forecasts: good weather in 2017

Switzerland's economic growth projection for 2017 was downgraded as activity turned out disappointingly weak in the second half of last year. In the Spring forecast, the State Secretariat for Economic Affairs (SECO) said it expected economic growth of 1.6% in 2017, down from the forecast of 1.8% it gave in December. The downward adjustment to resulted from a "sluggish close of 2016," SECO said.

 
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21.03.2017

Italy: where health is (almost) the richness

Italy has been ranked the healthiest country on Earth in the Bloomberg Global Health Index of 163 countries. According to the study, the average life expectancy in the country is 80-89 years, while 2,800 miles south in Sierra Leone, the average newborn will die by 52. The Bloomberg Global Health Index ranks Italy, Iceland, Switzerland, Singapore and Australia as the countries with the healthiest populations, in that order. The ranking takes into account metrics such as mortality, life expectancy, the number of people with elevated levels of blood pressure, blood glucose, and cholesterol, as well as the prevalence of obesity, alcoholism, and childhood malnutrition in the country. Also on the top ten are Spain, Japan, Sweden, Israel, and Luxembourg. On the Bloomberg list, the U.S. landed in 34th place, with a health grade of 73.05 out of 100, compared to Italy's grade of 93.11.

 
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20.03.2017

Theresa May scheduled Brexit on 27th March

British prime minister Theresa May will trigger article 50 of the Lisbon Treaty, the formal notification of the United Kingdom’s intention to leave the European Union, on March 29th, a spokesman for the British leader said on Monday.  More than 40 years after the UK joined the EU and nine months since it voted to quit it, Britain’s envoy to the bloc, Tim Barrow, informed EU President Donald Tusk on Monday of her plan to invoke Article 50 of the Lisbon Treaty, the mechanism for quitting that has never been used.

 
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20.03.2017

Switzerland: when auction for license plate is a good news for the city

The canton of Valais is 160,100 francs richer after an anonymous bidder bought the car licence plate VS 1, with the letters standing for the Canton of Valais in western Switzerland, in an auction that finished on Tuesday last week. The figure is the highest amount ever paid for a vehicle registration plate in the Alpine country and "surpassed expectations", said the cantonal authorities in a statement.

 
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20.03.2017

UBS to face a trial, trying to avoid €1.1 billion fine

UBS will go on trial in France for establishing a wide-ranging tax fraud scheme, legal sources said today. The swiss bank will be charged with illegal banking practices and dissimulating tax fraud, the sources said, adding UBS's French subsidiary will also go on trial for complicity. “UBS has made clear that the bank disagrees with the allegations, assumptions and legal interpretations being made,” the bank said in a statement. “We will continue to strongly defend ourselves and look forward to a fair proceeding.”

 
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20.03.2017

Brexit doesn't affect UK job market

The UK's unemployment rate has fallen to its lowest since the summer of 1975, with a record number of people in work: the Office for National Statistics (ONS) said the unemployment rate fell to 4.7% . Other figures published on Wednesday showed that unemployment fell by 31,000 in the three months to January, to 1.58 million, the lowest for a decade, giving a jobless rate of 4.7%, the lowest since the summer of 1975.

 
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20.03.2017

Norway (and Scandinavian too), the world’s happiest country

Norway, the Scandinavian nation of 5 million, known for its spectacular fjords, reindeer and "Midnight Sun," ranks No. 1 among 155 countries rated for happiness in a United Nations report out Monday. The country rocketed from 4th place to the top of the list, on the basis of several key calculations for measuring social happiness, among them levels of caring, freedom to make life decisions, generosity, good governance, honesty, health and income. Notably, on The Children’s Worlds index of material deprivation, Norwegian children lacked the least in the world.

 
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20.03.2017

Why should you look at Russell 2000 Index?

Some weeks ago (1), I wrote an article about a negated pattern of an “orthodox broadening formation” on the Dow Jones Industrial Index. This kind of pattern is not so very common to find on price graphs; it occurs when a series of three or more price fluctuations widen out of size so that peaks and troughs can be connected with two diverging trendlines (2). Generally the pattern comprises three rallies, with each succeeding peak higher than its predecessor, and each peak separated by two bottoms, with the second bottom lower than the first one. Orthodox broadening formations are associated with market peaks. Several of these patterns, according to Edwards and Magee, appeared at the 1929 Tops of many of the active and popular stocks of that day (3). Perhaps we can best see what this formation is, if we examine the image below. I have numbered from 1 to 5 the significant turning points.

 
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