News

31.01.2017

Trumponomics and the Bond Rout (by W. Snyder)

After a lengthy stay in the land of Oz down under, where one has a very different point of view, a return to a new situation that is still very much the old situation is enlightening.

 
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31.01.2017

Switzerland: Health care needs more digitalization to save money

Swiss health insurance  premiums will double by 2030. According to a study by EY (Ernst & Young), insurers will have to help reduce the costs of health care by focusing on innovation and digitalization. The consulting firm estimates that health costs are expected to rise by 60% by 2030, for a total of 116 billion francs. If in 2014 in Switzerland, the average expenditure was equal to 6% of their income for health insurance premiums, the rate is set to rise to 11% in 2030, as stated today by EY analysts in a conference call.

 
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31.01.2017

Basic Income debate to spread over French Presidential Race

Benoit Hamon secured the French Socialist Party's presidential nomination on Sunday, beating rival Manuel Valls. Initial results gave Hamon 58 percent of the vote and Valls only 42. Hamon was the more left-wing choice of the two politicians. He supports a universal basic income and wants to reduce the traditional work week to 35 hours. He has also spoken in support of legalizing cannabis and increased investment in renewable energy. Valls, on the other hand, has called himself a more "Clintonite" leftist with a strong belief in pragmatism and individual responsibility.

 
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31.01.2017

VW is the world's biggest automaker, despite Dieselgate

The Volkswagen Group has become the world’s top-selling car company for 2016, despite making headlines for all the wrong reasons – chiefly its dieselgate emissions cheating scandal. VW has reported global annual sales of 10.31 million vehicles for 2016, overtaking Toyota’s annual total of 10.17 million, ending the Japanese company’s global sales hegemony of recent years. A spokesman for VW said: "2016 was a very challenging year for us." The company "made strides in resolving and overcoming the diesel crisis" and initiated fundamental change in the company's long-term strategy, he said.

 
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31.01.2017

Deutsche Bank fined $630m over Russian mirror trades

Deutsche Bank has agreed to pay nearly $630m ($425m) to UK and US regulators to settle probes into whether it helped covertly move as much as $10 billion out of Russia through a process known as "mirror trading." New York and British authorities issued the fine on Monday over claims the money was moved out of Russia using so-called mirror trades among the bank’s Moscow, London and New York offices, said New York State’s Department of Financial Services (DFS). The DFS legal document which details the case says: "By converting rubles into dollars through security trades that had no discernible economic purpose, the scheme was a means for bad actors within a financial institution to achieve improper ends while evading compliance with applicable laws."

 
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31.01.2017

The new (political) deal: buy!

Despite some concerns around the start of last year, and the political shocks that unfolded over the course of the past 12 months, 2016 actually turned out to be quite a good year for investors, with most asset classes rising in value. But what can we expect over 2017, and how should investors approach the coming year? In this short outlook document we outline what we expect over the year ahead and set out what we believe could be the best-performing asset classes in each of our main scenarios.

 
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30.01.2017

Two London-based traders guilty over defrauding Russian Bank

Two City traders, George Urumov and Vladimir Gersamia, were convicted of multiple fraud offences following a four-month trial at Southwark Crown Court. The pair were handed jail terms of seven and 12 years respectively. The victim of the complex fraud scheme was Russian bank Otkritie, with the size of the losses related to the illegal actions exceeding £141 m ($176 m), according to a report in the Financial Times. The first part of the fraud was carried out in 2011, when Urumov joined Otkritie Securities Ltd (OSL) and manipulated the company into paying him approximately $25m as a “sign-on” fee under the false impression that it would be distributed to others also joining the company. 

 
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30.01.2017

Switzerland ready for trade with UK post-Brexit

Johann Schneider-Ammann, Switzerland’s economy minister said Sunday he wants to have “background” talks with Britain so that a trade deal can be in place as soon as the UK leaves the EU. “My objective is clear. Not one day should pass after Britain’s exit (from the EU) without new regulations in place,” he told Blick daily. “It should be at least as good” as the present deal, he said. The paper said Britain’s International Trade Secretary Liam Fox declared during the recent World Economic Forum (WEF) annual meeting that he was very interested in a trade agreement with Switzerland.

 
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30.01.2017

Bitcoin startup received FINMA approval to operate in Switzerland

Bitcoin startup Xapo has revealed that it has gained an early ‘conditional approval’ from Switzerland’s financial regulator (FINMA) to operate in the country. The Switzerland-based company said in a new blog post that it has been given “conditional approval” from the Swiss Financial Market Supervisory Authority (FINMA) to do business in the European country. CEO Wences Casares wrote in a blog: "We are happy to announce that, after almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland".

 
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30.01.2017

Johnson & Johnson closed $30bn deal with Swiss Actelion

Johnson & Johnson will buy Swiss drugmaker Actelion in a $30 billion deal that both secures promising research and bolsters the product portfolio controlled by the U.S. health care giant. The deal between the world's biggest producer of healthcare goods and Actelion, a leader in medicines treating high blood pressure, will create a new Swiss-listed firm called R&D NewCo focusing on the research and development of new drugs, the two companies said in a joint statement. The U.S. conglomerate will then buy Actelion's seven drugs that are currently on the market and two potential treatments in late-stage testing. The acquisition gives J&J access to the Swiss group’s line-up of high-price, high-margin medicines for rare diseases, helping it diversify its drug portfolio as its biggest product.

 
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