Category Archive: 3.) Investec

EU Unemployment Rule change could cost Switzerland dearly

Currently, across EU and EFTA countries, unemployment benefits are paid by the country of residence. Last week, the EU announced plans to make the country of employment pay unemployment benefits instead. This change could be costly for Swiss cantons with large numbers of cross-border workers, workers who live in the EU but work in Switzerland.

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Nearly 1 in 20 in Switzerland are millionaires, according wealth to report

The 2017, a wealth report, published by Capgemini, shows there were 389,000 US$ millionaires in Switzerland, around 4.5% of the population, or close to 1 in 20. If children under the age of 15 are excluded, Switzerland’s millionaire percentage rises to 7.3%. In addition, these figures include only investable wealth, which does not include the value of family homes.

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Swiss residential property risks growing in buy to let, according to Swiss National Bank

On 21 June 2018, the Swiss National Bank (SNB) announced its decision on interest rates, which it left unchanged. Switzerland’s economy has been sailing into the headwinds of a strong currency since the SNB scrapped its exchange rate cap in January 2015 and the Swiss franc briefly went beyond parity with the euro.

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The price of solidarity – Switzerland’s inter-cantonal payments for 2019

In Switzerland, much in life revolves around the canton. Cantons have their own health, social and education systems, parliaments and tax rates. Federal government, based in Bern, is a layer that sits over the top, bringing the cantons together as Switzerland.

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Swiss Offshore Wealth Management Sector still World’s Largest by far

A report by The Boston Consulting Group highlights the size of Switzerland’s personal offshore wealth management sector. Total personal offshore wealth grew by 6% to reach US$8.2 trillion in 2017. US$2.3 trillion (28%) of this was managed in Switzerland. The top three offshore centres: Switzerland ($2.3 trillion), Hong Kong ($1.1 trillion) and Singapore ($0.9 trillion) made up more than half (52%) of the total.

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Swiss Unemployment Continues to Fall

The number of registered unemployed in Switzerland dropped by 9% in May 2018 to a rate of 2.4%, down from 2.7% in April, according to a report by the State Secretariat for Economic Affairs (SECO). The rate in May 2018 was 22% lower than in May 2017.

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Switzerland’s parliament narrowly votes for women’s quotas on company boards

Yesterday, Switzerland’s National Council, or parliament, voted 95 to 94, with 3 abstentions, to introduce quotas for the management and boards of quoted companies. Boards will be required to have 30% women and management teams 20%. The rules could affect 250 companies.

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Vaud Plans Tax Cuts

The residents of Vaud are among the highest taxed in Switzerland. In 2016, a single person in Lausanne earning CHF 100,000 paid CHF 16,050 in cantonal and communal tax on top of CHF 1,840 of federal tax. This was the fourth highest across all of Switzerland’s 26 cantonal capitals, and almost triple Zug, the lowest, where the figure was CHF 5,750 – see chart below.

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A celebration of excellence | Investec Derby 2018

The Investec Derby Festival, forged from passion, energy and stamina. Look back at the world’s greatest flat race. https://invest.ec/2MmHSxM

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Swiss pensions – lump sum withdrawal restrictions rejected by Council of States

Against the wishes of the Federal Council, Switzerland’s upper house, the Council of States, rejected a plan to prevent people from withdrawing lump sums from their 2nd Pillar pensions, according to the newspaper Tribune de Genève. Last week, the Council of States voted 25 to 15 to reject the plan.

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Nestlé plans to move 580 jobs out of Switzerland

Last week, Nestlé announced plans to cut its Swiss workforce by 580. The plans involve restructuring its IT department, with a focus on extending its technology hub in Spain. Over the next 18 months, this re-organization could lead to a reduction of up to 500 IT positions in Switzerland, said the company. A source close to Nestlé told Le News that around two thirds of the cuts will occur in Vevey and the remaining third in Lausanne and at the...

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No relief for Swiss renters

Every three months the rate of interest used to set Swiss rents is reviewed. If it goes down some renters have the right to request a decrease in rent. This time it remained at 1.50%. The last time it dropped was 1 June 2017 when it fell to its lowest level since 2008.

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House Prices Down in Verbier but Up in Some other Swiss resorts

A recent report published by UBS shows real estate price changes in european mountain resorts. Over the last year, Verbier (-3.2%) and Crans Montana (-3.0%) experienced the largest price declines, while Saas Fee (+14.3%) and St. Moritz (+7.4%) climbed the most.

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Pay in Zurich and Geneva highest in the world

A survey of the cost of living in 77 cities, by UBS, ranks Zurich (1st) and Geneva (2nd) as the most expensive. But while these cities are the most expensive, their workers are also the highest paid. In Zurich, less than five days pay affords an iPhone X. In Geneva, the same device requires less than six days of labour.

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Switzerland second hardest working nation in Europe

Recent statistics show that the average full-time employee in Switzerland worked 42.6 hours a week. This is slightly less than an average Icelander (42.9) – the longest working – but 13% longer than the average in leisurely France (37.4), the european nation putting in the fewest hours.

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Clare Balding’s Derby Memories | Investec Derby 2018

Ahead of the Investec Derby, Clare Balding reflects on the greatest flat race and how it changed her family’s life forever.

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High Swiss Drug Prices – Campaign Presents a Solution to Swiss government

This week, the Swiss NGO Public Eye, launched a campaign for more affordable medicine in Switzerland under the slogan: protect patients, not patents. The NGO says high prices, of cancer drugs in particular, is not only an issue affecting developing nations but wealthy ones too. It says that cancer treatments in Switzerland often cost over CHF 100,000 a year.

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Switzerland Drops in Economic Competitiveness Ranking

While Switzerland remains in the top five with the same other four countries in this year’s IMD World Competitiveness Ranking, it slipped from second to fifth place. The United States rose from fourth to first, second and third places went to Hong Kong and Singapore, and fourth place to the Netherlands.

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Fribourg – moves to axe government pensions for life

Switzerland’s government is working hard to find ways to fix a looming state pension shortfall. Two politicians in the canton of Fribourg have decided to seek savings by attempting to cut lifetime government pensions granted after short stints in the job, according to the newspaper 20 Minutes.

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Switzerland’s vote to change its monetary system – sensible or silly?

Sometimes Swiss voters are presented with questions that only specialists are equipped to answer. The vote on 10 June 2018 to change their monetary system appears to be one of these. On the surface it appears simple. Upon closer inspection it contains much complexity and uncertainty, compounded by a widespread misunderstanding of how the financial system works – banks do not act simply as intermediaries, lending out the deposits that savers place...

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