Tag Archive: newslettersent

Nestlé plans to move 580 jobs out of Switzerland

2018-06-10

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2018-06-10

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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Dollar and Yen Rise Amid Heightened Anxiety

2018-06-10

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2018-06-10

With what promises to be an acrimonious G7 meeting, from which the isolated US President will depart early, and a broadening pressure in emerging markets, the US dollar turned better bid late yesterday and is recovering further today.

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Swiss Government Pension Fund To Buy Gold Bars Worth Some $700 Million

2018-06-10

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2018-06-10

Swiss Government Pension Fund Allocating 2% Of Pension Fund To Gold Bars. The Swiss government pension fund, Switzerland’s AHV/AVS fund, has decided to diversify into physical gold bars in their substantial CHF35.2bn (€30.5bn) pension portfolio. At the end of last week the first pillar buffer fund tendered a custodianship and storage for CHF 700m (EUR 600m / USD 700m / GBP 525m) in gold bars via IPE Quest.

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‘Much too early’ to lift interest rates, says SNB chairman

2018-06-09

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2018-06-09

The continued volatility surrounding the Italian elections and the threat of global trade wars make it far too early for the Swiss National Bank (SNB) to consider raising rock bottom interest rates, says chairman Thomas Jordan.

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Swiss Prosecutors will not Pursue Novartis over Trump Lawyer Payments

2018-06-09

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2018-06-09

The Office of the Attorney General of Switzerland (OAG) announced on Wednesday that it will not bring proceedings against Novartis in connection with the payments the Swiss pharmaceutical company made to Donald Trump’s personal lawyer.

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The Three Crises That Will Synchronize a Global Meltdown by 2025

2018-06-09

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2018-06-09

Systems Collapse
We're going to get a synchronized global dynamic, but it won't be "growth" and stability, it will be DeGrowth and instability. To understand the synchronized global meltdown that is on tap for the 2021-2025 period, we must first stipulate the relationship of "money" to energy:"money" is nothing more than a claim on future energy. If there's no energy available to fuel the global economy, "money" will have little value.

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Europe’s Woes Multiply

2018-06-08

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2018-06-08

The Markit group that provides many of the PMI surveys noted with today's reports that the eurozone outlook has "darkened dramatically." This makes for a poor backdrop for the ECB, which meets next week. However, with price pressures recovering from the Easter-related distortions, the ECB is still on track to finish its asset purchases at the end of the year. This seems largely taken for granted.

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Parliament snubs Swiss expat calls for better banking ties

2018-06-08

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2018-06-08

The Swiss Abroad community has suffered a new setback in its efforts to receive improved access to banking services in Switzerland. The House of Representatives on Tuesday threw out a call on the government to ease the financial woes of expatriates by publishing relevant information on the websites of the foreign ministry and Switzerland’s diplomatic representations abroad for the Swiss overseas communities.

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Greenback Corrects Lower

2018-06-08

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2018-06-08

The consensus narrative is that with rising inflation it is understandable that next week's meeting is live and that the confirmation of such has lifted the euro to ten-day highs, dragging the dollar broadly.  However, to accept this is to accept the debasement of language.  Until now, we dubbed central bank meeting that could result in action as "live."  For example, given that the Fed has not changed interest rates since the hiking cycle began in...

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US Trade Settles Down Again

2018-06-08

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2018-06-08

U.S. Trade Trade Balance, Import, Export, Jan 2014 - May 2018
US trade is further leveling off after several months of artificial intrusions. On the import side, in particular, first was a very large and obvious boost following last year’s big hurricanes along the Gulf Coast. Starting in September 2017, for four months the value of imported goods jumped by an enormous 8.3% (revised, seasonally-adjusted). Most of the bump related to consumer and capital goods.

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Switzerland Unemployment in May 2018: Down to 2.4percent from 2.5percent, seasonally adjusted unchanged at 2.6percent

2018-06-07

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2018-06-07

Switzerland Unemployment Rate n.s.a., Jul 2013 - Jun 2018
Registered Unemployment in May 2018 - According to the State Secretariat for Economic Affairs (SECO) surveys, at the end of May 2018, 109'392 unemployed people were enrolled in the Regional Employment Centers (RAV), 10'389 fewer than in the previous month.

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PostFinance Еxpected to Axe 500 Jobs

2018-06-07

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2018-06-07

Post Finance external link, one of Switzerland’s leading financial institutions, expects to cut up to 500 full-time jobs by the end of 2020. The banking division of the Post Office has launched multiple measures to counter the erosion of profit margins and the resulting decline in revenues.

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More Color on Japanese Capital Flows and the Euro

2018-06-07

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2018-06-07

The euro put in a low on May 29 a little above $1.15. That is nearly a 10.5 cent decline since the three-year high was set in mid-February. The thing that is difficult for investors and analysts to get their head around is that the speculators in the futures market, who as seen as proxies for trend-followers and momentum traders, continue to carry large euro exposure.

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Does Anyone Else See a Giant Bear Flag in the S&P 500?

2018-06-07

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2018-06-07

S&P 500 Large Cap Index 2018
We all know the game is rigged, but strange things occasionally upset the "easy money bet." "Reality" is in the eye of the beholder, especially when it comes to technical analysis and economic tea leaves.

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Swiss Consumer Price Index in May 2018: +1.0 percent YoY, +0.4 percent MoM

2018-06-06

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2018-06-06

Switzerland Consumer Price Index (CPI) YoY, May 2018
The consumer price index CPI) increased by 0.4% in May 2018 compared with the previous month, reaching 102.1 points (December 2015=100). Inflation was 1.0% compared with the same month of the previous year. These are the results of the Federal Statistical Office (FSO).

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No relief for Swiss renters

2018-06-06

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2018-06-06

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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Weekly Technical Analysis: 04/06/2018 – USD/CHF, EUR/JPY, GBP/USD, AUD/USD, WTI

2018-06-06

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2018-06-06

USD/CHF, June 06
The USDCHF pair managed to break 0.9850 level and closed the daily candlestick below it, which supports the continuation of our bearish overview efficiently in the upcoming period, paving the way to head towards 0.9723 level as a next station, noting that the EMA50 supports the expected decline, which will remain valid for today conditioned by the price stability below 0.9870.

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Bi-Weekly Economic Review: As Good As It Gets?

2018-06-06

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2018-06-06

US Treasuries
In the last update I wondered if growth expectations – and growth – were breaking out to the upside. 10 year Treasury yields were well over the 3% threshold that seemed so ominous and TIPS yields were nearing 1%, a level not seen since early 2011. It looked like we might finally move to a new higher level of growth. Or maybe not.

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Industrial Commodities vs. Gold – Precious Metals Supply and Demand

2018-06-06

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2018-06-06

Gold and Silver Prices
Keith Weiner’s weekly look on Gold. Gold and silver prices, Gold-Silver Price Ratio, Gold basis and co-basis and the dollar price, Silver basis and co-basis and the dollar price.

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Espagne, victime des crises, de grands travaux inutiles, et de la… corruption. Nicolas Klein

2018-06-05

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2018-06-05

Dans le contexte morose initié en 2008, l’Espagne était considérée (et l’est encore par beaucoup) comme un « pays à risque » au regard de la rapide dégringolade qu’elle a connue à la suite de la crise des subprimes aux États-Unis d’Amérique. Entre 2007 et 2011, le produit intérieur brut espagnol a reculé de 5 % tandis que le nombre de demandeurs d’emploi passe de 1,7 million à 4,2 millions.

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