Tag Archive: newslettersent

Credit Suisse Fined $135 million for Malpractices

2017-11-15

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2017-11-15

Credit Suisse bank has been ordered to pay a fine of $135 million (CHF134.5 million) to the US authorities after an enquiry into the Swiss bank’s practices in setting foreign exchange rates. The figure was reached in a consultation between both parties.

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Swiss justice minister calls for commodities crackdown

2017-11-15

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2017-11-15

Following revelations in the so-called “Paradise Papers” of questionable deals done by Swiss-based commodities companies in Africa, Switzerland’s justice minister has said that the country – historically hands-off in regulating the sector – needs new legislation to force those companies to play by the rules.

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The Fetid Swamp of Tax Reform

2017-11-15

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2017-11-15

Average Benefits Received and Taxes Paid per Person
The likelihood that either party will ever drain the fetid swamp of corruption that is our tax code is zero, because it's far too profitable for politicos to operate their auction for tax favors. To understand the U.S. tax code and the endless charade of tax reform, we have to start with four distasteful realities: 1. Ours is not a representational democracy, it's a political auction in which wealth casts the votes that count.

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Swiss Producer and Import Price Index in October 2017: +1.2 YoY, +0.5 MoM

2017-11-14

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2017-11-14

Switzerland Producer Price Index (PPI) YoY, October 2017
The Producer and Import Price Index rose in October 2017 by 0.5% compared with the previous month, reaching 101.0 points (base December 2015 = 100). The rise is due in particular to higher prices for machinery, electrical equipment and metal products. Compared with October 2016, the price level of the whole range of domestic and imported products rose by 1.2%.

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FX Daily, November 14: Euro Rides High After German GDP

2017-11-14

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2017-11-14

Sterling is trading in the lower end of yesterday's range and has been confined to about a quarter a cent on either side of $1.31. On the other hand, the euro has pushed a bit through GBP0.8950 to reach its best level since October 26. Sweden also reported softer than expected October inflation.

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Switzerland Less Attractive to European Migrants

2017-11-14

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2017-11-14

Fewer people are moving to Switzerland from elsewhere in Europe. Between January and September this year, immigration from European Union states was down by 26%, compared to the same period last year. (RTS/swissinfo.chexternal link)

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China Gold Import Jan-Sep 777t. Who’s Supplying?

2017-11-14

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2017-11-14

Gold Supply and Demand Data, 2013 - Q3 2017
While the gold price is slowly crawling upward in the shadow of the current cryptocurrency boom, China continues to import huge tonnages of yellow metal. As usual, Chinese investors bought on the price dips in the past quarters, steadfastly accumulating for a rainy day.

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Where are Europe’s Fault Lines?

2017-11-14

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2017-11-14

Map
Beneath the surface of modern maps, numerous old fault lines still exist. A political earthquake or two might reveal the fractures for all to see. Correspondent Mark G. and I have long discussed the potential relevancy of old boundaries, alliances and structures in Europe's future alignments.Examples include the Holy Roman Empire and the Hanseatic League, among others.

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Consumer Credit Both Accelerating and Decelerating Toward The Same Thing

2017-11-14

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2017-11-14

Consumer Credit Monthly Flow, Jan 2012 - Jul 2017
Federal Reserve revisions to the Consumer Credit series have created some discontinuities in the data. Changes were applied cumulatively to December 2015 alone, rather than revising downward the whole data series prior to that month. The Fed therefore estimates $3.531 trillion in outstanding consumer credit (seasonally-adjusted) in November 2015, and then just $3.417 trillion the following month.

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FX Daily, November 13: Sterling Trounced by Growing Political Challenges

2017-11-13

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2017-11-13

The US dollar has begun the new week on firm footing, without the help of either higher interest rates or increased confidence that Congress will agree on a tax plan. Indeed, over the weekend the Chair of the House Ways and Means Committee was explicit that the Senate plan to repeal the federal tax break for state and local taxes will not find support in the House of Representative.

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FX Weekly Preview: Week Ahead Data and Policy

2017-11-13

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2017-11-13

There seems to be a broad consensus on the trajectory of policy in the remaining weeks of the year. Barring a major shock or surprise the Federal Reserve will hike rates next month. The ECB's course is set until at least the middle of next year when the current policy will begin to be debated in earnest.

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Emerging Markets: Week Ahead Preview

2017-11-13

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2017-11-13

EM FX closed the week on a soft note. For the week as a whole, best performers were MYR, PLN, and COP, while the worst were BRL, ZAR, and INR. US inflation and retail sales data will likely set the tone for EM. Also, the US fiscal debate is set to continue this week, so expect lots of choppy trading across many markets.

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Stories making the Swiss Sunday papers

2017-11-13

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2017-11-13

The following stories were reported in Switzerland’s Sunday press on November 12, 2017. A major South American rail deal. The SonntagsBlick newspaper reports that Bolivian President Evo Morales will head to Switzerland on December 14 to sign a memorandum of understanding with Swiss Transport Minister Doris Leuthard over a massive South American rail transport project.

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Internet Shutdowns Show Physical Gold Is Ultimate Protection

2017-11-13

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2017-11-13

Internet Shutdowns, Jan 2016 - Sep 2017
Internet shutdowns (116 in two years) show physical gold is ultimate protection. Number of internet shutdowns increased in 2017 as 30 countries hit by shutdowns. Democratic India experienced 54 internet shutdowns in last two years; Brazil 2. EU country Estonia, a technologically advanced nation, experienced a shutdown. Gallup poll shows Americans more worried about cybercrime than violent crime. Governments use terrorist threat as reason for...

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Our Culture of Rape

2017-11-13

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2017-11-13

Global Wealth Pyramid
These are the poisoned fruits of a neofeudal system in which power, wealth and political influence are concentrated in the apex of the wealth-power pyramid. Stripped of pretense, ours is a culture of rape. Apologists for the system that spawned this culture of rape claim that this violence is the work of a few scattered sociopaths. The apologists are wrong: The system generates a culture of rape.

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One in five Swiss avoids visiting doctor due to costs

2017-11-12

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2017-11-12

Just over 20% of Swiss residents decided not to see a doctor last year for medical treatment due to the high costs, according to a new report. This is one of the findings of the Health at a Glance 2017 reportexternal link published by the Organisation for Economic Co-operation and Development (OECD) on Friday. The share of the population foregoing a doctor’s consultation due to cost in 2016 was highest in Poland (33% of the population) followed by...

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Gold Coins and Bars Saw Demand Rise 17percent to 222T in Q3

2017-11-12

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2017-11-12

Bar and Coin Investment
Gold coins and bars saw demand rise 17% to 222t in Q3, driven largely by China. Chinese investors bought price dips, notching up fourth consecutive quarter of growth. Jewellery, ETF demand fell while gold coins and bars saw increased demand. Central banks bought a robust 111t of gold bullion bars (+25% y-o-y). Russia, Turkey & Kazakhstan account for 90% of 111t of central bank demand. Turkey increased gold purchases and saw broad based physical...

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Swiss tax spy avoids jail time as Frankfurt trial ends

2017-11-12

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2017-11-12

A Swiss man on trial in Frankfurt has been found guilty of spying on the tax authorities of the German state of North Rhine-Westphalia (NRW). ‘Daniel M.’ was handed a suspended sentence of 22 months and a fine of €40,000 (CHF46,600). The verdict brings to a premature end the twists and turns of a case that brought scrutiny on Swiss-German diplomatic relations since the arrest of the 54-year-old in April this year.

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Heat Death of the Economic Universe

2017-11-12

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2017-11-12

Physicists say that the universe is expanding. However, they hotly debate (OK, pun intended as a foreshadowing device) if the rate of expansion is sufficient to overcome gravity—called escape velocity. It may seem like an arcane topic, but the consequences are dire either way.

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Aligning Politics To economics

2017-11-12

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2017-11-12

Real Final Sales to Domestic Purchasers, Jan 1983 - 2016
There is no argument that the New Deal of the 1930’s completely changed the political situation in America, including the fundamental relationship of the government to its people. The way it came about was entirely familiar, a sense from among a large (enough) portion of the general population that the paradigm of the time no longer worked. It was only for whichever political party that spoke honestly to that predicament to obtain long-term...

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