24 June 2016 – Swiss and global market roundup. Brought to you by Investec Switzerland. The Swiss Market Index (SMI) is set to post a modest gain this week despite confirmation that the UK has decided to leave the European Union. The SMI opened almost 7% lower following the announcement before recovering. The Swiss franc strengthened the […]
Britain votes to leave EU. What does it mean?
All of the votes have been counted. 51.9% of the votes were for “leave”. Donald Tusk, President of the European Council, said in an announcement, that EU law will continue to apply to the UK until the nation formally leaves the club, including rules on free movement of people. David Cameron said in a speech […]
Britain votes to leave EU
All of the votes have been counted. 51.9% of the votes were for “leave”. Voter turnout was 72.2%. Voting was divided. Scotland (62.0% remain) and Northern Ireland (55.8% remain) voted too stay, while England (53.4% leave) and Wales (52.5% leave) voted to leave. In the markets, the pound dropped as low as 1.32 US dollars, […]
Swiss tax redistribution in 2017 – winners and losers
Swiss cantons have very different tax bases, tax rates and costs. To even things up, and temper tax rate competition between cantons that jockey to attract the wealthiest residents with the lowest tax rates, Switzerland has a system known as la péréquation financière nationale in French, or Finanzausgleich in German, which requires “rich” cantons to give money […]
Swiss franc shows enduring Brexit concern even as odds lengthen
Brought to you by Investec Switzerland. At least one Brexit warning light is still flashing red. While the pound has rallied in recent days and bookmakers have shortened their odds on a win for “Remain” in Thursday’s U.K.’s European Union referendum, the Swiss franc is still about 0.4 percent from the 2016 high it reached […]
Swiss stocks tumble and franc rises on Brexit fears
17 June 2016 – Swiss and global market roundup. Brought to you by Investec Switzerland. The Swiss Market Index (SMI) is set to post one of its largest falls since February this week as growing uncertainty around the result of Britain’s referendum on its membership of the 28-nation European Union bloc led to a global sell-off […]
Brits in Switzerland say Brexit won’t mean freedom from Brussels
Brought to you by Investec Switzerland. Brexit backers who hold Switzerland as a model for the U.K. outside the European Union won’t find much support from British expatriates living in Geneva. Attending a British-Swiss Chamber of Commerce event addressed by the head of the “Leave” campaign recently at Geneva’s Mandarin Oriental hotel, most said the […]
Shuttered Geneva offices show impact of lost banking secrecy
Brought to you by Investec Switzerland. Three years after Lloyds Banking Group Plc sold its private bank in Geneva, the only signs of life at the now-empty building are piles of cigarette butts and nutshells lying on its dirty window ledges. The riverside offices at Place de Bel-Air are a short walk away from the […]
Swiss stocks lower on stronger Swiss franc and Brexit fears
10 June 2016 – Swiss and global market roundup. Brought to you by Investec Switzerland. Swiss Market Index (SMI) is set to close lower this week, underperforming global stocks after a stronger Swiss franc hurt domestic firms and Brexit fears weighed on investor sentiment. On the other side of the Atlantic, the S&P 500, an index which […]
Trauma of SNB haunts currency traders planning for Brexit vote
Brought to you by Investec Switzerland. Foreign-exchange traders, bracing for chaos on the night of Britain’s European Union referendum, are preparing to fall back on techniques perfected before the era of computerized transactions. Banks are ready to draw on lessons learned after some electronic platforms failed during the storm of volatility that followed the Swiss […]
