Tribune de Genève. The following is a translated summary of an article published by the Geneva newspaper, Tribune de Genève, relating to the Panama Papers. They swear an oath to uphold the law. Yet it appears some Swiss lawyers haven’t. As the Panama Papers reveal, some of them have administered offshore companies for clients placed on […]
Glencore sells $2.5 billion stake in agriculture unit
Brought to you by Investec Switzerland. Canada’s largest pension fund agreed to pay $2.5 billion for a minority stake in Glencore Plc’s agriculture unit as the commodity trader and miner works to reduce its debt burden. Canada Pension Plan Investment Board will acquire a 40 percent stake in the division which handles wheat, corn, barley, […]
Swiss chocolate giant beats analysts’ estimates
Brought to you by Investec Switzerland. Barry Callebaut AG, the low-profile maker of a quarter of the world’s chocolate, reported first-half earnings that beat estimates as it weeds out less profitable cocoa contracts. Earnings before interest and taxes dropped 8.4 percent to 201 million Swiss francs ($210 million) in the six months through February, weighed down […]
Swiss won’t hoard cash despite smaller bills, SNB’s Jordan says
Brought to you by Investec Switzerland. Swiss National Bank President Thomas Jordan doesn’t expect cash stockpiling even with negative interest rates and a new series of smaller banknotes. “The size has no impact on the cash hoarding,” he said in a Bloomberg Television on Wednesday in Bern after the central bank unveiled a new banknotes […]
Swiss large caps among the world’s worst stock performers in 2016
1 April 2016 – Swiss and global market roundup. Brought to you by Investec Switzerland. The SMI is set to finish the week (-1.43%) lower, underperforming global equity markets (+1.50%), which were buoyed after US Fed Chair Janet Yellen said on Tuesday that slackening global growth called for a gradual approach to raising rates. With a negative performance […]
Despite risks a more negative Swiss interest rate possible says SNB’s Maechler
Brought to you by Investec Switzerland. The Swiss National Bank won’t rule out another interest rate cut, though any measure must be weighed with a view to its potential side effects, Governing Board Member Andrea Maechler said. “We’re always looking into other options, if needed — we’re looking into all of them,” Maechler said at […]
Novartis says investigating Turkey bribery allegations: Reuters
Brought to you by Investec Switzerland. Reuters reports that an investigation is taking place after an anonymous whistle-blower accused Novartis of paying bribes through a consulting firm to secure business advantages in Turkey worth around $85 million, citing an email seen by a reporter. The benefits are reported to include getting medicines added to lists […]
Investor sentiment deteriorates after Belgium attacks
25 March 2016 – Swiss and global market roundup. Brought to you by Investec Switzerland. The SMI finished this Easter week 1.10% lower, tracking losses on global equity markets (-0.71%) following the terrorist attacks in Brussels on Wednesday. Stock markets lost momentum after the attacks as investors failed to find fresh catalysts to keep the five-week […]
Credit Suisse drops trading bombshell and a plan to cut 2,000 jobs
Brought to you by Investec Switzerland. Credit Suisse Group AG Chief Executive Officer Tidjane Thiam dropped a bombshell on investors: Caught off guard by a buildup of illiquid trading positions, the CEO said the bank will probably post a second straight quarterly loss as it unwinds the trades and deepens cuts at that business. Thiam, […]
Richemont group plans watch brand staff cuts
Tribune de Genève. According to the Swiss paper, Tribune de Genève, Richemont, the group which owns the Cartier and Piaget brands could eliminate 170 positions at Cartier and around 120 at Piaget and Vacheron Constantin. 50 posts at Vacheron Constantin in the vallée de Joux in Vaud and 35 at Plan-les-Ouates in Geneva are set […]
