Switzerland

The former digital chief of Credit Suisse is launching a blockchain-based investment platform that lets people share ownership of "experiential" assets such as artwork or a classic car, and is seeking to raise funding for the startup via an initial coin offering (ICO).

Marco Abele, who left the investment bank this summer, is offering investments in assets usually limited to high-net worth individuals through a new platform called Tend. Well-known fintech industry insider Oliver Bussman, a former chief information officer at UBS and the investment bank’s "blockchain guru" is a strategic advisor.

Swiss bank Credit Suisse posted a near six-fold year-on-year rise in third-quarter net profit on Thursday, beating analyst expectations amid an ongoing restructuring plan. Switzerland’s second-largest bank reported 244 million Swiss francs ($244 million) in third-quarter net profit. The results mark the first time the lender has posted three consecutive profitable quarters under the guidance of CEO Tidjane Thiam. It was also significantly above the 41 million Swiss francs reported for the same period last year.

Switzerland’s KOF leading economic barometer rose to 109.1 points in October from a revised 106.1 points in September, the KOF Swiss Economic Institute said on Monday.

A measure signaling future turning points in the Swiss economy improved for the second straight month in October to the strongest level in just over seven years. Economists had expected the index to rise to 106.5.

The wealth held by the world’s billionaires jumped by nearly $1 trillion in 2016, and they now have more money than the GDP of the entire European Union, according to a new report.

The population of billionaires rose by 145, or about 10 percent in 2016, to 1,542 billionaires, according to the report by UBS and PwC. The wealth held by those billionaires increased from $5.1 trillion to $6 trillion, according to the report. And Asia now has the most billionaires in the world, surpassing the U.S. for the first time with a new billionaire minted on average every other day in 2016.

Swiss watch exports to Singapore surged 90 per cent in September from a year ago, making the island Republic the biggest importer of luxury timepieces that month – after Hong Kong and the United States.

Shipments to Singapore jumped from 94.5 million Swiss francs (S$130.41 million) in September 2016 to CHF 179.2 million last month, figures released by the Federation of the Swiss Watch Industry show.

The Swiss consumption indicator remained slightly above the long-term average in September, data from the UBS investment bank showed Wednesday. The UBS consumption indicator rose to 1.56 points in September, signalling consumption growth slightly above the long-term average. The indicator was supported by significantly higher expectations in the retail industry, but UBS still projects consumer spending to grow 1.3 percent for the year overall.

The recent appreciation of the Swiss franc has sent shockwaves through Swiss firms, resulting in job losses and lower research budgets. But viewed long-term, Switzerland’s export-driven economy has adapted remarkably well to a strong currency, according to a government report published on Tuesday.

This is the overall conclusion of five studies, commissioned by the State Secretariat for Economic Affairs (Seco), released on Tuesday. They examined the aftermath of the so-called Swiss franc shock, which was triggered when the Swiss National Bank (SNB) ended its longstanding ceiling of CHF1.20 to the euro almost three years ago. That move suddenly made Swiss exports 10% more expensive and cut Swiss economic growth to 0.6% in 2015 from 1.8% a year earlier.

The Lucerne University of Applied Sciences and Arts in Switzerland announced the decision to accept Bitcoin payments. The university has identified that Bitcoin is on the cutting edge of new technologies, and seemingly appreciates the direction in which cryptocurrency is heading.

“Its [Bitcoin’s] ability to disseminate knowledge on cutting-edge technologies such as Blockchain, as well as its desire to gain experience in the practical aspects of this novel area,” the University said.