Go Back   English Forum Switzerland > Living in Switzerland > Swiss politics/news  
Reply
 
Thread Tools Display Modes
  #261  
Old 29.07.2011, 10:19
porsch1909
 
Posts: n/a
Re: Swiss Franc Climbs to Record High

Quote:
View Post


************************************************** *********************************






porsch1909 -- Re: Swiss Franc Climbs to Record High
Is it only the high flying bankers that will be loosing their jobs at UBS?

Even then the high flyers will probably still be clever enough to enjoy the strong franc.

I guess I'm too liberal to laugh in the face of other's misfortune regardless of who they are or what they've done.


>>> I do not speak about "high flying bankers" but simply about "bank-employees" quite in general. Most of them, when you for whatever reasons, including THEIR mistakes, in other fields of the economy were badly off, were quite ready with remarks like "this is the free markets" "learn to work with your money" "we cannot help you when you are not up to your competition" "we only tell you how it is" and more and more. But when THEY are in trouble, everybody is expected to be in tears about their so tragic fate.

Last time when the banks got into trouble, the result was that "super-shops" were disappearing and prices in bars, pubs, cafés and restaurants came down a bit, so that also the present "correction" can have some quite positive results
I'm not asking anyone to be in tears over it. I'm just saying that poking fun at one's demise is not cool.

Last edited by porsch1909; 29.07.2011 at 12:08.
Reply With Quote
  #262  
Old 29.07.2011, 10:39
Forum Veteran
 
Join Date: Mar 2010
Location: Geneva
Posts: 637
Groaned at 71 Times in 39 Posts
Thanked 469 Times in 247 Posts
saiya-jin has an excellent reputationsaiya-jin has an excellent reputationsaiya-jin has an excellent reputationsaiya-jin has an excellent reputation
Re: Swiss Franc Climbs to Record High

I see some envy here, such a shame. You guys sure can do better than that, don't you? Feeling some sort of satisfaction of other's misfortune is quite pathetic, to put it mildly...
Reply With Quote
This user would like to thank saiya-jin for this useful post:
  #263  
Old 29.07.2011, 11:54
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Kt. Zürich
Posts: 11,800
Groaned at 610 Times in 516 Posts
Thanked 21,723 Times in 11,407 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: Swiss Franc Climbs to Record High

Quote:
View Post
saw the 1H results on the SNB website today:

http://www.snb.ch/en/mmr/reference/p...10729_1.en.pdf
11 billion loss for the first half year, I do not see the SNB buying more euros soon!
Reply With Quote
  #264  
Old 29.07.2011, 11:57
Wollishofener's Avatar
Forum Legend
 
Join Date: Jun 2009
Location: Glattbrugg
Posts: 18,978
Groaned at 332 Times in 257 Posts
Thanked 11,715 Times in 6,858 Posts
Wollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond repute
Re: Swiss Franc Climbs to Record High

Quote:
View Post
I'm not asking anyone to be in tears over it. I just saying that poking fun at one's demise is not cool.
I was NOT poking fun at their trouble. You misinterpreted something


************************************************** *********************


Quote:
View Post
I see some envy here, such a shame. You guys sure can do better than that, don't you? Feeling some sort of satisfaction of other's misfortune is quite pathetic, to put it mildly...
There cannot be satisfaction about others' misfortune, but there of course IS some satisfaction about some "better-knowing" people having to RE-learn. This is a bit of a difference


************************************************** ************************


Quote:
View Post
11 billion loss for the first half year, I do not see the SNB buying more euros soon!
The SNB made similar losses in the past, since the days of SNB president Leutwyler, and WILL do similar losses again in the future, as long as Switzerland wants to maintain its own currency. For the simple reason that the SNB and the currency ought to serve the economy and not the other way round.

Interesting is that there in the past was never any ado about this, but now, when a declared enemy of a major party is at the helm of the SNB, there IS

The REAL problem of Mr Hildebrandt in fact is that he is a mediocre communicator, quite to the contrary, to pick one example, of Mr Leutwyler who was a superb communicator at at times was on TV (in the news) almost daily
Reply With Quote
  #265  
Old 29.07.2011, 12:05
porsch1909
 
Posts: n/a
Re: Swiss Franc Climbs to Record High

Quote:
View Post
I was NOT poking fun at their trouble. You misinterpreted something

Quote:
View Post
This is rubbish. SOME exporters are targetting rich customers. The average Swiss exporters is targetting average customers, and so experiences shrinking margins as the average exporter canNOT rise the prices. The inbound tourism industry also cannot rise their prices and so makes losses. The markets do not tolerate price rises, absolutely not.

Your mentioning companies like Omega and Dolder is utter nonsense.

You may not know it but a good part of the exports of the watches industry is selling watches for artillery grenades all over the world. And in that segment, they cannot go up with the prices in any way.

If the exchange-rate of the CHF goes up even further, the economy will have to introduce "short-work" or simply reduce the workforce. Joblessness will likely be the result. And THEN, some people in the upper echelons may conclude that some overpaid expats could be done without :)
Quote:
View Post
Similar to what it was on Monday. Sales 1.158..

The bad results of UBS + CS show that real investors in the EuroZone no longer have so much money as before. And the relative "stability on a low level" seems to show that also the finance speculators have done the transfers they wanted to do.

Those UBS + CS chaps who now will be disposed of possibly no longer regard the high exchange rate of the CHF as such a good thing, as they aparently did not too long ago


I didn't mis-interpreate anything Wolli. You change a smiley into an smiley when I called you out on poking fun at people losing their jobs. You forgot to edit this other post though where you where smiling at the thought of high paid expats potentially losing their jobs.

You're a stand up guy wolli
Reply With Quote
  #266  
Old 29.07.2011, 12:18
Wollishofener's Avatar
Forum Legend
 
Join Date: Jun 2009
Location: Glattbrugg
Posts: 18,978
Groaned at 332 Times in 257 Posts
Thanked 11,715 Times in 6,858 Posts
Wollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond repute
Re: Swiss Franc Climbs to Record High

Quote:
View Post
I didn't mis-interpreate anything Wolli. You change a smiley into an smiley when I called you out on poking fun at people losing their jobs. You forgot to edit this other post though where you where smiling at the thought of high paid expats potentially losing their jobs.

You're a stand up guy wolli
I did never smile at anybody potentially losing their jobs, but I DID & DO smile at people having to revise their old and fixed opinions.

I am smiling further on about
- the possibility that some qualified people will change away from banking
- the possibility that some gastronomy+shopping places will lower prices
- the possibility that some banks may release some spaces
Reply With Quote
  #267  
Old 29.07.2011, 12:20
porsch1909
 
Posts: n/a
Re: Swiss Franc Climbs to Record High

Quote:
View Post
I did never smile at anybody potentially losing their jobs, but I DID & DO smile at people having to revise their old and fixed opinions.

I am smiling further on about
- the possibility that some qualified people will change away from banking
- the possibility that some gastronomy+shopping places will lower prices
- the possibility that some banks may release some spaces
Why did you change the to an then if you meant no malice by it?
Reply With Quote
  #268  
Old 29.07.2011, 12:22
porsch1909
 
Posts: n/a
Re: Swiss Franc Climbs to Record High

It's all fine and well for people to lose their jobs...as Long as wolli gets cheaper rosti from COOP.
Reply With Quote
  #269  
Old 29.07.2011, 12:53
Wollishofener's Avatar
Forum Legend
 
Join Date: Jun 2009
Location: Glattbrugg
Posts: 18,978
Groaned at 332 Times in 257 Posts
Thanked 11,715 Times in 6,858 Posts
Wollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond repute
Re: Swiss Franc Climbs to Record High

Quote:
View Post
Why did you change the to an then if you meant no malice by it?
because it has not been the right smiley
Reply With Quote
  #270  
Old 29.07.2011, 12:56
porsch1909
 
Posts: n/a
Re: Swiss Franc Climbs to Record High

Quote:
View Post
because it has not been the right smiley
You just said you did and do smile at people losing their jobs because it could make your food cheaper?
Reply With Quote
  #271  
Old 29.07.2011, 13:00
Wollishofener's Avatar
Forum Legend
 
Join Date: Jun 2009
Location: Glattbrugg
Posts: 18,978
Groaned at 332 Times in 257 Posts
Thanked 11,715 Times in 6,858 Posts
Wollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond repute
Re: Swiss Franc Climbs to Record High

Quote:
View Post
It's all fine and well for people to lose their jobs...as Long as wolli gets cheaper rosti from COOP.
It is not fine if people lose their jobs. BUT the CS management has promised NOT to sack anyone in Switzerland. They will reduce the workforce by
- normal fluctuations
- early retirements
- encouraging + supporting people to look for alternatives

As long as it is as they say, and they keep word, things are not drastic. As far as it looks, Mr Dougan is not considering to sell CS as a whole to somebody abroad (at least not yet).

If he did do so, it would mean a severe reduction of taxes paid to the Canton of Zurich, and as a result severe problems with the financing of public transport, culture and sports (etc) .

And let's be clear about it. Any unwanted change of job IS troublesome, but some people who are "encouraged" out of the bank may well find a far more interesting job in a different field !

Your alarmist and sensationalist and tearful approach is a bit overdone !
Reply With Quote
  #272  
Old 29.07.2011, 13:07
porsch1909
 
Posts: n/a
Re: Swiss Franc Climbs to Record High

Whatever helps you sleep at night Wolli
Reply With Quote
  #273  
Old 29.07.2011, 13:12
TheWolverine's Avatar
Forum Veteran
 
Join Date: Mar 2008
Location: Zürich
Posts: 1,490
Groaned at 13 Times in 11 Posts
Thanked 1,378 Times in 688 Posts
TheWolverine has a reputation beyond reputeTheWolverine has a reputation beyond reputeTheWolverine has a reputation beyond reputeTheWolverine has a reputation beyond reputeTheWolverine has a reputation beyond reputeTheWolverine has a reputation beyond repute
Re: Swiss Franc Climbs to Record High

Quote:
View Post
It is not fine if people lose their jobs. BUT the CS management has promised NOT to sack anyone in Switzerland. They will reduce the workforce by
- normal fluctuations
- early retirements
- encouraging + supporting people to look for alternatives
LOL !!!

How long since you worked for a big company man ?
They won't say that they are not making money so they are just going to fire people.

In common terms, its called "sugar coating".
Reply With Quote
  #274  
Old 29.07.2011, 13:14
adrianlondon's Avatar
Forum Legend
 
Join Date: Nov 2009
Location: Basel
Posts: 9,131
Groaned at 170 Times in 153 Posts
Thanked 25,643 Times in 6,892 Posts
adrianlondon has a reputation beyond reputeadrianlondon has a reputation beyond reputeadrianlondon has a reputation beyond reputeadrianlondon has a reputation beyond reputeadrianlondon has a reputation beyond reputeadrianlondon has a reputation beyond repute
Re: Swiss Franc Climbs to Record High

This is all OT. Who really cares if one person, deliberarely or otherwise, used smiley face. It's been commented on and it's done. This thread is about the CHF.

Last edited by adrianlondon; 29.07.2011 at 13:22. Reason: Removed my own OT comment! Stupid me.
Reply With Quote
The following 4 users would like to thank adrianlondon for this useful post:
  #275  
Old 29.07.2011, 13:30
porsch1909
 
Posts: n/a
Re: Swiss Franc Climbs to Record High

Back on topic for my learned friend Adrian...I don't want anymore of those painful groans


http://online.wsj.com/article/SB1000...435253196.html

Quote:
The book-loss comes after the Swiss currency gained about 2.5% versus the euro and almost 11% against the dollar, as investors sought shelter from the debt crises in the euro area and the U.S.

The euro and the dollar account for about 80% of the Swiss central bank's currency reserves, so their depreciation over the reporting period weighed on the SNB's balance sheet. The SNB holds 10% of its reserves in Japanese yen.

Swatch wanting to fire people and move some things oversees despite record sales :confuseD:


http://online.wsj.com/article/SB1000...727957350.html
Reply With Quote
This user would like to thank for this useful post:
  #276  
Old 29.07.2011, 13:32
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Swiss Franc Climbs to Record High

Quote:
View Post
11 billion loss for the first half year, I do not see the SNB buying more euros soon!
I would not put anything past them, they sold Gold in the 250-300 USD range, to be honest shorting the CHF (which is in effect what they were doing) might pay off this time if they really had the balls to do it big time.
Reply With Quote
  #277  
Old 29.07.2011, 15:16
Wollishofener's Avatar
Forum Legend
 
Join Date: Jun 2009
Location: Glattbrugg
Posts: 18,978
Groaned at 332 Times in 257 Posts
Thanked 11,715 Times in 6,858 Posts
Wollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond repute
Re: Swiss Franc Climbs to Record High

Quote:
View Post
LOL !!!

How long since you worked for a big company man ?
They won't say that they are not making money so they are just going to fire people.

In common terms, its called "sugar coating".
First of all, in Switzerland you cannot "fire" employees, as most of them have a 2 months and the longer-staying ones even a 3 months period after having received notice

Second, there was a trades-unionist on TV yesterday who confirmed that the statement of the management is correct and that the trades-unionists not only would supervise the whole procedure but that they will actively help whomever shows interest in a change


************************************************** ***********************

Quote:
View Post


Swatch wanting to fire people and move some things oversees despite record sales :confuseD:


http://online.wsj.com/article/SB1000...727957350.html
Mr Nick Hayek (chairman of the Swatch Group) explained the problem to the media repeatedly. The Swatch Group includes companies who produce high price watches plus watches-components for the car-industry and the armament-industry which have no problem with a too high CHF exchange-rate. But a core business of the group is "Swatches" which are very cheap watches, originally designed to fight East-Asian competition, a business line suffering heavily from the overvalued CHF. Nick Hayek already two months ago made it plainly clear that he would at a certain exchange-rate-level start to study ways of relocating production-segments to other places


************************************************** *******************

Last edited by Wollishofener; 29.07.2011 at 15:30.
Reply With Quote
  #278  
Old 29.07.2011, 15:29
porsch1909
 
Posts: n/a
Re: Swiss Franc Climbs to Record High

Quote:
View Post
Mr Nick Hayek (chairman of the Swatch Group) explained the problem to the media repeatedly. The Swatch Group includes companies who produce high price watches plus watches-components for the car-industry and the armament-industry which have no problem with a too high CHF exchange-rate. But a core business of the group is "Swatches" which are very cheap watches, originally designed to fight East-Asian competition, a business line suffering heavily from the overvalued CHF. Nick Hayek already two months ago made it plainly clear that he would at a certain exchange-rate-level start to study ways of relocating production-segments to other places
So will cheap Swiss watches have made in china on the back?
Reply With Quote
  #279  
Old 29.07.2011, 15:37
Wollishofener's Avatar
Forum Legend
 
Join Date: Jun 2009
Location: Glattbrugg
Posts: 18,978
Groaned at 332 Times in 257 Posts
Thanked 11,715 Times in 6,858 Posts
Wollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond reputeWollishofener has a reputation beyond repute
Re: Swiss Franc Climbs to Record High

Quote:
View Post
So will cheap Swiss watches have made in china on the back?
This will depend on the share of Swiss and foreign made components. If the "mechanisms" are made in Switzerland, the value-percentage will be sufficient to have it labelled "made in Switzerland". Victorinox-Wenger regularily imports stuff from Far Eastern countries, most presumably cheap spares for their knives.

Such developments cost thousands of jobs inside the companies and thousands more in the services industry who have less contracts from these producers (even if partially offset by such imports) .

Consider that many countries profit from the GATT agreement granting them customs-duties free access to European countries, so that such re-imports pay no customs-duties, and as the values declared are even lower than the real values only a minimal VAT. And the EXporter gets REimbursed on exporting stuff, so that the VAT can be recovered.
Reply With Quote
  #280  
Old 29.07.2011, 18:24
Guest
 
Posts: n/a
Re: Swiss Franc Climbs to Record High

Quote:
View Post
Consider that many countries profit from the GATT agreement granting them customs-duties free access to European countries, so that such re-imports pay no customs-duties, and as the values declared are even lower than the real values only a minimal VAT. And the EXporter gets REimbursed on exporting stuff, so that the VAT can be recovered.
Which is all the more clever of them so to do, when one considers that GATT finished in the mid-90s
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Weak Swiss Franc Pekka Finance/banking/taxation 151 08.08.2011 18:10
Easy Swiss classic climbs? rmiledi Sports / Fitness / Beauty / Wellness 2 06.08.2010 08:13
Euro at record low against Swiss Franc Swissmountainair Finance/banking/taxation 28 25.03.2010 20:36
What's just happened to the Swiss Franc? Tim Finance/banking/taxation 7 08.05.2007 16:24


All times are GMT +2. The time now is 23:13.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0