IS IT MONEY FOR NOTHING, THEN?

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According to a report, some cantonal banks in Switzerland are already offering mortgages at negative rates. For Marie Owens Thomsen, global chief economist at Indosuez Wealth Management, this situation is unusual—and it should send out an ominous signal to policy makers.
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Is it money for nothing, then?
According to a report, some cantonal banks in Switzerland are already offering mortgages at negative rates. For Marie Owens Thomsen, global chief economist at Indosuez Wealth Management, this situation is unusual—and it should send out an ominous signal to policy makers.

UBP: Brexit crash could lead to stronger Swiss Franc
Boris Johnson has been elected new Conservative Party leader and will become the next UK prime minister. Patrice Gautry, chief economist at UBP, sees a low probability for a hard Brexit but if it does happen, that, along with other geopolitical risks, should lead to a stronger Swiss franc. In his view, the chances that the Swiss National Bank will intervene on the markets are high at the current exchange rate.

Swiss start-up Best Smile expanding to Scandinavia in 2020
Swiss start-up Best Smile, which specializes in aligners, is eyeing its first international expansion by early 2020. CFO Philip Magoulas believes there is huge potential in the Swiss aligner market, with room for 40 to 60 locations.

Julius Baer’s CEO prepares for handover
Julius Baer has reported its final earnings under Chief Executive Officer Bernhard Hodler. While profit fell in the first half, Hodler says he is leaving the bank in good shape.

McKinsey: Financial services industry slow to adapt
In a special debate on the future of work, Jan Mischke, partner at McKinsey Global Institute, focuses on the financial services industry, which is a key industry for Switzerland. In his view, the industry has been slow in digitizing its business models despite infrastructure investments to this end.

Future-proofing Switzerland’s workforce
Switzerland may need to open its doors to more immigrants to meet future demand for digital skills, says Jan Mischke, partner at McKinsey Global Institute. He spoke during a debate on the future of work with Katrina Kostic Samen, president of the British Council of Offices.

Meet HENRY: the luxury goods consumer of the future
Marketers have coined the term HENRY—which stands for “high earners, not rich yet”—to describe the next generation of luxury consumers. Karine Szegedi, partner at Deloitte Switzerland, told us more about what makes a HENRY.

Hong Kong protests bite into Swiss watch exports
Swiss watch exports to Hong Kong fell 26.8% in June, another sign the Hong Kong protests are taking their toll on the luxury sector. Mariana Kou, Head of Hong Kong Consumer Research at CLSA, says she expects July and August to be “quite challenging” for export figures.