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Bloomberg The Swiss National Bank’s shock policy U-turn in 2015 has gone down in the annals of history for roiling markets. Now two of the institution’s economists have, in effect, backed its approach to communications. Thomas Lustenberger and Enzo Rossi argue that increased central bank communication over the years has “created confusion rather than clarity” and hasn’t helped investors and ...

Bloomberg UBS Group AG Chief Executive Officer Sergio Ermotti signaled that the world’s largest wealth manager has resolved its capital and legacy costs and shareholders’ focus is turning to returns. “Investors are waiting for the time in which the capital buildup to fulfill regulatory requirements is over and the costs associated with legacy matters is addressed,” Ermotti said in a ...

Bloomberg Cash-loving Swiss will soon have a 50-50 chance of paying with a crisp, new banknote. With the introduction of its new 10-franc bill, the Swiss National Bank (SNB) will be half way through its new series. Introduced in April 2016, the notes feature motifs depicting typically Swiss characteristics and have cutting-edge security features. The newest is yellow and based ...

Bloomberg Regulators worldwide are finding that it’s incredibly hard to control the explosive growth of money tied to no nation. Russian President Vladimir Putin is the latest to call for regulation of cryptocurrencies, saying there are “serious risks” they can be used for money laundering or tax evasion. Russian finance minister Anton Siluanov has called for regulating digital money as ...

Reuters The head of Banque Saudi Fransi’s corporate bank is leaving the bank, sources familiar with the matter said. Mohamad Abdulhadi, senior executive director at the Saudi lender partly owned by Credit Agricole, left this week, sources said. One of the sources familiar with the move said Abdulhadi was in his 60s and had retired. There was no official announcement ...

Bloomberg AirAsia X Bhd., the long-haul arm of the region’s biggest budget carrier, is looking at swapping an order for 66 Airbus SE A330neo wide-body jets to larger A350s in a bid to boost capacity on its busiest routes. A review of the Kuala Lumpur-based discounter’s fleet requirements is underway and could result in a plan to trade up to ...

Bloomberg The five heirs to Wal-Mart Stores Inc. fortune became $5 billion richer after the world’s largest retailer said it expects US e-commerce sales to surge 40 percent in the next fiscal year. The forecast added 4.5 percent to Wal-Mart shares and pushed the combined net worth of Alice, Jim, Rob, Lukas and Christy Walton to $140 billion, according to ...

Bloomberg Shopify Inc. Chief Executive Officer Tobi Lutke called a short seller that targeted his company a “troll,” in his first public response since being targeted by Andrew Left’s Citron Research recently. Left, who said he had taken a short position in the stock, published a report questioning the sustainability of the Canadian e-commerce company’s growth rate and calling its ...

Bloomberg Chancellor of the Exchequer Philip Hammond poured cold water on the idea that planes would be unable to fly from the UK to the European Union if there’s no deal on Brexit, a favourite theme of opponents of an abrupt departure from the bloc. Britain’s air-traffic controllers currently work under agreements that are part of Britain’s EU membership. When ...

Bloomberg A panel of industry and law enforcement officials couldn’t agree on how civilian drones should be tracked by authorities, adding uncertainty to the push for expanded commercial uses. The advisory committee, established earlier this year by the Federal Aviation Administration, couldn’t reach consensus on key issues, such as what type of drone models should be subject to radio tracking, ...