Hilmar Leimbach

Each year Board Directors from across Switzerland gather to discuss the most important topics. This year Board Effectiveness was in the spotlight and MU Board and CEO Practice team ran workshops on how to evaluate and improve Board performance. What to do – and not do – to secure an Effective and Inclusive Board for your organisation: What is best practice in testing and developing Board effectiveness? What is Best practice in test and improving Board inclusion? What are the ‘no ‘go’s’ when it comes to testing and developing Boad effectiveness? To answer these key questions, participating Board Chairs and Non-Executive Directors added their insights to data collected from the MU BoardScan™. The result of the day was a comprehensive summary of Board Effectiveness best practice. Christian Schaffenberger, Mieke Weijenberg and Richard Moore form MU’s Board and CEO Practice tell us more about what was discussed – concluding on the top 3 answer to the most important questions Board Chairs and Non-Executive Directors raised. Read the article here: https://lnkd.in/erejiKaM

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💡 𝗖𝗹𝗮𝗿𝗶𝗳𝘆𝗶𝗻𝗴 𝗗𝗶𝘃𝗶𝗱𝗲𝗻𝗱 𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻 𝗶𝗻 𝗦𝘄𝗶𝘁𝘇𝗲𝗿𝗹𝗮𝗻𝗱: 𝗕𝗲𝘆𝗼𝗻𝗱 𝘁𝗵𝗲 𝟯𝟱% 𝗪𝗶𝘁𝗵𝗵𝗼𝗹𝗱𝗶𝗻𝗴 𝗠𝘆𝘁𝗵 One common misconception about Switzerland is that WHT on dividends is a flat 35%. While partially true, this doesn’t tell the whole story. Let’s break it down. 🔍 𝗧𝗵𝗲 𝟯𝟱% 𝗪𝗶𝘁𝗵𝗵𝗼𝗹𝗱𝗶𝗻𝗴 𝗧𝗮𝘅 Switzerland does impose a 35% anticipatory withholding tax on dividends. However, for Swiss residents, this is not the final tax liability. After filing a tax return, 𝗿𝗲𝘀𝗶𝗱𝗲𝗻𝘁𝘀 𝗮𝗿𝗲 𝗲𝗻𝘁𝗶𝘁𝗹𝗲𝗱 𝘁𝗼 𝗮 𝗿𝗲𝗳𝘂𝗻𝗱 𝗼𝗿 𝗰𝗿𝗲𝗱𝗶𝘁 𝗮𝗴𝗮𝗶𝗻𝘀𝘁 𝘁𝗵𝗲𝗶𝗿 𝘁𝗮𝘅 𝗹𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝘆, provided the income is properly declared. 📈 𝗣𝗮𝗿𝘁𝗶𝗰𝗶𝗽𝗮𝘁𝗶𝗼𝗻 𝗘𝘅𝗲𝗺𝗽𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗜𝗻𝗱𝗶𝘃𝗶𝗱𝘂𝗮𝗹𝘀 Here’s where it gets even more interesting: if you hold at least 10% of a company’s share capital, 𝗼𝗻𝗹𝘆 𝟳𝟬% 𝗼𝗳 𝘁𝗵𝗲 𝗱𝗶𝘃𝗶𝗱𝗲𝗻𝗱 𝗶𝗻𝗰𝗼𝗺𝗲 𝗶𝘀 𝘀𝘂𝗯𝗷𝗲𝗰𝘁 𝘁𝗼 𝘁𝗮𝘅. While this isn’t a full participation exemption per se (as tax is still due on the majority of the income), it significantly reduces the effective burden. This applies at the federal level and usually at the cantonal level as well. ⚠️ 𝗦𝗶𝗺𝗽𝗹𝗶𝗳𝗶𝗲𝗱 𝗖𝗮𝗹𝗰𝘂𝗹𝗮𝘁𝗶𝗼𝗻 𝗘𝘅𝗮𝗺𝗽𝗹𝗲 Let’s assume an individual receives 𝟭𝟬𝟬,𝟬𝟬𝟬 𝗖𝗛𝗙 𝗶𝗻 𝗱𝗶𝘃𝗶𝗱𝗲𝗻𝗱𝘀 from a company they fully own. This individual is single, without children, and resides in the city of Geneva.  Under the participation exemption only 𝟳𝟬,𝟬𝟬𝟬 𝗖𝗛𝗙 𝗶𝘀 𝘀𝘂𝗯𝗷𝗲𝗰𝘁 𝘁𝗼 𝘁𝗮𝘅. And further tax breakdown would be approximately: ~ 1,000 CHF at the federal level ~ 9,000 CHF at the cantonal level ~ 3,000 CHF at the municipal level The effective tax rate on dividends in this scenario?  Just ~𝟭𝟯% prior to any deductions - not too bad, right?  #Suisse #Switzerland #TaxPlanning #PrivateClients

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Does Switzerland have a productivity problem?   Many would argue “yes”. Critics often highlight that GDP per capita – an important indicator for productivity – grows much slower in Switzerland than in other developed economies like the US. Their argument is that the Swiss economy only grows because our population is growing. This leads to a larger workforce. But at the individual level, people have not become more productive.   Is this true?   In their new analysis for economiesuisse, Rudolf Minsch and Guido Saurer highlight that it’s not – and they point out why.   They show that the main reason why GDP per capita is not growing as fast in Switzerland as in the US is because people there work more. In the US, the number of hours worked has risen since 2010 while in Switzerland it went slightly down during the same period.   Yet, if you only look at the GDP per hour worked, another measure to track productivity, Switzerland’s productivity has actually increased significantly. It is in line with that of Europe’s top performers such as Sweden and Denmark - and it’s higher than in the US.   In other words: Switzerland’s population became more productive while working less.   Rudolf's and Guido's analysis is well worth a read – and it’s an important reminder that some common narratives around our economy deserve a closer look before they are being taken for granted.   #productivity #switzerland

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🇩🇪 𝗛𝗼𝘄 𝘁𝗼 𝗦𝗼𝗹𝘃𝗲 𝗚𝗲𝗿𝗺𝗮𝗻𝘆’𝘀 𝗙𝗲𝗱𝗲𝗿𝗮𝗹 𝗕𝘂𝗱𝗴𝗲𝘁 𝗦𝘁𝗿𝘂𝗴𝗴𝗹𝗲? 💶 Much is written about Germany’s (explicit) public debts. However, it is neglected that besides of considerable public liabilities, there are also considerable public assets. These assets could be used to finance the fiscal gap. 𝗩𝗮𝗹𝘂𝗲 𝗼𝗳 𝗳𝗲𝗱𝗲𝗿𝗮𝗹 𝗮𝘀𝘀𝗲𝘁𝘀: € 𝟲𝟴𝟴 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 At the end of last year, the federal balance sheet showed assets of € 487 billion euros. An increase of € 44 billion since the beginning of the fiscal year 2023. Assets held by the Deutsche Bundesbank are not included. The 𝗴𝗼𝗹𝗱 𝗿𝗲𝘀𝗲𝗿𝘃𝗲𝘀 should be mentioned here in particular. The market value of gold stored in Frankfurt, New York and London amounted to almost € 201 billion at the end of last year. The federal government therefore has almost 700 billion euros in liquid funds at its disposal. 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗚𝗲𝗿𝗺𝗮𝗻 𝗕𝘂𝗻𝗱𝗲𝘀𝗯𝗮𝗻𝗸 𝗣𝗿𝗲𝘀𝗶𝗱𝗲𝗻𝘁: 𝗡𝗼 𝗴𝗼𝗹𝗱 𝘀𝗮𝗹𝗲𝘀 But the sale of the German gold reserves only remains a theoretical option. Deutsche Bundesbank President Joachim Nagel has already announced that no gold will be sold for solving the federal budget struggle. “Apart from small quantities for the usual collector coins, we are not selling anything,” says the central banker. “𝗚𝗼𝗹𝗱 𝗶𝘀 𝗮𝗻 𝗮𝗻𝗰𝗵𝗼𝗿 𝗼𝗳 𝘁𝗿𝘂𝘀𝘁 𝗮𝗻𝗱 𝗵𝗮𝘀 𝗮 𝗵𝗶𝗴𝗵 𝘀𝘆𝗺𝗯𝗼𝗹𝗶𝗰 𝘃𝗮𝗹𝘂𝗲, 𝗲𝘀𝗽𝗲𝗰𝗶𝗮𝗹𝗹𝘆 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗽𝗼𝗽𝘂𝗹𝗮𝘁𝗶𝗼𝗻.” In view of the long-term development of the gold price, it was right “for us to hold gold permanently”. 𝗔 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻 𝗼𝗳 (𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝗹) 𝗿𝗲𝗻𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 Even if Germany could go into debt, it depends on the 𝗿𝗲𝘁𝘂𝗿𝗻 𝗼𝗻 𝗲𝗾𝘂𝗶𝘁𝘆 and the 𝗿𝗲𝘁𝘂𝗿𝗻 𝗼𝗻 𝗱𝗲𝗯𝘁 whether Germany should divest of state assets or borrow money from the capital market. If Germany cannot go into debt, the trade-off remains. If the return on equity is lower than the 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝗹 𝗿𝗮𝘁𝗲 𝗼𝗳 𝗿𝗲𝘁𝘂𝗿𝗻 𝗼𝗳 𝘁𝗵𝗲 𝗽𝗼𝗹𝗶𝘁𝗶𝗰𝗮𝗹 𝗽𝗿𝗼𝗷𝗲𝗰𝘁 than asset stripping is an option. In the meantime, the price of gold has risen by almost 18% since the beginning of the year. If there is really a public investment opportunity that should yield a higher internal rate of return than 18% over a 6-month period, it should be possible to find funds in the regular budget. In a final step, PIVOT Public Policy & Economics will summarize all shown options in terms of 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝘃𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝘆 and 𝗽𝗼𝗹𝗶𝘁𝗶𝗰𝗮𝗹 𝗳𝗲𝗮𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝘆 to adopt a compliant fiscal budget in 2025. Stay tuned! #germany #fiscal #federalbudget #publicfinance #ministryoffinance #economics #politics #finance

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Each year Board Directors from across Switzerland gather to discuss the most important topics. This year Board Effectiveness was in the spotlight and MU Board and CEO Practice team ran workshops on how to evaluate and improve Board performance. What to do – and not do – to secure an Effective and Inclusive Board for your organisation: What is best practice in testing and developing Board effectiveness? What is Best practice in test and improving Board inclusion? What are the ‘no ‘go’s’ when it comes to testing and developing Boad effectiveness? To answer these key questions, participating Board Chairs and Non-Executive Directors added their insights to data collected from the MU BoardScan™. The result of the day was a comprehensive summary of Board Effectiveness best practice. Christian Schaffenberger, Mieke Weijenberg and Richard Moore form MU’s Board and CEO Practice tell us more about what was discussed – concluding on the top 3 answer to the most important questions Board Chairs and Non-Executive Directors raised. Read the article here: https://lnkd.in/daGmfkew

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Each year Board Directors from across Switzerland gather to discuss the most important topics. This year Board Effectiveness was in the spotlight and MU Board and CEO Practice team ran workshops on how to evaluate and improve Board performance. What to do – and not do – to secure an Effective and Inclusive Board for your organisation: What is best practice in testing and developing Board effectiveness? What is Best practice in test and improving Board inclusion? What are the ‘no ‘go’s’ when it comes to testing and developing Boad effectiveness? To answer these key questions, participating Board Chairs and Non-Executive Directors added their insights to data collected from the MU BoardScan™. The result of the day was a comprehensive summary of Board Effectiveness best practice. Christian Schaffenberger, Mieke Weijenberg and Richard Moore form MU’s Board and CEO Practice tell us more about what was discussed – concluding on the top 3 answer to the most important questions Board Chairs and Non-Executive Directors raised. Read the article here: https://lnkd.in/eCYQDi5m

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Amir, do you live in a #tax #haven? Or: How to get rid of half a billion 🇨🇭 ❓ - Zug tax gifts - a tax haven becomes more of a paradise The canton of Zug has to get rid of its tax surplus. After help with premiums, another tax cut is now coming. What is it about? The Zug government wants to relieve the population with further tax measures, according to a statement. The tax rate is to fall further, deductions for the middle class are to increase, and pensioners are also to be able to deduct more money. This follows a statement from last week that the canton also wants to cover the majority of hospital costs and thus ensure lower health insurance premiums. What is the reason for the new tax cut? The canton of Zug is in a very good financial position. In recent years, despite low taxes, enormous surpluses have repeatedly been achieved - in 2023 alone there were 461 million francs. The finance directorate also expects surpluses of several hundred million francs in the next three to four years. That is why the measures are necessary, says finance director Heinz Tännler. „It is important to the government and parliament that we do not keep too much money in reserve," says finance director Heinz Tännler. Zug's state treasury is also well filled in other respects: #equity has grown to 2.35 billion francs. I am Amir and no, I am not affected by it, but I also really like the Fricktal.

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Is Credit Suisse made up of compulsive gamblers who continue to play despite losses, hoping to recoup, and lie to their bodies to have the means to play again? Laws and control processes exist. Let us beware of definitively killing this sector of our economy under regulations that only protect those who set them. The risk analysis departments are close to operations, the internal auditors, the risk committees at the board level, the board itself, and the shareholders have the information or can request it. We can also add the thousands of financial market analysts. So, the question is why it took so long to move beyond the emotions and accusations against the Federal Council to ask who did not want to see or communicate in this chain. Now that the player is out of money, who are the people managing the casino and have collected the bets? https://lnkd.in/eiyU9F9A

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🌟 Sometimes One Interim Manager is not enough🌟 Interim Managers do not work 𝗮𝗹𝘄𝗮𝘆𝘀 SOLO. Sometimes your ABILITY to cooperate with 𝗮𝗻𝗼𝘁𝗵𝗲𝗿 Interim Manager is the Cornerstone of a 𝘀𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹 mission.🤝 In this case, the 𝘀𝗺𝗼𝗼𝘁𝗵 alignment of an Interim CFO and Interim Plant Manager built an 𝘂𝗻𝗯𝗲𝗮𝘁𝗮𝗯𝗹𝗲 COMBO for the client: Our client, a Swiss company, faced 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 CHALLENGES with their subsidiary in Eastern Europe.🌍 The 𝗹𝗼𝗰𝗮𝗹 Plant was in disarray:  👉 Ineffective production, 𝗱𝗲𝗹𝗶𝘃𝗲𝗿𝘆 Delays,  👉 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 Ambiguity, a missing ERP system, stock discrepancies,  👉 and Warehouse 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 issues were just the beginning. To tackle 𝘁𝗵𝗲𝘀𝗲 issues without causing FEAR and Instability among Employees, we adopted a 𝘁𝘄𝗼-𝘀𝘁𝗲𝗽 Solution: 1️⃣ Interim Finance Manager: 👨‍💼 👉 He was a true 𝗯𝗮𝘁𝘁𝗹𝗲-𝗵𝗮𝗿𝗱𝗲𝗻𝗲𝗱 warrior, he was the FIRST who stepped in a had to face the Plant Manager who 𝗮𝗹𝗿𝗲𝗮𝗱𝘆 knew that his results were considered let's say... "𝗹𝗲𝘀𝘀 satisfactory" by the German Headquarters. 👉 He had to face 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 Resistance from the Plant Manager and his 𝗹𝗼𝘆𝗮𝗹 employees. 👉 But he was used to 𝘀𝘂𝗰𝗵 𝘀𝗰𝗲𝗻𝗮𝗿𝗶𝗼𝘀, and nothing stopped him in his actions. He was successful and brought: - Financial Clarity - Implemented a new ERP system - Stabilized the company financially 2️⃣ Interim Plant Manager: 👨‍💼 👉 He replaced the 𝗹𝗼𝗰𝗮𝗹 Plant Manager 𝗮𝘀 𝘀𝗼𝗼𝗻 as the Headquarters in Germany gained some 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 Clarity and UNDERSTANDING of the 𝘄𝗵𝗼𝗹𝗲 situation. 👉 He was selected for his 𝗲𝘅𝘁𝗲𝗻𝘀𝗶𝘃𝗲 𝗺𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗶𝗻𝗴 EXPERIENCE in the Industry and his 𝗽𝗿𝗼𝘃𝗲𝗻 Ability to enhance 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 processes. What he did: - Stabilized the 𝗯𝗮𝘀𝗶𝗰 processes to ENSURE Continuity - Introduced 𝗻𝗲𝘄 Production Methods and Processes. - Leveraged industry-specific EXPERIENCE to boost 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 Effectiveness. - Brought PEACE and Security for the employees in this 𝘁𝘂𝗿𝗯𝘂𝗹𝗲𝗻𝘁 Situation 👏 The results were Remarkable. The Polish site regained its Footing, delivered to its customers ON Time, and achieved Stability.  🚀  A permanent Plant Manager was then 𝘀𝗺𝗼𝗼𝘁𝗵𝗹𝘆 transitioned into the role thanks to the 𝘀𝗼𝗹𝗶𝗱 foundation laid by the Interim Managers. 🤝 𝗘𝗮𝗰𝗵 company and 𝗲𝗮𝗰𝗵 situation is DIFFERENT and requires an 𝗶𝗻𝗱𝗶𝘃𝗶𝗱𝘂𝗮𝗹 approach. Does your situation look SIMILAR? Let's discuss the 𝗺𝗼𝘀𝘁 𝘀𝘂𝗶𝘁𝗮𝗯𝗹𝗲 approach for you. 👍 #Global #Director #Generalmanager #Interim

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𝗔𝘁𝘁𝗿𝗮𝗰𝘁𝗶𝘃𝗲 𝗯𝗼𝗻𝗱 𝘆𝗶𝗲𝗹𝗱𝘀? I would like to leave out the Swiss bond market here - the entire government bond curve is below 1% nominal - but focus on Europe. After a very exciting conversation with one of our clients yesterday - on the subject of inflation, real capital preservation & real rates - this chart came back to my mind. Although nominal yields are much more attractive than in the #ZIRP and #NIRP phase, real yields (proxy German 10 yr REAL yield) are only slightly positive. So always keep this in mind when developing your cross asset strategy. For long-term investors, "real" assets should continue to take priority over "nominal" assets. How attractive do you find nominal assets? #yields #inflation #realassets #copernicus #lookingbeyond #thomaswille

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🇨🇭 The Swiss National Bank (SNB) has raised concerns over its low equity in relation to its large balance sheet. President Martin Schlegel has emphasised that extending the SNB's capital base should take priority over distributing profits to the Swiss government and cantons. This comes as the bank considers not making a payout this year, despite posting a solid profit in the first nine months. 🔹 Balance Sheet Size: The SNB’s assets are valued at approximately $940 billion, with the bank's performance highly dependent on global market developments, which can fluctuate quickly. 🔹 Impact of Foreign Currency Purchases: The large balance sheet is primarily the result of foreign currency purchases aimed at reducing pressures on the Swiss franc following the 2008 global financial crisis. 🔹 Monetary Policy Considerations: Schlegel has reiterated that the SNB could take interest rates negative again if inflation remains below its target range. Current Swiss inflation stands at just 0.6%, well within the SNB’s target of 0-2%. 🔹 Impact on Government Payouts: The SNB has skipped distributing earnings to the government in the last two years after posting a record loss in 2022. Schlegel’s recent remarks indicate the possibility of withholding payouts again this year to strengthen the central bank's capital position. 📞 Let IWP help you navigate financial complexities with confidence. Book your free consultation today ➡️ https://lnkd.in/dTmZWFgx #IWP #economy #switzerland

Each year Board Directors from across Switzerland gather to discuss the most important topics. This year Board Effectiveness was in the spotlight and MU Board and CEO Practice team ran workshops on how to evaluate and improve Board performance. What to do – and not do – to secure an Effective and Inclusive Board for your organisation: What is best practice in testing and developing Board effectiveness? What is Best practice in test and improving Board inclusion? What are the ‘no ‘go’s’ when it comes to testing and developing Boad effectiveness? To answer these key questions, participating Board Chairs and Non-Executive Directors added their insights to data collected from the MU BoardScan™. The result of the day was a comprehensive summary of Board Effectiveness best practice. Christian Schaffenberger, Mieke Weijenberg and Richard Moore form MU’s Board and CEO Practice tell us more about what was discussed – concluding on the top 3 answer to the most important questions Board Chairs and Non-Executive Directors raised. Read the article here: https://lnkd.in/d5Eb6S6c

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Each year Board Directors from across Switzerland gather to discuss the most important topics. This year Board Effectiveness was in the spotlight and MU Board and CEO Practice team ran workshops on how to evaluate and improve Board performance. What to do – and not do – to secure an Effective and Inclusive Board for your organisation: What is best practice in testing and developing Board effectiveness? What is Best practice in test and improving Board inclusion? What are the ‘no ‘go’s’ when it comes to testing and developing Boad effectiveness? To answer these key questions, participating Board Chairs and Non-Executive Directors added their insights to data collected from the MU BoardScan™. The result of the day was a comprehensive summary of Board Effectiveness best practice. Christian Schaffenberger, Mieke Weijenberg and Richard Moore form MU’s Board and CEO Practice tell us more about what was discussed – concluding on the top 3 answer to the most important questions Board Chairs and Non-Executive Directors raised. Read the article here: https://lnkd.in/dTVEgZkW

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𝙐𝙣𝙙𝙚𝙧𝙨𝙩𝙖𝙣𝙙𝙞𝙣𝙜 𝘾𝙪𝙧𝙧𝙚𝙣𝙘𝙮 𝙑𝙖𝙡𝙪𝙖𝙩𝙞𝙤𝙣 𝙬𝙞𝙩𝙝 𝙩𝙝𝙚 𝘽𝙞𝙜 𝙈𝙖𝙘 𝙄𝙣𝙙𝙚𝙭 The Big Mac Index, introduced by The Economist in 1986, 𝐢𝐬 𝐚 𝐩𝐥𝐚𝐲𝐟𝐮𝐥 𝐲𝐞𝐭 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐟𝐮𝐥 𝐭𝐨𝐨𝐥 𝐟𝐨𝐫 𝐠𝐚𝐮𝐠𝐢𝐧𝐠 𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐯𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐢𝐧𝐠 𝐩𝐨𝐰𝐞𝐫 𝐩𝐚𝐫𝐢𝐭𝐲 𝐚𝐜𝐫𝐨𝐬𝐬 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐞 𝐮𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐩𝐫𝐢𝐜𝐞 𝐨𝐟 𝐚 𝐁𝐢𝐠 𝐌𝐚𝐜 𝐚𝐬 𝐚 𝐛𝐞𝐧𝐜𝐡𝐦𝐚𝐫𝐤. As of January 2024, Switzerland leads with the most expensive Big Mac at $8.17, suggesting the Swiss franc is significantly overvalued against the U.S. dollar by 44%. Conversely, Asian currencies like the Chinese yuan, South Korean won, and Japanese yen are noted as undervalued according to the index. This index simplifies complex economic concepts, comparing the cost of Big Macs in various countries to the U.S. to derive an implied exchange rate. It offers a snapshot of whether currencies are valued appropriately against the dollar. While not without its limitations—ignoring factors like local taxes and production costs—it provides a relatable measure of economic disparity and market predictions. For professionals in finance and economics, the Big Mac Index remains a useful, albeit simplified, tool to spark discussions on currency strength, economic health, and global market dynamics. #Economics #CurrencyValuation #BigMacIndex #GlobalMarkets #FinanceProfessionals https://lnkd.in/gdwfSkhV

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A Truly Swiss Voting Sunday The essence of this vote is quickly summarized: the Federal Council and Parliament have prevailed, as expected, and it was a voting Sunday without any thrill. For Switzerland, this is an extremely positive sign (and also for foreign investors). In short: it is a return to normality and stability. And this is truly something special in today's times of increasing political confrontations in neighboring countries. The questions on the table were also fundamental and indeed explosive. (1) Deep in our bones, the energy crisis and concerns about the power supply still linger. However, the population clearly follows the Federal Council and supports its line. The electricity law is accepted. (2) The same applies to the question of mandatory vaccination. The initiative, which was introduced during or after the Corona period to better protect the population from coercive measures, is ultimately a third confirmation of the government's Corona policy. This resounding verdict is surprising, as the initiative could also have become a vent for the dissatisfied... As in previous votes, the people have given a clear vote in favor of the institutions. (3) The same applies to the health-related initiatives. One from the center, the other from the social democrats. Both were overwhelmingly rejected. The big difference from the AHV initiative, which was accepted three months ago, is that in this case, there was a good and solid counterproposal from the Federal Council. This too convinced the majority of the population. All in all, a very satisfying Sunday, showing that direct democracy can indeed handle very difficult questions in turbulent times. One can say this Sunday was a slide into the center. Notably, in the voting campaign, fewer hostilities were exchanged, and the discussion was conducted quite objectively. Everyone benefits from this, and this is also the tried-and-tested recipe of Switzerland: dialogue over confrontation, substance over personality cult, policy over ideology. Essentially, a Sunday as it should always be.

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Kurt Safrata gives his insights on restructuring As an expert in restructuring, the Finance Manager of Management Factory Corporate Advisory GmbH, Kurt Safrata, has analyzed, accompanied, and rescued many companies in crisis situations. Particularly in times of crisis, weaknesses and legacy issues are ruthlessly exposed. He says that almost invariably, inadequate communication is lamented in the affected companies. Whether as an external consultant or overall responsible party, a delicate balancing act is needed. On one hand, every crisis presents an opportunity, and significant evolutionary steps can be quickly initiated. Often, it's not just a matter of adjusting a few things; sometimes, the entire business strategy needs to be reconsidered. On the other hand, especially in the initial phase of a crisis, profound changes are difficult to implement. This requires time, personnel, and financial resources, all of which are scarce during an acute crisis, and key personnel are typically engaged in their daily work. A promising restructuring concept must always build upon a company's competencies and strengths, whether it's profitable business fields and customer segments, efficient organizational units, or experienced employees who make the difference compared to competitors. Therefore, especially at the outset of restructuring, it's crucial to consider what is functioning well and providing useful results and data. Only after initial stabilization is it possible to reconfigure poorly performing processes and organizational units. #interimmanagement #restructuring #cfo  

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Are you missing out on opportunities that the market currently has to offer? 🤔 Or you don't recognize them? 🙂‍↔️ You focus on shares? Then take a look at this article to keep up to date. Marcial Messmer, Ph.D. & Ulrich Carl got a point of view wich fives you some answers.

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