Swiss Private Banks: Serving their Clients
As everyone knows, the feelgood factor of leaving surplus cash with a Swiss Private Bank is worth something. Well, recently Credit Suisse quantified that something by charging their well heeled clients with EUR 1 million a 0.4% fee. Now UBS has raised the game by charging their clients with more than EUR 500K a fee of 0.6%. Just think of it as an up market storage fee. Alternatively, feel better by doing business with SGM-FX: we charge nothing for holding client funds prior to trading and meanwhile keep them secure in a UK clearing bank account. Not so posh, but definitely better value!
British Airways and the Pilot Strike
BA has the following on their website regarding the pilot strike: “ BALPA has yet to issue any strike dates, so we are continuing to run a full schedule. By law they must give us at least 14 days’ notice of any disruption to flights.
So for those of you who are planning to get away on BA before 21 August, you should be OK….coming back may be another story. Plus…there is still the threat of a walk out by 4000 members of Unite who plan to strike on Friday 23 and Saturday 24 August and disrupt Heathrow.
Global Fashion and Main Street
Yesterday’s offer for the on line business of Karen Millen and Coast by Boohoo is interesting for a couple of reasons: firstly fashion is increasingly sold on line and Boohoo’s success since it was founded in Manchester 14 years ago is proof of that. Secondly Boohoo aspires to lead the fashion e commerce market globally. No mean ambition for a company that started by selling own brand clothing, shoes, accessories and beauty products.
Other news just out is that Barney’s the US luxury department store chain has filed for Chapter 11 bankruptcy and is for sale in the face of rising rents and the very challenging Main Street retail environment. Mireille, SGM-FX’s CEO and devotee of international fashion is disappointed to learn that she will not be able to shop in Barney’s Chicago when she visits later in the month, as it will be shuttered alongside their Las Vegas and Seattle stores.
A sad day for the family of Barney Pressman who founded the chain in 1923 having pawned his wife’s engagement ring and used the proceeds to open a store in NYC with the slogan; “No Bunk, No Junk, No Limitations.”
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Daily Brief – Next level
Charles Porter
Tue 1 Jul 2025
Next level EURUSD has managed a relatively smooth ascent to its current levels, around 1.18. That is despite significant resistance levels, most notably around 1.17. A large collection of option strike prices gathered around this key level and the price history of the pair shows us its significance. Sustained closes above this level since last […]
Daily Brief – A weaker Dollar: Trump vs. Powell
Charles Porter
Thu 26 Jun 2025
A weaker Dollar: Trump vs. Powell The Dollar continued to lose ground yesterday as the truce between Israel and Iran appeared to continue to hold. There has been a noticeable return to focus upon macro and monetary influences in major currency pairs. Yesterday, Fed Chair Jay Powell provided his semi-annual monetary policy report before the […]
Daily Brief – Whiplash
Charles Porter
Tue 24 Jun 2025
Whiplash A highly volatile start to yesterday’s trading session saw a flight to safety in markets. Despite the Dollar having lost much of its appeal as a safe haven lately, there was still an identifiable USD bid prior to and during the European open. We have identified recently how markets have clearly differentiated between general […]
