News

17.10.2016

Branson, head FINMA, points out the priority to change audit system

the Director of FINMA Mark Branson believes that the audit system that controls the banks should be changed. In an interview with Le Matin Dimanche and SonntagsZeitung, Branson says "there is no denying a certain conflict of interest." The auditing firms control for the Federal Authority of the financial market supervision, but are remunerated by their own representative or banks. The risk of a conflict of interest tends to increase "when an audit is required to announce bad behavior", says the Director of FINMA.

 
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17.10.2016

Pepsi to cut sugar in soft drinks by 2025

PepsiCo announced on Monday that it will start reducing the amount of sugar in its soft drinks all over the world and that by 2025 at least two thirds of its drinks will have 100 calories or fewer from added sugar per 12 oz serving, up from about 40% now. PepsiCo and rival company Coca-Cola have faced mounting pressure from health experts and governments who point to their products as a driver for obesity and diabetes, Fortune reports. Its 2025 goals also include targets for lowering sodium and saturated fat.

 
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17.10.2016

REPORTS: Press Review Willerfunds and Elbrus Capital

Launched in 1997, WEREE has been advised by Elbrus beginning October 2013. Over the three years, it has improved its risk-return profile and has significantly outperformed its benchmark and competitors. The Fund is now in the top quartile performance among its peers for the period and ranks highly in industry databases and monitoring services such as Morningstar1 (4 stars) and Quantalys2 (5 stars). WEREE invests in liquid listed equities in Central and Eastern Europe, including Russia and the former Soviet states. The Fund implements a hybrid investment process that combines fundamental research stock selection with a model-driven macro overlay that determines the appropriate level of equity exposure for a given period or market environment.

 
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17.10.2016

Switzerland: confidence towards banks to decrease

The Swiss have less and less confidence in the banking sector, although they are satisfied with the individual institution with which they are dealing, according to a study released today by consulting firm EY. In fact, 30% of 1,533 surveyed customers in Switzerland between January and April claims to have less confidence in the banking sector compared to twelve months earlier. The 11% has by contrast greater esteem, while 59% did not detect changes.

 
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17.10.2016

Portugal chose anti-austerity line to raise pensions

Portugal will introduce a tax on real estate fortunes above € 600,000 ($661,000) in 2017 to help pay for pensions, the government has said. The measure was introduced by Prime Minister Antonio Costa's in draft budget for 2017. He explained the property tax income would be used to sustain Portugal’s social payments – everything from pensions to the health service to family benefits.

 
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17.10.2016

US retail sales: moderate pace in September

US retail sales rose more than expected last month, official data revealed on Friday. The Commerce Department says retail sales rose 0.6% in September, a rebound after sales slipped 0.2% in August. During the first nine months of the year, retail sales have increased 2.9% compared with 2015.

 
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14.10.2016

Bank of England can allow inflation to rise

Bank of England is willing to tolerate above-target inflation to support growth and employment after 'Brexit', Governor Mark Carney said Friday. "Our job is not to target the exchange rate, our job is to target inflation," he said during a public meeting in Nottingham.

 
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14.10.2016

JPMorgan set unexpected Q3 earnings

JPMorgan reported earnings per share of $1.58 on adjusted revenue of $24.67 billion in third-quarter, beating estimates. Analysts were expecting adjusted earnings per share of $1.39 on revenue of $24.25 billion, according to Bloomberg. "We delivered strong results this quarter with each of our businesses performing well," CEO Jamie Dimon said in a statement. JPMorgan's stock rose 1.4 percent in pre-market trading. The surprising result was propelled by investment bank; revenue in the unit came in at $9.46 billion due to the bank's bond trading desks, where revenue rose 48% from a year earlier. Lending revenue was $283 million, down 15%. 

 
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14.10.2016

Nine trends in the diamond industry

The just-released De Beers 2016 Insight Report forecasts nine dominant features and trends that are likely to influence the international diamond business, not just moving ahead into 2017, but for several years beyond. How they interact with one another, and how the industry responds, is likely to dictate results and prices through to the next decade.

 
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14.10.2016

Samsung's failure may hit South Korea's GDP

Samsung Electronics said on Friday it expected to take a hit of about 3.5 trillion won ($3.1 billion) to its operating profit over the next two quarters from the fallout of its bungled Galaxy Note 7 recall. The negative impact will not shock otherwise the Korean company that focuses on the sales of other handsets to cushion the failure of Galaxy Note 7.

 
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