News

05.10.2016

IMF cuts forecasts global growth

The IMF maintened its forecast for weak economic growth in the advanced economies on Tuesday while citing increasing risks from isolationist sentiment, but upgraded its outlook for emerging markets. "Compared to the 1998‑2007 averages, long‑term potential growth is now projected to be lower in all regions", it wrote in the statement.

 
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05.10.2016

Hard Brexit pulls down pound sterling

The British pound hit a new 31-year low against the U.S. dollar on Tuesday as markets continued to digest the news that the U.K. seems head for a "hard" exit from the European Union. The pound closed at $1.2759. It's weakest value since June 1985. The so-called "hard Brexit' is the way to leave it with restricted access to the EU single market. 

 
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04.10.2016

Italy enters 50-year Bond club with €5bln sale

Italy launched its first 50-year Bond on Tuesday. Like Spain, France and Belgium, in a statement, the Italian Finance Ministry said the bond would mature on March 1, 2067 and would be issued “in the near future”, as widely announced in recent weeks. The sale was arranged by Banca IMI, BNP Paribas, Goldman Sachs, HSBC France, JP Morgan Securities and Unicredit. Italy joined other euro zone countries that have locked in historically low rates by selling ultra-long debt this year.

 
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04.10.2016

Google is working for Twitter bid

Google has already been named as a potential bidder for Twitter,  Bloomberg reported, citing "a person familiar with the arrangement," that  Alphabet subsidiary Google is working with financial advisers Lazard to explore a bid for the social media company. Nonetheless, its spokeswoman Gina Scigliano refused to comment on the situation. A Lazard representative did not immediately respond to a request for comment.

 
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04.10.2016

British manufacturing sector in September: never so positive since 2014

UK manufacturing activity rose to its highest in more than two years, as the level new export orders surged on the weaker British Pound, a private survey revealed on Monday. According to Markit/CIPS, the Purchasing Managers' Index advanced to 55.4 in September, its highest level since June 2014, compared to the preceding month's 53.4 points, while market analysts anticipated a slight deceleration to 52.1 in the reported period. Back in July, the PMI dropped to 48.2 points amid Britain's decision to leave the European Union.

 
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04.10.2016

Facebook launches Marketplace to look to e-commerce

Facebook announced on Monday it is launching Marketplace, its version of the local rummage sale. With its 1.71 billion users, it's trying to capitalize on the e-commerce potential of its massive user base. According to company, more than 450 million people already visit Facebook groups that have items to buy and sell each month. The new marketplace allows users to find things to buy from users nearby, list items quickly, and through Facebook messenger, users can communicate to negotiate deals and arrange a meet up.

 
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04.10.2016

Nestle and R&R complete the joint venture with Froneri ice cream

Nestle and Britain's R&R Ice Cream have completed the transaction to create their new Froneri ice cream and frozen food joint, Nestlè said on Monday. The 50/50 joint venture will combine Nestle and R&R ice cream businesses across Europe, the Middle East, Argentina, Australia, Brazil, the Philippines and South Africa. Froneri will also include Nestlé’s European frozen food business (excluding pizza and retail frozen food in Italy), as well as its chilled dairy business in the Philippines. Operational headquarters will be located in the UK. The terms of the transaction were not disclosed. 

 
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04.10.2016

The Greek Crisis: government to plan new reforms

Greek government is facing public discontent as it prepares to approve a new austerity measures and to proceed with a controversial new round of privatisations to secure more cash from its creditors. Tsipras government presented on Monday its 2017 draft budget to parliament, projecting an economic growth of 2.7% after eight years of recession from a 0.3 percent contraction this year.

 
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03.10.2016

Switzerland needs more women in boards

Women are rare at top levels in Switzerland, with board level representation “closer to that seen in much less-developed nations”, according to a report by Credit Suisse. The research “The CS Gender 3000” titled “The Reward for Change” showed that companies that have at least three women on the board have three times higher market capitalization compared to those who only have one female representative. “With regards to business performance, we find clear evidence that a higher participation of women in decision-making roles continue to generate higher returns on equity, while running more conservative balance sheets,” said Urs Rohner Chairman of Credit Suisse and board member Iris Bohnet in the report.

 
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03.10.2016

Swiss Banks employees ask for wage increases

The Swiss Association of Bank Employees (ASIB) requires to increase the wages by 1.5% for 2017 and two days off more in 2016. In a statement today, the ASIB writes that "once again the health insurance premiums rose considerably. In addition, the expected increase in inflation rate later this year and throughout 2017. In light of these facts, salary increase by 1,5% for 2017 appears to be entirely justified. ASIB also requires two additional days off in 2016 to compensate for the loss of public holidays that fall on the weekend this year. An advantage for all employees. "

 
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