Glencore seems to have overcome the worst, in the words of CEO Ivan Glasenberg, when presenting the first-half figures. The Baar-based company has almost halved its losses in the first six months of the year, rising to 369 million dollars from 676 million a year earlier, while revenue fell by 6% to 69.4 billion. Particularly the positive performance of the trading division, which increased earnings by 1.2% to 1.2 billion. According Glasenberg annual profits will rise further to 2.4 - to $ 2.7 billion due to diversification, given that the weakness in oil trading was offset by the strengthening in metals.
Greece will fail to achieve the goal of revenues from privatization this year. The target of € 3.7 billion is a mirage, it will be a success if the Hellenic Republic Asset Development Fund will bring in cash an amount of between 1.5 bln to 1.7 bln euro despite the acceleration of certain divestments in recent months . Yet the privatization plan is one of the cornerstones of the Athens bailout program, after three plans agreed with the EU and IMF 250 billion.
Fininvest has filed. at the Court of Milan, a writ of summons against Vivendi for damages suffered as a shareholder of Mediaset asking 570 million euro. It said in a statement that the group announces that it has filed a lawsuit to get that Vivendi "is ordered to give full compliance to the shareholders' agreement attached to the contract signed with Mediaset". Last Friday, the same Mediaset had announced that it had filed a court in Milan the summons against Vivendi in execution protection of the contract between the two companies last April for the sale of Premium.
Switzerland is officially on the italian "white list" from August 22, 2016, which is the list of states with which it is possible to implement the exchange of information to prevent double taxation. Along with the Swiss country, even countries like Liechtenstein, San Marino and Hong Kong, have entered the list, as stated in the decree of the Italian Minister of Finance published in the "Official Gazette".
Volkswagen has reached an agreement with the two suppliers CarTim and Es Automobilguss, who had suspended deliveries forcing the automotive group to stop the production of Golf and Passat. The group had been charged by the supplier to have canceled the contracts without cause or notice and refusing to compensate them. Volkswagen however, had asked to reduce costs in order to remain competitive, after the allocations decided to cope with fixing scandal emissions. "The manufacturing sites involved - VW announced in a press - are gradually preparing itself to resume production."
The European manufacturing appears static, anticipating a new phase of economic stagnation in the second half of the year. According to the analysis conducted by Markit, the Eurozone economy in August continued to increase at a steady pace, although the manufacturing PMI fell to 51.8 points from 52 in July, ranking the lowest level in three months. The preliminary figure released today, while still expanding area, given that it remains above the critical threshold of 50 points, it was lower than expected indicating 52 points.
Kobe Bryant, former NBA basketball star, after retiring from the world of sport, dedicated to finance. Together with the entrepreneur Jeff Stibel, he shares a venture capital fund of 100 million dollars. As he told the Wall Street Journal, Bryant and Stibel have decided to officially launch their investment vehicle dedicated to the tech industry companies, media and data management only after the withdrawal of Kobe. In fact, the fund, based in Los Angeles, has been running since 2013, so as to have invested in a dozen companies.
Swiss exports in July have progressed by 7.9% to 17.7 billion, and imports by 11.8% to € 14.8 billion. This was announced by the Federal Customs Administration stating that this figure takes into account the fact that in the month under review, there were two working days less than in July 2015.
Pfizer reached an agreement for the acquisition of Medivation, one of the leading companies in the biotech sector in the fight against cancer, for around $ 14 billion. Pfizer is willing to pay $ 81.50 per share, a 21% premium based on the closing Medivation of Friday's session. The agreement comes after months from the start of negotiations and demand for Medivation, one of the most courted independent biotech companies in the world as it specializes in the sale of a drug against prostate cancer.
The Swiss believe that Brexit will have positive consequences for their country, according to the gfs.berne Institute who analyzed 2016 barometer of the concerns of Credit Suisse. The majority of the population considers, in fact, that Switzerland's position will be strengthened. "The citizens are perfectly aware that Brexit will have on Switzerland" economic and political consequences, he said in a statement Lukas Golder, co-director of gfs.berne.
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