The top managers of Swiss companies are the best paid in Europe. The average value of wages received last year by the leaders of the seven Swiss companies included among the 100 largest European amounted to 8.77 million euro. Compared to 2014 there has been an increase of almost 15%, according to research published today by the Willis Towers Watson consulting. Behind the Swiss, Spaniards rank with 7.18 million euro, then the British (6.78) and the Germans (5).
General Motors and Unifor, the Canadian trade union of workers in the sector, reached an agreement that averted a strike that would lead to blocking of some of the Canadian facilities of the company. The deal, which will be subject to a ratification vote on Sunday, provides that Oshawa's assembly plant will remain open, that it's focused on sedans that come out of production in 2019 and GM is committed to investing "hundreds of millions of dollars" in a restructuring program to allow the assembly also of other product categories.
China is creating the second largest steel group in the world. According to Chinese media, it could be announced in the week the takeover by Baosteel Group, government-company, China's second giant of the sector, which would incorporate Wuhan Iron and Steel Group. The two companies are currently in fourth and eleventh place in the world ranking of steel producers and, according to figures by the World Steel Association, combined annual capacity of the two companies in 2015 was around to 60.7 million tons, behind only to Luxembourg-based ArcelorMittal.
Oil prices fell on Tuesday after rising yesterday supported by the crisis in Libya and the opening of Venezuela to the freezing of oil production. On Asian markets, Light Sweet Crude recorded a 0.85% rise to $ 43.67 a barrel, while Brent Crude lima 0.19% to $ 46.33 a barrel. In Libya, the military clashes between Ras Lanuf and Sidra oil terminals, have caused the blocking of exports from Libyan ports. They are taken up, in fact, fighting between forces loyal to the government of Libyan national unity, backed by the United Nations, and the administration's rival for control of oil ports in the east African country.
The encouraging data coming from exports have once more convenced the Swiss government to review forecasts for the 2016. Swiss foreign trade still growing in August and exports recorded a nominal increase of 7% (actual: + 1.2%) over the same month of 2015, rising to 16.1 billion Swiss francs, as the Federal Customs Administration indicates in a note today and now the Swiss economy is expected to grow by 1,5% in 2016. The precedent data indicated +1,4%. Imports grew by 8.4% (+ 5.1% in real terms, ie adjusted by the evolution of prices) to 13 billion while the trade balance closed with a surplus of 3 billion francs.
apan plans to discuss a number of specific proposals with Russia to be partakers with its entrepreneurs to the development of the agricultural sector in the Russian Far East. According to the newspaper Sankei Shimbun, the Minister of Economy, Trade and Industry Hiroshige Seko will visit Moscow to discuss these proposals on November 1.
Australia confirms its flexible inflation target in the range 2-3%. In a joint statement, the Reserve Bank of Australia and the Australian Government reaffirmed the view that the flexible inflation target represents the right way to achieve price stability in the medium term, Treasurer Scott Morrison said in a statement. The stance comes in response to the debate on the correctness of this objective, in view of the sharp slowdown in inflation.
The president of the Bundesbank, Jens Weidmann believes that the ECB can not stand still for too long: "Under no circumstances can interest rates remain so low for longer than is absolutely necessary with regard to price stability" he said on Monday. The number one of the German Central Bank also does not take sides in a positive way towards extension of the quantitative-easing plan, which will expire in March 2017, but at the same time makes it clear they do not want to take for granted such a decision.
Credit Suisse corrects upwards its growth forecasts for the Swiss economy this year: according to the institute's economists, the gross domestic product will increase by 1.5% this year, versus + 1.0% expected previously. The 2017 estimate remains unchanged, fixed at 1.5%. And the bank warned: stronger expansion is closely related to the immigrants, who are required to increase the workforce. The Swiss economy will not get back into full swing in 2017 either, due to a lack of momentum among key growth drivers – in particular immigration. These are the conclusions of the Credit Suisse economists in the latest issue of "Monitor Switzerland".
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