The rules governing the new "Swissness" legislation, which strengthens the criteria to define the nationality of products and services, have entered into force since 1 January 2017. In this context, the DOP and IGP denominations acquire the value of geographic marks, making it easier to abroad. The novelty is also applicable to certain industrial products like watches.
Tesla begins to roll out the updates to its Enhanced Auto Pilot, with a 1,000 vehicles in the first round of updates and the rest in the following week. It's not just your computer that gets its software updates these days, from now on your trusty vehicle does the same and in the case of Tesla vehicles, the latest upgrade “Autopilot 1” will bring owners closer to self driving with the HW2 Autopilot software. The update is currently being uploaded to 1,000 Tesla vehicles and if all goes well, the rest of the fleet will be updated in the following week. The company will also provide a P100D performance upgrade in January, for Model S and Model X users. 'HW2 Autopilot software uploading to 1,000 cars this eve. Will then hold to verify no field issues and upload to rest of fleet next week,' Elon Musk posted on Twitter last Saturday.
Bitcoin’s value is slowing climbing, and has exceeded the $1,000/ea valuation for the first time in about three years. Bitcoin reached its highest value at $1,200 back in 2013, which set the standards of just how far and fast a form of currency could go, Phys.org reports. Now, the digital unit is close to clinching or even surpassing this number as it rocketed past the $1,000 ceiling on Sunday. The currency is largely used for online purchases in which anonymity is important, though it is increasingly being accepted by mainstream retailers, too.
There was no trading of Gold Monday morning, which led to a lack of motion in the XAU/USD price. As for future movements, the pair has dashed through the 20-day SMA, but losses are likely to be cut at 1,138.98, the lower trend-line. We will look for the channel to remain in force until the upper trend-line of the senior bearish channel is reached, and it could take around at least three weeks to do that. The current downward motion could experience some hitches at 1,148.39, the weekly Pivot Point before the ultimate daily target is addressed.
Mayor of London Sadiq Khan downplayed concerns that London will suffer in the wake of Brexit, telling CNBC in an interview that European Union citizens "are welcome" in the city and "that's not going to change." Khan has vowed to “DEFY Brexit” by working on proposals for London-only work visas, not because he and the city’s business leaders believe this would help buttress its economy in the uncertain years ahead, but simply in order to “maintain the number of migrants entering London”. He told CNBC that one of their main concerns is to continue to attract talent post-Brexit. Among other advantages, Britain is hoping to retain access to Europe's common market, which currently requires the country to allow free movement of E.U. citizens across borders.
The U.S. Securities and Exchange Commission is investigating the sale of $850 million in bonds issued by Mozambique by Credit Suisse, Russia's VTB Group and BNP Paribas, the Wall Street Journal reported on Wednesday. The southern African nation in October said its debt was unsustainable and the International Monetary Fund suspended assistance to Mozambique when evidence of $2 billion in secret loans emerged. The bonds were sold in 2013 to finance a Mozambican state-owned firm's plans to develop tuna fishing in the impoverished nation, but the government later said it had also bought military equipment with the funds. The probe opens a new chapter in a scandal of hidden debts which has rocked Mozambique, one of the world's poorest countries, for months. The SEC in November asked bondholders for documents provided by Credit Suisse, VTB and BNP Paribas during the sale of the bonds, the Wall Street Journal reported, citing a letter sent to bondholders. The letter also asked investors to share with the SEC all communications with the banks related to the bonds.
Barry Callebaut has strengthened its partnership with the American company Mondelez through the purchase of equipment for the production of chocolate in Belgium. The news was announced in a statement Saturday in which are still not disclosed details on the amount of the financial transaction. The world number one in the cocoa sector will resume the works of Hal, near Brussels. The agreement should allow the Zurich group better fit into the quality of the chocolate market in Belgium.
Health-care stocks are one of the worst-performing sector in the S&P 500 so far this year, with shares down -1,87% compared with the broader index’s +13,18% gain as investors fretted about everything from Obamacare to drug prices. Several investors and analysts said they expect a clearer view of the political outlook for insurers and drug companies after the presidential election. Both Republican nominee Donald Trump and Democrat Hillary Clinton have criticized drug prices and want to make adjustments to the health-care system. The same fate has been shared by the European equity market, where the Stoxx 600 Healt Care Supersector Index had a decrease of -10,89% while the main Stoxx 600 Index closed with a loss of -1,59%.
Moody's today affirmed the ratings of Credit Suisse AG (A1 senior debt, A1 deposits, baa2 Baseline Credit Assessment) following Credit Suisse's announcement of a settlement in principle with the U.S. Department of Justice (DOJ) regarding civil claims in connection with the bank's issuance and underwriting of residential mortgage-backed securities (RMBS) conducted through 2007. Under the agreement, Credit Suisse has agreed to pay a civil monetary penalty of USD2.48 billion and to provide USD2.8 billion in consumer relief to be delivered over the course of five years post settlement. The outlook on Credit Suisse's debt and deposit ratings is stable.
Ailing Italian bank Monte dei Paschi di Siena (MPS) needs to fill a larger capital gap than originally reported, the Italian bank stated late Monday citing new figures from the European Central Bank. The amount needed to rescue the Europe‘s oldest financial institution is €8.8 billion ($9.2 billion). It previously reported that it needed to raise 5 billion euros (5.2 billion dollars) by the end of the month to make up for large-scale write downs on a mountain of bad loans. The request of €8.8 billion of fresh capital was decided on Thursday, December 22, in the last meeting of the ECB’s Supervisory Board.
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