News

29.09.2016

Blackberry ends smartphone production

BlackBerry, the canadian firm that invented the smartphone, stops making mobil phones, John Chen, BlackBerry executive chairman and CEO, said Wedsneday. The new strategy will enable Blackberry to “focus all of our efforts on where we can deliver differentiation in software and security” which is “aligned with where the market is going,” CEO John Chen said as the company released Q2 earnings. 

 
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29.09.2016

SEC says UBS to pay $15M settlement over derivatives sales

UBS agreed to pay over $15 million to settle U.S. Securities and Exchange Commission charges that the bank failed to properly instruct advisers on risks tied to structured products.  The case revolves around the sales of approximately $548 million in reverse convertible notes (RCNs) to 8,743 UBS retail customer, who were relatively inexperienced and unsophisticated, between 2011 and 2014. The RCNs are complex securities that feature embedded derivatives whose performance is driven by the concept of implied volatility.

 
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29.09.2016

OPEC agrees to cut production, oil prices rise

OPEC member country officials in Algiers said they had reached an agreement to limit production to between 32.5 million and 33 million barrels per day, cutting daily output by about 750,000 barrels, for the first time since 2008, with the group’s leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. “We have decided to decrease production by around 700,000 bpd,” said Iran’s oil minister, Bijan Zanganeh. Following the strategic agreement reached in Algiers, oil stocks moved higher in New York, bringing the rest of the market up with them. Oil prices  jumped more than 5% to trade above $48 per barrel after the outcome of OPEC’s informal meeting in Algeria took traders by surprise. 

 
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29.09.2016

Gold rebounds against trend line

The bullion bounced off the rising wedge pattern's lower trend line and surged on Thursday morning. On early morning, the metal was about to face a resistance cluster from 1,326 to 1,331, which is comprised of both the weekly and monthly pivot points and the 20 and 55-day simple moving averages. Previously, it was possible that the yellow metal will break out from the rising wedge pattern due to the pressure provided by a triangle pattern, and the threat still remains, as the triangle remains active.  

 
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28.09.2016

Draghi defends ECB policy against German criticism

The ECB President Mario Draghi has vigorously defended the measures before German parliamentarians that in recent months had not spared criticism. In his speech at the Bundestag (German Parliament), he responded to German concerns by saying that "The rates have to be low today to allow a return to higher rates in the future" and that "to get all the benefits of monetary policy measures, other policies should contribute more firmly", both at national and European level.

 
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28.09.2016

Megabrew deal: Ab InBev says yes to takeover SABMiller

Anheuser-Busch InBev’s shareholders have approved the $104 billion takeover of rival SABMiller at a general meeting in Brussels. It's the third largest deal, with the merger between the first and the second global group. The deal was given the thumbs up by more than 95% of SAB shareholders who voted. AB InBev chief executive Carlos Brit said: “We are pleased that our shareholders' vote brings us one step closer to combining our companies, teams, strong heritage and passion for brewing”, before announcing that the name Anheuser-Busch would remain.

 
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28.09.2016

Deutsche Bank sells UK insurance company Abbey

Deutsche Bank sells the London-based insurance company Abbey Life to Phoenix Group for 935 million pounds (1.1 billion euros, $ 1.22 billion). This was communicated by the German bank that took over Abbey Life in 2007, stressing that the operation will have a positive impact on capital of 1.1 billion euro. Although the transaction "will have a net positive capital impact," it's expected to lead to a pre-tax loss of around €800 million "primarily resulting from impairment of goodwill and intangible assets."

 
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28.09.2016

Russia may sell stake in gunmaker Kalashnikov to private investors

Rostek, russian state company, is considering to increase the stake of private investors in arm makers Kalashnikov as reported by the Russian news agency Tass. Moreover, the number one Russian conglomerate Sergei Chemezov, would be satisfied to hold 25% plus one share of the capital of the company, namely the controlling stake, while the rest would go into private hands. At the moment Kalashnikov belongs 51% to Rostek, while 49% is owned by private investors, among them the general manager of the company and two Russian oligarchs.

 
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28.09.2016

Gazprom plans to become a big player in Europe's gas market

Gazprom export" plans to increase its market share in Europe of 2% -5% in 2016 over the previous year, as stated by the representative of the company Valery Nemov, at the 10th annual European Gas Summit organised by S&P Global Platts in Düsseldorf. "We must remember that in recent years Gazprom has set a very ambitious goal: to reach a market share of 30% in Europe," said Nemov, quoted by Bloomberg.

 
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28.09.2016

Switzerland fixed women to retire at 65

Women will retire at 65. After the States General, also the Swiss National Council approved - by 137 votes to 57 - the raising of a year of their retirement age in the examination of the Pension Provision 2020 program, bringing it into line with the retirement age for men.

 
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