News

18.05.2017

Credit Suisse shareholders say OK for 4.1$ bn capital raise

Credit Suisse shareholders on Thursday overwhelmingly approved a plan to sell 4 billion Swiss francs ($4.1 billion) of new shares to raise capital, allowing the banking giant to keep full control of its profitable Swiss unit. The capital raising plans, announced last month, received 99.35 percent of the votes at an extraordinary general meeting in Zurich. Credit Suisse announced the capital hike on April 26, shelving its longstanding plans to partially float its Swiss banking unit through an initial public offering. The bank previously raised 6 billion francs in 2015.

 
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18.05.2017

Swiss franc overvalued: keep policy and ready, SNB chairman said

The Swiss National Bank (SNB) will maintain its ultra-loose monetary policy to help rein in the strong franc, Chairman Thomas Jordan Swiss told Italian-language newspaper Corriere del Ticino, published on Thursday. "The overvalued franc, the underutilisation of production capacity and low inflation make it necessary for us to stick to our expansive monetary policy," Jordan said. Jordan said "The franc is still overvalued, which is why negative interest rates and our readiness to intervene in the forex market remain necessary," he explained.

 
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18.05.2017

EU sent a (€110 mln-fine) message to Facebook over WhatsApp takeover

Facebook has been fined €110m by the EU for providing misleading information about its 2014 takeover of WhatsApp. The Commission previously expressed concern that the social media giant had not correctly communicated planned changes to its privacy policy. The European commission said it had imposed a “proportionate” fine on the technology company to send a clear signal that all firms must comply with EU competition rules.

 
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18.05.2017

Millionaires: fear for the Future and own wealth

The vast majority of millionaires across seven international markets think the current period is the "most unpredictable" ever, according to a new study by Swiss bank UBS on Wednesday. A total of 2,842 high net worth individuals, at least 30 per cent were women, were interviewed in the U.K., Italy, Switzerland, Japan, Hong Kong, Singapore and Mexico with each millionaire having at least $1 million in investable assets (excluding property). Mexican millionaires topped the list with 90 percent agreeing that we're currently living through the most unpredictable period in history. The biggest domestic issue raised in Mexico was that of corruption.

 
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18.05.2017

Four-finger Kit Kat shape is not Nestlè's exclusive

The country's Court of Appeal ruled that the chocolate treat, created in 1935 and marketed with the slogan "Have a Break, Have a KitKat", is not distinctive enough in shape to warrant a trademark. Nestle had argued that the shape of the famous snack was iconic and deserved protection. The ruling is the latest twist in a decade-long UK chocolate wars saga between Nestle and the US Mondelez International, maker of Cadbury chocolate. Nestlé originally registered the three-dimensional shape of its four-fingered chocolate bar in 2006 with Cadbury applying to cancel the registration, a claim it won in 2012.

 
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18.05.2017

Norway's big bank permits bitcoin investments

The Norwegian Skandianbanken, independent of its Swedish counterpart, is rolling out a new feature which allows customers to integrate their Bitcoin wallets, checking the value of their holdings at the same time they check their bank accounts, according to local publication E24. Through an integration of the Coinbase wallet, which enables the buying and storing of cryptocurrency holdings in bitcoin, ether and litecoin, the bank’s customers now have direct access to these holdings using Skandiabanken’s online banking.

 
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17.05.2017

EU will investigate FCA over emissions-test case

The European Union plans to launch legal action against Italy for failing to properly police allegations of emissions-test cheating by Fiat Chrysler following the Volkswagen scandal, EU sources said. EU regulators say Italy has failed to convince them that the so-called defeat devices used to modulate emissions on its vehicles outside of narrow testing conditions are justified. "The Commission decided today to send a letter of formal notice asking Italy to respond to concerns about insufficient action taken regarding the emission control strategies employed by Fiat Chrysler Automobiles group (FCA)," a statement said.

 
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17.05.2017

European High Yield: a tale of low defaults and diversification

Recent years have seen strong growth trends in the European corporate debt markets. This has provided a solid base for EHY to grow, becoming increasingly diversified with improved overall credit quality. Rather unsurprisingly, it is more appealing to investors as a result. With two full credit cycles since the late 1990’s behind it, the EHY sector is now an integral part of the global leveraged finance market. It may still be perceived as the smaller sibling of US High Yield, but that masks how fast it is growing and maturing.

 
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17.05.2017

Duo diamond jewels sold at Sotheby's auction for $57 mln

Sotheby's sold a pair of pear-shaped diamond earrings at a hammer price of about $51 million Tuesday, though the 14.54-carat flawless Fancy Vivid Blue diamond that was the auction's highlight fell short of the expected range. Apollo sold for $42.1m while Artemis went for $15.3m. But the earrings sold some way below their estimated prices of $70m. The 16-carat "Artemis Pink" is near identical in shape. It is also one of the world's most "chemically pure" diamonds, according to the Gemological Institute of America, which experts say gives the stone such a high degree of transparency.

 
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17.05.2017

Oil at $50

The Saudi strategy of not reducing production in 2015 so as not to lose market share and at the same time knock American shale producers out of the market was only partially successful in that market share was maintained while American shale oil producers were put under pressure.

 
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