Credit Suisse has reported an unexpected net profit of 41 million Swiss francs ($42.2m) for the third quarter. Profit fell 95% from 779 million Swiss francs in the same quarter last year, but the company beat analysts' forecasts who expected 150 million francs loss. It is the second consecutive quarter in which Credit Suisse has surprised the market with a profit after a rocky start to chief executive Tidjane Thiam's turnaround plan for the bank. The bank also said its core tier 1 common equity - a measure of the amount of capital it has set aside to absorb business and market losses - rose to 12% in Q3 from 11.8% in the previous three month period.
Switzerland, Germany and Austria confirmed at the top of the rankings, according to Young Workers Index, research carried out by PwC, which since 2006 analyzes the level of employment, schooling and vocational training of young people between 15 and 24 years of the 35 OECD countries. In general, Europe is at the top of the rankings, as the leading trio is followed by Iceland, Norway and Denmark. Israel, Luxembourg and Germany have instead registered the best progress in the period 2006-2015, whereas Southern Europe, particularly Italy, Spain and Greece, are earnestly striving to recover after the financial crisis.
The private bank group J. Safra Sarasin Group announced that it has acquired Credit Suisse Gibraltar Limited. The transaction strengthens the institution's presence on the Rock where the Group operates since 2001 and is determined to expand its position. The bank will operate under the new name of Bank JSS (Gibraltar) Ltd. and will continue to provide wealth management solutions to customers both private and institutional.
The OC Oerlikon industrial group reported operating profit EBIT decline of 47.1% in the third quarter compared to the same period of 2015, to 37 million francs. After nine months, EBIT came to 105 million, a decrease of 53.9% compared to a year ago. Sales decreased by 13.4% to 549 million in the third quarter, and by almost 15% to 1.72 billion, informs in a statement the Pfäffikon-based group.
BSI was acquired by EFG International: the agreement was closed for 1.06 billion francs as announced by the Zurich-based institute, 270 million less than expected and announced in February. The total price is made up of 575 million francs in cash, 86.2 million EFG shares valued at 454 million francs and 31 million francs of AT1 instruments issued by EFG International, as the company reported in a statement.
The US pharmaceutical giant Pfizer has closed the third quarter with results below expectations. The net profit falls 38% to 1.32 billion dollars from the prior year's $2.130 billion while quarterly revenues grew by 7.93% to $ 13.045 billion, the forecast was $ 13.05 billion.
Chinese chemical giant ChemChina has extended the deadline of its offer to purchase the agrochemical group Syngenta Basel, until January 5. The previous deadline was to expire next Tuesday. It is the fourth time that the Chinese group extends its tender offer (Opa): the giant state had already been extended to May its initial offer until July 18 and then to July until 13 September and until September 8th of November.
Ticketcorner and Starticket unite to fight together against the big international competition. The merger agreements were signed in Zurich today by the directions of Ticketcorner Holding and Tamedia, specify the transaction partners in a statement.
Yeo Jiawei, former private banker, went on trial in Singapore on Monday in the first prosecution of suspects linked to a massive international money-laundering scandal centred on Malaysian state fund 1MDB. State prosecutors described the sums involved as “staggering” and said Yeo allegedly pocketed $18.7 million. Yeo, 33, did so through various means, including “illicit” schemes to swindle his own bank, added prosecutors, who accused him of playing a central role in the “most complex, sophisticated and largest” money-laundering case that the Commercial Affairs Department (CAD) has ever come across, as the written statement issued at the trial reported.
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