Swiss KOF leading indicator, designed to predict the Swiss economy over the next 6 months hit a new high reading at 102.9 since 1 year. The KOF continues to trend higher, which is a sign Swiss companies have started to adapt to the stronger franc.
Credit Suisse retired from private banking activities in Panama: the local advisory units, which includes about twenty employees, will be closed, indicated a spokesman for the bank, confirming a news released by the Swiss portal Finews financial news. According the press officer, withdrawal from the Central American country had long planned and therefore is not a decision following the Panama scandal Papers, confidential documents on popular offshore company last April.
The new OECD report on the growth of developed countries estimates a modest world economic growth, due to a series of short-term risk factors such as Brexit, geopolitical tensions and market volatility. According to the chief economist of the organization, Catherine Mann, the world economy "has fallen into a low growth trap", so much so that the last OECD Economic Outlook report sees a global GDP growth of 2.1% in 2016 and 3.2% in 2017. Even conservative estimates for GDP in the OECD area, expected to slow to 1.8% this year and recover to 2.1% in 2017. For the Eurozone is estimated a 1.6% growth and the 1.7% and for the United States by 1.8% and 2%.
It was a rumor, but today the confirmation came: the next 25 November Raiffeisen will close four of its ten branches in the Three Valleys, Acquarossa, Giornico, Piotta and Pollegio. The other six locations - Airolo, Faido, Olivone, Malvaglia and Biasca Lodrino - instead remain open and enhanced by the banking group. The reorganization will not lead to job cuts.
Emissions from new cars, registered during 2015 in the EU, are lower than those of 2014 and less even than the target, according to preliminary data published by the European Environment Agency. Only Estonia and Latvia are still higher than average levels of emissions targets, while all other EU countries have already achieved it. The Netherlands, with an average of 101.2 g / km of CO2, reached the lowest level emissivity between EU countries. Manufacturers will have to further reduce CO2 emissions, to achieve the second objective set at 95 g / km by 2021.
The gross domestic product (GDP) of Switzerland registered an increase of 0.1% in the first quarter from the previous three months. On a year the increase was 0.7%, announced the Secretariat for Economic Affairs (SECO). GDP was supported by household spending, investment in plant and equipment and those in construction, while the state consumption was affected in a negative way. The costs of households have progressed the 0,7%. They have contributed to the growth sectors of health, housing and energy, while clothing and footwear continue to fall. State expenditure recorded a decrease of 0.8%. Investment in equipment marked a + 2.1%, + 1.1% as construction.
Switzerland has eleven companies among the top 100 with the highest turnover in the world in the luxury sector, including two in the top ten: in second place Richemont, with a turnover of 13.2 billion dollars (about 13 billion francs ), and Swatch in fifth (9.2 billion). The French giant LVMH is in first place in the ranking compiled by Deloitte, with 23.3 billion. Overall, the 100 largest companies in the sector worldwide generated sales of 222 billion in 2014, 3.6% more than last year.
The presidents and CEOs of the European Round Table of Industrialists, in a letter, urge the European Union raise in advance of the referendum on Brexit, scheduled for 23 June, which will decide on the permanence or otherwise of the United Kingdom to the EU. The 51 CEOs, therefore, line up for "no". While respecting the decision of the British public, "we believe that a Europe without the UK would be weaker, as it would be weaker the United Kingdom itself outside of Europe."
Nestlé today announced an agreement with the Franco-American company DBV Technologies for the development of a test to diagnose children with allergy to cow's milk proteins. DBV, with offices in Montrouge and New York, will receive from Nestlé up to 100 million euro on the arc of the different stages of research and new product registration, specifying the two companies said in a statement today. Allergy against the cow's milk concerns 2-3% of infants and young children. The process of approval of the new test should be started in 2021.
Volkswagen opens 2016 with an increase in operating profit and net profit decline: the German group closed the first quarter with an operating profit of 3.44 billion Euros against 3,228 in the same period of 2015 (+ 3.4%) despite a decline by the same percentage of revenues, decreased to 50.9 billion from 52.7. The decrease in revenues stems in part from the decline in sales (-1.2% to 2.577 million units) and in part by currency factors.
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