Engine maker Rolls-Royce is axing 800 jobs in its marine division as weakness in the struggling oil and gas sector takes its toll. The UK-based firm said it was too early to say where the jobs axe would fall. Its marine business employs 4,800 people globally with around 400 in the UK, of which half are based in Bristol and the remainder across offices in the Midlands and a manufacturing site in Dunfermline, Scotland. Rolls said the job cuts will be made next year as part of an overhaul to make annual cost savings of around £45 million to £50 million. The unit's workforce has already been slashed from 6,000 in 2015.
Credit Suisse, under pressure of the U.S. judiciary in the case of Dan Horsky, a former MBA-lecturer in Bern, has frozen several dozen accounts as it attempts to verify whether the assets have been taxed correctly, after the firm pledged to come clean about secret assets, according to a person familiar with the matter, Bloomberg reported. The bank wants to show that any hidden accounts were a lapse in controls and not a criminal act, another person familiar with the matter said.
An agreement between oil producer club OPEC and Russia to produce less to drain a global glut sent prices soaring in record trading volumes on Thursday, even as analysts warned other producers will likely top up supply. On Wednesday in Vienna, the Organization of the Petroleum Exporting Countries reached a deal to reduce their oil production by 1.2 million barrels per day in order to raise global prices. The deal also hinges on non-OPEC countries contributing an additional 600,000 barrels per day worth of cuts, with about half of that coming from Russia. On Thursday Azerbaijan said it was also willing to engage in talks on cuts.
The average of the Swiss working moms is the highest in Europe. According to a survey conducted by the Federal Statistical Office (FSO), about four out of five mothers were professionally active in 2015. According to research, if the rate of working mothers in Switzerland is so high it is due to work-generalization; moreover, in special ranking part-time women, Switzerland ranks second among European nations behind the Netherlands. Motherhood involves the abandonment of professional activity only in one case out of seven. However it provides a series of changes, including a sharp reduction in working hours, corresponding to a working day less per week.
After nearly seven years from the end of the deepest global financial crisis of the postwar period, growth continues to be slow in advanced countries and falling in most emerging market economies. There is even the risk that the world may be drifting toward a new global financial crisis and even secular stagnation. These are the issues examined in this paper.
President-elect Donald Trump said Wednesday that he's leaving his “great business in total in order to fully focus on running the country” in the White House. The Manhattan billionaire made the announcement on Twitter and said he will hold a formal press conference to discuss it further on December 15. His tweet said that “I will be holding a major news conference in New York City with my children on December 15 to discuss the fact that I will be leaving my,” Trump wrote on social media, breaking his announcement up into multiple posts. “Great business in total in order to fully focus on running the country in order to MAKE AMERICA GREAT AGAIN! While I am not mandated to ....do this under the law, I feel it is visually important, as President, to in no way have a conflict of interest with my various businesses.”
The Swiss UBS consumption index rose slightly to 1.49 for October from a downwardly-revised 1.47 previously, which was originally reported as 1.59. The sizeable downward revision will cause some concerns and the index overall has not changed significantly over the past 3 months, although the overall impact will be limited. Although positive developments in the automobile market and strong domestic tourism supported private consumption, the fall in retail sales prevented a strong growth. In September, the number of hotel stays of Swiss tourists climbed by 1%, the third successive increase.
In the third quarter of 2016 the employment has continued to grow in Switzerland, with a more moderate pace than in the previous quarter. The jobs have grown by 0.3% over the same quarter last year, to 4.918 million. In the secondary sector, employment fell by 1.2% to 1.081 million. The decline affected both the manufacturing business (-1.1%) than that of the construction (-1.7%). In the service sector instead there was a growth by 0.7%, to 3,836 million, as reveals the employment barometer published on Tuesday by the Federal Statistical Office (FSO). The health sector (+ 2.6%) continued to advance, though not as in the previous quarter (+ 3.3%). Meanwhile the hotel industry and catering (-1.5%) and the one of financial activities and insurance (-1.0%).suffered a fall in employment.
They call it the Trump effect, the sharp and mostly unexpected rebound that, from the lows of early November, gave a boost to the equity markets worldwide. Not all the markets reacted the same and the swings were also influenced by volatile currencies. Just think at the big correction of the Japanese yen that dropped more than 10% against the Greenback in a few days.
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