The Brazilian Senate has voted in favor of impeachment of Dilma Rousseff, 55 votes to 22. The suspension from office of the first woman president goes down, after 13 years, even the leadership of the Workers Party, which began with the election of Inacio Lula De Silva. Suspended from office for 180 days, period within which will be processed, Dilma Rousseff will be replaced immediately by Vice President Michel Temer. That in the event of dismissal of Rousseff and if not you will go to early elections, will complete the presidential term will end January 1, 2019. The verdict came after a lengthy parliamentary debate that lasted 16 hours without interruption. The charges against Dilma Rousseff are based on the alleged irregularity of some fiscal measures the government between 2014 and 2015.
Zurich Insurance has achieved in the first quarter 2016 net profit attributable to shareholders of 875 million dollars (851 million francs), down 28% from a year ago. Operating profit (Business Operating Profit, BOP) fell by 16% to 1.09 billion dollars. A decrease in the volume of premiums collected, decreased by 6% over one year to 17.59 billion dollars, the insurance group announced today. Own funds (-1%) fell below $ 31 billion, while the combined ratio, ie the ratio between costs and premiums, worsened slightly to stand at 97.7%.
Nissan confirmed that it had initiated talks to acquire Mitsubishi Motors. The automaker is ready to invest 200 billion yen ($ 1.8 billion) for about a third of the capital which would give him control over his competitor. Mitsubishi had lost about 42% of its market value in a scandal related to the tests on the efficiency of rigged engines, hence the opportunity for Nissan. Carlos Ghosn, CEO of Nissan and Renault, have postponed a press conference today on the annual budget just to convoke another in order to announce the investment in Mitsubishi Motors. Investors welcomed the news with some favor, making staple of purchase requisitions for the title of Mitsubishi Motors, back from a decline due to the scandal since April 20.
For most investors, Pakistan is not an investment destination being considered in their investment process. But soon MSCI, the biggest index provider globally, may bring that to a sudden change. On June 14th, MSCI will announce its decision whether to upgrade Pakistan from the current frontier market classification to emerging market classification or not. In the case of a positive decision, emerging markets funds with an estimated 40x the capital of frontier funds will be forced to have a look at the 180 million population nation on the border between Asia and the Middle East.
The state of health of the industrial sector has recovered slightly, but still marked by "meltdown" of 2015, this was the statement by President Fabio Regazzi Industries Association of Ticino (AITI), a result of the abandonment by the SNB of the minimum exchange between franco euro. To confirm these first, tentative signs of growth in the coming years the group aims to increase labor productivity and the degree of innovation in enterprises, but also improve the dialogue with the institutions. Regazzi spoke of a "conflict" often negative created by the state: one example of the connection fee or excessive bureaucracy.
Positive quarterly by Walt Disney but not quite: if the film division results appear satisfactory, sports channels and the decline of subscribers are felt on the accounts. The entertainment giant American ended the three months to April 2, with profits growing, thanks to the success of films such as "Star Wars" and "Zootopia", but less than market expectations, which had not happened for five years now. Also weighing on the results of the fall of the sports channel ESPN subscribers, the costs associated with Disneyland Paris and the opening of the amusement park in Shanghai, scheduled for next month.
Toyota has announced a record net profit for the full fiscal year ended March 31 rising by 6.4% to 2.31 trillion yen (18.7 billion euro). The first group global car, however, said he expected a for the first time in 5 years net profit down 35% in fiscal 2016, due to currency volatility.
The Swiss bank UBS is considering applying negative interest rates even private ultra-rich clients to face the expansive monetary policy of central banks. At present the bank's customers already pay negative rates. Because of negative deposit rates Swiss banks, for their part, have to shell out to the central bank an annual rate of 0.75% in order to deposit money at the SNB. "If the situation remains the current one, or if you were to deteriorate further, we will have to reflect upon the extension of this measure to our most wealthy clients. At the same time we will have to evaluate whether to recognize the receivable interest rates, "said Basel CEO Sergio Ermotti in today's General Meeting.
The conditions of the Japanese economy even worse, as indicated by leading indicators, summary indicator of the state of the Japanese economy. According to the preliminary estimate by the Cabinet Office, the figure for March is expected to be 98.4 points down 0.5% compared to 98.9 points in February. The figure, revised up from the previous estimate of 96.8, was higher than market expectations were for 96.4. In the same period, the coincident index is estimated to rise to 111.2 points from 110.7, confirming an improvement of the current conditions, while the deferred index (lagging index) is expected to fall to 112 from 113.8 and indicates a deterioration in the outlook for the next 12 months.
"Never thought to leave, even in the most critical moments", so Claudio Descalzi, CEO of Eni said in an interview with the Italian newspaper L'Avvenire, regarding a possible abandonment of Libya. "Eni provides 100% of the gas for electricity generation and 50% for domestic users," he added Descalzi. "We guarantee the energy to all parties, but especially to the entire population. If we left, we do a disservice to the country."
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