Societe Generale Private Banking Suisse intends to cut 80 jobs in Geneva sites, Lausanne and Zurich, it said in a statement on Thursday, confirming a commercial broadcaster news released La Télé. "The private banking activity of Societe Generale in Switzerland is considering reducing its workforce and has just started a consultation period so as to support its employees through this development", explained the statement.
The number of Americans filing for unemployment benefits remained at its 43-year low last week, official figures showed on Thursday. According to the US Department of Labor, initial jobless claims held at a seasonally adjusted 246,000 in the week ended October 8, while market analysts anticipated a slight increase to 252,000 during the reported period. The preceding week's figure was revised down to 246,000 from the originally reported reading of 249,000. It was the 84th consecutive week of initial claims remaining below the 300,000 level, the longest streak since 1973.
Scotland will push for a second independence referendum if Tory Prime Minister Theresa May follows through with plans to take the UK out of the single market in a ‘hard Brexit,’ First Minister Nicola Sturgeon said Thursday. Speaking at the SNP’s three-day annual conference, Sturgeon argued the Tories have no democratic mandate for a ‘hard Brexit,’ which would see a severe crackdown on EU immigration and a departure from the single market.
Google, Facebook and telecom and undersea infrastructure developer TE SubCom and PLDC (Pacific Light Data Communication Co. Ltd.) are teaming up to build a 120 Terabits per second (Tbps) submarine cable that will connect Los Angeles with Hong Kong. The new 12,800 km cable, called the Pacific Light Cable Network (PLCN), will be the highest-capacity trans-Pacific cable yet. The companies did not say how much they will invest in the new ultra high-speed link.
The global luxury goods sector is expected to grow more slowly in 2016, at a rate many retailers may find disappointing, according to the third “Global Powers of Luxury Goods” report just released by Deloitte Touche Tohmatsu, which examines and lists the 100 largest luxury goods companies globally, and provides an outlook on the global economy, an analysis of merger and acquisition activity in the industry and discusses the key forces shaping the luxury market.
In an environment of low global growth and slight deflation, high yield corporate bonds continue to offer attractive return prospects as long the current low default rate remains. Moreover, the distortions prompted by the ECB's asset purchasing programme are causing a crowding out effect and accentuating a steeper credit curve. Time is notably an ally in this configuration, as it speeds up a positive carry!
Swiss mortgage rates are at a record low without any downward trend: this is the housing market's situation that emerges from the latest Mortgage Barometer carried out by the website Comparis.ch. In the Q3 2016, the 10-year fixed-rate mortgages has again decreased slightly, dropping to 1.45%, 0.06% less than the previous three months. The same trend was also observed for five-year mortgages (from 1.11% to 1.09%) and for one-year (from 1,10% to 1.06%).
Deutsche Bank plans hiring freeze in order to cut costs and face the growing legal fees after the US Justice asked for $ 14 billion to close the dispute linked to the story of subprime mortgages. The measure - writes the agency Bloomberg citing sources inside the German bank - would take effect immediately and covers all divisions, with the exception of some control functions.
China's September exports fell 10% to $184.5 billion from a year earlier, far worse than expected, the steepest annual decline since January, after a reasonable performance in August. In local currency terms, exports were down 5.6% while imports were up 2.2%. Exports fell across all markets, with an 8.1% decline in exports to the US, while exports to Europe dropped by almost 10%. Imports fell 1.9% to $142.5 billion, also down from a 1.5% rise in August; economists expected imports to rise 1%.
Industry figures for the single currency area could bring third-quarter economic growth in the 19-country Euro zone. European Union statistical agency Eurostat said output climbed 1.6% on the month on a seasonally adjusted basis and rose 1.8% from a year earlier, after contracting by 0.7% and 0.5%, respectively, in July. Moreover, the increase outperformed expectations of a 1.4% rise and the annual advance of 1.8% was also above consensus forecasts. Although, the solid recovery has demonstrated German production for August with output rising 2.5% on a monthly pace, while new orders also strengthened and there was a robust recovery in exports.
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