BSI, the oldest bank in the canton of Ticino, is under fire for involvement in the scandal of the Malaysian fund 1Malaysia Development Bhd. The private bank in Lugano risks heavy penalties. First, the central bank of Singapore has ordered BSI to stop all the activities of the local subsidiary BSI Bank Ltd. The fund 1Malaysia Development Bhd, established in 2009 by Prime Minister of Malaysia, Najib Razak, is accused of having embezzled more than 650 million dollars of capital of public companies to divert them to offshore accounts payable at the same premier.
Good news from the US housing market. Sales of new homes for the month of April totaled 619,000 share units against 511,000 units in the previous survey and the 521,000 units expected by analysts. Staying on the subject of macro data, the Richmond Fed index, indicator of the manufacturing sector prepared by the Federal Reserve Bank of Richmond, has declined from 14 to -1 points. The analysts pointed to a drop much lower at 9 points.
New worsening signals from the German economy, after the climb recorded in April The ZEW index, a leading indicator of economic sentiment in the coming months, collapsed to 6.4 points from 11.2 points in April, when he was in recovery. "The strong growth of the German economy in the first quarter of 2016 seems to have surprised financial market experts. However, investors do not seem to expect that the economic situation will improve at the same pace," said Professor Achim Wambach, President ZEW Institute who added: "the uncertainty about a possible Brexit by the United Kingdom as we approach the referendum that could lead to the exit of Britain by the European Union, preventing a more optimistic view."
Japan's exports dropped in April at the quickest pace in three months as a stronger Yen and weakness in China and other emerging markets take their toll on the country's shipments, denting growth prospects for the current quarter. Overseas shipments plunged 10.1% in April from a year earlier, the Ministry of Finance said, while economists had predicted a 10.0% annual decline and following a 6.8% decrease in March. It was the seventh straight month of declines and the biggest since 12.9% in January, when Japanese shipments to Asia slowed sharply ahead of the Lunar New Year holidays. The drop was likely exaggerated by a fall in US-bound car exports due to supply-chain disruptions caused by last month's earthquakes in southern Japan, but a surging Yen and tepid global demand are clouding the outlook for the year.
Fear for Brexit widens the employment world. After the spectrum to the recession of the past few days, the Chancellor of the Exchequer, George Osborne, has been focusing on the world of work: in fact, according to the report issued by its Ministry of the Treasury, the exit of Britain from the EU could cost 820 thousand jobs in two years, following the sharp slowdown of the economy.
Tribune is still responding negatively to Gannett, which in late April had launched a bid on the company that publishes the newspapers "Los Angeles Times" and "Chicago Tribune". Tribune Publishing has indeed returned to the second improved offer, which provided for a price per share of $ 15 compared to 12.25 initially proposed. According to Justin Dearborn, CEO of Tribune, the offer "is clearly inadequate" and not competitive with its recovery plan, which is now supported by a new investor: Always Tribune today said that the Nant Capital of billionaire Patrick Soon -Shiong has invested over 70 million dollars in the publishing group, the issuance of 4.7 million new shares at a price of $ 15 (the same supply of Gannett).
The agency Standard & Poor's confirmed the triple "A" for the debt of Switzerland. In a note, they are praised the capabilities of the Swiss economy, called "competitive and diversified". Confidence by the American Society of rating, is also expressed with regard to the Swiss National Bank, after about a year and a half after the decision to abolish the minimum exchange rate between euro and franc.
In Switzerland the employed worked more: in 2015 the hours worked in a professional environment reached 7.889 billion, an increase of 2.3% over the previous year. This was announced today, Monday, May 23, by the Federal Statistical Office, which published the data of last year. The study states that have increased both the number of employees (+ 1.7%) and the actual annual duration of activities for everyone (+ 0.5%), indicating that this growth is attributable to frequently coincides with the end of holidays week. The employees in the primary sector full time lead the ranking: 44 hours and 48 minutes, followed in order by "Accommodation and food service activities" (42 hours and 17 minutes), "Financial assets and insurance "(41 hours and 57 minutes) and" Other service activities "(41 hours and 34 minutes).
The French group Axa, one of the world's largest insurance companies, has announced that it will not put more money in the tobacco industry: it has decided to abandon all investments in the field of cigarettes and the like, resulting in the sale of assets and shares for approximately 1,8 billion euro. The intention, according to a note, is to "support the government's efforts" to reduce tobacco consumption.
Fighting poverty in China over the next five years: the Agricultural Development Bank of China (Agricultural Development Bank of China, ADBC) plans to allocate 3 trillion yuan (about 460 billion US dollars) to fight poverty among the Chinese population, reports state newspaper "People's Daily." Also according to the newspaper, by 2020, the Chinese leadership has set a goal to get out of poverty 70 million people. At the end of 2014, 70 million and 170 thousand Chinese residents in rural areas were living below the poverty line while the their annual income amounted to $ 376. The newspaper said some of the funds will be used for transfer to other areas of the population, to support programs to tourism and education, for assistance to farmers and the construction of infrastructure in rural areas, which should help reduce poverty of the population.
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