Axa Winterthur has improved last year in operating profit before tax in the occupational pension bringing it to 221 million francs compared to 211 million in 2014 while revenue from premiums are ccalo, as reported in a note the group. The decline on a year of new contracts was 32%; overall, global revenue from premiums fell by 2.1%, to 7.5 billion francs. As for the pension fund, Axa has obtained 1.8 billion Swiss francs, which corresponds to a gross yield of 3.4%, compared with 3.33% the previous year.
The ECB seems optimistic, not in an exaggerated way, for the Eurozone economy, as confirmed by the minutes of the last meeting took place on 20 and 21 April last. In this way the orientation of President Mario Draghi is confirmed. A few hours from the minute the FOMC the Fed takes time but says it is ready to raise interest rates in June, Eurotower confirms its objective of achieving inflation at 2%, although the macroeconomic data shows that the 'Eurozone still gripped by deflation.
Julius Baer announces that it has recorded an increase in deposits of 6 billion, ie by 2% compared to the end of 2015. This progression must constantly increase the supply of capital and consolidation, 1 April 2016, the Italian management company Kairos that manages funds for about 9 billion. A contribution which more than offset the negative trend of the exchange rate fluctuations, primarily the weakness of the US dollar and British pound against the Swiss franc. The figure divulged by Julius Baer enrolled in the fork of the forecasts of analysts who expected a mass under management of between 290 and 309 billion francs with a consensus at 302.7 billion.
The IMF cut its growth forecast of Saudi Arabia, raising the deficit, as a result of the negative impact exerted by low oil prices. The warning was launched by the experts of the IMF during the annual mission to Riyadh, which shows a growth estimate of 1.2% compared to 3.5% in 2015. At the same time, experts have raised their estimate on the current account deficit, arising from exchanges of goods and services and financial flows to 9% of GDP and the budget deficit to 14% of GDP.
The number of failures for insolvency suffered in April jumped by 25% to 424 over one year, according to Bisnode' note today , international economic information companies. To be precise, in the first four months of the year, 1,541 companies have brought books in court for insolvency figures up 9% over one year. In Ticino, from January to April the failures for insolvency were 112 (+ 13%). Graubünden has gone from 18 to 23 bankruptcies (+ 28%).
Spain has placed on the market a 50-year state title. Following the example of Belgium who recently successfully priced titles in this length of time, even Madrid decided to refinance a maturing issue in 2066. Even Italy is considering to issue a 50-year bond, but for now nothing is yet planned by the Treasury. Interest in the very long-term emissions comes mainly from pension funds and insurance funds, in pursuit of higher returns to zero and at the same time to have in "investment grade securities portfolio". Spain in fact enjoys BBB + rating from Standard & Poo'rs and Fitch and Baa2 by Moody's.
Still under the spotlight the purchase of luxury items made by Chinese tourists in Switzerland. In fact, even in April they fell purchases, according to the latest statistics issued by Global Blue, a company that handles VAT refunds on the taxed products. On a year, sales actually declined by 7.8%, after a fall of 19.6% in March. For Switzerland figures relate mainly to sales of watches, the most purchased items from travelers in transit. The phenomenon concerns however over Europe and France is the country most affected, with a drop of 23% in April after -29.3% in March. The main concerns are the concerns about China's growth, a certain frugality related to anti-corruption campaign and the beginning of April the new import tax.
Bayer confirms the rumor about the latest rumor on the acquisition of Monsanto. As it said in a statement from the German giant meetings have taken place between the two big players. "The proposed combination would strengthen Bayer with leading positions in the areas of core business and choirs would be born a leader in the food business." If the merger were to go through, it would create the largest producer of seeds and chemical products for the agricultural industry in the world, with annual sales that could exceed $ 67 billion.
The Federal Reserve leaves a door to a possible rate hike in June, which would judge "appropriate" if the macroeconomic data were to confirm an acceleration of the US economy in the second quarter (the GDP in the 1st quarter marked an abrupt deceleration). This is revealed by the minutes of the last meeting of the FOMC, the monetary policy committee of the Fed, on 26 and 27 April. On that occasion, the bankers had preferred to leave interest rates unchanged in a band between 0.20% and 0.50%, after the first increase work last December.
The City of Lugano has decided to act on a request agreement with Almaty in view of a network collaboration with partners active in the area. The mission's program provides, in fact, for each company present, a series of B2B meetings with potential Kazakh partners. Considering that in Lugano there is already a significant number of activities related to Kazakhstan in the most dynamic sectors, the agreement with Almaty is a good opportunity for the promotion of Lugano worldwide and serves as a support to the development strategies already in place at regional level.
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