The global economic recovery is losing momentum and should be supported: it is the message that Christine Lagarde, Managing Director of the International Monetary Fund launched the leaders of the G20 countries and the whole world, on the eve of the summit of Hangzhou, China, on 4 and 5 September. Support for demand, structural reforms, revival of trade, are the strong actions indicated by Lagarde. "The pendulum of politics is likely to move against economic openness and without strong action the world could experience a disappointing growth for a long time," she said, calling to boost trade and to send positive messages on globalization, which in many benefited. "It 's easy to blame trade for all the ills of a country: block free trade would result in stopping an engine that brings benefits in the world for decades".
The European Commission says "yes" to the merger between Wind, Italian subsidiary of the Russian group Vimpelcom, and 3Italia, which belongs to the group of Hong Kong Hutchison. The approval, it said in a Brussels statement, shall be subject to sale of assets sufficiently to allow the entry of a new operator market. The agreement, in fact, opens the Italian market to the new French mobile operator Iliad. The parties (Three and Wind), have proposed to the committee a number of corrective measures that have finally brought the European antitrust give its approval: the sale to the new operator of a quantity of the mobile spectrum currently managed by the joint venture, sharing thousands of sites for the installation of mobile base stations (antennas) and a transient agreement that will allow Iliad to use the network of the joint venture until it has successfully opened its own.
The possibility that the Spanish come back for the third time at the polls, now, is a more realistic scenario. Mariano Rajoy, on Wednesday, has received the rejection of the Parliament with 180 "no". The Spain's acting Prime Minister will try again in the second vote tomorrow, even if it becomes more and more concrete prospect of returning again to the polls later this year. About the situation, the Minister of Finance Luis de Guindos warned that the Iberian economy will continue to proceed "at a slow pace" if it does not exit from the political stalemate that the country is experiencing, for several months.
Apple returns to the attack of the European Commission, after Tuesday's fine that requires the company to Cupertino payment of 13 billion euro to move back taxes in Ireland. "The European legislation on taxes is maddening," said the number one Tim Cook group then called "exasperating" the EU Commission approach to State aid. Yesterday, the US Treasury Secretary, Jack Lew, had spoken of fury on the part of Brussels against American companies. However, Cook remains "very confident" about the outcome of the appeal against the EU decision: "I am convinced that the verdict will be overturned," he told Irish radio Rte.
In August, the growth of the Eurozone manufacturing sector has lost momentum and the rates of expansion slowed for production, new orders and exports, causing a weakening of the creation of jobs. The final reading of the Eurozone manufacturing index confirms a new phase of economic stagnation. In August, the indicator Markit PMI stood at 51.7 points, the lowest level in three months. The final reading is also found to be lower than the earlier flash estimate of 51.8. Germany (53.6 flash estimate confirms) and the Netherlands (53.5 maximum of 5 months) reported strong expansions. The growth was relatively weak in Austria (52.1 minimum of 3 months), Spain (subject to 51) and Greece (50.4 maximum of two months). In France (from 48.3 flash estimate 48.5) and Italy (49.8) contractions were observed.
he greek bond market remains the most lucrative on the European scene. Athens has in fact placed 1.14 billion of six-month bonds offering a yield of 2.97%, unchanged from the previous auction. The demand from institutional investors was stable with a coverage ratio of 1.30. Yields also remain stable with decades of greek bonds offering a yield of 8.10% to the 70.30 price. As for bonds maturing in 2019 and 4.75% coupon, the rate stood at 8.60 compared with a price in area 91. The stabilization of prices is determined by the GDP, no longer in free fall, but in the process of settling.
Swiss banks have hired more staff during the first half of the year, thus reversing the trend. These additional places, however, were created abroad, while in Switzerland the number of employees has decreased. Domestically, the Swiss banks have in fact reduced the staff by a significant 4.1%, writes the Swiss Bankers Association as a barometer of the banks published today. The 162 banks considered cut 3,454 employees in Switzerland. A major part of this decrease contributed to the foreign banks, with a reduction of 2,036 jobs, or 11.2% of its workforce. On the contrary, the Swiss banks have created over 6,700 jobs abroad.
Statoil, the Norwegian energy giant, has developed a project to make profitable the huge investment in the Johan Sverdrup field in the North Sea, even if the price of a barrel of oil falls to $ 25, "The situation we've been in for the last two years, where we need to find smarter solutions, spurs creativity," Mr. Nylund, Statoil's head of Norwegian operations, told The Wall Street Journal. The plan is followed with great attention by the domestic energy that is trying to adapt to the low prices of crude oil. In short, it is the traditional manufacturers to launch the competitive challenge in the alternative ones.
Volkswagen could reach a final agreement with the US authorities by October, "or at least the beginning of November." This was reported by Bloomberg, citing Dietmar Voggenreiter, head of sales and marketing of the Audi brand, interviewed by Reuters in Hong Kong. The comparison between the automaker and US authorities are making "very well," said the manager, predicting the reaching of final agreement in the autumn.
The moment in which the securities issued or guaranteed by Greece will be included in the plan of the ECB purchases, ie Qe, are not yet certain. This is the content of the written response from the President of the institute, Mario Draghi, to request the Greek MEP Dimitrios Papadimoulis.
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