CEO Sergio Marchionne has denied the press rumors that were circulating at the weekend about possible news for the Magneti Marelli negotiations between the FCA and Samsung. The rumors that leaked out indicated that the vice president of Samsung Electronics Lee Jae Yong, would be moved to Europe to participate in the appointments to the Board of Directors of Exor, of which he is director.
Russia and Iran tighten relations in oil field building together five platforms in the Persian Gulf; the deal, which is worth a billion dollars, also involves the gradual transfer to Iran of the necessary offshore technologies, and this "is a dream come true", as stated Ehsanollah Mousavi, managing director of Iranian company TODC. The agreement was signed by the shipbuilder, russian Krasnye Barrikady and the Iranian company TODC: the project, for $ 1 billion, involves the construction of five offshore platforms in the Persian Gulf. According Ehsanollah Mousavi, CEO TODC (Tasdid Offshore Development Company), the agreement provides for the construction of an offshore platform every two years off the Iranian port of Khorramshahr, situated in the extreme south-west of Iran, on the mouth of the Arvand River (also known as Shatt ul Arab).
The TTIP can be said definitively failed. In the opinion of Sigmar Gabriel, vice chancellor and Economy Minister German, "talks with the US are in fact failed because we Europeans, of course, must not succumb to American demands: nothing is moving forward ". In an interview on German television ZDF, Gabriel added that "the negotiations with the US have failed de facto because we Europeans do not want to subject us to the US demands."
The Icelandic economy, tremendously affected by the financial scock of 2008 which saw the three main banks fail and the collapse of the GDP in a few months by 60 percent, finally sees the light. The center-right government in power, hit by the scandal of Panama papers in the spring, has announced a major step towards the abolition of controls on capital movements introduced after the crisis. The proposals being considered by the national parliament (Althingi) concern the Icelanders, who will see again the possibility (repealed after the shock of 2008) to invest in real estate and other abroad, and buy foreign currency without limitations for travel in the world.
Janet Yellen, number one of the Federal Reserve, said during the symposium in Jackson Hole, which rate-hike will be if the macro data should confirm the outlook prepared by the Fed. Therefore she has opened the doors to the long-awaited increase for interest rates, but did not announce the date. The Chair of the Fed left no doubt to be reasonably satisfied with the economic developments. "If the growth was not fast, was sufficient to generate further improvements in the labor market," she pointed out, that is, driving out the concerns that had held back the hands of the Central Bank in the first half of the year when GDP up by 1 % - the second-quarter performance was yesterday revised downward to 1.1% from 1.2% - and a slowdown in job creation had been added to global uncertainties such Brexit and the Chinese slowdown.
If Donald Trump will become the next president of the United States, this event will cause a global recession order "0.7 / 0.8%" due to the uncertainty about the future of the economy that the victory of the Republican candidate would bring with him . This prediction of the US banking giant Citigroup, in a research conducted by its chief economist, Willem Buiter. On the contrary, a Hillary Clinton victory, accused of being very close on Wall Stret which Citigroup is one of the pillars, would not alter the course of the world economy for "continuity in its policies."
The European Commission has approved a recapitalization of 4.6 billion euro, more than half of them with public funds and issuance of new sovereign debt, to save Caixa Geral de Depositos (CGD), a Portuguese state bank that is in serious difficulties.
Volkswagen has reached an agreement with 652 American dealers for losses incurred due to the emissions scandal, the so-called Dieselgate. The Deutch company has not specified the amount of the transaction "in cash" and probably until "late September" will work to develop "details" of the cartel which in any case must be examined by a Court of San Francisco. For about a year the American dealers were forbidden to sell the VW diesel cars manufactured during the period affected by the scandal. The company, in a statement, confirmed that the agreement provides "cash payments and other benefits that will be granted to retailers."
The doubling of the gas pipeline connecting Russia directly with Germany through the Baltic Sea is "a bad deal" for Europe and destabilize Ukraine. US Vice President Joe Biden has spoken in this way, in Stockholm where he met with Swedish Prime Minister Stefan Loefven. "From our point of view the Nord Stream 2 gas pipeline is basically a bad deal for Europe," he said adding that "locked in a greater dependence on Russia would ultimately destabilize Ukraine. Europe needs a diversified suppliers gas. "
Highly anticipated Jackson Hole meeting opens today, the symposium that brings together every year the central bankers from around the world organized by the Kansas City Fed. The president of the US central bank, Janet Yellen, together with the presidents of other central banks will find themselves arguing over out of the huge black hole inside the monetary policy, caused by the financial crisis of 2008. Before the meeting, the member of the Fed, Stanley Fischer, said that monetary policy was not yet able to stimulate productivity growth. But governments ignore the demands of the central banks, leaving the presidents Janet Yellen (Fed), Mark Carney Bank of England), Mario Draghi (ECB) and Haruhiko Kuroda (BoJ) to carry the burden of economic stagnation.
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