In Switzerland there are more than six million credit cards, nevertheless the cash continues to be the favored payment method in the country. However, they are very popular in Ticino: according to a survey, 38% prefers to banknotes and coins when go shopping. However, about half of the Ticino and the German-speaking Swiss continues to prefer cash to credit and debit cards. In Romandie the majority prefer to pay with a debit card rather than with cash or credit card, according to the results of the survey conducted by the GfK market research.
First intervention on rates in seven years by the Bank of England. The institute headed by Canadian Mark Carney announced that it has reduced the benchmark rate from 0.5% to 0.25% setting a new low for the cost of money. The measure, already announced but then postponed surprise on July 14, is interpreted as a British economic stimulus in the background of the Brexit uncertainties and new alarm about a possible recession.
Brexit might make its effects felt also in the UK bureaucracy: if all European citizens who live, study and work in Britain would appear to ask for a residence visa, there would be a clogging equal to work for 140 years dispose of all the amount of paperwork. The administrative effects could be very serious: it is the result of a study by the Migration Observatory at Oxford University, as reports the Financial Times. The "right" to residence, depending on the outcome of the referendum may be required for more than 3.5 million people and since, at the time, the Ministry of Interior English is no more than 25 thousand practices a year, the race to seen could create an unprecedented bureaucratic gridlock, since they would be disposed of a file number 140 times higher than average.
The economic recovery in the euro area continued, supported by domestic demand, while export growth remains modest. Looking ahead, the economic recovery should proceed at a moderate pace. The Economic ECB Monthly Bulletin explaining how "domestic demand continues to be supported by the transmission of monetary policy measures of the real economy ECB" but the risks to the outlook for growth "remain on the downside": Brexit, other geopolitical uncertainties, the outlook for growth contained in emerging markets. "It 's likely that inflation rates remain very low in the coming months and then go back later in 2016 in large part due to the reasons of the base effects of change on-year rate of energy prices". In the newsletter it is stressed that with the support of the "monetary policy measures and the expected recovery of the economy, inflation rates are expected to rise further in 2017 and 2018". The ECB continues to expect that interest rates will remain at levels equal to or lower than the current ones for an extended period of time, far beyond the horizon of the net asset purchases. "In economic bulletin states that" if necessary "Frankfurt ready to act "using all the tools available within its mandate." Finally for the ECB, "the bank lending survey in the euro area for the second quarter of 2016 showed further improvement of the offer conditions of loans to businesses and households and the continuing increase in demand for all categories of loans. " Therefore, according to the institute in Frankfurt, "it is essential that the channel of bank loans continue to function properly."
The Swiss labor market is unlikely to improve in the coming months: it is the result of the use indicator calculated by the economic research center at ETH Zurich (KOF). In July it stood at -1.5 points, in progression compared to -2.6 points in the previous survey, dating back to April, but it remained negative.
The based-company Neuchâtel watchmaking Zenith , the historic luxury brand, aims to close three of its eleven stores worldwide, including the only one in Switzerland, in Geneva. The store will cease next week, indicated the manager confirming a report published today by Le Temps. The three employees affected by the closure of the Geneva shop have found a work place in the group, as reported. By 2017 two more closures will occur; at the time the company has not yet announced because its employees have not been informed. The restructuring will not touch any case Japan, Hong Kong and China.
Biogen is in the sights of giants like Merck and Allergan. According to rumors reported by the Wall Street Journal, Merck and Allergan they would have raised the possibility of an acquisition of the US biotechnology group. Negotiations are at an early stage. If it happens, it'd be the biggest deal since 2008 when Roche acquired Genentech. Representatives from Merck and Biogen did not immediately respond to request for comment. Allergan declined to comment.
Undeclared work increases the Germany's welfare, as a group of economists interviewed by Bild said. The German tabloid has opened a debate on the economy submerged after a study by the Institut der deutschen Wirtschaft Iw of Cologne showed that 80% of domestic workers in Germany work in black. Despite the regularization process has increased in recent years, still one in ten is occupied irregularly.
Conflicting advice from Service PMI Index of the major Eurozone economies. In Italy, the indicator of the non-manufacturing recorded in July an increase to 52 points. The figure compares with 51.9 points the previous month and 51 points expected by analysts. As for Germany, the July PMI stood at 54.4 points against 54.6 points recorded in the estimate. Finally, at the Eurozone level, the PMI services amounted in July to 52.9 points against 52.7 points estimated. Recall that a PMI Services, below 50, reports a contraction of the economy and a higher level indicates growth.
Hackers have compromised the Bitcoin exchange Bitfinex, the company announced today, withdrawing roughly $61 million from various consumer accounts. The causes are still unclear, but the attackers appear to have bypassed Bitfinex’s mandated limits on withdrawals. "The theft is being reported to — and we are co-operating with — law enforcement," the statement reads. "We ask for the community’s patience as we unravel the causes and consequences of this breach", the company posted the note on their website detailing the security breach.
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