PayPal continues to consolidate its presence in stores and in the business of "traditional" type, through a new agreement with Mastercard, taking a little distance from the web, where it was born as a complementary service to eBay, which was spun off in 2015. After the agreement with Visa,announced in July, the company struck the deal with Mastercard to strengthen its presence directly at the stores and become a universally accepted method of payment.
German industry lost momentum again in July, canceling the recovery implemented in the previous period, due to a sharp drop in manufacturing production (-2.3%). This is the worst figure in the last two years. By contrast, building activity recorded a 1.8% advance. According to the German Statistical Office Destatis, production fell by 1.5% after a revised 1.1% in June (+ 0.8% the first reading). The figure is much worse than analysts' estimates, which had expected a marginal increase of 0.2%.
Volkswagen buys 16.6% stake in Navistar, American truck manufacturer, according to analysts is the first step for the spin off of the division of trucks expected next year. The German group will thus seek to expand its presence in the American market by focusing on activities related to trucks. The two companies have been talking since early 2015, and they reached the agreement for developing new products.
The negative rates of Switzerland (-0.75%), forced down by the Central Bank to protect the franc from dangerous flare-ups against major currencies, are keeping many customers away from banks. As Helvetia Ag told Bloomberg, keeping the cash in a box at home or at the company, costs, for each million, 1000 francs insurance, instead of one million Swiss francs in the current account has maintained an average annual cost of 7,500 francs for the customers. But the sum doesn't include the costs of logistics or security sistems.
In the last two months the global geopolitical situation has definitely worsened as the central bankers pursue their ZIRP and NIRP policies by adhering to financial repression and in some cases, as in Europe and Japan, with vigorous QE acquisitions that have completely disrupted the price finding mechanism of the capital markets. Insurance companies and pension funds find it ever more difficult to cope with the low yields of bonds and struggle to meet their obligations to shareholders and those enjoying entitlements.
Switzerland does better than expected and accelerate its growth in the second quarter. According to information from the State Secretariat for Economic Affairs (SECO), the Swiss GDP has in fact recorded an increase of 0.6% on a quarterly basis between April and June and rose 2.0% from the previous year, better than the 0.9% expected, the strongest quarterly growth rate since the end of 2014.
Bayer has again increased its bid for the purchase of Monsanto with the goal of creating a new global leader in the field of seeds and pesticides. Bayer, which is attempting to mid-May to reach an agreement with Monsanto, has stated his willingness to pay $ 127.50 per share, a new increase in supply compared to $ 125 previously proposed action. The increase in supply leads to the evaluation Monsanto more than 65 billion dollars including debt, 56 billion excluding debt.
he European Central Bank (ECB) last week bought € 11.14 billion worth of government bonds in the week to Sept 2 as part of the Quantitative Easing program, it took the total it owns to 1 trillion euros. Including corporate, covered and asset-backed bonds, last week’s ECB purchases came in at 13.75 billion euro.This was announced by the ECB itself. The ECB’s decision-making body will meet again on Thursday and Mario Draghi might announce the extension of the duration of QE, which officially should end in March 2017, already extended by six months.
Russia and Saudi Arabia signed an agreement aimed at stabilizing oil prices. It was announced on the sidelines of the G20 summit in China by the Russian Energy Minister Aleksandr Novak and the Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih. Minister Novak showed that Moscow and Riyadh are sharing a strategic partnership in the energy sector, stressing that the deep mutual trust between the two countries permit to offer a joint solution to global challenges. "We are ushering in a new phase of our cooperation today. Our energy cooperation is moving towards a deeper and closer interaction", said Novak, adding that this was possible" thanks to relationships with our Arab friends. " The Russian Energy Minister also highlighted how this is a moment "historic", which states the rapprochement between OPEC countries and oil-producing countries that are not part of OPEC.
The insurance giant Axa, Belgian division, announced to the staff that by 2018 will remove 650 jobs as part of a strategic plan that aims to "focus its activities" and to "accelerate the digital transformation." Concurrently, the company has planned investment of 200 million Euro over 5 years for the strengthening of mobile services offered, while expenditures related to logistics, IT and geographical presence will be reduced. Axa Belgique will transfer the activities of Charleroi, Leuven, Ghent and Eupen in the Antwerp offices (north), Liege (south-east) and Brussels.
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