The Swiss National Bank could return to action in the foreign exchange market. This was stated by President Thomas Jordan during a conference on the Indonesian island of Bali who added that the institute, although the situation is difficult, has a certain room for maneuver. Jordan has referred in particular to a negative inflation rates and an overvalued franc. The SNB wants to prevent the national currency will further strengthen against the euro, as this occasion "poison" for the country's economy. Moreover, the Swiss currency "suffering" particularly of its status as a safe haven in times of severe turbulence.
The exchange of tax information between Italy and Switzerland is officially operational. By notification through diplomatic channels, of the Milan Protocol of 23 February 2015 - which took place on July 13 but only made public Thursday, July 28 for an inconvenience in operation rituals - is in full force and effect of the strengthened tax rogatory mechanism, in changing the historic Swiss-Italian Convention of 1976 preventing double taxation.
UniCredit participated in the 2016 stress tests conducted by the European Banking (European Banking Authority - EBA), finishing fourth worst place among the 51 European banks for on a transitional basis the capital, and the sixth worst adverse scenario, surpassing however the exam. The result has led the leadership to issue a statement reassuring on the next steps that will perform "to understand the extent to which credible management actions can offset part of the scenario adverse impact, to assess the impact of the results on forward looking capital plans UniCredit and its ability to meet the needs of their own funds and to determine whether additional measures or changes in the UniCredit capital plan are necessary".
The number of people filing for unemployment benefits in the United States last week rose more than expected, fresh figures from the Department of Labor revealed on Thursday. Initial jobless claims grew by 14,000 to 266,000 in the week ended July 23, compared to the previous week's revised figure of 252,000, while market analysts expected jobless claims to rise by 9,000 to 261,000 in the reported week.
There is optimism in terms of Mps 5 billion recapitalization and the sale of about 9.6 billion net impaired loans, which will be approved today by the board of the bank. The Board of MPS is moving towards the rejection of the proposal by Corrado Passera and UBS, according to sources close to the situation.
Swiss economy can look at the future in a positive way. The Swiss KOF business sentiment index increased slightly to 102.7 for July from a revised 102.6 in June from the original 102.4 and was significantly above the consensus forecast of 101.6. The National Bank will be relived that competitiveness concerns have eased slightly with no additional pressure for measures to weaken the currency.
The Swiss National Bank (SNB) posted a profit of 21.3 billion francs in the first half of 2016. In the same period last year, the central bank had suffered a loss of 50.1 billion, due to the strong franc . The gold reserves have generated an increase of 7.6 billion francs, now it indicates the monetary issuing bank in a statement. In late June, the price of the precious metal stood at 41'408 francs per kilogram, compared to 34'103 francs in the same period of 2015.
Microsoft has announced plans to lay off 2,850 employees in the next 12 months. In particular, the company highlighted that in addition to the reduction of 1,850 jobs announced in May, will cut 2,850 more workers by the end of fiscal 2017.
In the second quarter, UBS realized a net profit of 1.03 billion Swiss francs, a decrease of 14% over one year. The result is, however, a rise of 46% compared to the first quarter of 2016. Profit before tax fell by 15% to 1.49 billion francs a year, but it increased by 52% over the first quarter, he has now shown the first Swiss bank in a statement. Operating revenues decreased by 5% to 7.4 billion over the year.
China undermines the US from the top step of the podium of the largest banks in the world. According to the annual survey of R & S Mediobanca on international banks, in 2015 the largest commercial bank by assets was the Industrial and Commercial Bank of China (ICBC), with 3.146 billion euro, exceeding the US Jpm Chase (2.989 bn). In third place, unchanged, BofA to 2.557 billion.
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