Lastminute.com strengthens its presence in Italy by signing agreement with Travel Holding to acquire Gartour, an italian leading incoming tour operator. The latter, according to the agreements made by the parties, will continue its activities under a renewable contract of lease for a period of twelve months, before passing definitively under Lastminute.com. Gartour currently employs about 130 people for a turnover of €35 million in 2016.
Swiss pesticides and seeds group Syngenta reported 2016 earnings before interest, tax, depreciation and amortisation (EBITDA) of $2.66 billion on sales of $12.79 billion. Analysts polled by Reuters had on average expected EBITDA to fall 5.9 percent to $2.61 billion on sales down 4.2 percent to $12.85 billion. They had expected it to boost its dividend to 11.60 Swiss francs from 11.00
The last Newsletter predicted the arrival of the Renminbi in grand style and the penultimate number underlined the bond rout and the fact that the US Dollar is overvalued. The huge American national debt has been repeatedly mentioned as well as the enormous US trade deficit.
The foreign exchange reserves held by the Swiss National Bank (SNB) fell slightly in January, down from 1.6 billion to 643.7 billion, compared with the December figure of 645.3 billion. This is the second consecutive decline, after eight months on the rise. The set of reserves, excluding gold, increased 651.1 bn to 649.4 bn swiss francs, as the institute said today. In December, foreign exchange reserves had contracted in a similar manner, to 2.4 billion. Also last February the reserves recorded a decline (-4 billion), while in the other months of 2016 there had been an increase, even double-digit in January (+16 billion), April (+11), May (+14) , August (+11) and November (+18).
The Swiss manufacturer Oerlikon Metco plans to spend $62 million (CHF55 mln) to open a facility in Huntersville, where it will create 93 high-paying jobs over the next five years, it said Monday. The new plant will specialize in end-to-end advanced component manufacturing, and it will also house research and development work, according to a statement from the company Monday. Oerlikon’s Charlotte plant will be its first additive manufacturing facility in the U.S. and will provide end-to-end advanced component manufacturing and house extensive research and development and production teams.
Singapore has reportedly seized a $35 million private jet belonging to 1MDB mastermind Low Taek Jho, also known as Jho Low, who is under investigation for his involvement in the scandal-hit Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB) The Bombardier Global 5000 jet is part of some $1 billion in assets allegedly acquired with funds siphoned from 1MDB fund that the US government is moving to seize. The police declined to comment on whether the authorities had grounded the plane, stating that investigations are still in progress. The US alleges that the funds were laundered through the US banking system and is seeking to confiscate Low’s private jet, as well as other properties including a $100-million interest in EMI Music Publishing Group, and a $380-million stake in the Park Lane Hotel in New York.
We’ll be introducing among our news and features one piece per month in order to give you a few ideas on new gadgets that look irresistible. We’ll try to keep these pieces light and ironic, as a small soothing patch – different from the rest of our website.
Switzerland's consumer sentiment improved strongly in the three months to January to its highest level in two-and-a-half years, survey results from the State Secretariat for Economic Affairs, or SECO, showed Tuesday. The consumer confidence index climbed to -3 from -13 in October, marking its highest level since July 2014, the survey conducted among roughly 1,200 consumers revealed. The reading is above its long-term average, after six below-average quarters. "Consumers are clearly more optimistic about where they feel the economy is going as well as being less gloomy about the future development of unemployment and their own financial situation. This is thus the first time that consumers have rated the outlook in many areas as positively as they did shortly before the Swiss franc shock in early 2015" SECO said.
The Swiss franc’s high value continues to have a negative effect on the confederation’s economy, especially compared to the euro quoted an expert as reporting on Monday. Andrea Maechler, one of the three members of the Swiss National Bank’s (SNB) governing board, told Swiss newspaper Tribune de Geneve that in addition to the currency valuation, other factors including interest rates, changes in prices and the global situation must also be taken into account when assessing the confederation’s economic outlook. “It’s clear that the strong Swiss franc remains a big challenge for many businesses in Switzerland,” Maechler told in the interview.
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