The yellow metal stopped the fluctuations around the 1,340 level, in which it had been in for the past weeks, as the metal fell on Wednesday due to being pressured by the 20-day SMA from the downside. In the fall the bullion almost reached the weekly S2 at 1,322.63 and ended the session at 1,326.32. On Thursday morning gold has rebounded against the weekly support level and slightly surged, as it has encountered the 55-day SMA at 1,327.31. As the metal is pressured between the two levels, it is most likely going to remain unchanged during today's trading session.
Switzerland has seen disappear, as a result of sale or liquidation, 10% private banks in the course of 2015. Over the past year, their number dropped from 133 to 121, as revealed in a study by the consulting firm KPMG. The trend continued in 2016, with a further drop in July, with "only" 117 survived. Despite the disappearance of the companies less profitable in general the performance of the branch is not improved. Two-thirds of the 87 tested banks have seen their results deteriorate last year, as stated in the annual organized by KPMG and the University of St. Gallen, which excludes UBS and Credit Suisse.
Four big banks are working to create a new Bitcoin to facilitate interbank transactions and that would save about 20 billion dollars a year. The project for the creation of a new digital currency similar to Bitcoin, comes from four largest banks: UBS, Deutsche Bank, Santander and BNY Mellon. Even the British broker ICAP is involved in the idea, in order to start using the new currency from 2018.
Iceland's central bank, despite the positive growth and wage developments, has operated a cut of 50 basis points, to 5.25%; the institute's move is justified by inflation which remains at very low levels and the appreciation of the koruna in comparison to other currencies. Last year the bank had proceeded with a rise in the refinancing rate to 7 days for three times.
Glencore seems to have overcome the worst, in the words of CEO Ivan Glasenberg, when presenting the first-half figures. The Baar-based company has almost halved its losses in the first six months of the year, rising to 369 million dollars from 676 million a year earlier, while revenue fell by 6% to 69.4 billion. Particularly the positive performance of the trading division, which increased earnings by 1.2% to 1.2 billion. According Glasenberg annual profits will rise further to 2.4 - to $ 2.7 billion due to diversification, given that the weakness in oil trading was offset by the strengthening in metals.
Greece will fail to achieve the goal of revenues from privatization this year. The target of € 3.7 billion is a mirage, it will be a success if the Hellenic Republic Asset Development Fund will bring in cash an amount of between 1.5 bln to 1.7 bln euro despite the acceleration of certain divestments in recent months . Yet the privatization plan is one of the cornerstones of the Athens bailout program, after three plans agreed with the EU and IMF 250 billion.
Fininvest has filed. at the Court of Milan, a writ of summons against Vivendi for damages suffered as a shareholder of Mediaset asking 570 million euro. It said in a statement that the group announces that it has filed a lawsuit to get that Vivendi "is ordered to give full compliance to the shareholders' agreement attached to the contract signed with Mediaset". Last Friday, the same Mediaset had announced that it had filed a court in Milan the summons against Vivendi in execution protection of the contract between the two companies last April for the sale of Premium.
Switzerland is officially on the italian "white list" from August 22, 2016, which is the list of states with which it is possible to implement the exchange of information to prevent double taxation. Along with the Swiss country, even countries like Liechtenstein, San Marino and Hong Kong, have entered the list, as stated in the decree of the Italian Minister of Finance published in the "Official Gazette".
Volkswagen has reached an agreement with the two suppliers CarTim and Es Automobilguss, who had suspended deliveries forcing the automotive group to stop the production of Golf and Passat. The group had been charged by the supplier to have canceled the contracts without cause or notice and refusing to compensate them. Volkswagen however, had asked to reduce costs in order to remain competitive, after the allocations decided to cope with fixing scandal emissions. "The manufacturing sites involved - VW announced in a press - are gradually preparing itself to resume production."
The European manufacturing appears static, anticipating a new phase of economic stagnation in the second half of the year. According to the analysis conducted by Markit, the Eurozone economy in August continued to increase at a steady pace, although the manufacturing PMI fell to 51.8 points from 52 in July, ranking the lowest level in three months. The preliminary figure released today, while still expanding area, given that it remains above the critical threshold of 50 points, it was lower than expected indicating 52 points.
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