Axpo, the Aargau power company, recorded a sharp drop in profits for the first half year 2015/2016, which ended in March, net profit amounted to 350 million francs, a -18%. Revenue fell by almost 5% to 3.04 billion. The statement today indicates that the company has continued to suffer the repercussions of low energy prices in the wholesale.
The day of the referendum for the Brexit is running and the latest survey, conducted by the Institute for Independent Orb, sees the Eurosceptics ahead by 10 percentage points: 55% of British voters believe that Britain should leave the EU compared to 45% who want to remain. It is one of the widest margins of advantage for the campaign Leave newly registered.
Oman has raised funds on international markets to stem the financial crisis caused by the collapse in oil prices. Thus, the government of the Arab country has placed 2.5 billion usd bonds, becoming the last country of the Gulf, in order of time, to rely on debt to support its budget market. The sale is the first Omani issue on international markets for almost two decades. The government placed five-year notes at a coupon rate of 3.625%, and a 10-year at 4.75%. The yields of both bonds were lower than the initial guidance, reflecting a strong demand from local and international buyers. The total demand received from the Government should have been around 7 billion USD, reported the source.
The Central Bank of Russia has cut interest rates citing more positive inflation trends and stable. The high inflation fears and still potentially rising reduces, the institute led by Governor Elvira Nabiullina has lowered the cost of money by 50 basis points, now fixed at 10.5% from 11% previously. The last time the Bank of Russia has cut interest rates dates back to August 3, 2015, from 11.5% to 11%. "The easing of inflationary pressures allows us to hope for a sustainable reduction in the index of prices to below 5% in May 2017, to 4% target towards the end of next year," said the institute in a statement . The next meeting is expected on July 29.
While in France the European championships are going to start, Germany has closed the sale for the renewal of TV rights for football. From German auction two important considerations emerge: the telephone operators did not enter in the race and the price increased in proportion to the growth of exclusive offers. Sky was awarded for another four seasons Bundesliga's domestic television rights with an average annual outlay of 876 million euro, almost double the 486 million last contract. The new agreement is for "only" 572 matches per season for four championships from 2017-18 on all platforms, accounting for 93% of total meetings.
The Swiss bank UBS restructures its investment management activities in the US. The number of its consultants is expected to decrease by 10%, but the rewards will be higher, to try to tie them to long-term bank. In the division, led from the start of the year by 'ex- CFO Tom Naratil UBS, the Swiss institute currently employs 7.145 consultants. In the future there will be between 6,500 and 7.000, a spokesman for the bank has said to Reuters.
The new rules regarding the costs arising from the use of waxed credit, issued by the European Commission, took effect from yesterday. In this way the costs of payments by debit and credit cards will be more transparent to merchants and consumers, and will allow to make their own choices about the type of payment. In addition, the European Union imposed a cap on so-called interchange fees that may not exceed 0,2% of the transaction value for debit cards and 0.3% for those credit.
Several members of the Peugeot family say they are ready to invest in the PSA Peugeot Citroen automaker to significantly back in the capital. This was reported by the French newspaper Les Echos, citing some of the family members and the former chairman of the supervisory board, Thierry Peugeot. "Many of us are on the same wavelength" Thierry Peugeot told French daily. The family is made up of a hundred members, and in past years it was divided on the choices regarding the automaker. The Peugeot group had near bankruptcy in 2013 and was saved with the entry into the capital of the French State and the Chinese company Dongfeng Motor. Both have become major shareholders, with a stake of about 14% each.
The Swiss National Bank will not change their interest rates despite the tensions that could arise on the occasion of the vote on a possible British, exit from the EU, according to the survey conducted by Reuters which listened to 36 economists. Experts agree that the SNB will maintain firm between -1.25% and -0.25% the fluctuation margin of the Libor, its main policy rate. Unchanged at -0.75%, they should remain even negative interest on the institution's accounts around.
Amazon strongly points on India and is ready to invest $ 3 billion. CEO Jeff Bezos unveiled the important investment plan in the Asian country to ride the wave of e-commerce growth during the Business Council's Leadership Summit in Washington, where he met Indian Prime Minister Narendra Modi. This is not the first effort of Amazon in India, as the company had earmarked $ 2 billion for 2014. But it is certainly an important signal of the Amazon will to grow up in a country that offers good side perspective of e-commerce: online purchases grew from $ 6.3 billion in 2014 to 16 last year. The number one Amazon declined to give details on the timing and areas of interest of the new investments, but in India the company already counts on some warehouses and a logistics network.
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