Credit Suisse posted a net profit of 170 million SFr, compared to 1.05 Billion in the same quarter last year. Nevertheless, it is better than the analyst consensus who expected a deepening of the yearly losses. The good: Costs were 8% below consensus. One of Thiam’s priority is to make the bank run more efficiently, and this is the first time we witness that his strategy is finally bearing fruit. The company is on track to meet its cost cutting target for the year of 1.7 billion francs. Wealth management, the other priority, also managed to continue attracting funds with Net New Assets up 5.4 Billion francs, despite the geo-political challenges in Europe. This is clearly helped by Credit Suisse’s global footprint.
Lloyds Banking Group has announced that it will accelerate cost-cutting plan to cope with the uncertain economic climate and a probable beaten in loan demand as a result of the British decision to leave the EU. The english bank is ready to axe 3,000 jobs and close 200 branches, for a plan focus saving 400 million pounds within 2017. Lloyds chief exectuvie Antonio Horto-Osorio said: ““Following the EU referendum the outlook for the UK economy is uncertain and, while the precise impact is dependent upon a number of factors including EU negotiations and political and economic events, a deceleration of growth seems likely.
Credit Suisse has achieved in the second quarter net profit of 170 million francs, after 302 million loss incurred in the first three months of the year. The institute, as the CEO Tidjane Thiam announced, has been able to "improve their performance and to operate profitably in a volatile environment." The result is higher than analysts' expectations.
The U.K. government approved the expansion of London City Airport, a project held up by former Mayor Boris Johnson, as new Chancellor of the Exchequer Philip Hammond said on Wednesday. The 344-million pound ($450 million) plan include an extended terminal, a new aircraft taxiway and upgraded public transport links, creating more than 2,000 jobs. It's estimated this will almost double the number of passengers to six million a year by 2023.
The "Ice Bucket Challenge" was a social media sensation in the summer of 2014, with people across the world dumping cold water on themselves to raise money and awareness for ALS - amyotrophic lateral sclerosis, which is also known as Lou Gehrig's disease. But in the last hours the famous initiative has been able to produce something even more concrete because, as reported from the ALS Association, one of the research projects funded through the initiative has resulted in a remarkable discovery in the fight against ALS: the scientists of Project MinE for gene sequencing have identified a new ALS gene, NEK1, which is now considered one of the most common genes that contribute to disease. This will provide scientists a new potential target for the development of therapies.
The Global Forum has evaluated positively in particular the introduction in Law Tax Administrative Assistance (LAAF) of a derogation to the notification procedure for taxpayers. The evaluation obtained from Switzerland corresponds to that assigned to other important financial centers such as Singapore, Hong Kong and Liechtenstein.
Hillary Clinton is officially the candidate of the Democrats in the upcoming US presidential election, as well as the first woman to run for the White House. She was nominated as a result of a vote of the delegates of the party, gathered at the convention in Philadelphia. Finished counting, she has passed the threshold of 2,383 preferences, needed to be chosen. For the final go-ahead, however, it was not until his Thursday night speech in which she will communicate to accept the nomination.
The climate of consumption is still improved in Switzerland in June, for the third consecutive month: the UBS index rose 1.34 points, compared with 1.24 points in May, the highest level since June 2015. According to UBS economists, the progression is mainly due to the favorable development of tourism and to a slight improvement in retail trade. The situation on the labor market remains tight, however, a factor affecting consumer confidence.
Twitter still does not convince the market and to experience insufficient growth. Reporting its second-quarter earnings, Twitter fell short of expectations with a $107 million net loss on $602 million in sales. At a 20% gain year-over-year, this is Twitter’s slowest quarter of revenue growth since it went public. Shares dropped by 10% in after-hours trading. The social network also continues to be unable to solve the problem of growth: Users do not increase in the US and are growing too little in the rest of the world. The only monthly users were 313 million, slightly above the consensus of 312.1 million.
According to Alfred de Zayas, TTIP, Tisa and Ceta, trade agreements under negotiation or coming to ratification are tainted by "without democratic legitimacy" negotiations and contain aspects that deny "the raison d'être" of the nation and the enterprise. The Cuban author, currently professor of international law at the School of Diplomacy and International Relations in Geneva (Switzerland), also holds the positions of the Independent Expert for the promotion of fair and democratic international order of the United Nations.
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