Nord Stream 2 "project is progressing on schedule and the auction process is ongoing." This was underlined by the number one of Gazprom, Alexei Miller, at the St. Petersburg International Economic Forum. "Some games for the sea section has already been completed. Everything is going as planned - he added - we will start laying the pipes at the beginning of 2018. There are no doubt: 55 billion cubic meters of gas will arrive in Germany."
Brexit hot topic, even more after the killing of Jo Cox in Leeds and the director of the IMF Christine Lagarde, during a speech in Vienna, made an appeal to the British people to vote against the Brexit. In a speech entitled "Unity in Diversity: A European Support", Lagarde said that "EU membership has made the UK's richest economy." "As in all countries, there are people who are in difficulty in this new environment, but for the majority of citizens has been a great success story," she added.
The killing of the British MEP Jo Cox anti-Brexit froze the election campaign, at least for a day. But the IMF has launched a new alarm about the dangers caused by the possible exit of Britain from the European Union, stating that there would be a recession early as next year, with GDP in 2017 under the adverse scenario is expected at -0.8% and they would return to grow, deficit, debt and unemployment. Note that the baseline scenario foresaw a growth of 2.2% and the base case of intermediate impact + 1.4%
Marriage in the beauty products industry: Revlon buys Elizabeth Arden for 870 million dollars, in an all-cash transaction. Revlon will pay $ 14 for each share of Elizabeth Arden, offering a 50% premium over the closing price of $ 9.31 per share of Elizabeth Arden. A big company is born in the beauty industry, which has already obtained the approval of the boards of both companies.
The introduction of the new 50-euro banknote will be shortly. The European Central Bank (ECB) and the national central banks (NCBs) of the euro area, which together form the Eurosystem, will present the bill in the series "Europa" on 5th July while its entry into service is scheduled for spring of 2017. "The Eurosystem and its industry partners have launched a timely preparations for the introduction of the new banknote of 50 Euros, to ensure that companies are ready and the public can use the new notes everywhere and without any problems from the day of putting them into circulation, "said Ton Roos, head of the Directorate Banknotes ECB.Among the banknote denominations in the euro from 50 euro is the most widely used. Over 8 billion euro banknotes, or about 45% of the currently outstanding, belong to this denomination.
The Labour MP Jo Cox, attacked today in Birstall, near Leeds, has died, the police said. The woman, according to the BBC, was wounded with a knife and also of gunfire. He was in his constituency for the usual meeting with voters. The assailant was identified. His name is Tommy Mair, for allegedly assaulting her, as reported by local investigative sources quoted by the media. Also according to sources, the man is 52 years old and is originally from Batley, Yorkshire, not far from the place where the ambush took place.
Starbucks, the US chain of coffee shops, is actually a bank. Customers have indeed deposited $ 1.2 billion charged in prepaid cards of the company in the first quarter of 2016, much higher figure than kept in warehouses of many US banks. According to data from S & P Global Market Intelligence, for several years Starbucks has its prepaid cards with which you can buy at discounted prices and acquiring vouchers, coffee, pastries and salads in the chain shops without using cash. It is an alternative payment system to the credit card that could replace by 2020 a third of the bank cards. It is also a very effective customer retention system considered by marketing experts. And the American giant can count on 12 million "faithful" which sells millions of gift cards on the eve of Christmas.
An IT employee of the Geneva branch of Mossack Fonseca, the Panamanian company that deals with the creation of offshore companies, was arrested on charges of removing large amounts of data. The Swiss daily Le Temps reported the news, adding that the man for several days was placed in custody on suspicion of embezzling recently a large amount of confidential documents.
Carefully, Brexit risk is too high, it is what emerges from the report published today by the ECB, which remains cautious about the economic outlook with the prevalence of downside risks. "The most recent data indicate a continuation of growth in the second quarter, albeit at a rate that may be lower than the first quarter - it says - in perspective, the Governing Council expects the economic recovery to proceed at a moderate but steady pace . domestic demand continues to be supported by the transmission of monetary policy to the real economy. Conditions favorable financing and improvements in the profitability of the business they continue to promote investment. "
Nothing surprising came out of this SNB meeting. The increase in the oil price is the main explanation of the upward revision of the inflation outlook. However, the effects of oil are short-termed. In a couple of months, this should disappear. The SNB sounds a bit too optimistic, in our view, on the US and European outlook, which will be also key to its monetary policy. Things might be slower than what the SNB displays.
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