News

16.12.2016

MPS: 5 days for €5 bn capital increase

Monte dei Paschi di Siena has until next Thursday to raise private capital. The government, which has already scheduled a meeting for Thursday December 22, could be able to open a public parachute before holiday break. Yesterday, as Consob was preparing to clear the prospectus of the recapitalization and the bond-to-equity swap (the ok came around midnight), the board of the bank approved the €5 billion capital increase.

 
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15.12.2016

Sky, 21st Century Fox agree for takeover deal

Twenty-First Century Fox has formally reached an agreement with Sky for a total takeover to the tune of $14.8 billion.  Under the terms of the acquisition, Sky shareholders will be entitled to receive £10.75 in cash per share, which represents a pretty healthy premium of 40 percent above December 6, 2016’s closing price.  Twenty-First Century Fox already owns just over 39% of Sky. The price reflects a valuation of £10.75 per share, according to Reuters, who, along with the BBC, claimed that some investors were unhappy with the valuation but did not go into specifics. Reuters reported that the offer represented a 40% premium on the share price from the day before Fox’s initial proposal was received.

 
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15.12.2016

SNB: no changes to curb strong franc

The Swiss National Bank is ready to intervene in the currency markets again as it continues to battle the "significantly overvalued" Swiss franc, the central bank said Thursday after it kept its key policy rate unchanged in deeply negative territory. The SNB's maintained its deposit rate at -0.75%, as expected by economists. It also maintained its three-month Libor target at -1.25% to -0.25%. "The negative interest rate and the SNB's willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, thereby easing pressure on the currency," the SNB said in a statement.

 
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15.12.2016

Opportunities in high yield: What makes the global high-yield asset class an attractive longterm investment?

Since 1987, the high yield sector has generally produced healthy risk-adjusted returns, striking a good balance between return and risk. With almost 30 years of proof of concept, the US high yield sector (as represented by the BofA Merrill Lynch US High Yield Constrained Index) has provided over 80% of the upside and less than 60% of the downside when compared to equities (as represented by the S&P 500 Index).B As such, high yield remains a strong diversifier within an investor’s portfolio for those who can tolerate the risk. When we consider the expanded opportunity set in the global high-yield market, we think an investor can gain considerable advantages.

 
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15.12.2016

Swiss economy: government sees 2017 growth

The Swiss government expects a renewed pick-up in growth as the global economy is set to continue generating momentum. In its economic forecasts that are updated every quarter, SECO said it expected Swiss economic growth of 1.5%, unchanged from its forecast in its September assessment. Economic growth for 2017 is expected at 1.8%, also unchanged from September, driven by domestic demand and foreign trade "The economic outlook thus remains positive, even if the 'Swiss franc shock' will likely continue to have some impact on the economy," the State Secretariat for Economic Affairs (SECO) said in a statement, referring to the sudden and sharp appreciation of the Swiss franc in January 2015.

 
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15.12.2016

Fed raised interest rates for second time since 2008

The U.S. Federal Reserve decided to raise interest rates for the first time in 2016 and the second time in a decade. At the conclusion of its two-day Federal Open Market Committee (FOMC) December meeting, committee members voted unanimously to raise the U.S. central bank’s target range for the federal funds rate to 0.50 to 0.75 percent. The FOMC raised interest rates for the first time in nearly a decade last December. Janet Yellen, the Fed chairwoman, said “growth is a touch stronger, unemployment is a shade lower” as she announced a 0.25% increase in the benchmark rate to 0.50-0.75%.

 
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15.12.2016

What can we expect from FED in 2017?

The Fed has finally delivered a second rate hike a year after the last one in this cycle. “What’s more interesting is their guidance on where interest rates might go from here. This time last year the Fed turned out to be wildly off mark in what they were predicting. But this year there are reasons for thinking the Fed’s guidance is more realistic. The economy is in a more advanced stage of recovery and market pricing reflects this. We can expect rates to slowly climb through next year and beyond.”

 
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14.12.2016

Credit Suisse closes tax settlement deal with Italy

An Italian judge approved on Wednesday a settlement agreement between Credit Suisse AG and the country's authorities under which the Swiss bank will pay 109.5 million euros to end a tax probe, Reuters reported. Milan prosecutors have been investigating since 2014 an alleged fraudulent system used by the bank to transfer up to 14 billion euros to offshore accounts, mainly through the use of insurance policies. Some 13,000 clients are allegedly involved and remain under investigation.

 
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14.12.2016

EPFL startups raised CHF 400 million in 2016

The start-ups of the EPF Lausanne have already raised CHF 397 million and the counters of the year 2016 are still running. This is 50% better than in 2014 when they had raked 242 million, according to an EPFL statement. The funds were raised by spin-offs created as a result of technology developed in an EPFL lab or created by a campus researcher, as well as companies located within EPFL’s Innovation Park, a tech community on the EPFL campus that hosts over 120 start-ups and 23 large companies including Intel, Logitech and Siemens.

 
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14.12.2016

Google's self-driving car project on the road in partnership

Google is setting up its self-driving car unit as its own separate entity called Waymo under the Alphabet umbrella, the company announced today. The name is derived from its mission of finding “a new way forward in mobility.” "We'll continue to have access of infrastructure and resources Alphabet provides, but we also have this feeling of being a venture-backed startup," said John Krafcik, formerly CEO of Google Cars and now leader of Waymo, said at an event here Tuesday. There were no details provided on Waymo's business plan, although the mission is to bring the company's technology to market and monetize it via a partnership with an automotive company.

 
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