News

16.08.2017

Swiss Life posted a larger-than-expected rise in H1

Swiss Life on Wednesday posted a larger-than-expected rise in half-year profit despite trimming back business in its core life insurance operations. Insurer Group reported that its first-half net profit increased 5% from last year to 524 million Swiss francs. Swiss Life said net profit rose 5 percent to 524 million Swiss francs ($538.8 million), ahead of expectations for 514 million francs in a Reuters poll of eight analysts.

 
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15.08.2017

Bitcoin flies over $4000, target price $5000 within 2018 is near

A month ago, a single Bitcoin was worth around $2,000. It has doubled in value since then. The price of bitcoin broke through $4,000 on Sunday, a new record, and has largely stayed above that level since, according to digital currency news site CoinDesk. The dramatic price rise marks the latest milestone in bitcoin’s stellar growth in 2017 — it’s already worth more than four times its value at the start of the year.

 
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10.08.2017

France: Tax system unacceptable for platform as Airbnb

The issue of tax in Europe does not seem to be a happy one when it comes to tech giants like Apple, Google, Amazon, and Facebook. According to France's new Finance Minister, Bruno Le Maire, France and Germany can harmonize their corporate tax rates by 2018, paving the way for full harmonization across the eurozone. Le Maire made the comments during a television interview with Bloomberg. When asked if he wishes to lower the corporate tax rate to 25 percent across all states in the eurozone, Le Maire replied that the Macron Government has decided first to reduce the level of taxation in France. He argued that the tax burden is "too high and too unstable."

 
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10.08.2017

Facebook launches Watch Tab, to play against traditional Tv

Facebook announced “Watch,” the long-awaited update to its video section where people can go watch short, episodic video shows. You’ll also be able to watch some live video here, including live sports that the social network has the rights to stream, like Major League Baseball games. Facebook already had a video tab. But now that tab has been redesigned, and will include short episodic “shows” that Facebook didn’t have before. Facebook is paying publishers like BuzzFeed, ATTN and Group Nine Media to make these shows, and will retain the rights to some of them. The majority of the shows, though, will be posted on Facebook free of charge. Some publishers plan to run mid-roll video ads, à la commercials, during the shows to make money.

 
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10.08.2017

Zurich Insurance Q2 profit beats forecasts

Zurich Insurance posted a 21 percent rise in second-quarter net earnings as the group made strides in enacting a turnaround plan set out last year. The Swiss insurer's net profit for April through June rose to $896 million, beating even the highest estimate in Reuters poll of analysts that on average expected $790 million.

 
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10.08.2017

Tesla to raise $1.5 bn junk bonds to support Model 3 production

Tesla is selling bonds to bolster its balance sheet and support spending on the Model 3 sedan. The company plans to offer $1.5 billion in senior unsecured notes due in 2025, according to a statement. Tesla said it intends to use the proceeds to produce its most affordable model and for general corporate purposes. It would be the company’s first sale of non-convertible bonds, according to data compiled by Bloomberg.

 
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09.08.2017

Apple could be First Company to reach $1 trillion market cap

Apple is poised to be the first company to reach a $1 trillion market cap, RBC Capital analysts said Wednesday. Apple shares have been on a tear, with the stock gaining $56 billion in market capitalization a week after it reported better-than-expected third-quarter earnings expectations.  Amit Daryanani at RBC Capital Markets says Apple's share price would have to rise from its current level to about $192 to $195, depending on the rate of the company's stock buybacks, to reach the $1 trillion value. With Apple trading at 16 times its estimated next year's per share profits, profits would need to increase from an estimated $9 or so in 2017 to $12 in 2019, Daryanani calculates.

 
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09.08.2017

Expert Commentary: Focus on EU economy

An opinion exists that London's euro-clearing hub works very efficiently and that making any alterations to current practices will hurt the EU economy. Therefore, it might be a purely political question rather than economic. What do you think on this matter? Why? I think London's clearing system does work pretty efficiently, but there are issues related to the clearing of euro-denominated securities taking place in the jurisdiction beyond the ECB's influence that will arise once the UK leaves the EU. A great concern is how the efficiency of the overall clearing system will be affected once euro-denominated clearing moves to somewhere in the EU, more precisely, in the Euro zone. Does it make sense for banks to have one part of their clearing infrastructure in London and another part somewhere in continental Europe? In my opinion, such system certainly becomes less efficient, but the issue is whether some banks and other institutions decide to move the entire clearing infrastructure to another part of Europe. I am not sure whether we have a complete parity over that yet, but it is certainly a problem that will come forward over the next two years

 
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09.08.2017

Russian startup, and Putin's ally, wants to raise $100 mln in Bitcoin

An advisor to Russian President Vladimir Putin is trying to raise as much as $100 million in an initial coin offering (ICO). The funding effort for the "Russian Mining Company" was revealed this week by Dmitry Marinichev, who serves as the internet ombudsman to Putin's office. According to a presentation published in tandem with the unveiling, the team behind the effort is planning to tap as much as 20 megawatts to power their mining farm, using chips developed domestically. Bitcoin mining is an energy intensive process by which new transactions are added to the blockchain, creating new tokens – 12.5 BTC, or roughly $42,000 at current prices – as a reward for the miner.

 
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08.08.2017

OECD: economic growth in France and Germany, UK slows

The U.S. is set for steady economic growth, while the U.K. and Russia appear to be heading for slowdowns, according to leading indicators released Tuesday by the Organization for Economic Cooperation and Development. The leading indicator for the U.S. was unchanged at 99.7 for the third straight month, signaling that its growth outlook has steadied, albeit at a weaker rate than normal. This is an improvement on indicators published in July, which hinted at a U.S. slowdown, and implies global economic prospects could be boosted as U.S. trade flows pick up.

 
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