Fund manager Edmond de Rothschild Asset Management (EdRam) is to withdraw from the UK retail market less than a year after launching an ambitious expansion programme. A spokesperson confirmed that the firm, which opened its London office in 2012, is looking to pull back from the UK despite its recent expansion drive in the country. A number of roles will be shifted from London to Paris, Luxembourg and Geneva although there will be redundancies, including its UK head of wholesale Daniel Lee, who joined in September 2015 from Allianz.
Corporate bankruptcies are on the increase in Switzerland in 2016 which covered 6504 companies, 6.7% more than last year. According to figures released today by the Society of Economic Information Creditreform, the major cause is represented by insolvencies (4648, + 2.9%), while the closures for gaps in the organization (+ 18% in 1856) recorded the largest increase . Creditreform assumes that the latter figure is due to increased activity of some cantonal offices of the Commercial Register. Between 2013 and 2015 the number of closures ordered by the authorities were in fact dropped.
Yahoo, one of the Internet's most venerable companies, won't exist for much longer. According to SEC paperwork filed on Monday, it will be rolled into a publicly-traded investment company called Altaba. Basically, Verizon is paying $4.8 billion solely for Yahoo's core internet business, leaving behind Yahoo's 15% of Chinese retail giant Alibaba and a part of Yahoo Japan, which is a joint venture with Softbank. Those assets will continue to exist in a separate company that will now operate under the catchy Altaba name.
Barack Obama will enter the pantheon of great orators when he leaves office this month. It’s easy to forget how much optimism and genuine hope he inspired on the campaign trail. Even now, after a rancorous eight years in office, he has a profound skill to inspire with his words. What is less well remembered is was just how much of a rotten state the economy was in when he inherited the Presidency. In many ways, The financial crisis and its aftermath have been the spectre haunting his Presidency. The financial crisis was not one of Obama’s making, but he had to deal with much of the wreckage. He oversaw the recovery of the US banking sector following its post-crisis bailout; a recovery that must be the envy of his European peers, who never have really sorted out their banks. Another defining challenge was the political backdrop: the Republicans regained control of the House of Representatives two years into Obama’s first administration (i.e. following the November 2010 elections) and control of the Senate in the November 2014 elections.
Fast food chain McDonald’s is selling a majority stake in its China business, valuing the enterprise at up to $2.1 billion. Chinese state-backed conglomerate Citic Ltd., Citic Capital Holdings and U.S. private-equity firm Carlyle Group LP will acquire an 80 percent holding in a deal valuing the business at as much as $2.08 billion, according to a statement Monday. Citic will own 52% of McDonald’s China operations, while Carlyle will own 28%. The new partnership plans to add more than 1,500 locations in China over the next five years. McDonald’s currently has 2,400 locations in China and 240 locations in Hong Kong. Franchising allows it to take a slice of sales while cutting operating costs.
The Malaysian government is working towards the winding up of state investment firm 1Malaysia Development Berhad (1MDB) under a plan spearheaded by a high-level government unit called the Budiman committee. The state investment firm, which was established by Prime Minister Najib in 2009, is now being dissolved following allegations that its funds were used for personal reasons by the premier and his close associates, resulting in 1MDB’s debts peaking to $12 billion at one point. The assets of the state development fund will be transferred in coming months to two companies owned by the Finance Ministry. These valuable assets are two massive plots of land in Kuala Lumpur and one on Penang island.
Morgan Stanley and UBS Group are planning to raise their stakes in their securities operations in the country to the maximum 49% allowed, people with direct knowledge of the moves said, Reuters reported on Monday. China allowed foreign banks to boost share holdings in securities joint ventures to a maximum 49% in 2012 from the previous cap of a third to help modernise the country's capital markets. Foreign investments banks with securities joint ventures in China, however, have not as yet raised their stakes as most of the ventures were small or struggling to break even due to sluggish onshore deals.
Switzerland's central bank expects a 2016 full-year profit of 24 billion francs ($23.6 billion), it said on Monday; the results were largely down to foreign currency holdings built up to weaken the strong Swiss franc and its negative interest rate policy. Profit from foreign currency positions amounted to more than CHF19 billion, the SNB added in the statement while a valuation gain of CHF3.9 billion was also recorded on gold holdings. Last year’s result is set to be the second-best in the last decade and follows a record loss for 2015. The bank has built up foreign currency reserves by selling francs and buying foreign currency to weaken the franc, which it has consistently described as "significantly overvalued".
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