Credit Suisse is ready to write a €100 million check to the Italian Revenue Agency to close the tax dispute with Italy, as Reuters reported by a source with knowledge of the dossier. The bank, through a spokesman, answered with a "no comment". The Swiss banking group has been at the center of an investigation conducted by the prosecutor Gaetano Ruta, of Milan prosecutors, for violation of the Law 231/2001 on the liability of companies for crimes committed by their employees, and also for tax fraud, money laundering, obstacle to the supervisory authority and illegal.
Credit Suisse faced challenges in the third quarter, as Chief Executive Tidjane Thiam underlined in the last weeks, while the Zurich-based bank planned to axe thousands of jobs within the end of this year. Credit Suisse expects to shed some 1,200 jobs by the end of this year—which come on top of 4,800 job cuts already; CEO swiss bank intends to de-emphasize its investment banking operations while bolstering wealth management businesses in Asia and Switzerland. The bank will report third-quarter results on November 3.
On November the 8th, the Election Day, the whole world will be focusing on the United States. But where do Hillary Clinton and Donald Trump stand on the main issues? And what are the potential effects of Clinton or Trump presidency? An overview.
The U.S. Treasury said on Friday that none of the United States' major trading partners is manipulating its currency to gain advantage for its exports; the declaration was an answer to Republican presidential candidate Donald Trump that he will be ready to declare China a currency manipulator if he is elected. In its 16th and final currency report under US President Barack Obama, the Treasury said it added Switzerland to a foreign exchange “monitoring list” of countries with high external surpluses or currency market interventions and it kept Taiwan, China, Japan, Germany and South Korea on the list, first launched in April, though, it said, none of the six countries met the standard for enhanced scrutiny under a new trade enforcement law passed in 2015.
UK consumer prices expended at the fastest annual pace in nearly two years during the previous month, the biggest monthly increase in the cost of household goods and services since November 2014. According to the Office for National Statistic, the annual rate of CPI inflation equals 1%, up from 0.6%in August and slightly higher than economists had been expecting, Rising prices will "undoubtedly be tough on those with low incomes," said Ben Brettell, senior economist at Hargreaves Lansdown. "It's also not good news for savers who are losing money in real terms," he added.
Johnson & Johnson closed Q3 with profits at $4.27 billion, an increase compared to $3.36 billion a year ago. The result per share in adjusted version, therefore net of extraordinary items, came in at $1.68, + 3c than previously estimated. Better than expected, sales rose by 4.2% to $17.82 billion ($17.74 billion to estimates). Domestic sales increased 6.7% while international sales increased 1.5%, reflecting operational growth of 1.7% and a negative currency impact of 0.2%.
Ryanair cut its full-year profit forecast by 5% Tuesday, lower than previously expected, due to the pound's slump since Britain voted in June to exit the EU, heaping more turbulence on a troubled sector. The Ireland-based company now expects full-year earnings of between €1.30 billion (£1.17 billion) and €1.35 billion (£1.22 billion), down from the previous range of €1.38 billion (£1.24 billion) to €1.43 billion (£1.28 billion).
It has been a quite difficult year for stocks markets so far. Despite the barely positive performance of the Standard & Poor’s 500, a modest 4% since January, the European indexes still show an average loss of -7%. Japan is registering a double digit loss, just compensated by a rise in the currency that turns into neutral its performance when calculated in US dollars. The good surprise of 2016 comes from the emerging markets, usually very volatile and vulnerable to global uncertainties. After underperforming for years, the emerging markets are in good shape, in the middle of a bull trend that has started from the major bottom of last January. Since the beginning of 2016, the MSCI Emerging market index, total return in US dollars, has grown 15%, a much more consistent 33% when measured from the January’s low.
To date there has been scarcely any data on asset management in Switzerland. In particular, there has been no information available on the managed volumes of discretionary asset management mandates from the perspective of Switzerland as a production location.
BSI planned a series of layoffs, as reported yesterday by leaders of the bank's to RSI television: cutting 14 employees (out of a total of 1,200 employees in Switzerland) are not part of a restructuring process, as "Dismissal it is an ordinary measure developed over time due to poor performance."
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