The Geneva-based SGS Group (Société Générale de Surveillance), world leader in the certification and inspection industry, expands its activities in agriculture in the United States. It acquired McCrea's license and assets, an agency approved by the US Department of Agriculture. This was reported by Reuters.
Volkswagen will face claims for 8.2 billion euro over Dieselgate. About 1,400 lawsuits have been lodged at the regional court in Braunschweig near VW’s Wolfsburg headquarters, the court said. The facts date back to last year, when from United States emerged that the Wolfsburg automaker used a software to make up the data on harmful emissions of its cars. Overall about two billion requests come from institutional investors, while the remaining 6.2 billion come from private investors.
The yellow metal continued to try and break the resistance put up by the weekly pivot point at 1,316.02 on Wednesday morning. Although, the metal had reached far above the resistance and touched the 1,320 mark, it retreated afterwards, as the 20-day SMA is approaching at 1,322.16, and it is set to provide additional resistance against the bullion's surge. Daily aggregate technical indicators forecast a fall of the metal by the end of the day's trading session, and the closest support level is at 1,305.52. Both of these factors indicate, that the rising wedge pattern of the metal might be soon broken.
The Bank of Japan has delivered its verdict, which guarantees the expansive approach of monetary policy, however, changing its center of gravity. Market participants have yet to digest the meaning of the statement from the Bank of Japan through the words that Governor Haruhiko Kuroda pronounced during press conference. The biggest change announced by Japan's central bank regards strategy: now, the Bank of Japan will introduce QE with "yeld curve control". The BoJ will no longer check the monetary base, but rates, both short and long-term, buying long-term government bond in order to ensure that the ten-year yields continue to hover around zero, then at current levels.
Postal Savings Bank of China closed its placement on the Stock Exchange of Hong Kong raising $ 7.4 billion and recording the largest world's largest IPO this year and the biggest since listing in New York of the online commerce giant Alibaba in 2014, 25 billion dollars. The evaluation by $ 7.4 billion of PSBC is still lower than expected by the same company that aimed to collect more than $ 8 billion.
The Zurich Cantonal Bank (ZKB) keeps unchanged its growth forecasts for the Swiss economy: according to the institute's specialists, the gross domestic product will increase by 1.1% this year and 0.9% in 2017. ZKB economists are therefore fundamentally different from majority of other experts, who have recently revised upwards their estimates after news of a surprisingly large increase in GDP in the second quarter.
n the second quarter the balance of current transactions in Switzerland showed a surplus of 17.3 billion francs, 3.4 billion less than the same period last year and 7.9 billion more in the first quarter of 2016. Total revenue reached 143.9 billion, the outputs 126.6 billion, the Swiss National Bank (SNB) reports in a press release today. The balance of goods and services amounted to +19.5 billion, one of the primary revenue up 1.5 billion and that of secondary revenues to 3.7 billion.
The top managers of Swiss companies are the best paid in Europe. The average value of wages received last year by the leaders of the seven Swiss companies included among the 100 largest European amounted to 8.77 million euro. Compared to 2014 there has been an increase of almost 15%, according to research published today by the Willis Towers Watson consulting. Behind the Swiss, Spaniards rank with 7.18 million euro, then the British (6.78) and the Germans (5).
General Motors and Unifor, the Canadian trade union of workers in the sector, reached an agreement that averted a strike that would lead to blocking of some of the Canadian facilities of the company. The deal, which will be subject to a ratification vote on Sunday, provides that Oshawa's assembly plant will remain open, that it's focused on sedans that come out of production in 2019 and GM is committed to investing "hundreds of millions of dollars" in a restructuring program to allow the assembly also of other product categories.
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