News

18.10.2016

Saudi Arabia set to land bond market

Saudi Arabia is set lo launch its first international bond on Wedsneday, as the Financial Times reported; the initial price guidance of the bond is set to be somewhere between $10 billion and $15 billion, the largest ever from West Asia. The final figure will be released on Tuesday. It comes at a time where Saudi Arabia is looking to plug the budgetary deficit it has had since the drop in oil prices last year.

 
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18.10.2016

US Industrial Production below expectations in September

US Industrial production rose less than expected in September, suggesting the economy grew at a moderate annual pace in the Q3. The Federal Reserve revealed on Monday the country's industrial output advanced 0.1% in September, compared to the preceding month's downwardly revised fall of 0.5%, while market analysts anticipated a rebound of 0.3% in the reported period. On an annual basis, industrial production increased 1.8% in the Q3, marking the first quarterly rise since the Q3 of 2015. 

 
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17.10.2016

Singapore aims to set gold price with its benchmark

The Singapore Bullion Market Association (SBMA) announced the launch of a joint feasibility study between the SBMA, LBMA and ICE Benchmark Administration (IBA). The study will focus on customers' needs for a LBMA Pre-AM Gold Price at 14:00 Singapore Time (06:00 GMT), Lim Hng Kiang, minister for trade and industry and deputy chairman of the Monetary Authority of Singapore, told an industry conference on Monday. "We hope to make a reputable gold benchmark mechanism in London available to Asian users," SBMA's chief executive, Albert Cheng, told Reuters. Cheng said a feasibility study is being carried out, and "if there's enough interest, the IBA will consider launching it early next year." This initiative is supported by International Enterprise (IE) Singapore, the government agency driving international trade. 

 
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17.10.2016

Branson, head FINMA, points out the priority to change audit system

the Director of FINMA Mark Branson believes that the audit system that controls the banks should be changed. In an interview with Le Matin Dimanche and SonntagsZeitung, Branson says "there is no denying a certain conflict of interest." The auditing firms control for the Federal Authority of the financial market supervision, but are remunerated by their own representative or banks. The risk of a conflict of interest tends to increase "when an audit is required to announce bad behavior", says the Director of FINMA.

 
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17.10.2016

Pepsi to cut sugar in soft drinks by 2025

PepsiCo announced on Monday that it will start reducing the amount of sugar in its soft drinks all over the world and that by 2025 at least two thirds of its drinks will have 100 calories or fewer from added sugar per 12 oz serving, up from about 40% now. PepsiCo and rival company Coca-Cola have faced mounting pressure from health experts and governments who point to their products as a driver for obesity and diabetes, Fortune reports. Its 2025 goals also include targets for lowering sodium and saturated fat.

 
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17.10.2016

REPORTS: Press Review Willerfunds and Elbrus Capital

Launched in 1997, WEREE has been advised by Elbrus beginning October 2013. Over the three years, it has improved its risk-return profile and has significantly outperformed its benchmark and competitors. The Fund is now in the top quartile performance among its peers for the period and ranks highly in industry databases and monitoring services such as Morningstar1 (4 stars) and Quantalys2 (5 stars). WEREE invests in liquid listed equities in Central and Eastern Europe, including Russia and the former Soviet states. The Fund implements a hybrid investment process that combines fundamental research stock selection with a model-driven macro overlay that determines the appropriate level of equity exposure for a given period or market environment.

 
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17.10.2016

Switzerland: confidence towards banks to decrease

The Swiss have less and less confidence in the banking sector, although they are satisfied with the individual institution with which they are dealing, according to a study released today by consulting firm EY. In fact, 30% of 1,533 surveyed customers in Switzerland between January and April claims to have less confidence in the banking sector compared to twelve months earlier. The 11% has by contrast greater esteem, while 59% did not detect changes.

 
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17.10.2016

Portugal chose anti-austerity line to raise pensions

Portugal will introduce a tax on real estate fortunes above € 600,000 ($661,000) in 2017 to help pay for pensions, the government has said. The measure was introduced by Prime Minister Antonio Costa's in draft budget for 2017. He explained the property tax income would be used to sustain Portugal’s social payments – everything from pensions to the health service to family benefits.

 
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17.10.2016

US retail sales: moderate pace in September

US retail sales rose more than expected last month, official data revealed on Friday. The Commerce Department says retail sales rose 0.6% in September, a rebound after sales slipped 0.2% in August. During the first nine months of the year, retail sales have increased 2.9% compared with 2015.

 
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14.10.2016

Bank of England can allow inflation to rise

Bank of England is willing to tolerate above-target inflation to support growth and employment after 'Brexit', Governor Mark Carney said Friday. "Our job is not to target the exchange rate, our job is to target inflation," he said during a public meeting in Nottingham.

 
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