Samsung Electronics announced an $8 billion deal on Monday to buy Harman International Industries, in an all-cash deal that makes Samsung a major player in the world of automotive technology. The electronics giant previously shunned big acquisitions, and the latest deal underscores a strategic shift as the company tries to break into the high-barrier automotive industry where it has little track record. As part of the deal, which is subject to approval by Harman shareholders, Harman will remain an independent subsidiary of the technology giant. Samsung will pay $112 a share in cash for Harman, which generated roughly $700 million in net profit on $7 billion of revenue last year.
The price of gold was expected to benefit from the surprise Trump win, and it did immediately after, with a jump towards the September high near 1340 dollars per ounce. The rally lasted just three hours, then the course reversed and the former downtrend resumed with a sharp fall below the 1250 mark. Why, then, the sentiment that had pushed higher what is considered as a safe haven, turned to bearish so fast? The projected investments in infrastructure promised by Trump, sparked purchases of industrial metals, bonds yield went up, and so the dollar, not a friendly environment for gold.
A Singapore court jailed Yak Yew Chee on Friday, a former banker who handled Swiss bank BSI's relationship with state investor 1Malaysia Development Bhd (1MDB) for 18 weeks for forgery and failure to disclose suspicious transactions, as Reuters referred.
SFS-Group is acquiring Tegra Medical, a U.S. company based in Franklin, Massachusetts. The St.Gallen-based company, specialist in fastening and assembly systems and the US company agreed not to disclose any details of acquisition price. The American company produces implants and instruments for orthopedics and non-invasive surgery. It generates annual revenues of $ 80 million and employs 700 people, with production units in the United States and Costa Rica.
The Swiss National Bank will continue annual payments of 1 billion Swiss francs ($1.02 billion) to Switzerland's 26 cantons and the federal government according to a new 5-year pact announced on Thursday over how to divide the central bank's profits. The new agreement runs through 2020; the SNB will make up for any omitted or reduced profit distributions if its distribution reserve is in positive territory.
Insurer Swiss Life Group reported Wednesday that in the first nine months of 2016, fee income was 974 million Swiss francs, an increase of 2% in local currency from last year. Group-wide premiums were 13.4 billion francs, down from 14.6 billion francs a year ago. In local currency, this corresponds to a decline of 9%, as the performance of its asset management business improved. Insurance reserves to the benefit of the company's policyholders rose 2%.
New financial scandal broke out in Lugano. A survey coordinated by Attorney General John Noseda is verifying two companies, Invensys and Invensys Asset Management SA. According to investigators, as reported by the RSI, the two companies would be used to raise money, used for personal purposes or to pay back those who asked for the return.
The Swiss government rejected a popular initiative that would transform the monetary system and end fractional-reserve banking, according to its dispatch to Parliament, on Wednesday. The government said the "sovereign money" proposal to end fractional-reserve banking would complicate the SNB's monetary policy and put the Swiss economy at risk.
Donald Trump is the winner of the US presidential election, with a much greater margin than any poll had suggested. In addition, both houses of Congress fell to the Republican party, giving him the maximum possible support in office. Markets are shocked and eager to learn what of his radical agenda will be implemented, when and how.
Technology is increasingly dominating every sector of the economy. There are many published studies about the importance of technology for the next years. Accenture Technology R&D published this year a report where it is highlighted that according to their global technology survey of more than 3.100 IT and business executives, 86 percent of the executives anticipate that the pace of technology change will increase rapidly or at an unprecedented rate in their industry over the next three years
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