Zurich Insurance on Thursday posted a 74% jump in full-year net earnings as its core general insurance business rebounded under new chief executive Mario Greco. The Swiss insurer increased net profit for the year to $3.211 billion, just short of the average estimate of $3.315 billion in a Reuters poll of 11 analysts. Fourth quarter profit climbed to $685 million, after a $424 million loss in the same quarter the previous year.
The European Union agreed Tuesday on new rules allowing subscribers of online services, as Netflix or Amazon Prime, in one E.U. country access to them while traveling in another. The new “portability” ruling is the first step of regulation under a drive by the European Commission to introduce a single digital market in Europe. Announced in May 2015 on the cusp of the Cannes Film Festival, the proposed Digital Single Market was met with full-throated opposition from Europe’s movie and TV industry, which viewed it as a threat to its territory-by-territory licensing of movies and TV shows.
The Swiss 5 francs coin can be purchased on the sales platform Aliexpress, belonging to the Chinese group Alibaba, paying only $ 1.99 (about 2 francs). The retailer specifies on its website that it is fake money. However, it is sent free of customs duties, may also be received in Switzerland, without being subject to border checks. These are coins that are intended for collectors and being their illegal use, anyone did it, would risk to be charged.
The global economic order is expected to shift from advanced to emerging economies over the next few decades, and by 2040 India could edge past the US to become the world's second largest economy in purchasing power parity (PPP) terms, consulting firm PwC said in a new report titled “The World in 2050.” The report, called "The long view: how will the global economic order change by 2050?," ranked 32 countries, based on their projected Gross Domestic Product by Purchasing Power Parity (PPP).
Lastminute.com strengthens its presence in Italy by signing agreement with Travel Holding to acquire Gartour, an italian leading incoming tour operator. The latter, according to the agreements made by the parties, will continue its activities under a renewable contract of lease for a period of twelve months, before passing definitively under Lastminute.com. Gartour currently employs about 130 people for a turnover of €35 million in 2016.
Swiss pesticides and seeds group Syngenta reported 2016 earnings before interest, tax, depreciation and amortisation (EBITDA) of $2.66 billion on sales of $12.79 billion. Analysts polled by Reuters had on average expected EBITDA to fall 5.9 percent to $2.61 billion on sales down 4.2 percent to $12.85 billion. They had expected it to boost its dividend to 11.60 Swiss francs from 11.00
The last Newsletter predicted the arrival of the Renminbi in grand style and the penultimate number underlined the bond rout and the fact that the US Dollar is overvalued. The huge American national debt has been repeatedly mentioned as well as the enormous US trade deficit.
The foreign exchange reserves held by the Swiss National Bank (SNB) fell slightly in January, down from 1.6 billion to 643.7 billion, compared with the December figure of 645.3 billion. This is the second consecutive decline, after eight months on the rise. The set of reserves, excluding gold, increased 651.1 bn to 649.4 bn swiss francs, as the institute said today. In December, foreign exchange reserves had contracted in a similar manner, to 2.4 billion. Also last February the reserves recorded a decline (-4 billion), while in the other months of 2016 there had been an increase, even double-digit in January (+16 billion), April (+11), May (+14) , August (+11) and November (+18).
The Swiss manufacturer Oerlikon Metco plans to spend $62 million (CHF55 mln) to open a facility in Huntersville, where it will create 93 high-paying jobs over the next five years, it said Monday. The new plant will specialize in end-to-end advanced component manufacturing, and it will also house research and development work, according to a statement from the company Monday. Oerlikon’s Charlotte plant will be its first additive manufacturing facility in the U.S. and will provide end-to-end advanced component manufacturing and house extensive research and development and production teams.
Singapore has reportedly seized a $35 million private jet belonging to 1MDB mastermind Low Taek Jho, also known as Jho Low, who is under investigation for his involvement in the scandal-hit Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB) The Bombardier Global 5000 jet is part of some $1 billion in assets allegedly acquired with funds siphoned from 1MDB fund that the US government is moving to seize. The police declined to comment on whether the authorities had grounded the plane, stating that investigations are still in progress. The US alleges that the funds were laundered through the US banking system and is seeking to confiscate Low’s private jet, as well as other properties including a $100-million interest in EMI Music Publishing Group, and a $380-million stake in the Park Lane Hotel in New York.
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