The labor market in Switzerland shows signs of slowing down: the employment indicator calculated by the economic research center at ETH Zurich (KOF) remains in negative zone and is fixed for the fourth quarter of the year at -3.7 points while three months ago it was at -1.2 points.
Britain’s trade in services with the European Union is likely to fall by 60% if the United Kingdom leaves the European single market, according to a new report by the country’s leading economic think tank. The National Institute of Economic and Social Research (NIESR) says trade in services will slump by almost two-thirds, even if Britain secures a free-trade agreement (FTA) with the EU after Brexit.
Switzerland's consumer confidence improved slightly in October, survey data from the State Secretariat for Economic Affairs or SECO showed Thursday. The Swiss SECO quarterly consumer confidence survey was -13 for October from -15 in the previous survey and was in line with market expectations. The overall index has also remained below its long-term average of -10 for over a year as underlying caution continues.
Lombard Odier IM has announced on Wednesday the acquisition of an eight-strong market neutral team from London-based AlphaGen Capital, a subsidiary of Henderson Global Investors, to bolster its hedge fund strategies team. The Volantis investment management team will join the Geneva group’s 1798 hedge fund strategies platform, as it transfers from AlphaGen Capital, where it managed over $1 billion in assets in UK equity long/short and long only strategies, Lombard Odier IM said in a statement.
Credit Suisse has reported an unexpected net profit of 41 million Swiss francs ($42.2m) for the third quarter. Profit fell 95% from 779 million Swiss francs in the same quarter last year, but the company beat analysts' forecasts who expected 150 million francs loss. It is the second consecutive quarter in which Credit Suisse has surprised the market with a profit after a rocky start to chief executive Tidjane Thiam's turnaround plan for the bank. The bank also said its core tier 1 common equity - a measure of the amount of capital it has set aside to absorb business and market losses - rose to 12% in Q3 from 11.8% in the previous three month period.
Switzerland, Germany and Austria confirmed at the top of the rankings, according to Young Workers Index, research carried out by PwC, which since 2006 analyzes the level of employment, schooling and vocational training of young people between 15 and 24 years of the 35 OECD countries. In general, Europe is at the top of the rankings, as the leading trio is followed by Iceland, Norway and Denmark. Israel, Luxembourg and Germany have instead registered the best progress in the period 2006-2015, whereas Southern Europe, particularly Italy, Spain and Greece, are earnestly striving to recover after the financial crisis.
The private bank group J. Safra Sarasin Group announced that it has acquired Credit Suisse Gibraltar Limited. The transaction strengthens the institution's presence on the Rock where the Group operates since 2001 and is determined to expand its position. The bank will operate under the new name of Bank JSS (Gibraltar) Ltd. and will continue to provide wealth management solutions to customers both private and institutional.
The OC Oerlikon industrial group reported operating profit EBIT decline of 47.1% in the third quarter compared to the same period of 2015, to 37 million francs. After nine months, EBIT came to 105 million, a decrease of 53.9% compared to a year ago. Sales decreased by 13.4% to 549 million in the third quarter, and by almost 15% to 1.72 billion, informs in a statement the Pfäffikon-based group.
BSI was acquired by EFG International: the agreement was closed for 1.06 billion francs as announced by the Zurich-based institute, 270 million less than expected and announced in February. The total price is made up of 575 million francs in cash, 86.2 million EFG shares valued at 454 million francs and 31 million francs of AT1 instruments issued by EFG International, as the company reported in a statement.
Only a little more than half a year is remaining until implementation of PRIIPs and MiFID II, and th
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