Volkswagen has reached an agreement with 652 American dealers for losses incurred due to the emissions scandal, the so-called Dieselgate. The Deutch company has not specified the amount of the transaction "in cash" and probably until "late September" will work to develop "details" of the cartel which in any case must be examined by a Court of San Francisco.
For about a year the American dealers were forbidden to sell the VW diesel cars manufactured during the period affected by the scandal. The company, in a statement, confirmed that the agreement provides "cash payments and other benefits that will be granted to retailers."
The European Commission has approved a recapitalization of 4.6 billion euro, more than half of them with public funds and issuance of new sovereign debt, to save Caixa Geral de Depositos (CGD), a Portuguese state bank that is in serious difficulties.
Switzerland has seen disappear, as a result of sale or liquidation, 10% private banks in the course of 2015. Over the past year, their number dropped from 133 to 121, as revealed in a study by the consulting firm KPMG. The trend continued in 2016, with a further drop in July, with "only" 117 survived.
Despite the disappearance of the companies less profitable in general the performance of the branch is not improved. Two-thirds of the 87 tested banks have seen their results deteriorate last year, as stated in the annual organized by KPMG and the University of St. Gallen, which excludes UBS and Credit Suisse.
Glencore seems to have overcome the worst, in the words of CEO Ivan Glasenberg, when presenting the first-half figures. The Baar-based company has almost halved its losses in the first six months of the year, rising to 369 million dollars from 676 million a year earlier, while revenue fell by 6% to 69.4 billion. Particularly the positive performance of the trading division, which increased earnings by 1.2% to 1.2 billion. According Glasenberg annual profits will rise further to 2.4 – to $ 2.7 billion due to diversification, given that the weakness in oil trading was offset by the strengthening in metals.
Four big banks are working to create a new Bitcoin to facilitate interbank transactions and that would save about 20 billion dollars a year.
The project for the creation of a new digital currency similar to Bitcoin, comes from four largest banks: UBS, Deutsche Bank, Santander and BNY Mellon. Even the British broker ICAP is involved in the idea, in order to start using the new currency from 2018.
Fininvest has filed. at the Court of Milan, a writ of summons against Vivendi for damages suffered as a shareholder of Mediaset asking 570 million euro.
It said in a statement that the group announces that it has filed a lawsuit to get that Vivendi "is ordered to give full compliance to the shareholders’ agreement attached to the contract signed with Mediaset". Last Friday, the same Mediaset had announced that it had filed a court in Milan the summons against Vivendi in execution protection of the contract between the two companies last April for the sale of Premium.
Volkswagen has reached an agreement with the two suppliers CarTim and Es Automobilguss, who had suspended deliveries forcing the automotive group to stop the production of Golf and Passat.
The group had been charged by the supplier to have canceled the contracts without cause or notice and refusing to compensate them. Volkswagen however, had asked to reduce costs in order to remain competitive, after the allocations decided to cope with fixing scandal emissions.
"The manufacturing sites involved – VW announced in a press – are gradually preparing itself to resume production."
Kobe Bryant, former NBA basketball star, after retiring from the world of sport, dedicated to finance. Together with the entrepreneur Jeff Stibel, he shares a venture capital fund of 100 million dollars.
As he told the Wall Street Journal, Bryant and Stibel have decided to officially launch their investment vehicle dedicated to the tech industry companies, media and data management only after the withdrawal of Kobe. In fact, the fund, based in Los Angeles, has been running since 2013, so as to have invested in a dozen companies.
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