Deals for Yahoo, the last act. Today final bids for the Internet portal business, which include the search engine, email, advertising and the division of information, are expected. According to sources gathered by the "New York Times", the deadline for submission of bids is scheduled for Monday, while the short list will be examined shortly after the board of the American group that should communicate within short time time for its decisions.
EFG International announced yesterday its intention to detect the BSI bank’s activities in Singapore through an accelerated sale of the assets. The transfer should be completed by November 2016, with the approval of the competent authorities, as indicated in a note.
EFG and BTG Pactual, current BSI Brazilian owner, are going to get permits to finalize the Ticino institute detection by the Zurich-based asset manager. The transaction should be completed during the fourth quarter of this year.
Europe’s war against Google goes on: Brussels launched his accusations against Alphabet, the parent company created after the start of the EU proceedings April 2015. The European antitrust strengthens the evidence to prove the abuse of a dominant position: the suspicion is that the web giant has limited possibilities to other sites to advertise its competitors.
Concern in Biel, headquarters of the Swiss giant Swatch Group. The leadership team has expressed all its tension on the first half results for which foresees a possible profit decline of up to 60% and 12% of turnover. Europe and Hong Kong, the main markets for Swatch, have great difficulties on the sales so that, between January and the end of June, the decline of turnover by 12% and that’s why the profit could fall by more than half.
CEO, Nick Hayek, points out that, despite the difficulties, the employees will not be sacrificed. "Better to reduce the margins that cut staff" confirmed the boss of Swatch.
The supervisory authority of the Swiss Stock Exchange, SIX Exchange Regulation, has issued a warning against Addex Therapeutics in relation to the financial statements of 2014 and the first half of 2015, responsible for not having complied with the IFRS procedures.
The Federal Authorities of the Swiss Financial Market Supervisory Authority (FINMA) has launched a process of "Enforcement" against the former head of Asian Affairs of the BSI Hans Peter Brunner. The aim is to clarify the responsibilities in the matter of money laundering linked to Malaysian fund 1Malaysia Development Berhad (1MDB).
Swiss private banking giant UBS has retained the title of the world’s biggest private bank, according to annual report by wealth management researcher Scorpio Partnership, published today.
Although its assets under management (AUM) fell 1 per cent from 2014 to 2015, it still topped the global rankings, with US$1.74 trillion (S$2.34 trillion) at December 2015. Bank of America Merrill Lynch came in second, with AUM of US$1.444 trillion – down 2 per cent for the year, while Morgan Stanley was third with US$1.439 trillion, down 2.8 per cent. Switzerland’s second biggest bank Credit Suisse fell further behind Morgan Stanley in the ranking with a 7.2 per cent fall in its managed assets to $687.3 billion, the benchmark showed.
Accounts falling for JPMorgan Chase yet exceeds expectations. In the second quarter, the banking giant reported a net profit of $ 6.2 billion, $ 1.55 per share, compared with 6.29 million, $ 1.54 per share, for the same period last year.
The expectations of analysts have been beaten: they expected profits to $ 1.43 per share. The turnover rose by 2.4% 24,380,000,000. The turnover rose to 25.21 billion from 24.16 billion expected by analysts.
