Corporate

The BSI scandal, which will see the closure of the oldest bank of Ticino, has created concern about the possible loss of jobs. Yesterday, the new CEO Roberto Isolani met, together with the Vice-President of the Board Eugenio Brianti, at Town Hall the Mayor of Lugano Marco Borradori. "FINMA’s decision will not lead to a drastic cut in jobs or a customer run," Isolani said.

On the other hand, the Mayor has not shown so optimistic "To know whether or not there will a customer escape with cuts of personnel we’ll have to wait for the next few days", Borradori noticed.

FCA announced that Chrysler will recall voluntarily about 4.3 million vehicles produced in past years, between 2004 and 205, to replace the passenger airbag.

FCA said in a statement that the recall comes after the notification of defects by the supplier Takata, who alerted the National Highway Traffic Safety Administration (American authority of transport safety supervision). The "prolonged exposure to high levels of humidity and high temperatures may cause deterioration, which could result in failure or malfunction of the airbag". FCA for his part says that it is not "aware of any incident that would involve vehicles subject to the recall campaign".

A possible output of the UK from the European Union would be "a serious risk to the" global economic growth. The theme of Brexit also enters in the conclusions of the G7 Japan. In the final declaration signed by the seven leaders (including the British David Cameron) it is observed that "the global recovery continues, but growth remains moderate and uneven", and since the last meeting, "the downside risks to the global outlook have increased ".

BSI can now continue to work in Singapore, despite the announcement yesterday by the local authorities of serious violations of anti-money laundering rules. The decision of the Monetary Authority of Singapore (MAS) to prevent the Ticino bank to operate in the country will come into force at a later date.

"In this way we want to allow to transfer the assets of BSI to EFG International", BSI indicates in a statement today.

Furthermore the Ticino institution explained that the bank is not affected by insolvencies and is in a good liquidity situation. The bank also will not suffer negative consequences from the penalties imposed by Mas and FINMA. Both fines will be paid out of the general reserve for banking risks.

Brussels has given its consent to the merger of the two giants of the beer, Anheuser-Busch InBev and SABMiller. The European Commission has removed any regulatory obstacle to the agreement between the two largest brewers in the world.

The agreement is subject to the sale of the entire beer industry Sab in Europe. According to the Competition Commissioner Margrethe Vestager, this decision "will ensure that competition is not weakened in these markets and that consumers will not have the worst."
For the Commission, Europeans buy beer for about € 125 billion each year. The sale is intended to alleviate the concerns that SABMiller, which produces Budweiser, would have had a slump in the European market.

Toyota bought a stake in the capital of Uber, the world leader in the sector. The transaction value was not disclosed, but the agreement provides an important trade chapter: Toyota will ensure the leasing of vehicles to drivers which in turn will repay with shares of their tariffs. The move of the Japanese manufacturer is the answer to the initiatives that competitors have implemented in recent weeks: the GM found for $ 500 million participation in Lyft, while Volkswagen has entered the Israeli Gett putting on the plate 300 million. The more substantial the wildcard has nonetheless played the Apple, ready to bet a billion of Didi-Chuxing, the Chinese Uber growing very fast.

In the opinion of analysts, Uber is the right partner to Toyota with its smaller models can easily deal with the traffic of the most congested urban areas where the US company is the undisputed leader.

BSI, the oldest bank in the canton of Ticino, is under fire for involvement in the scandal of the Malaysian fund 1Malaysia Development Bhd. The private bank in Lugano risks heavy penalties. First, the central bank of Singapore has ordered BSI to stop all the activities of the local subsidiary BSI Bank Ltd. The fund 1Malaysia Development Bhd, established in 2009 by Prime Minister of Malaysia, Najib Razak, is accused of having embezzled more than 650 million dollars of capital of public companies to divert them to offshore accounts payable at the same premier.

The German chemical and pharmaceutical giant Bayer has made an offer of 62 billion dollars for the purchase of Monsanto, an American company leader in the production of GM seeds. "Bayer has made an offer to buy all outstanding shares of Monsanto at a price of $ 122 per share or a total value of 62 billion dollars," the German company writes in a statement, a few days after announcing a contact with Monsanto .

Bayer last year had a turnover of over 46 billion euro and employs 117 thousand people. Monsanto last year achieved a turnover of more than $ 15 billion with a net profit of 2.3 billion.