Walter Berchtold, the new CEO of Falcon Private Bank, is to resolve issues faced by its Singapore unit in connection with the 1Malaysia Development Berhad (1MDB) scandal. Berchtold, who will officially assume the role next month, plans to travel to Singapore upon assuming office, Swiss business paper Handelszeitung reported.
Surrounded by distrust on its actual ability to adopt the economic reforms needed to revive the country, Michel Temer started on 1 September his tenure as president of Brazil. The new head of state has the obligation to take measures to love to avoid the collapse of the public finances, necessary care, already announced in his first speech after the inauguration, broadcast to unified networks and which caused riots in the streets.
As for the economic aspect, the impeachment of former President Dilma Rousseff, voted by the Federal Senate in Brasilia with a result of 61 in favor and 20 against, will lead to a change of gear in Temer government which could shoulder the burden of the high expectations of the market. In recent months, the stock market was soaring, with the central banks to inject liquidity into the global economy and investors hunting for higher returns.
Russia could be the first country in the world to use an high speed public transportation. The main investor of the project is Ziyavudin Magomedov, the magnate at the head of the group "Summa." Magomedov and the Moscow authorities are considering the construction of Hyperloop to connect the city center with the "new Moscow" and the airports of the capital.
Chinese import-export still firm in July. Exports of the Asian giant were down by 4.4% on an annual basis, while imports fell by 12.5%, the steepest drop since January. For the first few analysts predicted a decline of 3%, 7% for the latter.
Imports were well down in 21 of the last 24 months, exports in 12 of the last 13. The balance was a surplus net trade balance of 52.31 billion dollars, the highest since January. And so, in the first 7 months of the year, China’s imports from the rest of the world decreased by 10.5% on annual basis (-8% in 2015), while exports fell by 7.4%.
While the Olympic Games in Rio de Janeiro are about to start, Brazil is experiencing the deepest recession in its economy for over a century, with GDP already set back by 3.8% last year and presumably down 3.3% this year.
Unemployment in the quarter ended in May rose to record 11.2%, while inflation in June stood at 8.84%, despite the Selic rate of the central bank have long been at 14.25%.
Failure coup in Turkey was added to the other problems of an already hot situation. And the economy can only suffer; Salman Ahmed, Chief Investment Strategist of Lombard Odier Investment Managers has declared in a statement that: "Given the strong intensification of political instability in Turkey and the external profile of the country’s extremely fragile and deteriorating, we believe likely that Turkish assets remain under pressure also in the future, while the underlying structural stability is re-evaluated. " He added that the resolution rather rapidly, in terms of re-establishment of public order, and the consequent strengthening of Erdogan in the context that followed the failed coup "could help reduce the extreme tail risk scenario of a civil war."
Ninth consecutive month of growth in housing prices in major cities in China, after a losing streak lasted 14 months. The signs of a stabilization in the housing market therefore continued in June, thanks to incentives such as lower taxes, and the requirements in terms of initial deposit. According to information of the Chinese National Statistical Office, the average price of new homes rose last month by 7.3% annually compared to 6.9% registered in May (6.2% in April). Instead it slows from 0.9% to 0.8% sequential growth in house prices.
Online commerce will lead to being multilingual: in fact by 2020 the English, while remaining the main language of digital commerce, will see the bow share decrease 42-33%. Mandarin (basic idiom of Chinese), will increase its share from 8 to 12.8%. But also other idioms "emerging", as the countries in which they are spoken: the Spaniard (for South America) to Portuguese (for Brazil), from Russian into Nigeria. The "force" evolution companies to a further translation effort to achieve the same number of online consumers.
