Equity

The global economic recovery is losing momentum and should be supported: it is the message that Christine Lagarde, Managing Director of the International Monetary Fund launched the leaders of the G20 countries and the whole world, on the eve of the summit of Hangzhou, China, on 4 and 5 September. Support for demand, structural reforms, revival of trade, are the strong actions indicated by Lagarde.

"The pendulum of politics is likely to move against economic openness and without strong action the world could experience a disappointing growth for a long time," she said, calling to boost trade and to send positive messages on globalization, which in many benefited. "It ‘s easy to blame trade for all the ills of a country: block free trade would result in stopping an engine that brings benefits in the world for decades".

September will mean mergers in banking sector? It seems the trend that appears in the market, also listening to the words of the number one Deutsche Bank, John Cryan, who, denying that Deutsche Bank is considering a merger with compatriot Commerzbank, said that "In Europe, serving more mergers in the banking sector », during a conference in Frankfurt.

The difficult situation of the European banks is plain for all to see. "Today in Europe the banks are less risky than before the financial crisis," said Cryan, "but also much less profitable."

Swiss banks have hired more staff during the first half of the year, thus reversing the trend. These additional places, however, were created abroad, while in Switzerland the number of employees has decreased.

Domestically, the Swiss banks have in fact reduced the staff by a significant 4.1%, writes the Swiss Bankers Association as a barometer of the banks published today. The 162 banks considered cut 3,454 employees in Switzerland. A major part of this decrease contributed to the foreign banks, with a reduction of 2,036 jobs, or 11.2% of its workforce. On the contrary, the Swiss banks have created over 6,700 jobs abroad.

he greek bond market remains the most lucrative on the European scene. Athens has in fact placed 1.14 billion of six-month bonds offering a yield of 2.97%, unchanged from the previous auction. The demand from institutional investors was stable with a coverage ratio of 1.30. Yields also remain stable with decades of greek bonds offering a yield of 8.10% to the 70.30 price. As for bonds maturing in 2019 and 4.75% coupon, the rate stood at 8.60 compared with a price in area 91. The stabilization of prices is determined by the GDP, no longer in free fall, but in the process of settling.

Apple returns to the attack of the European Commission, after Tuesday’s fine that requires the company to Cupertino payment of 13 billion euro to move back taxes in Ireland. "The European legislation on taxes is maddening," said the number one Tim Cook group then called "exasperating" the EU Commission approach to State aid.

Yesterday, the US Treasury Secretary, Jack Lew, had spoken of fury on the part of Brussels against American companies. However, Cook remains "very confident" about the outcome of the appeal against the EU decision: "I am convinced that the verdict will be overturned," he told Irish radio Rte.

The European Commission says "yes" to the merger between Wind, Italian subsidiary of the Russian group Vimpelcom, and 3Italia, which belongs to the group of Hong Kong Hutchison.

The approval, it said in a Brussels statement, shall be subject to sale of assets sufficiently to allow the entry of a new operator market. The agreement, in fact, opens the Italian market to the new French mobile operator Iliad. The parties (Three and Wind), have proposed to the committee a number of corrective measures that have finally brought the European antitrust give its approval: the sale to the new operator of a quantity of the mobile spectrum currently managed by the joint venture, sharing thousands of sites for the installation of mobile base stations (antennas) and a transient agreement that will allow Iliad to use the network of the joint venture until it has successfully opened its own.

The new CEO of Unicredit, Jean Pierre Mustier, has clear ideas on how to manage the first phase of work, in particular the capital increase that the bank is called upon to put in. As reported by the newspaper La Repubblica, Mustier aims to lighten the capital increase through a sales program.
In recent weeks, rumors of a possible sale of the stake held in the Polish Bank Pekao had already emerged. Then rumors related to the sale of FinecoBank, not to mention those on possible also movements of Pioneer.

The moment in which the securities issued or guaranteed by Greece will be included in the plan of the ECB purchases, ie Qe, are not yet certain. This is the content of the written response from the President of the institute, Mario Draghi, to request the Greek MEP Dimitrios Papadimoulis.