Europe

The Icelandic economy, tremendously affected by the financial scock of 2008 which saw the three main banks fail and the collapse of the GDP in a few months by 60 percent, finally sees the light. The center-right government in power, hit by the scandal of Panama papers in the spring, has announced a major step towards the abolition of controls on capital movements introduced after the crisis.

The proposals being considered by the national parliament (Althingi) concern the Icelanders, who will see again the possibility (repealed after the shock of 2008) to invest in real estate and other abroad, and buy foreign currency without limitations for travel in the world.

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.

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.

Iceland’s central bank, despite the positive growth and wage developments, has operated a cut of 50 basis points, to 5.25%; the institute’s move is justified by inflation which remains at very low levels and the appreciation of the koruna in comparison to other currencies. Last year the bank had proceeded with a rise in the refinancing rate to 7 days for three times.

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.

The doubling of the gas pipeline connecting Russia directly with Germany through the Baltic Sea is "a bad deal" for Europe and destabilize Ukraine. US Vice President Joe Biden has spoken in this way, in Stockholm where he met with Swedish Prime Minister Stefan Loefven.

"From our point of view the Nord Stream 2 gas pipeline is basically a bad deal for Europe," he said adding that "locked in a greater dependence on Russia would ultimately destabilize Ukraine. Europe needs a diversified suppliers gas. "

Switzerland is officially on the italian "white list" from August 22, 2016, which is the list of states with which it is possible to implement the exchange of information to prevent double taxation.

Along with the Swiss country, even countries like Liechtenstein, San Marino and Hong Kong, have entered the list, as stated in the decree of the Italian Minister of Finance published in the "Official Gazette".

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.