Swiss economy can look at the future in a positive way. The Swiss KOF business sentiment index increased slightly to 102.7 for July from a revised 102.6 in June from the original 102.4 and was significantly above the consensus forecast of 101.6. The National Bank will be relived that competitiveness concerns have eased slightly with no additional pressure for measures to weaken the currency.
There is optimism in terms of Mps 5 billion recapitalization and the sale of about 9.6 billion net impaired loans, which will be approved today by the board of the bank. The Board of MPS is moving towards the rejection of the proposal by Corrado Passera and UBS, according to sources close to the situation.
Credit Suisse has achieved in the second quarter net profit of 170 million francs, after 302 million loss incurred in the first three months of the year. The institute, as the CEO Tidjane Thiam announced, has been able to "improve their performance and to operate profitably in a volatile environment." The result is higher than analysts’ expectations.
Lloyds Banking Group has announced that it will accelerate cost-cutting plan to cope with the uncertain economic climate and a probable beaten in loan demand as a result of the British decision to leave the EU. The english bank is ready to axe 3,000 jobs and close 200 branches, for a plan focus saving 400 million pounds within 2017.
Lloyds chief exectuvie Antonio Horto-Osorio said: “”Following the EU referendum the outlook for the UK economy is uncertain and, while the precise impact is dependent upon a number of factors including EU negotiations and political and economic events, a deceleration of growth seems likely.
The markets have been all over the place since the Brexit vote. However, this rases opportunities on the currency market, even in a context of high volatility. We could observe a US dollar acting as a safe haven in the wake of the vote, and still resilient during the rising markets that followed.
The U.K. government approved the expansion of London City Airport, a project held up by former Mayor Boris Johnson, as new Chancellor of the Exchequer Philip Hammond said on Wednesday.
The 344-million pound ($450 million) plan include an extended terminal, a new aircraft taxiway and upgraded public transport links, creating more than 2,000 jobs. It’s estimated this will almost double the number of passengers to six million a year by 2023.
The climate of consumption is still improved in Switzerland in June, for the third consecutive month: the UBS index rose 1.34 points, compared with 1.24 points in May, the highest level since June 2015.
According to UBS economists, the progression is mainly due to the favorable development of tourism and to a slight improvement in retail trade. The situation on the labor market remains tight, however, a factor affecting consumer confidence.
The Global Forum has evaluated positively in particular the introduction in Law Tax Administrative Assistance (LAAF) of a derogation to the notification procedure for taxpayers.
The evaluation obtained from Switzerland corresponds to that assigned to other important financial centers such as Singapore, Hong Kong and Liechtenstein.
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