British Finance Minister Osborne went to the US to meet with major investors on Wall Street, to discuss the future of Brexit statégie to vote, as stated in the note of his office. "While Britain’s decision to leave the EU clearly presents economic challenges, we now have to do everything we can to make the UK the most attractive place in the world to do business," Osborne, who backed staying in the EU, said in a statement .
The exit of Britain from the European Union sent the financial markets crisis and forces companies that looked at the IPO as a concrete option to review their plans. According to a study by PriceWaterhouseCooper, placements in Europe will not collect more than 25 billion euro by the end of 2016, less than half of the 57.4 billion of 2015.
Philipp Hildebrand, vice president of the American asset manager Blackrock and former president of the Swiss National Bank, is afraid that Brexit is the prelude of a "catastrophe" in European financial markets.
"Nine years after the financial crisis now is coming the second wave," Hildebrand said in an interview with "Süddeutsche Zeitung". To worsen the scenario is the fact that Europe, at this time, has not healed their own banking system and "it was a big mistake." An unforeseeable event such as voting and unwanted output from Britain by the EU, leading financial markets to question the actual stability of European banks.
Swiss International Air Lines has announced its first Bombardier CS100 Zurich Airport and baptized with the name "Canton of Zurich". The aircraft sets new standards in terms of comfort, economy and environmental sustainability. Among other things, the Swiss company is the first the world to use this new concept airplane. The first commercial flight will be performed on July 15, from Zurich to Paris Charles de Gaulle.
Credit Suisse plans to close down its asset management activities in Russia. The bank will remain in the country, limiting its activities and investment advisory for those who wish to maintain the relationship, we will be invited to transfer their accounts in Switzerland.
"Credit Suisse has revised its private banking offering in Russia and will continue providing advisory services for private banking customers in Russia but without booking onshore," Zurich-based Credit Suisse said in a statement, confirming an earlier report by Forbes.
The vote on Brexit will curb the British economic growth because of its effects on confidence even if the increased risk resulting outcome of the referendum is a political contagion among the EU countries.
It is the opinion of Moody’s, which reduced its estimates for growth in the UK to 1.5% for 2016 and 1.2% for 2017, from the previous forecast of 1.8% and 2.1%.
Unemployment in Switzerland falls in the monthly comparison, but increases on an annual basis. At the end of June, unemployed persons registered with the regional employment centers (RAV) were 139.127, less 5651 than the previous month, but in 5.871 more than twelve months before.
The unemployment rate is so decreased from 3.2% in May to 3.1% in the month under review: an improvement of 0.1 percentage points, therefore, as announced this morning by the Secretariat for Economic Affairs (Seco).
UK manufacturing and industrial production data came in ahead of expectations for May, with both figures a big beat on the forecasts of economists. Manufacturing production decreased 0.5% on a monthly basis in May, down from April when it rebounded 2.3%, while the indicator came in at 1.7% on a yearly basis in the same month. Both readings beat the estimates of -1.2% and 0.6%, respectively. Overall industrial output fell 0.5% on a monthly basis in May, after a revised rebound of 2.1% seen in April. The reading did, however, beat the forecast of a negative 1.0%. On an annual basis, the gauge rebounded 1.4% in the fifth month of the year, while markets had bet on a 0.5% advance in the reported month. Industrial and manufacturing production show the volume of production in the UK’s industrial and manufacturing sector, and the indicators have been volatile since the beginning of the year.
