Europe

The gross domestic product (GDP) of Switzerland is expected to grow by 1.1% in 2016 and 1.2% in 2017, according to the institute’s estimates Lausanne Créa, which provides a + 2.1% in 2018.

The forecasts have been revised downwards: last November, the prediction indicated a progression of 1.2% for this year and 1.8% next year and Frame rate of the institute review the causes go sought globally. On the international market, the average growth since 2000 has been clearly below average, indicating Créa. The negative trend of 2015 was prolonged in the first quarter of this year, when the world’s exports decreased by approximately 8%. The price of raw materials plummeted in recent months, he has exacerbated the problem.

New worsening signals from the German economy, after the climb recorded in April The ZEW index, a leading indicator of economic sentiment in the coming months, collapsed to 6.4 points from 11.2 points in April, when he was in recovery.

"The strong growth of the German economy in the first quarter of 2016 seems to have surprised financial market experts. However, investors do not seem to expect that the economic situation will improve at the same pace," said Professor Achim Wambach, President ZEW Institute who added: "the uncertainty about a possible Brexit by the United Kingdom as we approach the referendum that could lead to the exit of Britain by the European Union, preventing a more optimistic view."

BSI, the oldest bank in the canton of Ticino, is under fire for involvement in the scandal of the Malaysian fund 1Malaysia Development Bhd. The private bank in Lugano risks heavy penalties. First, the central bank of Singapore has ordered BSI to stop all the activities of the local subsidiary BSI Bank Ltd. The fund 1Malaysia Development Bhd, established in 2009 by Prime Minister of Malaysia, Najib Razak, is accused of having embezzled more than 650 million dollars of capital of public companies to divert them to offshore accounts payable at the same premier.

The German chemical and pharmaceutical giant Bayer has made an offer of 62 billion dollars for the purchase of Monsanto, an American company leader in the production of GM seeds. "Bayer has made an offer to buy all outstanding shares of Monsanto at a price of $ 122 per share or a total value of 62 billion dollars," the German company writes in a statement, a few days after announcing a contact with Monsanto .

Bayer last year had a turnover of over 46 billion euro and employs 117 thousand people. Monsanto last year achieved a turnover of more than $ 15 billion with a net profit of 2.3 billion.

The Parliament in Athens approved a new package of austerity measures demanded by international lenders in return for a new tranche of aid before the Eurogroup meeting to be held Tuesday. In the specific case 152 Greek MPs approved a VAT increase, new direct taxes and measures to accelerate privatization. The new measures also provide for an automatic correction mechanism of the accounts should be rejected if the goal of bringing the primary surplus at 3.5% in 2018.

"The Greeks have assumed their responsibilities. Tomorrow also the counterparty will have to do the same," he said confident the Greek prime minister, Alexis Tsipras, after the vote in Parliament.

The French group Axa, one of the world’s largest insurance companies, has announced that it will not put more money in the tobacco industry: it has decided to abandon all investments in the field of cigarettes and the like, resulting in the sale of assets and shares for approximately 1,8 billion euro. The intention, according to a note, is to "support the government’s efforts" to reduce tobacco consumption.

In Switzerland the employed worked more: in 2015 the hours worked in a professional environment reached 7.889 billion, an increase of 2.3% over the previous year. This was announced today, Monday, May 23, by the Federal Statistical Office, which published the data of last year.

The study states that have increased both the number of employees (+ 1.7%) and the actual annual duration of activities for everyone (+ 0.5%), indicating that this growth is attributable to frequently coincides with the end of holidays week.
The employees in the primary sector full time lead the ranking: 44 hours and 48 minutes, followed in order by "Accommodation and food service activities" (42 hours and 17 minutes), "Financial assets and insurance "(41 hours and 57 minutes) and" Other service activities "(41 hours and 34 minutes).

The agency Standard & Poor’s confirmed the triple "A" for the debt of Switzerland. In a note, they are praised the capabilities of the Swiss economy, called "competitive and diversified". Confidence by the American Society of rating, is also expressed with regard to the Swiss National Bank, after about a year and a half after the decision to abolish the minimum exchange rate between euro and franc.