In & OUT

Monte dei Paschi CEO agrees to resign

Banca Monte dei Paschi di Siena said Chief Executive Fabrizio Viola has agreed with the bank’s board to resign; the summit was dedicated to updates on the business plan and the rescue maxi-operation institution with a recapitalization of up to 5 billion euro.
Just the difficulties of placing an increase of that magnitude, as evidenced by the banks business operation to work on the market, would have led to the choice to present the third increase in three years with a different banker.

Continue reading

Ecclestone sells F1 to US company Liberty Media

US media company Liberty Media acquires Formula 1: the deal, which evaluates the sport $ 8 billion, starting with the acquisition of a 18.7% stake for $ 4.4 billion. Bernie Ecclestone remains CEO, while Chase Carey was named president. The full acquisition will take place when the agreement will be permanently closed, expected in the first quarter of 2017. In detail, Liberty Media – reports the CNBC – would pay $ 1.1 billion in cash, $ 131 million in the communication group actions and 351 million in the form of debt issued by the same Formula One.

Continue reading

London is the world’s best city for business

London is confirmed in first place for the second time in a row in the 2016 edition of the study "Cities of Opportunity" PwC, analysis that focuses on the 30 largest global financial centers. Singapore is ranked second, followed by Toronto, while Paris and Amsterdam completed the top five.

Continue reading

Switzerland is not afraid of Brexit

The Swiss believe that Brexit will have positive consequences for their country, according to the gfs.berne Institute who analyzed 2016 barometer of the concerns of Credit Suisse. The majority of the population considers, in fact, that Switzerland’s position will be strengthened.
"The citizens are perfectly aware that Brexit will have on Switzerland" economic and political consequences, he said in a statement Lukas Golder, co-director of gfs.berne.

Continue reading

Nobel Stiglitz: neoliberalism is dead

Joseph Stiglitz, Nobel prize winner in 2001, thinks that neoliberalism is coming to an end, or better, is dead.

And, after having explained to the Financial Times the proposal to divide the eurozone ousting Germany and Greece, the economist explained to Business Insider as the time of liberalism is just about up. This recipe, for so long defined as the best way to stimulate economic growth, enjoyed its golden age in the United States with former Presidents Ronald Reagan and Bill Clinton, and, in the UK, with former British Prime Minister Margaret Thatcher.

Continue reading

UK: shopping doesn’t feel Brexit effects

The British return to shopping, driving out the concerns for Brexit. In July, retail sales in the UK in terms of volume, that is based on the amount of goods purchased, they showed a sharp rise of 1.4% on-month from -0.9% the previous month. The figure was better than expected by analysts who had expected a much more modest increase of 0.2%.

According to the Office for National Statistics, retail sales on year showed an increase of 5.9% compared to + 4.3% unrevised from the previous month. Also in this case the data is higher than the consensus of + 4.2%.

Continue reading

Pokemon Go vs Netflix and Facebook: who will win the challenge

Pokemon Go is certainly the game of summer 2016 and the overall success has attracted the attention of social media experts to evaluate their effects, whereas so far as many as 100 million people in the world to have the download completes.
The Canadian magazine Global News has therefore commissioned Ipsos survey to understand the level of Pokemon Go pervasiveness leisure of his countrymen: the Nintendo app is competing directly with other pastimes such as Netflix or Facebook.

Continue reading

Credit Suisse, Deutsche Bank fly away from Stoxx Europe 50

Credit Suisse and Deutsche Bank will be dropped from the Stoxx Europe 50, the index showing the performance of the 50 most important European companies.

From Monday, August 8, the two banks will be replaced by the French group Vinci (construction) and the Dutch ASML (semiconductor industry), as indicated last night by index managers.

Continue reading