Switzerland

The sale of new cars in Switzerland fell by 2% last year compared to 2015, a total of 317’318.

The industry’s association Auto Switzerland indicates that Volkswagen remains the best-selling brand, with 42’142 cars (-0.2%) and a market share of 13.3%, followed by BMW (24’708 registered vehicles; +2.8 %) and Mercedes (23’842; + 4.2%).

Dacia (Renault group), is the brand that recorded the highest growth, 37.5%, followed by Alfa Romeo (+ 20.8%) and Jaguar (+ 82.8%).

Switzerland’s consumer prices remained flat in December, the Federal Statistical Office reported Thursday. It declined 0.1% in December, which was in line with market expectations and followed the 0.2% decline in prices seen in November.

Month-on-month, consumer prices dropped 0.1% versus a 0.2% decrease in November. This was the second consecutive decline and came in line with expectations.

For 2016 as a whole, there was a decline in prices of 0.4% following a 1.1% decline the previous month. There was a decline in domestic prices of 0.1%, while import prices declined 1.4%.

Ogeu, group of mineral waters, has reached an agreement to purchase the source of Quézac, in France, from Nestlé. The two groups have announced today the agreement, which puts an end to negotiations lasted two years.

The amount of the sale was not disclosed. There are no cuts in jobs, as stated in the joint statement. With this operation, Ogeu hopes to strengthen the segment of mineral waters in France.

The sale of Quézac, with an annual turnover of 20 million euros, reflects according to Nestlé Waters France its "strategic will to concentrate its resources on its national and international flagship brands".

The rules governing the new "Swissness" legislation, which strengthens the criteria to define the nationality of products and services, have entered into force since 1 January 2017. In this context, the DOP and IGP denominations acquire the value of geographic marks, making it easier to abroad. The novelty is also applicable to certain industrial products like watches.

The U.S. Securities and Exchange Commission is investigating the sale of $850 million in bonds issued by Mozambique by Credit Suisse, Russia’s VTB Group and BNP Paribas, the Wall Street Journal reported on Wednesday.

The southern African nation in October said its debt was unsustainable and the International Monetary Fund suspended assistance to Mozambique when evidence of $2 billion in secret loans emerged.

The bonds were sold in 2013 to finance a Mozambican state-owned firm’s plans to develop tuna fishing in the impoverished nation, but the government later said it had also bought military equipment with the funds.
The probe opens a new chapter in a scandal of hidden debts which has rocked Mozambique, one of the world’s poorest countries, for months.

The SEC in November asked bondholders for documents provided by Credit Suisse, VTB and BNP Paribas during the sale of the bonds, the Wall Street Journal reported, citing a letter sent to bondholders.

The letter also asked investors to share with the SEC all communications with the banks related to the bonds.

Barry Callebaut has strengthened its partnership with the American company Mondelez through the purchase of equipment for the production of chocolate in Belgium.

The news was announced in a statement Saturday in which are still not disclosed details on the amount of the financial transaction.

The world number one in the cocoa sector will resume the works of Hal, near Brussels. The agreement should allow the Zurich group better fit into the quality of the chocolate market in Belgium.

Switzerland’s KOF economic barometer remained unchanged unexpectedly last month, data showed on Friday. The Swiss KOF Economic Barometer was at 102.2 for December and below consensus expectations of a further improvement to 103.00 for the month.

The index remains slightly above the long-term average and continues to suggest that the economy will grow close to its long-term average over the next few months.

Positive impulses to the unchanged total balance came from the manufacturing industry, weighed up by negative signals from the construction sector, but there was a more cautious tone surrounding the general business situation, the institute said.

Deutsche Bank and Credit Suisse have agreed to pay billion in fines relating to the collapse of the US housing market that contributed to the financial crisis, striking deals before the Trump administration takes power.
The government has accused the banks of misleading investors about the quality of their loans. The inquiries related to deals done between 2005 and 2007.

Deutsche Bank agreed to a $7.2 billion settlement with the DoJ over its sale and pooling of toxic mortgage securities.