Dieter Behring’s trial begins today, Monday, to the Federal Criminal Court in Bellinzona, and will last until the end of June. The financier Basel is accused of fraud for scam to trade and money laundering; defined the Swiss Madoff, he had damaged 2,000 investors between September 1998 and October 2004, promising to invest safely halt the capital that relied more speculative areas and the other half, to get more returns high. He ended up leaving a chasm of 800 million francs, because in reality the money of new clients was used to repay the previous ones and to fund his lavish lifestyle (up to 600,000 francs autoconcesso salary, watches and jewelery).
The money laundering scandal widens again. Tuesday, during a press conference at which the Federal Financial Market Supervisory Authority announced it had ordered the dissolution within 12 months of the BSI, the director Mark Branson spoke of "six other Swiss banks are under investigation for their role in the corruption scandal Petrobras and the Malaysian fund 1MDB ".
Brent is back, for the first time since November 2015, above the threshold of $ 50 a barrel touching share $ 50.1 (+39 cents). Also up WTI Texas (+37 cents to $ 49.93).
To push the price of oil is the drop in producer stocks in the United States and the difficulties in Canada because of the big fires and in Venezuela because of the serious crisis that is affecting the economic model of the country. Since January, when it touched the lowest level in 12 years, the price has almost doubled.
The G7, which began this morning in Japan, saw emphasized by leaders committed fears about the emerging economies, while Japanese Prime Minister Shinzo Abe has made noise with the statement in which he likened the current situation to the financial crisis triggered by the Lehman bankruptcy in 2008.
"The G7 leaders share the idea that emerging economies are facing a difficult situation even though there are those who say that the current framework can not define ‘crisis’," said the deputy head of the Cabinet Secretariat, Hiroshige Seko , speaking to reporters at the beginning of the two-day G7 in Ise-Shima.
The three largest developed economy Central Banks met again in April. The Bank of Japan took the markets by surprise in ultimately declining to take new easing measures. This could very well be a sign that Central Banks believe they are now out of ammunition. Governments must now seriously pick up the pace of structural reforms to make long-term growth last. It happens that growth generally fell short of expectations in the first quarter, except in Europe and China. The current slowdown includes a strong structural component (i.e., demographic changes and a marked slowdown in productivity gains). The consensus nonetheless forecasts a macroeconomic upturn in the second half, which will be welcome in the current environment. This rebound has already been abundantly priced in to commodities.
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.
According to Goldman Sachs, known until now for being particularly bearish, "black gold" market has completed the period of excess supply because of production disruptions last period, which occurred in Nigeria and Venezuela, not to mention the United States and Canada.
After the publication of the report, the price of crude rose: Brent travels around $ 50 a barrel and WTI of around $ 48.
UBS announced a cooperation with the US SigFig, independent California company that offers technologies for asset management (so-called "robo-advisor", sort of virtual financial advisor).
The two companies will jointly develop technologies for the financial sector UBS Wealth Management Americas (WMA), its consultants and their customers, it said in a statement released yesterday by UBS in the US. As part of this alliance, the bank also made a capital investment in SigFig, without spreading details.
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