448 billion up in smoke for the Swiss National Bank – Dagens Industri

Updated 2015-07-31 12:38. Published 2015-07-31 12:37

          Swiss Central Bank Chairman Thomas Jordan
            Photo: Peter Klaunzer
         
       

 Swiss central bank’s fateful decision to drop the peg to the euro was expensive for the bank – a staggering expensive. Half-year loss for the canton-owned bank totaling to 448 billion.
 

The Swiss Central Bank unexpected decision early this year to drop the peg of the domestic currency against the euro has resulted in a half-year loss of 50.1 billion Swiss francs. It writes MarketWatch. The sum is equivalent to 448 billion.

It was primarily Swiss franc hearty appreciation against the euro, which constitute the largest part of the central bank’s foreign exchange reserves who was behind the loss.

The Bank also reported , a loss of 3.2 billion Swiss francs, approximately 29 billion on its holdings of gold, which is denominated in dollars.

It was in mid-January that the Swiss franc were to climb by 41 percent in a single day after the country’s central bank released peggningen of the currency against the euro. The rush corresponded to one of the largest currency movements ever among the world’s major currencies since the collapse of the Bretton Woods system in 1971. For

Swiss central bank, usually ‘the SNB, is a publicly listed company and has also private shareholders. More than half of the shares owned by the country’s cantons and its banks.

Sweden: Negotiations on amortization requirements drags on – Bolund – Dagens Industri

Sweden: Negotiations on amortization requirements drags on – Bolund

                  2015-07-31 14:09
             

 (SIX) A proposal from KD about how the upcoming repayment requirement should  designed have allowed the negotiations have dragged on.       "There have been questions from the opposition about targeting  repayment claims against the bank as a whole rather than against the individual  borrowers. We want to review the option, "says  Finance Minister Per Bolund, MP, said.       The expectation is still to put forward a bill  hammer in the spring and that the law take effect 'latest at the next  half-year ", ie the middle of 2016th      Andreas Johansson, tel +46 31 350 6483  mailto: andreas.johansson@six-group.se  www.blogg.six.seSIXNews  SIX News 

HOIST: TRACK OPERATING MARGIN IMPROVEMENT 2H JMF 2KV – CEO – Dagens Industri

HOIST: TRACK OPERATING MARGIN IMPROVEMENT 2H JMF 2KV – President

                  2015-07-31 10:09
             

 STOCKHOLM (AFX) Hoist Finance CEO Jörgen Olsson expects the operating margin will improve during the second half of the year, compared with the level in the second quarter.
  "I'm pretty confident that the operating margin in the second half will reach back to the level we had in the beginning of the year," he said to the news agency Direkt.
  During the second quarter, the operating margin, at the EBIT level, to 30.0 percent (32.9). A greater degree of legal collection measures, particularly in Britain, affected the margin in the quarter.
  At the beginning of the year, in the first quarter, amounted Hoist operating margin to 32 percent, adjusted for costs associated with the IPO.
  "We have guided our operating margin to rise to 40 percent in the medium term, perhaps two or three years ahead, and that we feel fully confident", says Jörgen Olsson.
  Jörgen Olsson points out that the acquisitions the company made in the second quarter came in  late in the period and had a marginal impact in the quarter. The effects of the acquisitions are expected from the third quarter.
  The acquisition of Compello in the UK was made just after the quarter end.
  "We enter the second half with a solid base. On top lines, we will continue to have a growth rate of about 35-40 percent for the remainder of the year," he says.
  In the first half, growth in total revenues to 37 percent and the amounts of purchased receivables portfolios grew by 41 percent.
  So far this year, Hoist acquired portfolios for a value of SEK 2.5 billion, including Compello.
  For the full year 2015 repeated the aim of reaching an acquisition volume in line with or higher than in recent years.
  "The past two years we have been on in round figures 3.5 billion in acquisition volume. We follow our plans and aims to add more than one billion more this year," he says.
  Jörgen Olsson stated that Hoist see no limitation in the  market. Market activity remains high and the availability of volumes in the market is great.
  "We see good opportunities for continued growth, but we hit pretty hard on that there is a limitation of the operational capacity," he says. 

Fia Forsman +46 8 5191 7923
Direkt

Bolund: Repayment requirements may take – Private Business

Since the FSA last spring was forced to withdraw its new amortization requirements for legal reasons, the government and the opposition negotiated a new proposal, but negotiations have dragged on.

” There have been questions from the opposition about targeting amortization requirements against the bank as a whole rather than to individual borrowers. We want to look at that option, “says Per Bolund.

In June, he believed that the government would be able to present a proposals “before the summer” this year. Now he has been forced to postpone the date.

“We hope that a bill can hammer in the spring,” he said.

He will become acting CEO of Loomis – Business World

Lars Blecko, Vice President and Regional Manager USA, will temporarily take over the responsibility as CEO of Loomis.

Cash handling company Loomis’ current CEO Jarl Dahlfors who decided to leave their employment will To remain in his position until 31 August. From 1 September 2015, Lars Blecko, Vice President and Regional Manager, USA, in addition to his service in the US, take over responsibility as CEO until a new CEO joins the company.

According to a press release.

ECB ready to act if increased volatility threatening price stability – Dagens Industri

The ECB stands ready to act if the increased volatility threatening price stability

                  2015-07-31 07:16
             

 (SIX) The European Central Bank said on Thursday that it is ready  to react on increased volatility in financial markets  resulting in tighter monetary conditions in the euro area.       It reports Market News International.       In its Economic Bulletin, the ECB stated that the recovery in the region  was stable in the second quarter and should accelerate later this year.       "The recent developments in financial markets in the euro area  characterized by increased volatility, primarily due to uncertainty regarding  negotiations between Greece and its lenders, "said the ECB.       If some factors would lead to an undue  tightening of monetary policy, the ECB will "use all  available tools within its mandate, "continued central bank.       Inflation is expected to remain low in the near term and rise towards the end  by year, partly because the base effect linked to the case in  oil prices at the end of 2014, said the ECB. Inflation is  expected to rise  further in 2016 and 2017.       Furthermore, the ECB stated that the latest data point to overall  unchanged growth rates in the near term. Looking ahead, the recovery is expected to take  boost from the ECB's monetary policy, structural reforms,  fiscal consolidation, higher disposable incomes and  private consumption.      Anton Wilén, +46 8 5861 6441  mailto: anton.wilen@six-group.se  www.blogg.six.seSIXNews  SIX News 

Danish tax model attracts Apple – Swedish Dagbladet

Photo: Mike Segar / Reuters

by Apple among Another recorded on the so-called “procesliste” where selected energy intensive companies will not have to pay tax on carbon dioxide emissions.

Stone Kristensen, an expert at the auditing firm BDO, says to Børsen that the companies on the list normally belongs to heavy industry such as cement production.

– There are obvious political interests that allow the authorities bend the rules for gaining access to one of the world’s largest technology company, says Sten Kristensen.

This winter, Apple announced that it will build a data center in Viborg – a bet in eight billion according Denmark Trade and Development Minister Mogens Jensen (S) generates several hundred jobs in the area.

Greece: The IMF can not participate in the third bailout – FT (New) – Dagens Industri

Greece: The IMF can not participate in the third bailout – FT (new)

                  2015-07-30 16:26
             

 (Adds final paragraph)       (SIX) IMF can not participate in the third bailout package to  Greece, writes the Financial Times citing a document  presented to the Board of the Fund.       It is Greece's high debt burden and poor track record when it  comes to implementing reforms means that the fund can not participate.       According to the document, the Fund may participate in the discussions to ensure  it is decided in line with what fund intended. But you can  not negotiate to reach an agreement at staff level.       Whether it will participate in the second stage, after Greece has been  on a package of reforms and lenders on debt relief, will  decided later.       This announcement is a setback for the bailout when German politicians  hinted that it will be difficult to get the package approved in German  Bundestag, unless the IMF is included. Further, it has been said that a  write-down of Greek debt are excluded. However, it has not   expressed himself as categorically about the restructuring, that is,  For example, extended maturities and lower interest rates.      Andreas Johansson, tel +46 31 350 6483  mailto: andreas.johansson@six-group.se  www.blogg.six.seSIXNews  SIX News 

AstraZeneca profits higher than expected – Vasterbotten Courier

Pharmaceutical giant AstraZeneca exceeded expectations with its figures for the second quarter. Shares rose sharply after the report.

Facts

The preparations sold the most during the second quarter (sales in millions of dollars):

Crestor (dyslipidemia) 1310

Symbicort (asthma COPD) 842

Nexium (ulcer) 647

Seroquel XR (schizophrenia) 264

Pulmicort (asthma) 232

Source: Astra Zeneca

The profit for the second quarter landed at $ 658 million, corresponding to approximately SEK 5.7 billion for the second quarter. That compares with profit of $ 866 million a year ago.

Earnings per share, excluding certain items affecting comparability, amounted to 1:21 dollars. Analysts had on average expected a profit of 1:05 dollars per share, according to Reuters.

Astra Zeneca adjusts its forecast for full-year sales and now expects a low single-digit decline in percent, measured in constant exchange. The forecast for profit is unchanged.

CEO Pascal Soriot writes in the report that he is particularly pleased with the development in oncology, where AstraZeneca has received new approvals for drugs Iressa and Faslodex. The Company has applied to have two new drugs in oncology approved. One of these, for the treatment of lung cancer, is expected to become a future bestseller with a potential annual sales of about 3 billion dollars.

At the Stockholm stock exchange closing had AstraZeneca’s share has risen by 3.4 percent.

TrueCaller hope dream score – Dagens Industri

          Alan Mamedi and Nami Zarringhalam, founder of True Caller.
            Photo: Oskar Omne
         
       

 Swedish directory assistance service TrueCaller stated willingness to launch a new round of financing of $ 100 million, approximately SEK 860 million. It could give the company a valuation of the corresponding 8.6 billion, writes TechCrunch.
 

A few real heavyweights may now be entering. A source close to the company say to TechCrunch that both the micro-blog Twitter and sökjätten Google are among those companies considering investing in True Caller. Twitter is expected in that case both invest and enter into a partnership with the company.

TrueCaller has become something of a giant with its app that identifies who is calling on mobile. The growth has been exceptional, and now has 150 million users, many of which are in India.

Get more with a Di-account

With a free Di-account you can comment on articles and create your own news coverage.

You must verify your email address

           From now on, the email address used during registration will be verified before you can post comments on www.di.se.
           The goal is to improve the quality of the comments. Follow the link in the email sent to the email address you provided at registration. You will also need to reload this page before you can comment.
           

Siemens surprises – Swedish Dagbladet

Net sales totaled € 18.8 billion. Expected, net sales of EUR 18.7 billion.

For the Industrial Division reported a net profit of 1.8 billion euros, slightly above expected 1.7 billion. Operating margin amounted here to 9.5 percent, down from 10.1 percent in the corresponding period last year

Siemens reiterates its full-year forecast that organic revenue will remain unchanged compared with 2014 and that earnings per share should grow at least 15 percent.

The forecast for the industrial division to the organic revenue to grow by 10-11 per cent also repeated it.

Shell cuts off 6500 jobs – Sydsvenskan

Shell will also to reduce their investments and plans to sell assets for $ 30 billion, about SEK 260 billion, during the period 2016 -2018.

The rulings issued in connection with the interim report which Shell reported a net profit of 3.84 billion dollars, around 33 billion for the second quarter. Corresponding period in 2014, earnings were 6.13 billion dollars. Earnings were higher than analysts had expected.

Lundin Mining profits increase – Business Wire

Lundin Mining’s operating profit was $ 243 million for the second quarter of 2015 (74.2).

Analysts had expected an operating profit of $ 230 million, according to SME Direkt summary for the report.

The sales totaled $ 501 million for the period (192). Here lay SME Direkt consensus forecast of 500 million.

Cash flow from operations amounted to $ 263 million during the quarter. In the first quarter of 2015, cash flow was $ 224 million.

Lundin Mining is raising its forecast for copper production for the full year 2015, while the expected cash related costs are reduced for the three largest copper assets.

The company’s forecast for total copper production is adjusted up to 262,500 to 277,000 tons, from the previous 257,000 to 271,500 tonnes.

Candelaria copper mine, the forecast of 135,000 to 140,000 tons from the previous 130,000 to 135,000.

For zinc production lowered the forecast of 140,000 to 150,000 tons, from the previous 146,000 to 155,000.

For nickel production forecasted at between 32,000 to 35,500 tonnes.

Blyproduktionsprognosen raised to 34,000 to 38,000 tons, from 31,000 to 35,000.

The forecast for-cash cost per pound of metal is lowered for copper 1:55 Dollars (1:60) at the Portuguese Neves-Corvo and to 1:12 dollars (1:26) at the Tenke mine in Congo.

Zinkgruvan increased cost forecast for zinc to 0.40 dollars per pound (0.35) and for nickel in Aguablanca forecasted to 3.75 dollars per pound.

Criticism is growing – another indictment against Uber – Business Week

Taxi Challenger Uber is popular among its customers but hated by both unions and competitors. Criticism of the company is growing and now has another lawsuit rolled in.

Nättaxitjänsten Uber has been the subject of a lawsuit in Britain regarding how the company treats their drivers. It reports The Telegraph.

Britain’s trade union GMB argues that Uber neglect of fundamental rättighetna of workers by not ensuring that drivers get the minimum wage or receives a sufficient number of vacation days, and has now taken legal action.

READ ALSO: Taxi Association: “Uber does not contribute anything new”

Uber has received criticism in a number of markets, mainly due to nättaxitjänsten insist that drivers are independent contractors rather than employees. Recently, the company lost a similar prosecution in California, where the Court held that a Uberförare would be classified as an employee.

Uber has appealed the ruling, and therefore have not had to make any changes to its business model yet.

READ ALSO: Setback in Brussels Uber

Get reading the contract terms – Vasterbotten Courier

Approved few contracts online lately? Yes, probably.

Facts

When you shop online, you enter into a contract. To enter into agreements need to be 18 years old or have parental consent.

Make sure that your company name, address, phone number and e-mail on the website.

Search the company name on the internet and Read what others think about the company.

In the telephone: Ask questions about this offer and the terms. Do not thank yes, but to be absolutely sure that you are completely sure what you’re saying yes to.

Source: Consumer Agency

read the terms properly? No, probably not.

A survey shows that only 15 percent read in detail.

Eternity Long errant text of the agreement has become part of everyday life. With a simple click, the conditions approved. But, hand on heart, so where the very detail was hardly the text read.

Ulf Stefansson, a lawyer at the Swedish Consumer Agency, says that writing is important. He advises consumers to spend time to check the most important terms of the contract, such as price, terms and the goods or services you buy.

– Written agreements are good to avoid misunderstandings and to in retrospect can go back and see what they actually agreed, he said.

More than half of consumers read rarely or never contract terms when buying on the Internet. Only 15 percent say they read the terms carefully, according to a survey Novus commissioned by industry organization contact that has, among other things telefonsäljarföretag among members. Contact want to avoid a new proposed law requiring written contracts even by telephone.

According Contacted CEO Tina Tengroth survey shows that consumer protection is not automatically reinforced by the proposed requirement because so few people read written agreements.

Tictail brings in 195 million SEK – Swedish Dagbladet

Carl Waldekranz, CEO of Tictail. Photo: Anders Wiklund / TT

It is the largest capital acquisition in Sweden this year, writes Breakit.

– We were supposed to bring in $ 16 million but because it is a high pressure on the market, and because we wanted these investors, we increased the round, says founder Carl Waldekranz.

“There is clearly a significant b-round”

breakit.se

Twitter plummeted after the trade – Vasterbotten Courier

Twitter saw shares plummet by more than 11 percent in overnight after trading since it was found that the average number of monthly users is growing at the slowest pace since the IPO in 2013.

– This is unacceptable and we are not happy with it, said micro-blog’s creator Jack Dorsey, who stepped in as acting president on July 1, to analysts during a conference call.

The service had 304 million “core users” in the second quarter, compared with 302 million the previous quarter.

Twitter’s interim report published yesterday was otherwise stronger than expected in terms of both earnings and revenue.

Tsipras’ election may be necessary “- Business Week

Greek Prime Minister Alexis Tsipras says he does not feel any remorse for the past five months events but flagging that the country may be forced for election.

To call a referendum on the loan agreement in Greece was a risky choice, but there was no alternative. The decision on the referendum was taken on June 25 in Brussels.

It said Greek Prime Minister Alexis Tsipras in an interview with radio station Sto Kokkino on Wednesday, according to Bloomberg News.

He said that Greece can not be return to the markets for financing with debt at current levels, but he expects that Greece will get debt relief in November.

He said that his mandate was to put a stop to the destruction of Greece, but he has never promised that it would be an easy trip.

Things have now changed for Greece and his own party Syriza, and Europe is not the same as the prior agreement between the lenders and Greece on 12 July.

The next six months will be crucial for the EU and the euro area, he further said.

He said that he did not feel any remorse for the events during the last five months. The agreement with the lenders was a painful compromise and a Pyrrhic victory for the lenders but an important moral victory for the Greeks. The prime minister believes, however, that the impact on the economy due to debt talks is possible to turn around.

Tsipras also argued that the termination of talks with lenders had led to a collapse of Greek banks. That lenders shut down banks were, according to him an act of revenge.

Greece is only going to implement decisions of the EU summit, nothing beyond this and depending on the circumstances, the country can come to present a balanced primary budget in 2015.

Furthermore, Prime Minister Alexis Tsipras also that he believes that early elections may be necessary if he does not have the necessary majority in Parliament.

Twitter rushed after report – Business Wire

Twitter posted an adjusted profit per share at 0:07 dollars for the second quarter of 2015 (-0: 24).

Analysts’ expectations were a score of 0: $ 04 per share, according to Bloomberg average forecast.

Revenue was $ 502 million (312.2). Expected this was a turnover of $ 481 million, according to Bloomberg forecast compilation.

Increases forecast

Twitter raises revenue estimate for the full year 2015 to 2.20 to 2, $ 27 billion from the previous forecast 2.17-2.27 billion.

Twitter judges that the adjusted EBITDA for 2015 will amount to 520-540 million US dollars. Previously expected the figure to land in the range of 510-535 million.

For the third quarter traces Twitter that revenue will land in the range of 545-560 million, and an adjusted EBITDA of 110-115 $ one million .

Here, market expectations of 556.6 and $ 123.8 million.

rushed for trade

The share was traded up 5.3 percent before the report came shortly after the stock market closes. The report received shares to rush over 11 percent after the trade. Shortly thereafter, however, fell course back slightly and was quoted at 22.30 just over 6.3 percent higher.

“CEOs sees surprisingly positive developments” – Dagens Industri

          Alrik Danielsson Hans Vestberg, Ashley Heppenstall.
            Photo: Cicci Jonson / Jonathan Bylars / Jesper Frisk
         
       

 Exchange’s top managers are optimistic about the autumn. They expect less Greklandsoro, which gives a better macroeconomic situation.
 

Get more with a Di-account

With a free Di-account you can comment on articles and create your own news coverage.

You must verify your email address

           From now on, the email address used during registration will be verified before you can post comments on www.di.se.
           The goal is to improve the quality of the comments. Follow the link in the email sent to the email address you provided at registration. You will also need to reload this page before you can comment.
           

Earnings Fall Pfizer – Vasterbotten Courier

The strengthening of the dollar strikes against US pharmaceutical giant Pfizer, which saw revenue fall by 7 percent in the second quarter compared with the same period last year.

As a consequence, reduced net profit to 2.63 billion dollars, equivalent to more than 22 billion, from $ 2.91 billion in the second quarter of 2014.

Revenue amounted to 11.85 billion dollars, compared with 12.77 billion dollars a year earlier.

Statoil exceeded expectations – Business World

The Norwegian oil giant reported a net profit which was considerably higher than analysts’ forecasts.

The Norwegian oil giant Statoil reported a reported net profit of 10 billion Norwegian crowns (12) for the second quarter of 2015, corresponding to SEK 3.15 per share (3.7).

Expected was a reported net profit of 5.5 billion NOK and SEK 1.72 per share, according to an analyst survey by SIX News / Inquiry Financial.

The reported operating profit was SEK 32 billion (32). Analysts had expected 20 billion.

The total revenue for the quarter came in at 124 billion Norwegian kronor (142). Waited was 125 billion.

The oil company predicts that organic capex for the full year 2015 amounts to 17.5 billion dollars.

Statoil tracks on the exploration activity level amounts to $ 3.2 billion in 2015, excluding bonuses.

The company also announced that, starting from the first quarter of 2016 will present quarterly results in US dollars. The quarterly distributions will be presented in dollars starting from this quarter.

The Board proposes that the dividend for the second quarter will be $ 0.2201 per ordinary share, equivalent to 1.80 Norwegian kroner.

Criminals owe 790 million – Swedish Dagbladet

For each year also opened thousands of new cases.

– The number of cases has always increased, because significantly more matters commenced than completed, says Sten Håkan Sidebo on Brottsoffermyndigheten to the newspaper.

According to him, many offenders who want to get out of debt trap and try to do the right thing.

– It can be about young offenders who are growing up, people coming out of prison and return to work, or people settling down and get another course in life, he says to DN.

Many debts to Brottsoffermyndigheten is about a few hundred or thousand. But several serious criminals have unpaid debts at well over one million.

Good times for the building trade – Swedish Radio

Sales in the building and hardware stores rose 16 percent in June compared with the same month last year, it shows figures from the industry organization Building and iron merchants.

Erika Olsson is at a builders’ merchant in Halmstad to buy materials to one of the summer’s project.

– We will make a Porch from the balcony deck, she says.

Why are you doing right now?

– For we have vacation and time and it is not badväder.

Sales of construction and hardware stores rose 16 percent in June compared with the same month last year. The figures come from the trade organization Building and iron merchants, which has presented its so-called construction and iron indices.

Benny Mr Roesberg, branch manager at Beijer building materials, have seen a similar increase in their store in Halmstad.

– People have held back in a couple of years and interest rates are low. The tax deduction does its part too, so the builders have much to do, he says.

The government has proposed a reduction of the tax deduction from 50 per cent to 30 per cent of labor costs, when you hire someone to do repairs or rebuilding and expansion at home.

This change can take effect at the end of the year. And this affects the willingness of people to build on now, think Benny Mr Roesberg.

– Yes, it does. One early designs, so we believe in a great fall.

the tax deduction does not affect DIY store customer Rasmus Jinghem, who are in search of a patio door to his house.

– No, absolutely not. I do not use it and have never done it, he says.

Elin Logara
elin.logara@sverigesradio. see