Advanced Digital Broadcast announced that it will deliver its intelligent wireless ADSL &  GBETH gateways and Epicentro software to TEO LT, AB, the largest provider of integrated telecommunication, IT and TV services in Lithuania. Link: Click Here

Schindler: Alfred N. Schindler hands over CEO function to Jürgen Tinggren. Jürgen Tinggren is to be appointed CEO of the Schindler Group as of October 1, 2011. Alfred N. Schindler remains Chairman of the Board of Directors of Schindler Holding AG as well as Chairman of the Executive Committee of the Board of Directors. Luc Bonnard is to step down from the Executive Committee of the Board of Directors at the forthcoming Annual General Meeting of March 19, 2012; however, he remains Vice Chairman of the Board of Directors of Schindler Holding AG. Link: Click Here
 

Nestlé: Retirement of Chief Financial Officer Jim Singh - Appointment of Wan Ling Martello. Jim Singh, Executive Vice President and Chief Financial Officer of Nestlé S.A.,  will retire on 31 March 2012 after a long and distinguished career of 35 years with Nestlé. The Board of Directors of Nestlé S.A. appointed Wan Ling Martello, currently Executive Vice President of Global e-Commerce, Emerging Markets Walmart, to succeed Jim Singh as Executive Vice President and Chief Financial Officer of Nestlé, effective 1 April 2012. Link: Click Here

Actelion Ltd (SIX: ATLN) announced today that Jean-Pierre Garnier has become Chairman of the Board of Directors of the Swiss biopharmaceutical company. The Board of Directors elected him at their meeting today, 27 September 2011. In order to ensure a smooth transition, Robert Cawthorn, who has been Chairman since the inception of the company, will stay on the Board as planned until the 2012 Annual General Meeting. Link: Click Here



Economy
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China: Are hard landing fears overpriced? Fears of a hard landing in China have once again intensified. While our base case remains a soft landing led mainly by an investment slowdown, we see increasing downside risk from the situation in Europe and at home. We think benchmark interest rates will likely be on hold and the yuan will continue to strengthen at a relatively fast pace, while “selective easing” may help reduce financing pains for SMEs, property developers and local governments. Link: Click Here

No sign of a biting credit crunch in August. Monetary developments in the Euro area in August were encouraging and significantly better than the market expected. Data should help to ease concerns that a renewed severe credit crunch is already underway in the Euro zone. The degree of stress in financial markets has been significant in the past two months. The main concern is that banks' funding difficulties translate into a new sharp deleveraging phase, leading to cuts in banks' lending with negative effects on private consumption and business investment. Link: Click Here

World Economy Slackens - Worse Situation Avoided Through Exchange Rate Ceiling. For 2012, the KOF expects the Swiss economy to slow down. The GDP will climb by 1.5 %, following a 2.3 % increase in the current year. The dampers on growth are the weak US economy, the debt crisis in Europe and the persisting strength of the Swiss franc. The export industry, above all, will feel the impact. Fixing a highest level for the euro/franc exchange rate did prevent an even steeper decline. The weaker economic development hardly affects the labour market. Link: Click Here

UK CBI reported sales indicate continued weakness. The reported sales balance of the CBI distributive trade survey fell to -15 in September from -14 previously (BarCap: -12, consensus: -15). This is the weakest balance since May 2010. Sales were judged to be poor for the time of year, with a balance of -30, and the decline in volumes of sales was felt across most sub-sectors including furniture, department stores and clothing, while grocers' sales were broadly flat. Furthermore, respondents expect sales volumes to fall at a similar pace next month (-14), suggesting that the situation on the high street is unlikely to pick up soon. Link: Click Here

BIS: High-frequency trading in the foreign exchange market - new report from the Markets Committee. HFT could be seen as beneficial for the functioning of the FX market in normal times, but it has also changed the market's ecology with implications for its resilience in times of stress. Anecdotal evidence suggests that HFT participants are not necessarily flightier in volatile markets than traditional FX participants, although the latter's incentive and ability to provide liquidity have changed in the presence of HFT. Link: Click Here