Swisslog awarded major order in the U.S. Swisslog has secured a major order for an automated distribution center with a financially strong Fortune 200 retailer in the South of the U.S. Link: Click Here



Economy
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Merkel and Sarkozy call for "durable" solution for Greece, but fail to agree on the specifics of bank recapitalisation. There is growing evidence that the deal for Greece reached in July is unravelling. On Sunday, German Finance Minister Wolfgang Schaeuble told Frankfurter Allgemeine Sonntagszeitung that euro governments may have come up short on the scale of Greek debt writedowns when they reached the agreement in July. He cited a "great risk" that the crisis could spread further. Link: Click Here

Global economy on the brink of recession. The Global View investment outlook for the fourth quarter of 2011 published by Bank Sarasin sees the global economy on the brink of recession. The European debt crisis and fears of a recession in the USA will keep investors’ risk aversion at a high level in the coming months. Either economic policymakers introduce bold measures now, or recession can no longer be averted. Link: Click Here

Germany: Trade surplus rose to EUR13.8bn in August, driven by strong exports. In August, the German trade surplus rose to EUR13.8bn (wda and sa) from EUR10.6bn in July and EUR12.1bn in June. The increase was due to a strong increase in exports, which rose 3.5% m/m (wda and sa) (July: -1.2% m/m), while imports were unchanged m/m (July: 0.5% m/m). Link: Click Here

B(l)ank cheques. Rating agency Moody’s today downgraded a swathe of UK banks. The reasoning behind this was not the weakening of the economy, nor the fact that, according to Mervyn King, we are in possibly the worst financial crisis ever. It was due to the changing nature of the blank cheque that banks receive from their implicit support from the state. Link: Click Here