| Zurich Market Talk - 29-11-2011 |
| 29.11.11 08:44 | |
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Credit Suisse: Salary Increases for Bank Employees for the year 2012. The Staff Council and employer representatives of Credit Suisse Group in Switzerland have reached a final agreement on the salary negotiations for 2012. The social partners have agreed on an increase of 0.5% for individual and performance-based salaries for 2012. Link: Click Here The COMET Group expects sales and EBITDA for the full year 2011 slightly below the prior-year level. For 2012 the Group is projecting results in line with fiscal 2011. While the Systems division benefited from continuing steady demand especially from the automotive and aerospace industries, the performance of the Modules & Components division reflected the combination of the decline in semiconductor industry demand from the second half of 2011, and the strong Swiss franc. Link: Click Here Georg Fischer and the US-based metal components supplier Grede Holdings LLC have signed a license and partnership agreement by which Georg Fischer grants Grede a license to use the successful SiboDur alloy in the US. Also both parties have agreed to a mutually beneficial coverage of each other’s customer needs, in which Grede would manufacture on behalf of Georg Fischer in the US and Georg Fischer on behalf of Grede in Europe and Asia. Link: Click Here SGS is pleased to announce that it has entered into final negotiations with "Centro de Investigación Minera y Metalúrgica" (CIMM), a Chilean public entity, to acquire its subsidiary "CIMM Tecnologías y Servicios S.A." (CIMM T&S). CIMM T&S is a leading provider of technical services to the mining industry in Chile. CIMM T&S focuses on Geology and Mining, Metallurgy, Environmental Management, Analytical Services and Industrial support. Link: Click Here Economy ******** The German Gfk consumer confidence index (preliminary) for December rose to 5.6, up from 5.4 reported for November (revised up from 5.3 reported earlier) - reaching the highest level since June. A (small) decline in the index had been widely expected. Looking at the breakdown, price expectations fell to -4.1 in November from -1.7 in October, while business cycle expectations deteriorated to -7.2 from -6.2 in the preceding month. Also, income expectations fell to 31.1 from 36.5 in the October, while the propensity to spend was up 40.3 from 31.2 earlier. Link: Click Here Sarasin Group: The way out of the Euro(pe) crisis - from a confederation of states to a federal European state. The two-year-old euro crisis is ultimately an identity crisis that threatens to jeopardize Europe’s geopolitical relevance in the 21st century. In the current issue of "Perspectives", Burkhard P. Varnholt, Chief Investment Officer of Bank Sarasin & Co. Ltd, examines the historical and economic development of Europe and draws conclusions from the ongoing euro crisis from the standpoint of the economy as well as investors. Link: Click Here |
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