Finance 

The G20 Finance warns against the trade war

The trade war between great powers continues and the G20 reaffirmed Sunday in Buenos Aires its fear that it affects global growth and called for dialogue, while the United States remains inflexible about surcharges or threats of sanctions. The 20 most industrialized countries of the planet estimated Sunday that global growth was “robust”, but threatened “in the short and medium term (…) by the increase of commercial and geopolitical tensions”. The final communiqué of the G20 Finances, gathered Saturday and Sunday in Buenos Aires, also highlights “the need to strengthen…

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Finance 

Michelin hands over Quebec multinational Camso for $ 1.9 billion

The French tire giant Michelin announced Thursday the purchase of Camso, a manufacturer based in Magog, for $ 1.45 billion ($ 1.9 billion). Camso’s operations will be consolidated into Michelin’s new off-road product group, which will be run from Quebec. This new division will have 26 plants and will employ 12,000 employees. $ 1.3 billion in sales Established in 1982 from former Bombardier plants, Camso is a world leader in the markets for snowmobile and agricultural machinery tracks, tires for the material handling industry, and tires and tracks for small construction…

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Finance 

Twelve Raiffeisen directors under fire from Finma critics

Twelve people served on Raiffeisen’s board of directors between 2012 and 2015, which according to Finma failed. Tendered by the Swiss Financial Market Supervisory Authority , Raiffeisen’s board of directors comprises twelve people with terms of office between 2012 and 2015. Finma considered that the supervisory body failed in its task, in particular that of to control the activity then deployed by the managing director of the 3rd Swiss banking group, Pierin Vincenz. During the period covered by the Finma procedure, Johannes Rüegg-Stürm, Professor of Management at the University of St.…

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Finance 

No Postfinance Credit Cards for Swiss Abroad

The Council of States rejected a National motion to ensure that Swiss citizens abroad have access to PostFinance services on terms similar to those in Switzerland. Swiss abroad will not be able to pay with PostFinance credit cards. The Council of States rejected Wednesday a vote by 30 votes against 9 and 4 abstentions a motion from the National to ensure their access to financial services of the yellow giant on terms similar to those practiced in Switzerland. This text had been tabled after the adoption of several resolutions of the Swiss Abroad…

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