Search for fourth skier called off due to risk of further avalanches, as rescue workers across Europe battle to clear roads and restore power
Reported by Independent 3 hours ago.
Europe weather: Three skiers killed in Austrian avalanche as death toll rises to 24 across continent
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Gernan leftists mark 100 years since Luxemburg-Liebknecht killings
Some 10,000 lefitsts from across Europe joined in the marches which have been going on for nearly 100 years. Rosa Luxemburg and Karl Liebknecht were prominent socialists and activists in early 20th century Germany.
Reported by Deutsche Welle 3 hours ago.
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Europe has made a political decision to go into recession
**· *Industrial production in Italy, Spain, and Germany went negative in November, according to data published last week.*
· *It looks like Europe is heading into a recession.*
· *Europe adopted "austerity" measures after the 2008 crisis, cutting government fiscal stimulus spending.*
· *Those cuts hurt GDP growth, leaving Europe's economy permanently smaller, according to Oxford Economics and the IIF.*
· *Europe lost an economy the size of Spain because of it.*
· *"By lowering GDP permanently, fiscal consolidation increased the long-run debt burden rather than reducing it (as was the aim)," Oxford Economics analyst Rosie Colthorpe says.*
Last week, three of Europe's biggest economies produced a horrible set of manufacturing numbers for November:
*Industrial production:*
· Italy: down 1.5%
· Spain: down 1.5%
· Germany: down 1.9%
Here are those numbers over time:
It looks like Europe is heading into recession, multiple economists say. Germany and Italy may already be in "technical recession."
The tragedy is that the contraction is being helped along by a deliberate political choice made by Europe's own governments: Their effort to rein in deficit spending, to cut fiscal stimulus, and to balance their budgets in the 10-year aftermath of the 2008 financial crisis. "Austerity," as it's known, has shrunk the potential size of the European economy and retarded its ability to grow again. And now that the manufacturing sectors of Italy, France and Germany are all stagnating or shrinking, austerity is hurting their ability to pull out of the dip.
That is the conclusion of analysts at both The Institute of International Finance and — in a paper published last week — Oxford Economics. Both independently looked at the difference between actual GDP growth in Europe and "potential" GDP growth, before and after the 2008 recession. In both studies, the analysts concluded that Europe inflicted on itself permanently lower actual GDP growth, following the crisis.
*Europe lost an economy the size of Spain*
"Potential" is the implied trend of GDP growth based on history. When an economy shrinks it can become unable to grow back to its previous size if there is "a permanently lower labour participation rate, a large productivity shock [or] a lower capital stock as both governments and businesses slashed investment spending," Oxford Economics analyst Rosie Colthorpe says.
Since 2008, Europe lost economic activity the equivalent of Spain's entire GDP, according to Colthorpe. Spain's GDP is about $1.3 trillion and the country employs about 19 million people, to give you an idea of just how much is "missing." While it is not directly the case that there would be an extra 19 million jobs in Europe if governments here had been more fiscally supportive, that is nonetheless the scale of the issue we're talking about.
After the 2008 crisis, Europe's governments feared a consequent debt crisis — a scenario in which the interest payments on their debt spending might be greater than their struggling economies could pay off. Greece did in fact fall into a debt crisis. So they proceeded cautiously on government spending and didn't cut taxes, to balance government books. EU rules ban government deficits that are greater than 3% of GDP. The result was less money sloshing around in Europe — and lowered economic growth.
"Contractionary fiscal policy at the height of the crisis contributed to this enduring decline in both actual and potential output," Colthorpe told clients last week. She estimates that every 1% reduction in actual GDP caused by lowered fiscal activity led to a reduction in potential growth of the economy in the future by 0.6%, through 2015. It was like letting air out of a bouncing ball. It's ability to bounce back got worse the more it was deflated.
*Once Europe shifted down a gear, it was unable to shift back up*
It didn't solve the debt issue either, Colthorpe says. By making its economy smaller, Europe became less able to handle its debts. "By lowering GDP permanently, fiscal consolidation increased the long-run debt burden rather than reducing it (as was the aim)," the told clients.
And now Europe looks like this (chart below). Oxford Economics produces its own index of global economic indicators. Those countries flashing red, on the right-hand side? They are mostly in Europe.
Colthorpe concludes that if Europe does go into recession in 2019, it would be a huge mistake to repeat the policies of the post-2008 period.
· Read more:
· Germany, the 4th-largest economy, probably just went into an unexpected recession
· Europe is faltering
· Austerity has measurably damaged Europe: here is the statistical evidenceJoin the conversation about this story »
NOW WATCH: Saturn is officially losing its rings — and they're disappearing much faster than scientists had anticipated Reported by Business Insider 2 hours ago.
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German leftists mark 100 years since Luxemburg-Liebknecht killings
Some 10,000 lefitsts from across Europe joined in the marches which have been going on for nearly 100 years. Rosa Luxemburg and Karl Liebknecht were prominent socialists and activists in early 20th century Germany.
Reported by Deutsche Welle 3 hours ago.
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'To hell with the rest of the world': Cardiff boss Neil Warnock launches passionate Brexit rant
Cardiff manager Neil Warnock has criticised the Government's handling of Brexit negotiations and admits he cannot wait to get out of Europe.
Reported by MailOnline 2 hours ago.
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What's on TV: Sunday, January 20
With very few dishes in Britain they haven't cooked, David Myers and Simon King go to Europe.
Reported by Brisbane Times 1 hour ago.
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Three German skiers die in avalanche in Austria and a fourth is missing as heavy snow batters Europe
Three German skiers have, aged 57, 36 and 32, been killed in an avalanche in the Austria - and a fourth is missing, police said on Sunday as snowfall set in again in the northern Alps.
Reported by MailOnline 1 hour ago.
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Microsoft President Brad Smith says these are the 10 biggest challenges facing tech in 2019 (MSFT)
· Microsoft President Brad Smith penned a blog post on LinkedIn about the 10 biggest issues tech is sure to tackle in 2019. · Artificial intelligence, he mentioned, will play a powerful role in how the economy functions, whether it leads to job growth or decline, and how tech companies work with law enforcement to implement facial recognition.
· And with no mention of President Donald Trump, Smith echoed concerns made by other tech giants over the trade relationship between China and America.
The tech industry is still reeling from a tumultuous 2018, as growing privacy concerns, cyber security threats and online disinformation campaigns have caused many people to reassess their relationship with technology.
Things are only going to get more complicated as new innovations like artificial intelligence and voice recognition become increasingly commonplace in our lives.
Microsoft President Brad Smith outlined some of the biggest tech issues in store for us this year in a sobering blog post he recently published on LinkedIn. Another year of public 'tech-lash' seems probable, Smith writes, as society debates the roles that technology, and tech companies, play in our lives. But there's also an opportunity for us to confront the challenges head on, and to take steps that will help us reap the benefits of innovation while avoiding the pitfalls.
Here's what Microsoft's President believes the top 10 tech issues will be in 2019:
-First priority: Privacy-
Smith believes privacy protection is set to gain traction in 2019, both in Europe and the United States.
Businesses in Europe will have to continue to find ways to interpret the General Data Protection Regulation — a 2016 law guarding the data and privacy of all those within the European Union. And California's new Consumer Privacy Act means the issue is becoming more widespread.
"Look to the next few months for the spread of privacy legislation to several other state capitals, all of which will set the stage for an even bigger debate on Capitol Hill," Smith says.
-Fakes News and 'Disinformation'-
Social media platforms have become a preferred means for nation-states to spread disinformation campaigns. And last year marked a "sea change" in our understanding of the problem, Smith says.
"The big question now is what will be done to address the problem," he writes.
While social media companies have begun to acknowledge their responsibilities and accountability, Smith suggests that new laws could be used to ensure that social media companies take the issue seriously. He mentions a white paper by Virginia Senator Mark Warner to "impose a duty on social media platforms to determine the origin of accounts or posts, identify bogus accounts and notify users when bots are spreading information."
-The US/China relationship-
The tech sector could be in for a bumpy ride this year when it comes to trans-Pacific trade, Smith says.
"Across the American political spectrum there is greater appreciation of China’s momentum in artificial intelligence and other technology and heightened concern about its economic and national security implications," writes Smith.
Smith likened the December arrest of Meng Wanzhou, the chief financial officer of Chinese smartphone maker Huawei, to a "Netflix drama." Talk of export controls on emerging tech like AI, and the potential for protectionist rules limiting acquisitions by foreign companies in Europe will become increasingly important stories to follow.
See the rest of the story at Business Insider Reported by Business Insider 28 minutes ago.
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Europe snow: Two die in French Alps trying to control avalanche as three German cross-country skiers killed
Reported by Telegraph.co.uk 21 minutes ago.
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CreditEase Wealth Management Wins Four Awards at the Asian Private Banker Awards for Distinction 2018 as the Biggest Chinese Institution Winner
BEIJING, Jan. 14, 2019 /PRNewswire/ -- Asian Private Banker, a renowned private bank and wealth management research house in Asia Pacific, awarded CreditEase Wealth Management the Best Wealth Manager for Digital Innovation, the Best Wealth Manager for High Net Worth Services, and the Best Wealth Manager for Alternative Advisory and Excellence Wealth Manager (China Domestic categories).The Best Wealth Manager for Digital InnovationThe Best Wealth Manager for High Net Worth Services
The Best Wealth Manager for Alternative Advisory
Excellence Wealth Manager (China Domestic categories)
The Asian Private Banker Awards for Distinction 2018 are designed to recognise private banks and independent wealth management firms for their achievements within a given year across: market segments, business and operations, client services, and investment solutions. In addition to repeating last year's Excellence in Wealth Manager award (China Domestic category), it was the first time for CreditEase WM to participate in other awards and to be recognised for its high-quality business growth, strong value propositions, innovation achievements, and investment service and education capabilities.
As a leading independent wealth management institution in China, CreditEase WM has always been committed to providing comprehensive wealth management solutions and investment services to HNW clients, based on the concept of asset allocation. Building on a foundation of investment capabilities, international resources and technology strength, CreditEase WM is dedicated to being a long term partner for clients.
Hou Lin, Senior Vice President of CreditEase, said, "We are very honoured to receive this award recognizing the quality of our services to our HNW clients. With the accumulation of wealth, and increasing sophistication, China's HNW population not only cares about the growth of wealth, but also education, quality of life, family succession, social contribution and philanthropy. CreditEase Wealth Management is committed to becoming a long-term partner to our HNWs in terms of investment, quality of life, succession, education and philanthropy, and providing all-round services in all these areas.
"CreditEase WM provides professional services, which greatly helps our clients solve three major pain points - business digital remodeling, investment and succession. Our "Three Golden Principles for Asset Allocation" remain a cornerstone for our wealth management business, and we continue to support our clients with cross-region allocation, cross-asset-class allocation, and having an overweight position in alternative assets via FoF (Fund of Funds), with a view to achieving attractive long-run investment performance," Miss. Hou added.
"As a longstanding member of the FinTech industry, the spirit of digital innovation and research is institutionalized throughout CreditEase, and we have been committed to developing strong technological capabilities, and using science and technology to promote financial innovation and wealth management. As an example of how we integrate digital innovation in our wealth management business, we developed the 'AI + FoF' system, utilizing machine learning for data storage, sorting, structural analysis and real-time tracking. This innovation was implemented to improve FoF managers' investment capability and management capability," Miss. Hou described.
The Asian Private Banker Awards for Distinction are the most informed and arduous global private banking and wealth management awards. Since 2011, the world's only dedicated team of private banking and wealth management journalists, analysts and researchers have set the benchmark for excellence in private banking and wealth management in the most important growth regions: Asia and the Middle East. In 2018, over 150 institutions and departments submitted pitches and applications for the 8th Awards for Distinction, and over 300 CEO's, founders and C-suite leaders will join the Black Tie Gala Awards Dinner on February 21st in Hong Kong.
Established in Hong Kong in 2009, Asia Private Banker is well regarded for its independent and authoritative coverage of the rapidly growing private wealth management industry in the region. Its information and data are often cited by the global and regional financial media and consulting firms. In 2011, the media launched awards for private banks, wealth management institutions and other organizations with private wealth management functions in Asia-Pacific, aiming to set industry benchmarks and share best practices through professional, independent and rigorous selection process.
*About** **CreditEase WM*
CreditEase WM, a subsidiary of the leading fintech company CreditEase, is dedicated to being a top wealth manager for Chinese communities worldwide. The company hires nearly 2,000 relationship managers/financial planners across over 100 retail outlets in more than 40 cities in mainland China. Additionally, CreditEase WM has opened branches abroad in Asia, Europe, and North America. As of September 2018, the company serves more than 50,000 HNW clients and several hundred thousands of mass affluent clients, with an AUM exceeding RMB150bn. CreditEase WM also offers one-stop service to all customers' financial needs to UHNW clients, and this is growing multiple times faster than the whole company.
Investment services we offer consist of global asset allocation, investment management, and investment consulting. We cover a wide spectrum of asset classes including domestic and offshore quasi fixed income, private equity, public equity, hedge fund, real estate, and etc. Our life services include investment-based immigration, direct real estate investment worldwide, family trust, insurance planning, tax planning, estate planning, education planning, and philanthropy. Currently, CreditEase WM is the sole domestic firm helping clients set up family trusts both onshore and offshore.
https://i.yixin.com
*About Asia Private Banker*
Asia Private Banker has the world's largest and best-connected bureau of journalists and researchers delivering independent, authoritative and indispensable intelligence, data and connections solely focused on private banking and wealth management in Asia and the Middle East.
Photo - https://photos.prnasia.com/prnh/20190111/2344681-1-a
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Related Links :
https://i.yixin.com Reported by PR Newswire Asia 4 hours ago.
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EUR/USD: Global growth fears may weigh over the EUR
· *EUR/USD posted mild gains in Asia, despite the weaker-than-expected China trade data release.*
· *The heightened fears of a **global** growth slowdown, however, could cap gains in the euro.*
The EUR/USD pair could come under pressure in Europe, as the global growth fears triggered by the below-forecast China trade numbers are likely to reverberate through the European and the US financial markets.
China, the world's second-largest economy, reported a trade surplus for December. That, however, was the product of a big slide in imports and a meager rise in exports.
Put simply, the domestic demand in China is unlikely to compensate for the decline the downward pressure on the economy created by the trade war with the US. As a result, the growth rate could drop sharply in the near future.
Further, the dismal rise in Chinese exports could be considered a sign that the global economy isn't doing any well either.
The stocks, therefore, could feel the pull of gravity, boosting the haven demand for the treasuries (US dollar). As of writing, the S&P 500 futures are down 0.70 percent.
Hence, the EUR/USD may drop into the red in Europe. As of writing, the pair is trading at 1.1473, having picked up a bid at 1.1458 in Asia.
*EUR/USD Technical Levels*
EUR/USD
Overview:
Today Last Price: 1.1476
Today Daily change: 13 pips
Today Daily change %: 0.113%
Today Daily Open: 1.1463
Trends:
Previous Daily SMA20: 1.1423
Previous Daily SMA50: 1.1384
Previous Daily SMA100: 1.1476
Previous Daily SMA200: 1.1627
Levels:
Previous Daily High: 1.1541
Previous Daily Low: 1.1458
Previous Weekly High: 1.1571
Previous Weekly Low: 1.1396
Previous Monthly High: 1.1486
Previous Monthly Low: 1.1269
Previous Daily Fibonacci 38.2%: 1.1489
Previous Daily Fibonacci 61.8%: 1.1509
Previous Daily Pivot Point S1: 1.1434
Previous Daily Pivot Point S2: 1.1404
Previous Daily Pivot Point S3: 1.1351
Previous Daily Pivot Point R1: 1.1516
Previous Daily Pivot Point R2: 1.157
Previous Daily Pivot Point R3: 1.1599
Reported by FXstreet.com 4 hours ago.
· *The heightened fears of a **global** growth slowdown, however, could cap gains in the euro.*
The EUR/USD pair could come under pressure in Europe, as the global growth fears triggered by the below-forecast China trade numbers are likely to reverberate through the European and the US financial markets.
China, the world's second-largest economy, reported a trade surplus for December. That, however, was the product of a big slide in imports and a meager rise in exports.
Put simply, the domestic demand in China is unlikely to compensate for the decline the downward pressure on the economy created by the trade war with the US. As a result, the growth rate could drop sharply in the near future.
Further, the dismal rise in Chinese exports could be considered a sign that the global economy isn't doing any well either.
The stocks, therefore, could feel the pull of gravity, boosting the haven demand for the treasuries (US dollar). As of writing, the S&P 500 futures are down 0.70 percent.
Hence, the EUR/USD may drop into the red in Europe. As of writing, the pair is trading at 1.1473, having picked up a bid at 1.1458 in Asia.
*EUR/USD Technical Levels*
EUR/USD
Overview:
Today Last Price: 1.1476
Today Daily change: 13 pips
Today Daily change %: 0.113%
Today Daily Open: 1.1463
Trends:
Previous Daily SMA20: 1.1423
Previous Daily SMA50: 1.1384
Previous Daily SMA100: 1.1476
Previous Daily SMA200: 1.1627
Levels:
Previous Daily High: 1.1541
Previous Daily Low: 1.1458
Previous Weekly High: 1.1571
Previous Weekly Low: 1.1396
Previous Monthly High: 1.1486
Previous Monthly Low: 1.1269
Previous Daily Fibonacci 38.2%: 1.1489
Previous Daily Fibonacci 61.8%: 1.1509
Previous Daily Pivot Point S1: 1.1434
Previous Daily Pivot Point S2: 1.1404
Previous Daily Pivot Point S3: 1.1351
Previous Daily Pivot Point R1: 1.1516
Previous Daily Pivot Point R2: 1.157
Previous Daily Pivot Point R3: 1.1599
Reported by FXstreet.com 4 hours ago.
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USD/JPY tracks equities lower, hits session lows near 108.00
· *USD/JPY is currently down 0.4 percent on the day.*
· *The risk-off** tone is pushing the anti-risk JPY higher.*
· *China data triggered fears of a global growth slowdown.*
The Japanese yen is pushing higher against its American counterpart amid losses in the equity markets.
China reported a trade surplus for December 2018 mainly due to a slide in imports (domestic demand) and meager export growth (anemic global demand).
The mounting evidence of a slowdown in the world's second-largest economy and the global economy sent the Australian dollar and the Asian stock markets lower. As of writing, the S&P 500 futures are down 0.76 percent. Asian heavyweights like Nikkei, Kospi, Hang Seng, and the Shanghai Composite Index are all trading in the red.
That risk-off action is likely pushing the Japanese yen higher across the board. Notably, the USD/JPY pair has dropped more than 30 pips in the last four hours to a session low of 108.06 and may find acceptance under 108.00, as global growth fears are likely to reverberate through the financial markets in Europe and America.
*USD/JPY Technical Levels*
USD/JPY
Overview:
Today Last Price: 108.12
Today Daily change: -43 pips
Today Daily change %: -0.396%
Today Daily Open: 108.55
Trends:
Previous Daily SMA20: 110.03
Previous Daily SMA50: 112
Previous Daily SMA100: 112.17
Previous Daily SMA200: 111.14
Levels:
Previous Daily High: 108.6
Previous Daily Low: 108.14
Previous Weekly High: 109.09
Previous Weekly Low: 107.77
Previous Monthly High: 113.83
Previous Monthly Low: 109.55
Previous Daily Fibonacci 38.2%: 108.43
Previous Daily Fibonacci 61.8%: 108.32
Previous Daily Pivot Point S1: 108.26
Previous Daily Pivot Point S2: 107.97
Previous Daily Pivot Point S3: 107.8
Previous Daily Pivot Point R1: 108.72
Previous Daily Pivot Point R2: 108.89
Previous Daily Pivot Point R3: 109.18
Reported by FXstreet.com 3 hours ago.
· *The risk-off** tone is pushing the anti-risk JPY higher.*
· *China data triggered fears of a global growth slowdown.*
The Japanese yen is pushing higher against its American counterpart amid losses in the equity markets.
China reported a trade surplus for December 2018 mainly due to a slide in imports (domestic demand) and meager export growth (anemic global demand).
The mounting evidence of a slowdown in the world's second-largest economy and the global economy sent the Australian dollar and the Asian stock markets lower. As of writing, the S&P 500 futures are down 0.76 percent. Asian heavyweights like Nikkei, Kospi, Hang Seng, and the Shanghai Composite Index are all trading in the red.
That risk-off action is likely pushing the Japanese yen higher across the board. Notably, the USD/JPY pair has dropped more than 30 pips in the last four hours to a session low of 108.06 and may find acceptance under 108.00, as global growth fears are likely to reverberate through the financial markets in Europe and America.
*USD/JPY Technical Levels*
USD/JPY
Overview:
Today Last Price: 108.12
Today Daily change: -43 pips
Today Daily change %: -0.396%
Today Daily Open: 108.55
Trends:
Previous Daily SMA20: 110.03
Previous Daily SMA50: 112
Previous Daily SMA100: 112.17
Previous Daily SMA200: 111.14
Levels:
Previous Daily High: 108.6
Previous Daily Low: 108.14
Previous Weekly High: 109.09
Previous Weekly Low: 107.77
Previous Monthly High: 113.83
Previous Monthly Low: 109.55
Previous Daily Fibonacci 38.2%: 108.43
Previous Daily Fibonacci 61.8%: 108.32
Previous Daily Pivot Point S1: 108.26
Previous Daily Pivot Point S2: 107.97
Previous Daily Pivot Point S3: 107.8
Previous Daily Pivot Point R1: 108.72
Previous Daily Pivot Point R2: 108.89
Previous Daily Pivot Point R3: 109.18
Reported by FXstreet.com 3 hours ago.
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EUR/USD to trade back to 1.12 - ING
Analysts at ING are expecting the EUR/USD pair to trade back to 1.12 over coming months, guided by the modest dollar strength.
*Key Quotes*
“There’s very little to say about the EUR right now apart from: (a) politics look to be on the back-burner until European parliamentary elections in May and (b) weak growth does not present Europe as an obvious beneficiary of the investor rotation out of US asset markets and the dollar.”
“The biggest positive surprise to European currencies (not our baseline) could emerge from Brexit discussions – were a policy path to a second referendum to develop. There is very little clarity on this – but GBP-led gains in EUR/USD to the 1.18 area is an outside risk.” Reported by FXstreet.com 2 hours ago.
*Key Quotes*
“There’s very little to say about the EUR right now apart from: (a) politics look to be on the back-burner until European parliamentary elections in May and (b) weak growth does not present Europe as an obvious beneficiary of the investor rotation out of US asset markets and the dollar.”
“The biggest positive surprise to European currencies (not our baseline) could emerge from Brexit discussions – were a policy path to a second referendum to develop. There is very little clarity on this – but GBP-led gains in EUR/USD to the 1.18 area is an outside risk.” Reported by FXstreet.com 2 hours ago.
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Catalan republicanism and European federalism
Republicanism in Catalonia is inseparable from both Catalanism and European federalism, writes Oriol Junqueras, who argues that Europe faces a crucial crossroads: on the one hand, an increasingly extreme right, and on the other, a modern European federalist left.
Reported by EurActiv 2 hours ago.
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Neymar tips Celtic signing Timothy Weah to become one of Europe’s greatest strikers
Paris Saint-Germain megastar believes the US international has signed for the right club.
Reported by Daily Record 2 hours ago.
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Analysis: China car sales turmoil to end
Analysts predict dramatic 2018 falls in new car sales in China will be reversed this year
China’s new car market is predicted to recover this year after five months of turmoil, sending a lifeline to a number of global car makers who rely heavily on the country for profits and have seen painful double-digit sales declines.
Throughout 2019, the world’s biggest car market is predicted to recover 3% of growth and up to around 24 million units, compared with a decline of 2.6% in 2018 and 23.4m units, according to industry experts IHS Markit. The decline is the first time since 1990 that China hasn’t recorded growth in the automotive sector.
“We do expect China to come back this year,” said Colin Couchman, director of global automotive forecasting at IHS Markit, “probably on the back of a more stable finance market, but also changes to personal taxation taking effect and the tariff war settling down.”
Last year, the flow of finance to buyers of new cars started to dry up in the middle of 2018, taking an immediate toll on new car sales.
Starting from July, China’s new car market went from steady growth to a consistent decline. According to IHS, July was down 5.3%, with worsening declines later on in the year culminating in a drop of 12.8% in November.
The sticky finance market is partly blamed on a clampdown on China’s ‘shadow’ banking (unregulated lending) sector, estimated at £8 trillion.
“This could have been a negative for the car loan market,” said Couchman.
But other significant factors are at play. The tariff war with the US has hurt medium-sized Chinese companies and dented consumer confidence, dissuading car buyers.
And the tariff war has also hit China’s stock market, again knocking confidence from buyers who might otherwise have bought a new car.
With tariffs see-sawing between 15%, 25% and 40%, car buyers can’t be blamed for waiting to see how prices will eventually settle down?
The effect on car makers has been a mixed bag, with some winners, such as BMW, Mercedes and Volkswagen. But Ford, General Motors (GM), Jaguar Land Rover (JLR) and Hyundai have struggled.
Ford has suffered with an ageing model range and has recorded a 40% sales drop that, it hopes, the new Focus will reverse.
While GM downsized several models to a new three-cylinder engine, Chinese buyers lacked confidence in its driveability, which has slowed sales.
GM has tried to decouple the US/China trade war from its sales decline, but it’s hard to see how the actions of US president Donald Trump haven’t had a negative effect on both GM and Ford.
JLR’s woes have been even more dramatic, with a 50% sales decline in November from 14,000 units in 2017 to just 7000 in 2018.
JLR is said to have suffered some problems with its dealer network, but tariff uncertainties won’t have helped buyers of top-end models imported from the UK. The result, alongside other factors, culminated in factory shutdowns at the firm’s UK facilities late last year.
This year’s market recovery can’t come soon enough for JLR, with an overall 20% drop in Chinese sales in the year to November (105,000 versus 131,000), while sales of its joint-venture models – the XE and Evoque built in China – fell from 74,000 to 63,000.
As for the chances of a wider recovery in 2019, IHS Markit is looking towards a resolution of the tariff wars, some sort of Chinese government stimulus, and the restoration of credit lines to return confidence to the market. Then the world’s most prominent car makers can get back to selling the necessary number of cars in China to justify sizeable investment they have made there over the past few years.
*Read more*
*Insight: 11 Volkswagen saloons you've never heard of*
*Choosing China's finest: finding the best car in the world's largest automotive market*
*How Chinese car makers can succeed in Europe* Reported by Autocar 2 hours ago.
China’s new car market is predicted to recover this year after five months of turmoil, sending a lifeline to a number of global car makers who rely heavily on the country for profits and have seen painful double-digit sales declines.
Throughout 2019, the world’s biggest car market is predicted to recover 3% of growth and up to around 24 million units, compared with a decline of 2.6% in 2018 and 23.4m units, according to industry experts IHS Markit. The decline is the first time since 1990 that China hasn’t recorded growth in the automotive sector.
“We do expect China to come back this year,” said Colin Couchman, director of global automotive forecasting at IHS Markit, “probably on the back of a more stable finance market, but also changes to personal taxation taking effect and the tariff war settling down.”
Last year, the flow of finance to buyers of new cars started to dry up in the middle of 2018, taking an immediate toll on new car sales.
Starting from July, China’s new car market went from steady growth to a consistent decline. According to IHS, July was down 5.3%, with worsening declines later on in the year culminating in a drop of 12.8% in November.
The sticky finance market is partly blamed on a clampdown on China’s ‘shadow’ banking (unregulated lending) sector, estimated at £8 trillion.
“This could have been a negative for the car loan market,” said Couchman.
But other significant factors are at play. The tariff war with the US has hurt medium-sized Chinese companies and dented consumer confidence, dissuading car buyers.
And the tariff war has also hit China’s stock market, again knocking confidence from buyers who might otherwise have bought a new car.
With tariffs see-sawing between 15%, 25% and 40%, car buyers can’t be blamed for waiting to see how prices will eventually settle down?
The effect on car makers has been a mixed bag, with some winners, such as BMW, Mercedes and Volkswagen. But Ford, General Motors (GM), Jaguar Land Rover (JLR) and Hyundai have struggled.
Ford has suffered with an ageing model range and has recorded a 40% sales drop that, it hopes, the new Focus will reverse.
While GM downsized several models to a new three-cylinder engine, Chinese buyers lacked confidence in its driveability, which has slowed sales.
GM has tried to decouple the US/China trade war from its sales decline, but it’s hard to see how the actions of US president Donald Trump haven’t had a negative effect on both GM and Ford.
JLR’s woes have been even more dramatic, with a 50% sales decline in November from 14,000 units in 2017 to just 7000 in 2018.
JLR is said to have suffered some problems with its dealer network, but tariff uncertainties won’t have helped buyers of top-end models imported from the UK. The result, alongside other factors, culminated in factory shutdowns at the firm’s UK facilities late last year.
This year’s market recovery can’t come soon enough for JLR, with an overall 20% drop in Chinese sales in the year to November (105,000 versus 131,000), while sales of its joint-venture models – the XE and Evoque built in China – fell from 74,000 to 63,000.
As for the chances of a wider recovery in 2019, IHS Markit is looking towards a resolution of the tariff wars, some sort of Chinese government stimulus, and the restoration of credit lines to return confidence to the market. Then the world’s most prominent car makers can get back to selling the necessary number of cars in China to justify sizeable investment they have made there over the past few years.
*Read more*
*Insight: 11 Volkswagen saloons you've never heard of*
*Choosing China's finest: finding the best car in the world's largest automotive market*
*How Chinese car makers can succeed in Europe* Reported by Autocar 2 hours ago.
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WISekey Joins Global Semiconductor Alliance IoT Security Working Group to Address End-to-End IoT Security
*WISekey Joins Global Semiconductor Alliance IoT Security Working Group to Address End-to-End IoT Security*
*Geneva, Switzerland - January 14, 2019*: WISeKey International Holding Ltd (WIHN.SW) ("WISeKey"), a leading Swiss based cybersecurity and IoT company, today announced that it has joined the Global Semiconductor Alliance ("GSA") IoT Security Working Group ("SWG) to address end-to-end IoT security.
The GSA IoT SWG consists of companies with interests in security... all sharing a common goal: to influence the industry on security principles and requirements. GSA IoT SWG will work to promote IOT security awareness, share information on attacks and threats, and build a consolidated view of best practices for end-to-end security. Current initiatives include pre-silicon security assessment, silicon-as-a-service, trusted supply chain, and distributed identity.
The GSA IoT SWG is a group of global corporations and organizations from the US, Asia, and Europe, including: ARM, AMD, Alibaba, Bosch/ ETAS, C-Sky, CTTL, Data I/O, e-Memory, Ericsson, Flextronics, Giesecke & Devrient, Global Foundries, Intel, Microsoft, Mastercard, Mentor/Siemens, NXP, Qualcomm, Rambus, Samsung, Silicon Labs, Siemens, Symantec, Synaptics, Synopsys, Secure-IC, SecureRF, TSMC, Thundersoft, UniSoc, Visa, Xperi and more.
"With the rapid growth of the IoT market there is an evolving security need across the IoT ecosystem. The GSA IoT SWG was created to address end-to-end issues in IoT security. Its goal is to promote best practices on security within the IoT industry, share information on threats and attacks, and define security requirements. We are excited to have WISEKey's participation and expert contributions in shaping robust specifications that will benefit all actors in this ecosystem" said Shrikant Lohokare, Ph.D., Global Vice President & Executive Director of GSA.
WISeKey is committed to making positive contributions to GSA IoT SWG by leveraging its vast experience in every level of IoT security - from chip to cloud. WISeKey brings a solid understanding of how Artificial Intelligence and Blockchain technologies can be leveraged to solve the mounting problem of counterfeit trade and minimize their harmful effects on the global supply chains.
"WISeKey welcomes the opportunity to contribute to GSA IoT SWG's mission. We will use our involvement to influence standards and legislative bodies to make IoT more secure," said Carlos Moreira, Founder and CEO of WISeKey.
*About WISeKey*
WISeKey (SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey Microprocessors Secures the pervasive computing shaping today's Internet of Everything. WISeKey IoT has an install base of over 1.5 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey's Swiss based cryptographic Root of Trust ("RoT") provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
*About Global Semiconductor Alliance*
GSA is Where Leaders Meet to establish an efficient, profitable and sustainable semiconductor and high technology global ecosystems encompassing semiconductors, software, solutions, systems, and services. It is a leading industry organization that provides a unique neutral platform for collaboration, where global executives interface and innovate with peers, partners and customers to accelerate industry growth and maximize return on invested and intellectual capital.
GSA has an impressive global footprint representing over 30 countries and 350 corporate members comprised of top companies in the semiconductor industry. The global membership ranges from the most exciting emerging companies to industry stalwarts and technology leaders-representing 75% of industry revenues. Members value collaboration as a key to the advancement of their companies and industry.
GSA offers the broadest and most efficient thought-leadership platform through curated regional and global executive and technology events, networking forums, dinners, workshops and working groups. These gatherings allow members to engage in thought leading dialogues shaping the industry, expand business opportunities and remain up-to-date on relevant topical issues, share best practices and gain precious visibility opportunities. GSA members also have access to a repository of data and information including financial reports and resources, company data, surveys and technology and market reports.
To learn more about the GSA please visit: https://www.gsaglobal.org/
*Disclaimer:*
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is or shall be relied on as, a promise or representation as to the future performance of WISeKey. Reported by GlobeNewswire 2 hours ago.
*Geneva, Switzerland - January 14, 2019*: WISeKey International Holding Ltd (WIHN.SW) ("WISeKey"), a leading Swiss based cybersecurity and IoT company, today announced that it has joined the Global Semiconductor Alliance ("GSA") IoT Security Working Group ("SWG) to address end-to-end IoT security.
The GSA IoT SWG consists of companies with interests in security... all sharing a common goal: to influence the industry on security principles and requirements. GSA IoT SWG will work to promote IOT security awareness, share information on attacks and threats, and build a consolidated view of best practices for end-to-end security. Current initiatives include pre-silicon security assessment, silicon-as-a-service, trusted supply chain, and distributed identity.
The GSA IoT SWG is a group of global corporations and organizations from the US, Asia, and Europe, including: ARM, AMD, Alibaba, Bosch/ ETAS, C-Sky, CTTL, Data I/O, e-Memory, Ericsson, Flextronics, Giesecke & Devrient, Global Foundries, Intel, Microsoft, Mastercard, Mentor/Siemens, NXP, Qualcomm, Rambus, Samsung, Silicon Labs, Siemens, Symantec, Synaptics, Synopsys, Secure-IC, SecureRF, TSMC, Thundersoft, UniSoc, Visa, Xperi and more.
"With the rapid growth of the IoT market there is an evolving security need across the IoT ecosystem. The GSA IoT SWG was created to address end-to-end issues in IoT security. Its goal is to promote best practices on security within the IoT industry, share information on threats and attacks, and define security requirements. We are excited to have WISEKey's participation and expert contributions in shaping robust specifications that will benefit all actors in this ecosystem" said Shrikant Lohokare, Ph.D., Global Vice President & Executive Director of GSA.
WISeKey is committed to making positive contributions to GSA IoT SWG by leveraging its vast experience in every level of IoT security - from chip to cloud. WISeKey brings a solid understanding of how Artificial Intelligence and Blockchain technologies can be leveraged to solve the mounting problem of counterfeit trade and minimize their harmful effects on the global supply chains.
"WISeKey welcomes the opportunity to contribute to GSA IoT SWG's mission. We will use our involvement to influence standards and legislative bodies to make IoT more secure," said Carlos Moreira, Founder and CEO of WISeKey.
*About WISeKey*
WISeKey (SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey Microprocessors Secures the pervasive computing shaping today's Internet of Everything. WISeKey IoT has an install base of over 1.5 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey's Swiss based cryptographic Root of Trust ("RoT") provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
*About Global Semiconductor Alliance*
GSA is Where Leaders Meet to establish an efficient, profitable and sustainable semiconductor and high technology global ecosystems encompassing semiconductors, software, solutions, systems, and services. It is a leading industry organization that provides a unique neutral platform for collaboration, where global executives interface and innovate with peers, partners and customers to accelerate industry growth and maximize return on invested and intellectual capital.
GSA has an impressive global footprint representing over 30 countries and 350 corporate members comprised of top companies in the semiconductor industry. The global membership ranges from the most exciting emerging companies to industry stalwarts and technology leaders-representing 75% of industry revenues. Members value collaboration as a key to the advancement of their companies and industry.
GSA offers the broadest and most efficient thought-leadership platform through curated regional and global executive and technology events, networking forums, dinners, workshops and working groups. These gatherings allow members to engage in thought leading dialogues shaping the industry, expand business opportunities and remain up-to-date on relevant topical issues, share best practices and gain precious visibility opportunities. GSA members also have access to a repository of data and information including financial reports and resources, company data, surveys and technology and market reports.
To learn more about the GSA please visit: https://www.gsaglobal.org/
*Disclaimer:*
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is or shall be relied on as, a promise or representation as to the future performance of WISeKey. Reported by GlobeNewswire 2 hours ago.
↧
↧
Forex Today: China trade data rattles Asia; Brexit delay talks in focus
A renewed risk-aversion wave gripped the holiday-thinned Asian trading following downbeat Chinese trade imports and exports data that heightened global economic slowdown fears. In response to this, the Asian markets slipped led by the declines in the Chinese equities while the Antipodeans, the proxies for China, also took a huge beating across the board.
The safe-haven Yen rallied hard to test the 108 level versus its American peer, tracking the declines in the Treasury yields and the US equity futures. Amongst the European currencies, both the EUR and pound traded better bid amid a broadly weaker US dollar, as USD/CNY extended its 3-day bearish momentum.
On the commodities' front, both crude benchmarks and copper prices fell 1% amid China’s imports pain while gold futures on Comex advanced, with the 1300 level back on sight.
*Main Topics in Asia*
EU preparing Brexit delay until July - The Guardian
Brexit uncertainty taking toll on Britain's service sector - CBI
China to inject liquidity via reverse repo for the first time since June 2018
China’s full 2018 trade data: USD-denominated export growth hit highest since 2011
Oil continues to see support from OPEC constraints, US rig declines
China Customs: China's trade growth in 2019 may slow
China’s Dec trade balance (CNY): Exports and imports drop sharply
China’s December trade data (USD): Surplus expands 57.05bn, beats estimates
Goldman Sachs lowers USD/JPY 12-month forecast to 105.00
China SAFE said to double Qualified Foreign Institutional Investors program
Asian stocks mixed as China sees declines on disappointing Trade Balance
*Key Focus Ahead*
We have a quiet start to a busy week ahead, with a thin showing on the EUR calendar, as the main focus is likely to be centered on the Article 50 delay news a heading into the UK Parliamentary Brexit vote scheduled tomorrow. However, the Eurozone industrial production, due at 1000 GMT, could offer some trading incentives to the EUR, GBP traders. The industrial sector activity in Europe is expected to have contracted sharply in the month of November, with the output seen declining by 1% m/m and -1.4% y/y.
The NA session also remains data-light, with no releases from the US and the Canadian docket. But the NZIER business confidence and food price index data will be reported from New Zealand in the late-US session post-2100 GMT. There are no central bankers’ speeches lined up for today that will leave the fx space at the mercy of the broader market sentiment.
EUR/USD: Global growth fears may weigh over the EUR
The *EUR/USD* pair could come under pressure in Europe, as the global growth fears triggered by the below-forecast China trade numbers are likely to reverberate through the European and the US financial markets.
GBP/USD trimming the hatches with Brexit vote around the corner
Monday brings little action on the *economic calendar*, but Tuesday's parliamentary vote will see traders keeping a close eye on headlines today as they try to find a safe place to stand ahead of the almost-guaranteed washout of PM Theresa May's current withdrawal deal.
Gold Technical Analysis: Focus on today's UTC close
Acceptance below Friday's low of $1,286 would validate signs of bullish exhaustion near $1,300 and could yield a corrective pullback to $1,260. A daily close above $1,300 is required for bullish continuation.
Key notes for the week ahead: Brexit is the key focus and data events become the name of the game
We are entering the realms of data dependency once again and while today's schedule is pretty much void of scheduled calendar events …
Reported by FXstreet.com 2 hours ago.
The safe-haven Yen rallied hard to test the 108 level versus its American peer, tracking the declines in the Treasury yields and the US equity futures. Amongst the European currencies, both the EUR and pound traded better bid amid a broadly weaker US dollar, as USD/CNY extended its 3-day bearish momentum.
On the commodities' front, both crude benchmarks and copper prices fell 1% amid China’s imports pain while gold futures on Comex advanced, with the 1300 level back on sight.
*Main Topics in Asia*
EU preparing Brexit delay until July - The Guardian
Brexit uncertainty taking toll on Britain's service sector - CBI
China to inject liquidity via reverse repo for the first time since June 2018
China’s full 2018 trade data: USD-denominated export growth hit highest since 2011
Oil continues to see support from OPEC constraints, US rig declines
China Customs: China's trade growth in 2019 may slow
China’s Dec trade balance (CNY): Exports and imports drop sharply
China’s December trade data (USD): Surplus expands 57.05bn, beats estimates
Goldman Sachs lowers USD/JPY 12-month forecast to 105.00
China SAFE said to double Qualified Foreign Institutional Investors program
Asian stocks mixed as China sees declines on disappointing Trade Balance
*Key Focus Ahead*
We have a quiet start to a busy week ahead, with a thin showing on the EUR calendar, as the main focus is likely to be centered on the Article 50 delay news a heading into the UK Parliamentary Brexit vote scheduled tomorrow. However, the Eurozone industrial production, due at 1000 GMT, could offer some trading incentives to the EUR, GBP traders. The industrial sector activity in Europe is expected to have contracted sharply in the month of November, with the output seen declining by 1% m/m and -1.4% y/y.
The NA session also remains data-light, with no releases from the US and the Canadian docket. But the NZIER business confidence and food price index data will be reported from New Zealand in the late-US session post-2100 GMT. There are no central bankers’ speeches lined up for today that will leave the fx space at the mercy of the broader market sentiment.
EUR/USD: Global growth fears may weigh over the EUR
The *EUR/USD* pair could come under pressure in Europe, as the global growth fears triggered by the below-forecast China trade numbers are likely to reverberate through the European and the US financial markets.
GBP/USD trimming the hatches with Brexit vote around the corner
Monday brings little action on the *economic calendar*, but Tuesday's parliamentary vote will see traders keeping a close eye on headlines today as they try to find a safe place to stand ahead of the almost-guaranteed washout of PM Theresa May's current withdrawal deal.
Gold Technical Analysis: Focus on today's UTC close
Acceptance below Friday's low of $1,286 would validate signs of bullish exhaustion near $1,300 and could yield a corrective pullback to $1,260. A daily close above $1,300 is required for bullish continuation.
Key notes for the week ahead: Brexit is the key focus and data events become the name of the game
We are entering the realms of data dependency once again and while today's schedule is pretty much void of scheduled calendar events …
Reported by FXstreet.com 2 hours ago.
↧
Fast Europe Open: Turkey, eurozone industrial production
Reported by FT.com 2 hours ago.
↧
Intertrust simplifies organisational structure to support its transformation strategy
Amsterdam, the Netherlands - 14 January 2019 - Intertrust N.V. ("Intertrust" or "Company") [Euronext: INTER], a leading global provider of expert administrative services to clients operating and investing in the international business environment, announces today it is advancing the simplification of its organisational structure by replacing its current geographical setup of five segments, with a condensed regional approach, based on market size and characteristics.
Stephanie Miller, CEO Intertrust: "We are making good progress in the transformation of our company to become a tech-enabled corporate and fund solutions provider. Simplifying our management structure is another positive step in this journey. Building on executive leadership appointments I made last year for Technology, Operations, HR and M&A, these new reporting lines strengthen our business leadership to further increase focus, agility and accountability."
The company will operate through three market areas:
*Western Europe *
The market area Western Europe consists of Belgium, Germany, Luxembourg, Netherlands and Switzerland (47% of H1 2018 Group revenue). Frank Welman, currently Managing Director of Intertrust Luxembourg, will be appointed Managing Director Western Europe, expanding his responsibilities to oversee this market area which includes our two largest jurisdictions.
*Americas*
The market area Americas, led by James Ferguson, remains unchanged and consists of Bahamas, Brazil, BVI, Canada, Cayman Islands, Curacao and USA (16% of H1 2018 Group revenue).
*Rest of the World*
The market area Rest of the World, led by Daniel Jaffe, consists of Asia Pacific (Australia, China, Hong Kong, Japan and Singapore); and Northern and Southern Europe (Cyprus, Denmark, Finland, Guernsey, Ireland, Jersey, Norway, Spain, Sweden, Turkey, UAE and UK). Rest of the World, which now includes Jersey, represents 36% of the company's H1 2018 Group revenue.
The new structure will be reflected in the composition of the Company's Executive Committee, with immediate effect. The Company will report according to the three above mentioned market areas as of Q1 2019, including the quarterly comparables for 2018.
To read the press release, please open the attached file or download here.
*Attachment*
· Intertrust_simplifies_organisational_structure.pdf Reported by GlobeNewswire 2 hours ago.
Stephanie Miller, CEO Intertrust: "We are making good progress in the transformation of our company to become a tech-enabled corporate and fund solutions provider. Simplifying our management structure is another positive step in this journey. Building on executive leadership appointments I made last year for Technology, Operations, HR and M&A, these new reporting lines strengthen our business leadership to further increase focus, agility and accountability."
The company will operate through three market areas:
*Western Europe *
The market area Western Europe consists of Belgium, Germany, Luxembourg, Netherlands and Switzerland (47% of H1 2018 Group revenue). Frank Welman, currently Managing Director of Intertrust Luxembourg, will be appointed Managing Director Western Europe, expanding his responsibilities to oversee this market area which includes our two largest jurisdictions.
*Americas*
The market area Americas, led by James Ferguson, remains unchanged and consists of Bahamas, Brazil, BVI, Canada, Cayman Islands, Curacao and USA (16% of H1 2018 Group revenue).
*Rest of the World*
The market area Rest of the World, led by Daniel Jaffe, consists of Asia Pacific (Australia, China, Hong Kong, Japan and Singapore); and Northern and Southern Europe (Cyprus, Denmark, Finland, Guernsey, Ireland, Jersey, Norway, Spain, Sweden, Turkey, UAE and UK). Rest of the World, which now includes Jersey, represents 36% of the company's H1 2018 Group revenue.
The new structure will be reflected in the composition of the Company's Executive Committee, with immediate effect. The Company will report according to the three above mentioned market areas as of Q1 2019, including the quarterly comparables for 2018.
To read the press release, please open the attached file or download here.
*Attachment*
· Intertrust_simplifies_organisational_structure.pdf Reported by GlobeNewswire 2 hours ago.
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