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(awp) According to a representative survey, the effects of the Corona crisis on the Swiss economy and the labor market are drastic: almost a fifth of employees believe they are likely to lose their jobs, and almost a quarter of self-employed workers expect bankruptcy.
This was announced by consulting firm Deloitte Switzerland on Wednesday. Consultants assume that a rapid recovery in the economy is not realistic. It would be a long time before the pre-crisis level was reached again.
A client and the hairdresser Giuseppe Decarlo wear protective masks. Recorded April 27 in Zurich.
According to the survey of 1,500 people of working age in mid-April, the crown crisis had a negative impact on the work situation of 63% of respondents. Specifically, more than half (54%) had to reduce the workload.
27% of respondents had to cut overtime and 24% had to take their vacation ahead, Deloitte said. And 2% of all employees were laid off. Naturally, the catering and tourism sectors were particularly affected.
And according to Deloitte, the crisis is far from over. At 71%, a clear majority of employees do not expect to be laid off. However, 12% considered this scenario to be “more likely” and 7% even “very likely”.
Freelancers are seriously affected by the crisis: according to the survey, 18% have had to close their businesses so far. With 21%, sales fell to zero and another 38% reported lower sales. For 77% of all self-employed people, the crisis has clearly negative consequences.
The future prospects for small businesses and self-employed workers are also bleak. According to Deloitte’s survey, the remaining 24% of self-employed workers consider it “very” or “rather” likely that they will have to file for bankruptcy.
(Reuters) Geneva asset manager Reyl plans to launch a new digital bank next year. The Alpian offering is aimed at Swiss clients with assets from CHF 100,000 to CHF 1 million, as Reyl partner Pasha Bakhtiar said in an interview published by the Reuters news agency on Wednesday.
There are already online banks, like Swissquote. But with such offerings, client-tailored investment advice is limited. “Therefore, we are convinced that the launch of Switzerland’s first digital private bank will definitely have force.”
According to their own market research, many young clients working with investible assets of several hundred thousand francs are not satisfied with the existing offers in asset management. Most believe that their funds are insufficient for a traditional private bank. On the other hand, personal service was lost in institutes active in mass business. Furthermore, it is often difficult to target your online investment offers without deep financial knowledge.
At Alpian, the customer should one day not learn about an investment opportunity through hard-to-read PDF documents, but through a 60-second video clip. Previously, the platform would make an AI-based investment selection that would take personal interests and risk profile into account. If necessary, a client advisor would also be available via video chat.
Smartphone banks like the German N26 or the British Revolut have already gained millions of customers in just a few years. Alpian takes a different approach: Fewer customers who use more than just payment and account services and are willing to pay for them. Alpian is currently calculating various pricing models. In one of these, clients would have to pay 0.5% of assets under management as a fixed rate each year. This is significantly below the prices of most Swiss asset management banks and is only possible thanks to the digital approach. “Our goal is not only to mix supply, but also existing prices,” said Bakhtiar. In the base scenario, Alpian is profitable with 80,000 clients.
In a first round of financing, Alpian raised 12.2 million Swiss francs in January, with a total value of around 56 million Swiss francs. Just under a quarter of the shares now belong to investors such as private equity firms and wealthy individuals, accounting for 26% reserved for employees. The majority is still in the hands of Reyl and Reyl’s partners. The funds should be sufficient to start operating in early 2021, Bakhtiar said. “We are planning an additional round of financing in the third or fourth quarter of 2020 to increase the regulatory capital that Finma needs before a license is granted.” At first, Alpian wanted to roughly double the current workforce of a good dozen.
(Reuters) China’s services activity increased in April. The official purchasing manager index (PMI) increased from 52.3 in March to 53.2, as announced by the National Bureau of Statistics on Wednesday.
The 50-point mark separates growth and contraction monthly. The Beijing government is confident of a rebound in the service sector to revive the downturn in the economy caused by the coronavirus pandemic.
However, analysts warned that weak consumption and falling global demand will delay the recovery, as many economies have stalled due to trade restrictions to curb the virus. The official PMI for composite materials in April, which includes production and services, increased from 53 in March to 53.4.
(Reuters) American entertainment giant Walt Disney has suffered a big drop in profits due to the corona virus pandemic. The surplus decreased more than 90% year-over-year to $ 460 million in the three months to the end of March. The group announced this on Tuesday (local time) after the close of the US stock market in Burbank, California. Revenue grew 21% to $ 18 billion thanks to growing TV and broadcast offerings. Expectations of already reduced earnings were largely lost.
However, Disney amusement parks, resorts, cruises, and fan-only shops in particular suffered greatly from the coronavirus pandemic: operating profit fell 58% here, though the virus crisis it was only extended at the end of the quarter. The streaming business with the thriving new Disney + video service grew tremendously, but so far has also involved high costs. The division’s loss of $ 812 million was more than double the prior-year period.
Disney’s new CEO Bob Chapek, who took over as long-time corporate director Bob Iger in February, still tried to be optimistic. “The Covid 19 pandemic is having a significant impact on several of our businesses,” admitted the senior manager. However, Disney’s leadership is confident that it will weather the crisis well and eventually strengthen itself. The group had shown enough times that it was “exceptionally resistant”.
Tourists with facial masks: Disneyland Shanghai will reopen soon with restrictions.
In the last quarter, Disney’s amusement parks, which are among the company’s main pillars and sources of profit, were the main victims of the coronavirus crisis. First, international attractions in Asia, for example, had to close, followed by large theme parks in the United States in mid-March. As a result, the high costs are suddenly no longer offset by any noticeable income. Disneyland Shanghai is said to reopen on May 11, albeit with significant restrictions. In total, Disney reduced pandemic damage to around $ 1.4 billion in the quarter.
But the film division also groaned under the crown crisis, as people around the world stayed home, theaters had to close, and the studios had to suspend production work. The division posted 8% less profit than the previous year, although there had been promising starts with “Frozen 2” and “Star Wars: The Rise of Skywalker” earlier in the quarter. However, the television and cable business significantly increased revenue, even as troubled sports broadcaster ESPN continues to shrink the division.
Quarterly figures were initially poorly received by investors, and stocks subsequently reacted with significant price cuts. The profit was well below market expectations, even if sales were higher than expected. Investors were particularly upset that Disney announced it would suspend semi-annual dividend payments due to the pandemic. The stock has already suffered a lot anyway: the price has dropped 30% since the beginning of the year.
(dpa) Meat substitute maker Beyond Meat, known for vegan burgers, continues its rapid growth even in the crown crisis. In the first quarter, earnings increased 141% year-over-year to $ 97.1 million (CHF 94.4 million), according to Beyond Meat on Tuesday after the U.S. exchange closed.
Beyond Meat also posted a profit of $ 1.8 million, compared to a loss of $ 6.6 million in the same period last year. Red numbers and less sales were expected on Wall Street. Participation increased significantly after the exchange. The price has increased by more than 30% since the beginning of the year.
Beyond Meat was founded in 2009 and has been listed on the stock exchange since May 2019. The company produces plant-based meat alternatives without animal ingredients. Burgers now offer multiple fast food chains. In the particular crown pandemic, Beyond Meat and rival Impossible Foods offer welcome alternatives to the classic American meat industry, which is moaning heavily under the crisis.
Meat factories from big manufacturers like Smithfield or Tyson Foods are considered sources of Covid-19 infection and therefore had to close. US President Donald Trump has already implemented the Defense Production Law, which was originally intended for war, to maintain operations and the supply of meat.
Complaints about a shortage of hamburgers
However, the fast food industry already feels the lack of meat in the United States. Hamburg’s Wendy’s chain confirmed on Tuesday that bottlenecks could occur in some of its fast-food restaurants due to the supply shortage situation. Customers had previously complained about the lack of hamburgers online.
According to an expert at investment bank Stephens, the meat products were said to have sold entirely in 18% of all US Wendy’s stores earlier in the week. This shows an evaluation of the online menus. A company spokeswoman did not provide specific information on availability upon request. Wendy’s shares fell significantly in the red on the stock exchange.
Large retail chain Costco announced Monday that it will temporarily limit purchases of beef, pork and chicken to a maximum of three items per customer. On Friday, supermarket giant Kroger already awarded a limited range of meat on its website. According to the Ministry of Agriculture, wholesale meat prices have already increased considerably.
(Reuters) Biotech company Qiagen expects sales to grow in the second quarter compared to the same period last year due to high demand for test products for detecting coronavirus. By contrast, Qiagen does not dare forecast the full year due to the uncertainty surrounding the pandemic.
Based on past trends, the company listed in the German MDax assumes net sales growth of at least 12% for the second quarter compared to the second quarter of 2019 at constant exchange rates. Qiagen also expects adjusted earnings per share of at least 40 cents. The company announced this on Wednesday night.
(dpa) Flying could become cheap: If flight operations start again on a large scale after Corona’s drastic measures, tickets should initially be cheap, according to the umbrella organization for airlines (IATA). Airlines should stimulate demand with offers, IATA chief economist Brian Pearce said in Geneva on Tuesday. Furthermore, capacity is initially greater than demand and oil prices are low. Reserves would have increased, but were still significantly below the pre-Crown crisis. Pearce did not expect prices to rise before next year.
IATA does not want to vacate the intermediate seats on the plane. The image shows passengers of the Kazakh airline Air Astana on May 1.
It would be problematic if the authorities in the fight against the further spread of the virus demanded a distance between passengers and intermediate seats in economy class that they had to remain free. If only about 60% of seats can be sold, ticket prices should rise from 43 to 54% to make up for the failure, Pearce said. With an occupancy rate of just over 60%, according to an IATA analysis, only 4 out of 120 airlines would have covered at least its costs.
There is no evidence that releasing the center seats further reduces the risk of infection, IATA chief Alexandre de Juniac said. The association is against such guidelines. Rather, the airlines worked on concepts with fever tests, masks, and rigorous hygiene measures. According to IATA, studies suggest that there is almost no risk of infection on board.
The association is changing: In April, IATA chief Alexandre de Juniac said leaving the center seat was one of the most likely conditions for air traffic to resume and should be discussed with governments around the world. IATA chief economist Brian Pearce said most airlines could not have made money in the past year if a third of the most flown airline seats in the industry had been removed.
(awp) The mood of Swiss consumers is at its lowest point. El Seco confirms previous estimates that the coronavirus has severely lowered expectations for overall economic development and the labor market.
Respondents assume a severe recession and assess their own financial situation as negatively as they have not done since the 1990s, Seco said Tuesday. At that time, the Swiss economy suffered a prolonged recession with a sharp rise in unemployment.
According to Seco, consumer sentiment fell to -39.3 points in April from less than 9.4 points in January. Above all, respondents’ expectations for overall economic development were hit hard. The corresponding sub-index has fallen to a record low of -78 points (-7.1).
But expectations for the labor market have also deteriorated significantly. In one quarter, the expected unemployment rate has risen as sharply as ever since the start of its 2007 survey and has almost reached the all-time high of the financial and economic crisis, as stated in Seco’s communication.
Consequently, respondents are also preparing for the bad times with respect to their own budgets. The subindex of the expected financial situation is now -23.6 points (-8.0). According to Seco, comparable values so far were only recorded in the early 1990s.
The question of whether there is currently a good time for larger purchases has been answered more negatively than ever. This subscript stands at -48 points (-8.3).
The corona pandemic is depressing consumers’ desire to buy. Inflation was correspondingly low in April.
(awp / sda) Inflation in Switzerland fell in April 2020 compared to the previous year. This is due to a number of factors related to the crown pandemic and how to combat it.
The price level, as measured by the National Consumer Price Index (LIK), fell 0.4% in April compared to the previous month to 101.3 points, as announced by the Federal Statistical Office (BFS) on Tuesday. The price level fell significantly 1.1% in one year. Therefore, the reported values for the reporting month are at the low end of expectations. Economists interviewed by the AWP news agency expected annual inflation to fall in the range of -0.7 to -1.1%.
The 0.4% decrease in monthly control is due to a number of factors, including lower air travel prices. Prices for hotel accommodation, tour packages and fuel have also dropped. However, the prices of vegetables and clothing have increased.
With 1.0%, the fall in imported goods was significantly more pronounced than that of domestic goods with -0.2%. The annual decline in imports is even more pronounced at -3.9% compared to -0.1%. For the most part, this is likely due to the collapse in the price of petroleum products. These fell 5.7% on a monthly basis and 16.7% on an annual basis.
The BfS found stronger increases in the prices of vegetables, women’s clothing, mineral water and paper articles for personal care, among other things. The harmonized consumer price index (HICP), which is used to compare local inflation with that of European countries, increased by 0.1% 100.87 points in April 2020 compared to the previous month. From an annual perspective, this corresponds to an exchange rate of -1.0%.
gvm. In the 1980s, as a student at Virginia Tech University, Kevin Crofton wanted to be an astronaut. Now the 59-year-old American-British engineer is the CEO of the Flamatter technology company Comet. He should take office at the beginning of October at the latest. In this way, Comet has secured the experience of a proven industry expert who has been active in the semiconductor industry for 25 years.
After receiving an MBA from American University and a college degree in aviation, Crofton worked for the United States Department of Defense and then for the Pratt & Whitney aviation group. In 1994, he switched to Lam Research in the semiconductor industry. This was followed by administration tasks at Newport and NexxSystems.
Since 2006, Crofton has spearheaded British semiconductor provider AvizaTechnology UK, which three years later became a management purchase for SPTS Technologies. This was acquired by Israeli Orbotech in 2014. Orbotech and SPTS have been subsidiaries of the American technology group KLA for over a year.
In a statement, the Chairman of the Board of Directors, Heinz Kundert, who has been in charge of operational management since last summer’s CEO, René Lenggenhager, expresses his joy at having found a proven expert who knows Comet’s core markets well. . Only Comet will not change generations. Kundert will also have to retire in two years, unless the statutes are adjusted accordingly.
(awp / sda / dpa) Bad news for Swiss buyers of cheel diesels in the exhaust gas scandal: Legal service provider Financialright has suffered a court defeat by a Swiss VW diesel customer. The lawsuit against Volkswagen was dismissed, as announced by the Braunschweig district court on Tuesday.
In the House’s view, Financialright in this case exceeds the powers for debt collection services. The assignment of possible claims by the Swiss to the company registered in the German legal services register is null and void.
Essentially, it was about the admissibility of the company’s business model, which had released claims from more than 2,000 Swiss diesel customers. Financialright provides legal services under Swiss law, although knowledge, verification and verification was not required when registering with the German registry.
The only thing that was negotiated was the possible claim of an individual car buyer who is said to have bought a vehicle with an EA189 diesel engine in Switzerland. According to a court spokeswoman, the ruling has a signal effect on the so-called class action lawsuit for around 2,000 Swiss citizens with a disputed value of more than 800,000 euros (Az. 11 O 3136/17).
The judgment is not final. Financialright can appeal to the Brunswick Superior Regional Court within one month.
(dpa) Italian-American automaker Fiat Chrysler has sunk deep into the red. In the first quarter, there was a loss of € 1.7 billion after a profit of € 619 million a year earlier, as the company announced in London on Tuesday. The deterioration of the business units due to the impact of the Covid-19 pandemic was several hundred million euros. CEO Mike Manley referred to the group’s liquidity in the face of the crisis. The funds available would have been 18.6 billion euros at the end of March. The company once again strengthened this with a new € 3.5 billion line of credit in April.
Revenue overall decreased 16% to € 20.6 billion, primarily due to declining sales in North America and Asia. Adjusted for special items and before interest and taxes, Fiat Chrysler almost lost an operating loss with a result of € 52 million. This was thanks to the largest market in North America, where Fiat Chrysler has had most of its earnings.
(awp / sda) Swiss companies are in an even more negative situation due to the Covid 19 pandemic than during the financial crisis ten years ago. Pessimism gripped almost all industries in April.
Not only that most companies are already evaluating their business situation even more negatively than during the 2009 financial crisis. They expect further deterioration in the coming months, as the KOF economic research center told ETH Zurich on Tuesday. “The corona virus has firm control over the economy,” he concluded.
The pandemic has left its mark on all economic sectors. However, the manufacturing sector can still feed off the early months of 2020, which were quite strong. As a consequence, capacity utilization changed little during the first quarter. The business situation in the manufacturing sector is not as bad as in the financial crisis.
However, new orders are likely to come in moderation. When looking to the future, companies are more pessimistic than during the financial crisis.
The construction industry and project planning offices also registered negative records. According to the KOF, the status indicator here has fallen more than in the previous month. The situation is similar in the financial sector.
In contrast, the indicator of the business situation in the hospitality and retail sectors has sagged and the situation is very difficult. According to the KOF, while the hospitality industry is plagued by the pandemic and the downturn in business, the crown crisis also particularly affects retailers.
In retail, business in many sectors has been paralyzed due to measures to prevent the spread of the coronavirus. The business indicator has fallen to its lowest level in 15 years.
It doesn’t look much better in the hotel industry. Tourism is severely restricted and has come to a complete halt in many places. Companies currently do not expect improvement.
According to the survey, the otherwise successful service sector also faces a historically difficult situation. The business situation is significantly worse than in the 2009 financial crisis, for example, the KOF continues. Service companies would expect a sharper decline in demand than at that time.
This pessimism permeates many areas of the sector: both in the area of transportation, information, communication and in the areas of economic services and personal services, demand expectations are significantly more negative than during the financial crisis.
(awp / sda) Adecco felt the effects of Corona in full force in the fourth starter. The personal services provider generated fewer sales. The bottom line is a copyist because Corona causes a great loss. And it gets worse.
Revenue in the reported currency decreased 9% to € 5.14 billion, the company said Tuesday. Adjusted for the effects of the exchange rate and the different number of business days, it also decreased 9% between January and March.
In March alone, there was a huge 19 percent decrease, the company writes. Before that, before Corona, sales development in the last quarter of 2019 had failed. Crown measures in many countries have reportedly collapsed demand for personnel services, especially beginning in the second half of March.
As a result, gross profit decreased 8% to 994 million and operating profit (EBITA) decreased 38% to 136 million.
The bottom line was a net loss of 348 million after a gain of 133 million in the same period last year. The main reason for the loss is a goodwill amortization of € 362 million. This was done due to an “unprecedented level of forecast uncertainty regarding Covid-19,” the statement said. The writer mainly affects Germany, Austria and Switzerland.
With the figures shown, the employment agency slightly exceeded sales and EBITA expectations, but the net loss is a surprise: analysts had organic growth of -12.5% in advance (AWP consensus), sales of 4.91 thousand millions. , an EBITA of 131 million and a net profit of 75 million.
For the current quarter, anything but improvement is emerging. As a result, sales in April fell about 40%. Therefore, the company expects a “difficult quarter”.
According to Adecco, signs of stabilization can be seen in those countries that announced a blockade from the beginning. In contrast, volumes in countries with a subsequent blockade continued to decline.
The group emphasizes that it has a solid balance sheet and liquidity. At the end of March, cash and cash equivalents totaled € 1.4 billion. Furthermore, the decrease in sales also leads to a decrease in the necessary working capital.
(awp / sda) The Oerlikon industrial group suffered the Corona crisis in the first quarter of 2020: order intake and sales fell significantly, and operating profit fell 40%. The closure in China was felt in the “Artificial Fibers” segment, while the surface felt the start of the blockade in Europe and other parts of the world.
Revenue in the reporting period fell overall 15% to CHF 529 million, as Oerlikon announced on Tuesday. Order intake was approximately 30% less than 477 million. The order backlog at the end of March was 545 million, which was also significantly lower compared to 652 million the previous year.
Operating result at the EBITDA level decreased by 38% to CHF 58 million and the corresponding margin decreased to 11.0% from 15.0% in the previous year. EBIT fell 86% to 6 million.
With the quarterly report, the company met analysts’ expectations in terms of sales and exceeded the operating result. However, order intake fell far short of estimates.
Prospects for the current year are retreating in light of the crown crisis and weakness in key markets such as the automobile, industry and aviation, as well as the high level of uncertainty about future developments.
Measures have been taken to protect employees and maintain business continuity. Oerlikon has a solid capital structure, strong liquidity and a debt-free net balance. A plan of measures is being implemented to ensure liquidity and reduce costs in all business areas. The medium-term objective of an EBITDA margin of 16 to 18% will continue to be pursued.
Management had previously expected a flat or slightly negative development in the current year. Values of CHF 2.5 billion to CHF 2.6 billion were mentioned as targets for incoming orders and sales, and the EBITDA margin after investment and growth initiatives should be between 14.0 and 14.5%.
(dpa) About five years after a Germanwings plane crashed in the French Alps, the first trial for pain and suffering against Lufthansa began on Wednesday in Essen District Court.
Negotiations of relatives of dead passengers are being negotiated. His lawsuit is directed against Lufthansa AG and Lufthansa Aviation Training USA Inc., a flight school in the United States. The machine’s co-pilot, apparently depressed, is said to have been trained there. He is said to have intentionally directed the plane against a mountain in the French Alps on March 24, 2015. All 150 inmates died, including 16 students and two teachers from a high school in Haltern am See in North Rhine-Westphalia.
The plaintiffs accuse the flight school and Lufthansa of failing and demand higher pain and suffering payments than Lufthansa has already made. According to the court, the obligation of medical surveillance could also have been a government task. In this case, the flight school and Lufthansa would be the wrong recipients of the lawsuit.
Es poco probable que se espere una decisión en la audiencia judicial del 6 de mayo de 2020.
(awp / sda) PSP Swiss Property obtuvo menos ganancias en el primer trimestre. En contraste, el ingreso de la propiedad ha aumentado. El grupo inmobiliario es algo más cauteloso sobre el curso posterior debido a las inciertas consecuencias de la pandemia de coronavirus. El pronóstico anterior se reduce ligeramente.
Dado que no hubo efectos especiales en contraste con el mismo trimestre del año anterior, PSP registró una disminución de las ganancias netas de casi el 40% a CHF 47.9 millones en el primer trimestre. En el primer trimestre de 2019, el segundo grupo inmobiliario suizo más grande se benefició de un efecto impositivo único, éxito de ventas y una apreciación extraordinaria de la cartera.
Wie PSP am Dienstag weiter mitteilte, stieg der Liegenschaftsertrag um 2,2% auf 74,0 Mio. Fr. Der Betriebsgewinn (EBITDA ohne Liegenschaftserfolg) fiel um 3,1% auf 63,3 Mio. Der entsprechende Reingewinn sank um 4,8% auf 48,1 Mio. Fr. Der durchschnittliche Leerstand im 8,1 Mrd. Fr. schweren Immobilienportfolio lag am Stichtag Ende März bei 3,2% nach 3,5% im Jahr zuvor. Mit den vorgelegten Zahlen hat PSP die Erwartungen der Analysten mehr oder weniger getroffen.
Für das Gesamtjahr erwartet PSP neu einen EBITDA (ohne Liegenschaftserfolge) von rund 260 Mio. Fr. und einen Leerstand per Ende Jahr von rund 3,5%. Bisher lautete die Prognose auf über 260 Mio. Fr. beziehungsweise von unter 3,5%.
(sda/reu) Der US-Chiphersteller Intel hat den israelischen Transit-App-Hersteller Moovit gekauft. Der Kaufpreis liegt bei rund 900 Millionen Dollar, teilte der amerikanische Konzern in der Nacht auf Dienstag mit.
«Moovit ist eine Akquisition, die einige sehr kritische Lücken füllt, die wir in Zukunft haben», sagte Amnon Shashua, Chef der Autoeinheit Mobileye von Intel in Israel, diesbezüglich der Nachrichtenagentur Reuters.
Moovit soll als unabhängiges Unternehmen bestehen bleiben und mit seiner Technologie und Daten der rund 800 Millionen Nutzer die Entwicklung selbstfahrender «Robotertaxis» für Mobileye vorantreiben, wie das Unternehmen weiter mitteilte. Der gezahlte Preis war fast doppelt so hoch wie die Bewertung von 500 Millionen Dollar, als Moovit zuletzt im Jahr 2018 Geld eingesammelt hatte.
Intel besass bereits etwa sieben Prozent von Moovit durch eine frühere Beteiligung und zahlt nunmehr rund 840 Millionen Dollar in bar für die vollständige Übernahme. «Für ein Unternehmen wie Intel, das einen sehr systematischen Plan hat, wie sich die Zukunft entwickeln soll, sollte das Coronavirus kein Rückschlag sein. Im Gegenteil, man sollte sich die Krise ansehen und dann Chancen finden», erklärte Shashua weiter.
Intel prognostiziert, dass der Markt für selbstfahrende Taxen bis 2030 rund 160-Milliarden-Dollar-schwer sein wird.
