Financial Highlights in Switzerland
Vögele shoes will stop their activity at the end of the year. The shoe store has failed to change its financial situation. They could not overcome an unpredictable and massive decline in demand since last October or convince new investors. This situation is impacting 131 employees.
Some ski resorts in Switzerland plan to raise their prices this year. It comes as all hospitality sectors, from hotels to restaurants, announce price rises due to the high energy costs.
Zermatt increased the Day Pass to CHF 83.-, a 5 percent increase compared to last year. Andermatt has also said that while the cost of a day pass will not rise, it will be making discounted tickets more expensive.
Financial Highlights in the World
China’s November factory activity fell to 48 from 49.2 on the previous month, dropping to the lowest reading since April 2022.
The non-manufacturing PMI, which measures business sentiment in the services and construction sector, also fell to 46.7 from 48.7 in the previous month. Any number below 50 indicates a contraction.
The annual inflation rate in the Euro Area eased to 10% in November from a record high of 10.6% in October.
In Germany, the annual inflation rate slipped to 11.3 percent in November from 11.6 percent the month before. It was the first month since June that price gains had slowed.
Spain also showed indications that inflation was falling, as the rate of consumer price increases in November was 6.6 percent, down from 7.3 percent in October.
ADP employment in the US slowed more than expected in November. America’s private sector declined from the 239,000 paces recorded in October to 127,000 in November, suggesting demand for labor was cooling amid high-interest rates.
Financial Highlights in Companies
After the crypto exchange FTX, we have another company falling, BlockFi. The crypto company based in the US state of New Jersey has filed for Bankrupcy. The fintech announced it has around $257 million in cash on hand but claiming between $1 billion and $10 billion in assets (as well as between $1 billion and $10 billion in liabilities).