Overview of TOP weekly news
Structural changes in Credit Suisse
Following the announcement of a huge loss of $4.69 billion over Archegos Capital Management LP, the bank announced a dismissal of senior executives, the cessation of the share repurchase program and a dividend reduction for 2020. The bank will pay a dividend of 0.10 francs per share, compared to the original payout plan of 0.2926 francs. The expected pre-tax loss for the first quarter will be around 900 million francs. *
Credit Suisse CEO Thomas Gottstein said: “The significant loss in our Prime Services division due to the failure of a US-based hedge fund is unacceptable. We learned a serious lesson. ”
Removed from the position will be Chief Risk Officer Lara Warner and Chief Investment Officer Brian Chin.
50 members of the US Congress have called on US Trade Representative Katherine Tai to reach an agreement to eliminate 25% of US whiskey tariffs imposed by the European Union and Britain in retaliation for US tariffs on steel and aluminium.
If governments agreed to remove the tariff burden, the recovery of restaurants, bars and small craft distilleries that were forced to close during a coronavirus pandemic would be significantly faster. On the other hand, duties on steel and aluminium were imposed under the jurisdiction of the Ministry of Commerce under the Cold War-era National Security Trade Security Act.
US official Gina Raimondo claims that tariffs on steel and aluminium protects American producers. The sector’s problems need to be addressed at a global level to reduce overcapacity for steel and aluminium, which are mostly concentrated in China.
G20 on the coordination of economic recovery
World leaders and G20 members agreed to discuss how to coordinate policy to prevent, as far as possible, the virus-affected economies from emerging from the recession at very different speeds. Among the highlights will also be governments’ response to the ongoing COVID-19 crisis.
Italy, as chair of the group, said that the group should reaffirm the need not to ease stimulus measures prematurely and discuss how to help poor countries burdened with debt. The disproportion of vaccination varies from country to country. Britain and the United States are far ahead of most European Union countries, Asia and especially African countries.
“The first signals are uneven, some economies are developing well and others are lagging. This is something that obscures the global economic outlook, “said a G20 official.
Recovery of the European markets
The European stock index Eurostoxx 600 has surpassed a new record high, thanks to a rapid recovery from a pandemic, supported by a rapid global economic recovery from burst stimulus spending and vaccination programs.
Performance of index Eurostoxx 600 (Source of the graph: Tradingview) 
Fine for ČEZ
The Bulgarian regulator confirmed a fine of 4.4 million levs to three Bulgarian companies of the Czech energy company ČEZ. Electro Bulgaria, CEZ Distribution and CEZ Bulgaria were fined for abusing their dominant market position.
Performance of CEZ’s shares (Source of the graph: Tradingview) 
Watch this week:
Thursday, April 15, 2021
Australia will publish unemployment developments. Analysts expect 6.3% unemployment in March. *
Friday, April 16, 2021
The euro area will publish the development of core CPI inflation. Analysts expect accelerated year-on-year growth of 1.1%. *
China will publish the development of industrial production. Year-on-year growth is expected to grow by 15.6% in March. *
Source of the text: Investing, Zerohedge, Financial Times, Reuters, Tradingview
[1,2] Past performance is no guarantee of future results
* Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or based on the current economic environment which is subject to change. Such statements are not guaranteeing future performance. They involve risks and other uncertainties which are difficult to predict. Results could differ materially from those expressed or implied in any forward-looking statements.