Economy

The rebound hoped for in 2024 is also likely to be delayed, she adds in her press release. Inflation continues to weigh down, and even if the rate of 2.7% remains modest in comparison with other countries, it is not decreasing either. Because if the prices of energy and foodstuffs have begun to fall, the other prices remain on the rise.

The central banks reacted much too late, and the rises in interest rates did not make it possible to reverse the trend, estimates Economiesuisse. Moreover, these measures are not free. Thus, a recessionary phase is looming in the United States, while Germany is already in recession.

This situation weighs on Swiss exports, when supplies of semi-finished products remain difficult. The machinery, electrical equipment and metals sector is under pressure, as is chemicals, while textile exports are stagnating. The pharmaceutical industry and medical technologies, on the other hand, are experiencing sustainable growth, while watchmaking is booming.

Growth prospects vary greatly from one branch to another, but also within the same branch, underlines the umbrella. Even in sectors in difficulty, there are companies that are doing well, even very well.

Persistent labor shortages

Finally, the serious shortage of skilled labor is another problem for some companies whose prospects are good, but who are struggling to find the employees they need.

For 2024, Economiesuisse forecasts GDP growth of 0.9%, in a context of a slight increase in unemployment. While the appreciation of the franc is curbing inflation, it is not completely preventing it, so that it should remain above 2% next year.

The organization expects the Swiss National Bank (SNB) to raise its rates once more by the end of the year. Short-term rates should therefore drop to 2%.

Finally, among the risks that threaten the economy, in the eyes of entrepreneurs, it is geopolitical tensions that would cause the greatest difficulties for commercial activity, even more than inflation or the decline in demand.

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of energy sobriety required new skills. The company has also been certified Great Place to Work

Concerning the capital increase reserved for employees, the Chairman reminded that the company offers, each year, the possibility to its employees to subscribe to a reserved capital increase. In accordance with legal provisions and the authorization given by the General Meeting of Shareholders, the share issue price is set by the Board of Directors and may not be less than 70% of the reference price. For the capital increase reserved for employees proposed during the 2022 financial year, the Board decided to set the discount on the reference price at 10% thus offering, given the level of the share price at that time, conditions considered very favorable for the employees.

Regarding the number of performance shares granted under the 2023 plan, it was specified that the new plan having been established with more demanding conditions than the previous plans, the number of performance shares distributed was set at 105,000 shares. It represents the same overall value as the previous plan, valuation reviewed by two external and independent firms, AON and Mercer.

• The proposed dividend of €5.30 per share and its possible evolution for 2024

It is reminded that, like the previous three years, the proposed dividend for the 2022 financial year is €5.30 per share. Maintaining the dividend at this level, in a difficult economic context, demonstrates the solidity of the company. For the future, and as indicated during the presentations, the Net Recurring Income for 2023 is expected to rise between €5.80 and €5.90 per share, further proof of Gecina’s solidity.

It is recalled that the Bioclimatic PLU which is currently being examined, provides for several axes with

including major environmental and bioclimatic ambitions and the desire to promote diversity. Overall, the strategy of

the company is already aligned with the new ambitions of the city of Paris, in the current state of the draft texts.

• The Group’s position in relation to the DPE on its buildings

It is recalled that lots with a DPE F or G will soon be prohibited for rental. The share of apartments classified F or G in Paris would be around 35%. For the company, this share is only a few percent. This result is the fruit of forward-looking work initiated several years ago by the company’s teams.

Gecina also continues to identify the various energy improvement points that might be made on its real estate assets, such as the greening of terraces.

• The planned departure of a tenant occupying the premises of a tower in La Défense

It is recalled that the lease, relating to the premises of a tower in La Défense, is still in force for a few years. The company considers all possibilities, as it does with each announced tenant departure. The tower is of very high quality, offers good environmental quality and benefits from a very good location. The teams are mobilized on this subject.

• The damage observed on a building in Boulogne

It is reminded that the building in question was built regarding ten years ago and gave rise to various construction and design disputes on several elements and in particular facade elements and sealing problems which have forced the company to partially cover the building. Judicial expertise is in progress to determine the responsibilities. Some expertise having ended, work will be able to be undertaken and the tarpaulins removed soon.

Oil prices rose today, Friday, amid a recovery in sentiment as a result of the approval of the US debt ceiling bill, at a time when markets assessed the possibility of OPEC + implementing production cuts, to support prices in the next two days.

Brent crude futures rose 71 cents to $74.99 a barrel by 06:00 GMT, and US West Texas Intermediate crude futures rose 66 cents to $70.76 a barrel, following oil prices witnessed two consecutive days of losses.

Markets received reassurance following the passage of a bill in Congress suspending the US debt ceiling of $ 31.4 trillion, in addition to indications earlier that the Federal Reserve may stop raising interest rates.

Yesterday evening, the US Senate passed the debt ceiling bill, avoiding a catastrophic debt default that would have sent a violent shock to the financial markets.

Market sentiment was also supported by US crude inventories data released Thursday by the Energy Information Administration, which indicated a jump in crude imports last week.

On the related side, the focus of investors has shifted to a meeting to be held on June 4 of the Organization of the Petroleum Exporting Countries and its allies, including Russia, an alliance known as OPEC +.

During the meeting, ministers from major oil-producing countries will decide on possible further production cuts to support government revenues.

Expectations and indicators varied regarding such a possible cut, as Archyde.com and analysts from banks including HSBC and Goldman Sachs said that it is unlikely that further production cuts will be implemented from OPEC +, and that the alliance will adopt a wait-and-see approach.

However, other market observers indicated that weak data for the manufacturing sector from China and the United States may suggest that OPEC + will take a decision to cut further.