European court ruling puts cautious Swiss in climate bind
By Gabrielle Tétrault-Farber and Dave Graham GENEVA/ZURICH (Reuters) – Switzerland for all its snow-capped mountains and crisp Alpine air has failed to protect its people from the ravages of climate change, as…
Swiss consumers don’t need govt help to cope with inflation -finance minister
ZURICH – Swiss Finance Minister Ueli Maurer ruled out government support for consumers hit by high energy prices and said budget cuts may be needed because the government would not raise taxes…
Swiss Re, UBS among founding buyers in carbon removal scheme
By Susanna Twidale LONDON – Insurance firm Swiss Re and banking giant UBS are among five founding buyers of credits from a scheme set up by a Swiss company to drive down the cost of…
United States Recovers Over $15 Million from Swiss Bank Accounts as Proceeds of Global Digital Advertising Fraud Scheme
Breon Peace, United States Attorney for the Eastern District of New York, announced today that $15,111,453.84 in illicit proceeds derived from an international digital fraud scheme has been transferred by Switzerland to…
Traders can decide if Russian commodities deals are allowed -Swiss
By Michael Shields ZURICH – Trading houses can decide for themselves whether commodity deals with state-controlled Russian companies meet the standard of being “strictly necessary” in order to avoid international sanctions, the…
Switzerland names new vice chairman of Swiss National Bank’s governing board
ZURICH – Switzerland’s Federal Council has appointed Martin Schlegel as vice chairman of the governing board of the Swiss National Bank, succeeding Fritz Zurbruegg as head of the department responsible for financial…
Swiss Scientist Convicted by Federal Jury of Conspiracy to Steal Trade Secrets Belonging to GlaxoSmithKline
PHILADELPHIA – United States Attorney Jennifer Arbittier Williams announced that Gongda Xue, 52, formerly a resident of Allschwil, Switzerland, a legal permanent resident of Switzerland and citizen of China, was convicted after…
Swiss industry and households feel strain from rising prices-data
ZURICH – Switzerland’s manufacturing Purchasing Managers Index (PMI) continued its downward trend in April, data released on Monday showed, as prices continued to rise on a broad scale. The consumer sentiment index,…
Swiss National Bank posts $34 billion loss as bond losses bite
ZURICH – The Swiss National Bank reported a first quarter loss of 32.8 billion Swiss francs ($33.75 billion), the central bank said on Thursday, as lower bond prices and the higher franc…
Lebanese central banker says ready to answer Swiss questions in probe
ZURICH – Lebanese central bank chief Riad Salameh is ready to meet Swiss prosecutors in person to answer questions about their money-laundering investigation, he said in a television interview. Salameh is facing…
U.S. surpasses Germany as top Swiss export market as pharma booms
ZURICH – The United States overtook Germany as Switzerland’s biggest export market last year, mainly thanks to strong growth in chemical and pharmaceutical products over the last two decades, the Swiss customs…
Swiss watchdog finds Blackstone Resources manipulated markets
ZURICH – The Swiss Financial Market Supervisory Authority (FINMA) has determined violation of market conduct rules at Blackstone Resources AG and one of its directors, the watchdog said on Tuesday. “It found…
Digital bank Alpian eyes Swiss launch in Q3
ZURICH – Armed with a banking licence from the Swiss Financial Market Supervisory Authority, digital wealth manager Alpian plans to launch in Switzerland in the third quarter of 2022, the fintech group…
Swiss watchmakers grapple with fallout of Russian crisis
By Silke Koltrowitz GENEVA – Swiss watchmakers are gathering in Geneva this week for their first big industry event in three years, tackling the impact of sanctions on rich Russians arising from…
Swiss private bank Pictet raided in Petrobras-linked probe
ZURICH – Prosecutors searched the offices of Swiss private bank Pictet in mid-March in connection with a criminal probe into dealings with Brasilian state-run oil firm Petrobras, the bank confirmed following media…
Swiss Re shareholders urged to oppose chairman’s re-election in gender row -FT
ZURICH – Swiss Re shareholders have been urged to vote against the re-election of Chairman Sergio Ermotti at the reinsurance company’s upcoming annual general meeting, The Financial Times reported on Wednesday. Proxy…
Swiss National Bank says monetary policy not way to curb real estate risks
By John Revill ZURICH – Switzerland has become more vulnerable to a shock from its inflated property sector, Swiss National Bank Vice Chairman Fritz Zurbruegg said on Tuesday, adding it is not…
Neutral Swiss adopt more EU sanctions against Russia
ZURICH – Neutral Switzerland had adopted more European Union sanctions against Russia for invading Ukraine, the cabinet said on Friday, keeping the country in line with EU measures it has decided to…
Richemont sells its 20% stake in Swiss watchmaker Greubel Forsey
ZURICH – Luxury goods group Richemont has sold its entire 20% stake in Swiss watchmaker Greubel Forsey, documents showed on Thursday. Greubel Forsey said in a statement that 100% of the brand’s…
Swiss National Bank says it has sold most of its Russia-related assets
ZURICH – The Swiss National Bank (SNB) has sold most of its Russia-related assets and sees only limited risk for the Swiss financial sector from the war in Ukraine, its chairman said…
Swiss National Bank expected to resist global rate-hike trend: Reuters poll
(Corrects currency in 5th graf, no other changes.) ZURICH – The Swiss National Bank will likely hold fast to the world’s lowest interest rate when it gives its latest monetary policy update…
Russians have up to $213 billion stashed offshore in Swiss banks
By Oliver Hirt and Brenna Hughes Neghaiwi ZURICH – Switzerland’s secretive banks hold up to $213 billion of Russian wealth, the country’s financial industry association estimates, as sanctions on Russia give a…
Three Chinese companies plan Swiss listings
SHANGHAI – Three Chinese companies – an engineering machinery maker, a battery producer and a medical equipment manufacturer – unveiled plans on Wednesday to list on the SIX Swiss Exchange, as Beijing…
Swiss Re halts new business with Russia and Belarus
FRANKFURT – Swiss Re said on Monday that it was not taking on new business with Russian and Belarusian clients, and that it was not renewing existing business with Russian clients. In…
Swiss gov’t proposes public liquidity backstop for big banks
ZURICH – The Swiss government wants to set up a new backstop allowing the provision of state-guaranteed cash should one of the country’s big banks fail, it said on Friday, as it…
Swiss SIX says hacks spiked at start of Russia invasion of Ukraine
ZURICH – Swiss stock exchange operator SIX saw an increase in hacker attacks around the start of Russia’s invasion of Ukraine last month, its chief executive Jos Dijsselhof said on Wednesday. “We…
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