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☆ Adecco Pledged to Find Jobs for 85,000 Refugees
▼ + stars: | 2024-02-14 | by ( Feb. | At A.M. | ) www.usnews.com time to read: 1 min

ZURICH (Reuters) - Adecco Group will help 85,000 refugees find jobs and train 17,000 people by the end of 2027, the staffing company said on Wednesday. The Swiss company said it was also launching a dedicated website to help refugees find jobs. "No one chooses to be a refugee. The pledge to help refugees was an increase from a promise made by Adecco in June 2023, when it said it wanted to find jobs for 50,000 refugees and provide technical and language training for 10,000. Photos You Should See View All 22 Images(Reporting by John Revill, editing by Kirsti Knolle)

Persons: Christoph Catoir, Adecco, John Revill, Kirsti Knolle Locations: ZURICH, Swiss

☆ Siemens CEO Hits Out Against Extremism in Germany
▼ + stars: | 2024-02-08 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - Siemens Chief Executive Roland Busch on Thursday criticised the rise of extremism in Germany, the latest business leader to voice concerns about sharpening political divisions in the country. "I'd like to state loud and clear: extremism of any kind hurts this country," Busch said in a speech to shareholders at Siemens's annual general meeting in Munich. "And this naturally includes all those who come to Germany and want to contribute themselves and their skills." Siemens Energy supervisory board chairman Joe Kaeser last month warned of a resurgence of right-wing extremism in Germany, saying a policy of mass deportation was "absolutely disgusting". Siemens currently employs around 88,000 people in Germany, its second biggest market after the United States, and is investing $1 billion in a new high tech production and research centre in Erlangen, near Nuremberg.

Persons: Roland Busch, Busch, Joe Kaeser, Peter Boehringer, John Revill, Gareth Jones Organizations: Reuters, Siemens, Siemens Energy Locations: Germany, Munich, United States, Erlangen, Nuremberg

☆ Swiss Re targets higher 2024 net income of $3.6 bln
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

The logo of insurance company Swiss Re is seen in front of its headquarters in Zurich, Switzerland February 12, 2019. REUTERS/Arnd WIegmann/File Photo Acquire Licensing RightsZURICH, Dec 1 (Reuters) - Swiss Re (SRENH.S) expects to increase its net income to more than $3.6 billion for 2024, the company said on Friday, as it announced new financial targets on its investors day. The world's second biggest reinsurer has previously said it expects net income of more than $3 billion for 2023. The changes come as Swiss Re switches its accounting standard from U.S. GAAP to IFRS, a move that will be effective from 2024. "Swiss Re is well positioned to benefit from the more economic view provided by the IFRS accounting standard, which is reflected in the targets published today."

Persons: Arnd, Christian Mumenthaler, John Revill, Rachel More Organizations: Swiss, REUTERS, Rights, IFRS, Thomson Locations: Zurich, Switzerland, Swiss

☆ Swiss have frozen $8.8 billion of Russian assets
▼ + stars: | 2023-12-01 | by ( John Revill | ) www.reuters.com time to read: +2 min

BERN, Dec 1 (Reuters) - Switzerland has frozen an estimated 7.7 billion Swiss francs ($8.81 billion) in financial assets belonging to Russians, the government said on Friday, under sanctions designed to punish Moscow for its invasion of Ukraine. The State Secretariat for Economic Affairs (SECO), the agency overseeing sanctions, said the 7.7 billion francs figure was only its latest estimate and was subject to change. Bern has also blocked the movement of 7.4 billion francs in foreign currency assets belonging to the Russian central bank. SECO declined to comment on which individuals have had their assets frozen. Still, the frozen assets are only a fraction of the total wealth held by Russians in Switzerland, with the country's banks holding 150 billion francs, according to estimates by the Swiss Bankers Association.

Persons: Alain Berset, John Revill, Gareth Jones, Alison Williams Organizations: Secretariat, Economic Affairs, Swiss Bankers Association, Ukraine, European, Thomson Locations: BERN, Switzerland, Moscow, Ukraine, European, Swiss, Bern, Russian

☆ UBS sees shift in new billionaires away from entrepreneurs to inherited wealth
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +3 min

The number of billionaires rose by 7% to 2,544 people globally, UBS said in its 2023 Billionaires Ambitions Report, with their total worth rising by 9% to an estimated $12 trillion. For the first time since the study started in 2015, billionaires accumulated more wealth via inheritance than through their own business activities. Among the 137 new billionaires, a total of $150.8 billion was inherited by 53 heirs over the last year, exceeding the 84 new self-made billionaires' total of $140.7 billion, the bank said. The study highlighted a trend away from self-made billionaires, created by the tech industry boom and symbolised by the rise of Tesla boss Elon Musk and Amazon founder Jeff Bezos. Still, despite the large inherited wealth, this did not necessarily mean a new generation of super-rich 20 somethings.

Persons: Denis Balibouse, Benjamin Cavalli, Cavalli, Elon Musk, Jeff Bezos, Michael Viana, King Charles, John Revill, David Evans Organizations: UBS, Credit Suisse, REUTERS, Rights, UBS Global Wealth Management, Amazon, Thomson Locations: Swiss, Zurich, Switzerland, flotations

☆ Engineering Group ABB unveils higher sales and profitability targets
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

The logo of ABB is seen at an office building in Zurich, Switzerland September 10, 2020. The goals, announced ahead of ABB's investor day in Italy, were an upgrade from the previous annual revenue growth target of 4% to 7%. Most of the sales will come from internal growth, ABB said, with an expected five to seven percentage points of extra revenue, while an additional one to two percentage points is expected from acquisitions. ABB, which supplies industry and transportation networks with robots, electrification equipment and motors, also raised its core profitability target to a range of 16% to 19%. The International Monetary Fund recently downgraded its forecast for global growth for next year, with advanced economies expected to significantly slow as interest rates rise.

Persons: Arnd, France's Schneider, Bjorn Rosengren, John Revill, Tom Hogue, Jacqueline Wong Organizations: ABB, REUTERS, Rights, Germany's Siemens, Monetary Fund, Thomson Locations: Zurich, Switzerland, Swiss, Italy, Frosinone

☆ Richemont monitoring situation at online luxury retailer Farfetch
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

The logo of the luxury goods company Richemont is pictured at its headquarters in Bellevue near Geneva, Switzerland, June 2, 2022. REUTERS/Denis Balibouse Acquire Licensing RightsZURICH, Nov 29 (Reuters) - Cartier-jewellery owner Richemont (CFR.S) on Wednesday said it was "carefully monitoring" the situation after Farfetch's FTCH.N founder said he was considering taking the online luxury retailer private. Richemont, which also owns several Swiss watch brands, said it has no financial obligation to Farfetch and does not envisage lending or investing into the company. "Richemont is carefully monitoring the situation, including reviewing its options in respect of its arrangements with Farfetch, announced on 24 August 2022, which remain subject to certain terms and outstanding conditions," the company said. Richemont's brands, which also include watchmakers IWC and Jaeger-LeCoultre, have been working on transferring their online businesses to Farfetch's technology.

Persons: Denis Balibouse, Farfetch's FTCH.N, Farfetch, Richemont, Porter, John Revill, Miranda Murray Organizations: REUTERS, Rights, Cartier, watchmakers IWC, Jaeger, Thomson Locations: Bellevue, Geneva, Switzerland, U.S, YNAP, Farfetch

Chief Executive Officer (CEO) of German industrial conglomerate Siemens, Roland Busch attends the virtual annual shareholder meeting in Munich, Germany, February 10, 2022. Sven Hoppe/Pool via REUTERS/File Photo Acquire Licensing RightsSummaryCompanies Company expects sales to grow 4-8% in fiscal 2024Posts record industrial sales, profit in Q4Frankfurt-listed shares +3.6%FRANKFURT, Nov 16 (Reuters) - Siemens (SIEGn.DE) on Thursday gave a more cautious sales outlook for 2024, citing continuing destocking by Chinese customers, after the maker of products from trains to industrial software reported record industrial profit. That beat the 20.99 billion euros forecast in a company-gathered poll of analysts. Industrial profit too grew 7% to a record 3.4 billion euros, above the 3.34 billion euros forecast. The company has also been working through its massive order book, which stood at 111 billion euros at the end of September, up from 110 billion euros at the end of June.

Persons: Roland Busch, Sven Hoppe, Ralf Thomas, Christoph Steitz, Alexander Huebner, John Revill, Linda Pasquini, Christopher Cushing, Jan Harvey Organizations: Siemens, Companies, ABB, Frankfurt, Industrial Business, Thomson Locations: Munich, Germany, Frankfurt, FRANKFURT, Swiss, China

☆ Cartier owner Richemont sees growth easing as economic worries rise
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

Richemont's constant currency sales growth eased from a 19% rate in the April to June period to a 5% rate in the following three months. The company posted a profit of 1.51 billion euros, worse than the 2.17 billion euros forecast by analysts in a consensus cited by Zuercher Kantonalbank. "Growth eased in the second quarter as inflationary pressure, slowing economic growth and geopolitical tensions began to affect customer sentiment, compounded by strong comparatives," said Chairman Johann Rupert in a statement. "Consequently, we have seen a broad-based normalisation of market growth expectations across the industry." While jewellery - traditionally more resilient to economic swings - continued to shine with constant currency sales up 9%, watch sales fell 4%.

Persons: Regis, Cartier, Vacheron Constantin, LVMH, Zuercher Kantonalbank, Johann Rupert, Kepler, Jon Cox, John Revill, Mimosa, Miranda Murray, Shri Navaratnam, Tomasz Janowski Organizations: Cartier, Vendome, REUTERS, Rights, IWC, Thomson Locations: Paris, France, Swiss, United States, Europe, China

☆ Agrochemicals group Syngenta indicates $10 bln IPO likely next year
▼ + stars: | 2023-11-09 | by ( John Revill | ) www.reuters.com time to read: +2 min

A logo is seen at the headquarters of agricultural chemical maker Syngenta in Basel, Switzerland January 30, 2020. "Given weak market conditions we expect that the company will IPO by the end of next year," a company spokesman said on Thursday after Syngenta reported its Q3 earnings. The IPO update came as Syngenta, which competes with U.S. company Corteva (CTVA.N) and German firms BASF (BASFn.DE) and Bayer (BAYGn.DE), reported its latest earnings. Syngenta, which recently announced a change of chief executive and chief financial officer, has been pursuing an IPO for nearly two and half years. Syngenta was bought by ChemChina in 2017 for $43 billion and folded it into Sinochem Holdings Corp in 2021.

Persons: Arnd, Syngenta, John Revill, Kirsti Knolle, Robert Birsel Organizations: Syngenta, REUTERS, Rights, U.S, BASF, Bayer, Shanghai Stock Exchange, ChemChina, Sinochem Holdings Corp, Thomson Locations: Basel, Switzerland, Swiss, Brazil

☆ Banks should slow deposit withdrawals, prepare better collateral to evade crises - SNB
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

"Liquidity assistance alone would not have resolved thecrisis," he said, adding that other measures like the eventual state-brokered takeover by rival Swiss bank UBS (UBSG.S) were needed. This limited the level of cash that could be offered via the Emergency Liquidity Assistance scheme (ELA), the SNB's usual tool as lender of last resort. Additional money was provided for Credit Suisse via the Emergency Liquidity Assistance (ELA+), which provided cash secured only by preferential rights if Credit Suisse went bankrupt rather than against collateral. In future, Schlegel said improved preparation of collateral was needed by banks to allow them to better access emergency funding through existing schemes. "ELA+ was necessary in the specific case of Credit Suisse, but it is not a model for managing future crises," Schlegel said.

Persons: Banks, Martin Schlegel, Schlegel, ELA, John Revill, Sharon Singleton Organizations: Credit, Credit Suisse, Reuters, Swiss National Bank, UBS, Thomson Locations: ZURICH, Basel, Swiss

☆ Siemens and Microsoft to work together on AI project
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsZURICH, Oct 31 (Reuters) - Siemens (SIEGn.DE) and Microsoft (MSFT.O) on Tuesday announced a joint project to use artificial intelligence to increase productivity and human-machine collaboration. The Siemens Industrial Copilot scheme will see the two companies work together to use generative AI for the manufacturing, transportation and healthcare industries. German automotive supplier Schaeffler AG (SHA_p.DE) is among the companies to have adopted the Siemens Industrial Copilot, Siemens said. The project will create AI copilots to assist staff at customer companies as they design new products, and organise production and maintenance. It intends to use the Siemens Industrial Copilot to reduce production downtimes at its plants.

Persons: Dado Ruvic, Schaeffler, Roland Busch, John Revill, Friederike Heine Our Organizations: REUTERS, Rights, Siemens, Microsoft, Tuesday, Schaeffler AG, Copilot, Thomson

☆ Swiss National Bank posts 12 bln franc Q3 loss
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

A general view shows the building of the Swiss National Bank (SNB) in Zurich, Switzerland March 7, 2022. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Oct 31 (Reuters) - The Swiss National Bank on Tuesday posted a 12.04 billion franc ($13.36 billion) loss for the third quarter as the central bank lost money on its gold, foreign currency investments and Swiss franc positions. In addition, the central bank reported a 2.66 billion franc loss from Swiss franc positions, mainly as a result of interest paid to commercial banks. The SNB's results have been highly volatile in recent years, due to the vast level of foreign currency investments it built up during a long campaign to weaken the Swiss franc. The central bank posted a 132.5 billion Swiss franc loss in 2022, the biggest in the central bank's 115-year-history.

Persons: Arnd, John Revill, Friederike Heine, Kirsten Donovan Organizations: Swiss National Bank, Rights, Swiss, Thomson Locations: Zurich, Switzerland

☆ Swiss National Bank adjusts interest on bank deposits
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 30 (Reuters) - The Swiss National Bank on Monday said it was adjusting the interest it pays with money commercial banks lodged with the central bank overnight. Sight deposits which are held to meet the minimum reserve requirements will no longer be remunerated, while it adjusted the level that different interest rates applied. From Dec. 1, banks will be paid the SNB's policy rate, currently 1.75%, on deposits equivalent to 25 times their minimum reserve requirements. Previously they were paid interest for cash held at 28 times the requirement. Sight deposits held above the bank's individual threshold will be paid the SNB's policy rate, minus a discount of 0.5 percentage points.

Persons: John Revill, Miranda Murray Organizations: Swiss National Bank, Thomson Locations: ZURICH

☆ UBS to cut Credit Suisse investment bank staff in Spanish overhaul
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Some 147 jobs from among the 350 people employed by Credit Suisse in Spain will be cut, UBS (UBSG.S) said on Wednesday, with the large majority going from its investment bank. The remainder of the Credit Suisse investment bank staff in Spain will move over to UBS in the coming months, it added. A small number of jobs will also go in the wealth management business, UBS said, although it did not give a full breakdown. UBS said it remained committed to wealth management, investment banking and asset management in Spain.

Persons: Denis Balibouse, John Revill, Jason Neely, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, Rights, Thomson Locations: Zurich Switzerland, Spain, Swiss, we're

☆ Computer parts maker Logitech's second-quarter sales fall
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsOct 24 (Reuters) - Logitech International (LOGN.S) suffered a drop in sales in the second quarter, it said on Tuesday, as the computer peripherals maker struggled to hold on to the gains made during the pandemic. Sales fell 8% to $1.06 billion for the quarter ended September, it said in an exchange filing. However, it reported sales of $2.03 billion in the first half, beating its own forecast of $1.875-$1.975 billion. Non-GAAP operating income rose 17% to $183 million in the second quarter, the Swiss-U.S. company said. It expects sales this fiscal year to be in the range of $4-$4.15 billion and non GAAP operating income between $525 million and $575 million.

Persons: Dado Ruvic, Bracken Darrell, Daniel Borel, Borel, Wendy Becker's, John Revill, Maria Ponnezhath, Dhanya Ann Thoppil Organizations: Logitech, REUTERS, U.S, Thomson Locations: Swiss

☆ Logitech feeling more confident after Q2 - CFO
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: 1 min

Logitech logo is are seen in this illustration taken, May 1, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsZURICH, Oct 24 (Reuters) - Logitech International (LOGN.S) is feeling more optimistic after slowing its rate of sales decline and offsetting the downturn with cost cuts during its second quarter, Chief Financial Officer Chuck Boynton said on Tuesday. Still, it was too early to say when the maker of computer mice and keyboards would return to sales growth, he told Reuters. "From last quarter to now we're probably feeling a little more optimistic, but that happens when the pace of change in the negative starts to slow," Boynton said after Logitech posted its second quarter earnings. Reporting by John Revill, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Chuck Boynton, Boynton, John Revill, Rachel More Organizations: Logitech, REUTERS, Rights, Reuters, Thomson

New Roche CEO Thomas Schinecker is keen to restore Roche's battered drug development record after major late-stage trial setbacks in the areas of Alzheimer's and cancer immunotherapy last year. The acquired drug, against inflammatory bowel disease such as ulcerative colitis and Crohn's disease, belongs to a class of new treatments known as anti-TL1A antibodies which has attracted major deal activity in the pharma industry. Merck & Co (MRK.N) in April agreed to buy anti-TL1A antibody developer Prometheus Biosciences for $10.8 billion. Inflammatory bowel disease is a group of chronic gastrointestinal disorders with almost 8 million people diagnosed worldwide and 80% of all individuals not experiencing lasting remission, Roche said. "We strongly believe this novel TL1A directed antibody has the transformational potential to make a significant difference for patients living with inflammatory bowel disease and potentially other diseases," said Roche CEO Schinecker.

Persons: drugmaker Roche, Arnd, New Roche, Thomas Schinecker, Schinecker, Roche, John Revill, Ludwig Burger, Friederike Heine, Jason Neely Organizations: REUTERS, Roivant Holdings, Pfizer Inc, pharma, Sanofi, Merck & Co, Prometheus Biosciences, Thomson Locations: Basel, Switzerland, ZURICH, FRANKFURT, Swiss, U.S, Japan, Zurich, Frankfurt

☆ Swiss shift rightwards in vote as immigration fears trump environment
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +3 min

The Swiss Parliament Building (Bundeshaus) is pictured in early autumn light in Bern, Switzerland October 11, 2021. The SVP cemented its place as the biggest group in parliament's lower house, increasing its share of the vote to 28.6%, according to data from the Swiss Federal Statistics Office. The SVP also highlighted the expense of the asylum system, while arguing that crime rates were rising because of immigration. Switzerland's second-biggest party, the left-leaning Social Democrats (SP) also slightly increased its share of the vote to 18%. The big loser in the election was the Green Party, whose support fell 3.8 percentage points, losing them five seats.

Persons: Denis Balibouse, Switzerland's, Cedric Wermuth, John Revill, Hugh Lawson Organizations: Swiss, Rights, Swiss People's Party, SVP, Swiss Federal Statistics Office, National Council, Social Democrats, Green Party, pollsters GFS, Thomson Locations: Bern, Switzerland, Ukraine, pollsters, pollsters GFS Bern

☆ European regulator approves Farfetch deal for YNAP, Richemont says
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] A banner to celebrate the IPO of online fashion house Farfetch is displayed on the facade of the of the New York Stock Exchange (NYSE) in New York, U.S., September 21, 2018. Completion of the deal remains subject to "certain other conditions that Richemont and Farfetch are working towards fulfilling", Richemont said, promising a further update "in due course", without providing further detail. Under the terms of the deal unveiled in August 2022, Richemont would sell a stake of 47.5% in loss-making YNAP in exchange for more than 50 million Farfetch shares, and Farfetch could acquire the rest of YNAP through a put and call option arrangement. Bernstein analysts said last week that Farfetch's troubles raised questions for Richemont, which is set to transfer its online business to technology run by Farfetch and provide a $450 million credit facility. Reporting by John Revill and Mimosa Spencer; editing by Friederike Heine, Clarence Fernandez and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Porter, Cartier, Richemont, Farfetch, Bernstein, Bergdorf Goodman, John Revill, Mimosa Spencer, Friederike Heine, Clarence Fernandez, Jason Neely Organizations: New York Stock Exchange, REUTERS, Rights, Yoox, Farfetch, Citi, Thomson Locations: New York, U.S, Richemont, YNAP, Farfetch, Harrods

☆ Switzerland projected to shift to right in national elections
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +2 min

[1/4] General view of the snow-covered mountains of the Bernese Alps, Eiger, Moench and Jungfrau, as seen from Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann Acquire Licensing RightsZURICH, Oct 22 (Reuters) - Switzerland looked set to shift to the right in its national elections on Sunday, as concerns about immigration and political correctness trumped fears about climate change and melting glaciers. Switzerland's second biggest party was poised to increase its share by 0.4 percentage points of the vote to 17.2%. In contrast, the Greens were expected to see their share of the votes fall by 4.1 percentage points to 9.1%. "The SVP has done well because it has raised fears about 'wokeness' and also focused on migration again,” said Hermann.

Persons: Arnd, pollsters GFS, Michael Hermann, ”, Hermann, John Revill, Cecile Mantovani, Barbara Lewis Organizations: REUTERS, Rights, Swiss People's Party, SRF, pollsters, Social Democrats, Greens, Federal Council, Thomson Locations: Bernese, Bern, Switzerland, Swiss, pollsters GFS Bern

☆ UBS overhauls board of domestic business after Credit Suisse takeover
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Oct 20 (Reuters) - UBS (UBSG.S) on Friday said it will overhaul the board of its domestic Swiss business after its takeover of Credit Suisse, including a new chairman to oversee both operations. The lender said Roger von Mentlen will become chairman of the boards of directors of UBS Switzerland and of Credit Suisse Switzerland. He will replace Markus Ronner, who was chairman of UBS Switzerland since 2022, and Peter Derendinger, who served as chairman of the board of directors of Credit Suisse (Schweiz) AG since March 2019. He has been a member of the board of directors of UBS Switzerland AG since 2020.

Persons: Denis Balibouse, Roger von Mentlen, Markus Ronner, Peter Derendinger, Von Mentlen, Sergio Ermotti, Roger, John Revill, Friederike Heine, Gerry Doyle Organizations: Credit Suisse, UBS, REUTERS, Rights, Swiss, UBS Switzerland, Credit Suisse Switzerland, AG, Credit, UBS Switzerland AG, ”, Thomson Locations: Zurich Switzerland, UBS Switzerland, Schweiz, Swiss, Switzerland

Enter the Swiss franc, a longstanding safe haven asset that just hit its highest level against the euro since 2015 , standing tall as its traditional rivals lose appeal. Other than U.S. dollar cash, only the Swiss franc and gold remained as options, Ielpo said. The Swiss franc has rallied over 3% against the yen this month. Reuters GraphicsUNCERTAIN WORLDSince the Oct.7 Hamas attacks in Israel, the Swiss franc -- also referred to as the Swissie -- has rallied roughly 2% against the dollar. "The war in the Middle East clearly has lead to a flight to safety that benefited the Swiss franc," said Karsten Junius, an economist at J.Safra Sarasin in Zurich.

Persons: Morgan Stanley, Florian Ielpo, Ielpo, Jeremy Stretch, Karsten Junius, Francesco Pesole, J.Safra Sarassin's Junius, Luca Paolini, Paolini, Treasuries, Toby Gibb, Naomi Rovnick, Alun John, John Revill, Amanda Cooper, Dhara, Dhara Ranasinghe, Tomasz Janowski Organizations: Swiss, Nestle, Wall, Lombard, U.S, Swiss National Bank, Traders, Ministry of Finance, CIBC Capital Markets, Reuters, ING, Management, Artemis, Thomson Locations: ZURICH, Israel, Geneva, Japan, Zurich, Swiss, U.S, London

☆ Nestle shares at two-year low as investors weigh Wegovy rollout
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Hannah McKay/Photo Illustration/File Photo Acquire Licensing RightsOct 6 (Reuters) - Nestle (NESN.S) shares were under pressure on Friday as investors weighed the potential impact of Novo Nordisk's (NOVOb.CO) blockbuster weight-losing drug Wegovy and how it could reduce spending on food. The KitKat and Nescafe coffee maker's shares were down 2% and headed for their lowest level in more than two years. However, Cox does not regard this as a substantial risk to Nestle and the broader food industry in the long term. Bruno Monteyne from Bernstein also pointed to the Wegovy impact, but saw little logic in the sell-off. "Danone sells water, baby milk powder, and yogurt: not sure how those would be negatively impacted by GLP1 / Wegovy?"

Persons: Kat, Hannah McKay, Wegovy, Peers, Kepler Cheuvreux, Jon Cox, John Furner, Cox, Bruno Monteyne, Bernstein, Andrey Sychev, John Revill, Mark Potter Organizations: Nestle, REUTERS, Peers Danone, Unilever, Kepler, Bloomberg, Danone, Health, Thomson Locations: London, Britain, U.S

☆ Credit Suisse sheds nearly 13% of workforce
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

The logo of Credit Suisse is seen outside its office building in Hong Kong, China, August 8, 2023. REUTERS/Tyrone Siu/File photo Acquire Licensing RightsZURICH, Sept 29 (Reuters) - Credit Suisse has shed nearly 13% of its workforce in the past 12 months, underlining the turmoil at the bank that was taken over by cross-town rival UBS (UBSG.S) in a state-engineered rescue earlier this year. The number of Credit Suisse employees fell to 33,968 at the end of June, from 38,908 at the end of June 2022, the bank said in its financial report published on Friday. The figures relate to Credit Suisse AG, the lender's core banking business. A Credit Suisse spokesperson declined to comment on the breakdown between voluntary departures and job cuts, or how many jobs could be lost in future.

Persons: Tyrone Siu, Sergio Ermotti, Ermotti, John Revill, Emelia Sithole, Mark Potter, Susan Fenton Organizations: Credit Suisse, REUTERS, Rights, UBS, Credit Suisse AG, Asset Management Association Switzerland, Thomson Locations: Hong Kong, China, Switzerland

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