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☆ Stop thinking your expensive watch is an investment, says Rolex boss
▼ + stars: | 2024-04-17 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Secondhand watch prices have tumbled since the Federal Reserve started raising interest rates. His comments as secondhand watch prices slide after spectacular pandemic-era growth. Watch prices started dropping as the Federal Reserve started raising interest rates. Dufour, who's been Rolex CEO since 2015, also told NZZ he's expecting a "challenging" year. Luxury watch companies such as Rolex, Patek Philippe and Audemars Piguet can't necessarily cut prices to stimulate demand, he added.

Persons: Jean, Frédéric Dufour, NZZ, —, Dufour, who's, NZZ he's, Patek Philippe, Audemars Piguet, Thierry Stern Organizations: Rolex, Federal Reserve, Service, Swiss, NZZ

☆ Zurich is trying to claw back $200 million after accidentally paying city employees double their salaries
▼ + stars: | 2024-02-28 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +2 min

Read previewThe city of Zurich is trying to recoup roughly 175 million Swiss Francs, about $200 million, after a technical glitch saw all city employees paid double for February, according to local reports. Soon after, the city administration was inundated with calls from puzzled workers, Tages-Anzeiger reported, with some joking that the extra money constituted an adjustment for rampant inflation. AdvertisementPoliticians, too, have received double their fees for attending parliament in February, Tages-Anzeiger reported. All 30,000 employees are being sent a letter with a QR code linking to instructions for returning the money, NZZ reported. "With 30,000 employees, there are many special cases," Claudia Naegeli, a city finance department spokesperson, told the outlet.

Persons: —, Zürcher, NZZ, Claudia Naegeli Organizations: Service, Local, Business, Swisscom, Neue Zürcher Zeitung Locations: Zurich, Local Switzerland, Tages

☆ UBS to expand presence in U.S. market - Swiss paper
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: 1 min

A UBS logo is seen next to Credit Suisse at the Bahnhofstrasse before a news conference of Swiss bank UBS in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsDec 3 (Reuters) - Swiss bank UBS (UBSG.S) plans to expand its presence in the U.S. market as part of its strategy to hit $150 billion in net new money, or inflow of new funds, per year, an executive told Swiss newspaper NZZ Am Sonntag in an interview published on Sunday. The fourth-largest asset manager in the United States plans to invest heavily over the next three years, Iqbal Kahn, head of its asset management division, told the paper. Reporting by Victoria Waldersee, Paul Arnold Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, NZZ, Iqbal Kahn, Victoria Waldersee, Paul Arnold, Bernadette Baum Organizations: UBS, Credit Suisse, Swiss, REUTERS, Thomson Locations: Zurich Switzerland, Swiss, U.S, United States

☆ Switzerland is the most expensive place in Europe to see Taylor Swift's Eras Tours, because of course it is
▼ + stars: | 2023-08-01 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

Eras Tour tickets in Zurich are the most expensive in Europe, per Swiss newspaper NZZ am Sonntag. Surprising nobody, Switzerland has once again topped the charts as the "most expensive country" — this time for the cost of Taylor Swift's Eras Tour tickets in Europe. The cheapest tickets in the country cost 167.5 Swiss Francs, or $190, according to Swiss newspaper NZZ am Sonntag. Switzerland consistently ranks as one of the most expensive places on Earth, and the Swiss are no stranger to paying the most for, well, everything. And despite the steep ticket prices, the tour is still selling out in its Switzerland stops, according to NZZ am Sonntag.

Persons: NZZ, That's, Swift, Taylor, — Organizations: Bloomberg, Morning, Swiss, Mac, Mercer, Wall Street, NZZ Locations: Zurich, Europe, Warsaw, Swiss, Switzerland, Poland, United States, Geneva, Hong Kong, Singapore

☆ Omega says 3 former employees made a 'Frankenstein' watch that sold for a record $3.4 million: reports
▼ + stars: | 2023-06-10 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Omega says three former employees faked a watch it paid $3.4 million for, per Switzerland's NZZ. A representative told Bloomberg the watch was a "Frankenstein" that was made of several parts. It was bought by Omega for just over 3.1 million Swiss Francs, or about $3.4 million – a record price for a Speedmaster, per Bloomberg. But according to a statement Omega gave to Bloomberg, the watch was instead a "Frankenstein" that contained mostly authentic parts from other vintage watches. It told Bloomberg it couldn't say who brought the watch to auction.

Persons: Omega, —, Raynald Aeschlimann, NZZ, Phillips, Omega didn't Organizations: Bloomberg, Omega, Service, Neue Zürcher Zeitung, Omega Museum Locations: Swiss

The future of Credit Suisse's business in Switzerland is being closely watched as one of UBS's key strategic decisions. Credit Suisse's Swiss bank is one of the lender's four operating units and is seen as the jewel in the crown. In January, Credit Suisse had moved the business from its broader investment banking division into the Swiss unit, according to Credit Suisse's 2022 annual report. On a possible sale, Ermotti has said all options for the Swiss business are on the table. On Sunday, NZZ am Sonntag newspaper reported that UBS was working towards spinning off Credit Suisse's domestic unit.

☆ UBS aims to close Credit Suisse deal by end of May, early June
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

ZURICH, May 3 (Reuters) - UBS (UBSG.S) Chief Executive Sergio Ermotti said on Wednesday that the Swiss bank was working on closing its merger with Credit Suisse (CSGN.S) by the end of May or early June. Speaking at the Finanz '23 conference in Zurich, Ermotti also repeated his bank's line that all options were still on the table concerning Credit Suisse's Swiss business. In March UBS agreed to takeover its struggling cross-town rival for 3 billion Swiss francs ($3.37 billion) and said it would assume up to 5 billion ($5.61 billion) in losses as part of a deal hastily arranged by Swiss authorities. On Sunday, NZZ am Sonntag newspaper reported that the country's largest bank was working towards spinning off Credit Suisse's domestic unit, with its current head, Andre Helfenstein, expected to run it. The Swiss newspaper cited a source as saying that UBS had come around to the idea of a spin-off, which it initially ruled out, because of growing public and political pressure.

☆ UBS looks to bring Naratil back and mulls Swiss bank spin-off, NZZ am Sonntag reports
▼ + stars: | 2023-04-30 | by ( ) www.reuters.com time to read: +1 min

ZURICH, April 30 (Reuters) - As UBS's (UBSG.S) takeover of former rival Swiss bank Credit Suisse (CSGN.S) nears completion, details are emerging of what the new merged bank will look like. UBS is working towards spinning off the Swiss part of Credit Suisse and having the business's current head, Andre Helfenstein, run it, NZZ am Sonntag reported on Sunday. The Swiss newspaper cited a source as saying UBS had come around to the idea of a spin-off, which it initially deemed "out of the question", amid growing public and political pressure. UBS executives have repeatedly said that all options were still on the table concerning Credit Suisse's domestic business. NZZ also reported several sources as confirming that former co-head of UBS's global wealth management division, Tom Naratil, would rejoin the bank, having stepped down in October.

☆ Austrian banks unaffected by banking turmoil - finance minister tells NZZ
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +2 min

They are very well prepared," Brunner told Swiss newspaper Neue Zuercher Zeitung. He also defended Raiffeisen Bank International (RBI) (RBIV.VI) which has come under fire for continuing to operate in Russia despite the war in Ukraine. "As for RBI, the bank complies with all international sanctions," Brunner told NZZ. "Incidentally, there are other European banks that continue to operate legally in Russia. The minister also said Austrian inflation, which fell to an estimated 9.2% in March, was still too high and called on the European Central Bank to do more to contain price increases.

☆ Austrian banks unaffected by banking turmoil, finance minister tells Neue Zuercher Zeitung
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +2 min

They are very well prepared," Brunner told Swiss newspaper Neue Zuercher Zeitung. He also defended Raiffeisen Bank International (RBI) (RBIV.VI) which has come under fire for continuing to operate in Russia despite the war in Ukraine. "As for RBI, the bank complies with all international sanctions," Brunner told NZZ. "Incidentally, there are other European banks that continue to operate legally in Russia. "The European Central Bank (ECB) in particular can do something about this, as a member of the euro zone we are dependent on the ECB," Brunner said.

☆ Credit Suisse could face disciplinary action, Swiss regulator says
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss bank Credit Suisse is seen in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann/File PhotoZURICH, March 26 (Reuters) - Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse (CSGN.S) managers after Switzerland's second largest bank had to be rescued last week by UBS (UBSG.S). Credit Suisse on Sunday declined to comment on the FINMA President's comments when asked by Reuters for a response. FINMA had conducted six public "enforcement proceedings" against Credit Suisse in recent years, Amstad said. Amstad also defended Switzerland's decision to write down 16 billion Swiss francs of Credit Suisse Additional Tier 1 (AT1) debt, to zero as part of the forced rescue merger.

☆ Credit Suisse clients are returning, CEO of bank's Swiss business says
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 21 (Reuters) - Credit Suisse's client withdrawals have stabilised and reversed in some cases, Andre Helfenstein, the head of Credit Suisse's Swiss business said in an interview with local newspaper NZZ. Last month, Switzerland's second-largest bank said it expected to make a pre-tax loss of up to 1.5 billion Swiss francs ($1.62 billion) during Q4 and revealed that wealthy clients had made hefty withdrawals. Credit Suisse is battling to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking. Helfenstein was asked in the NZZ interview if the bank had had to offer clients special conditions to keep them. Credit Suisse chairman Axel Lehmann has said that client fund outflows at Credit Suisse had partially reversed and very few clients had left entirely.

☆ Chinese ambassador warns Swiss: Sanction us and ties will suffer
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Nov 6 (Reuters) - Switzerland should avoid following the European Union by imposing sanctions on China if it cares about Swiss-Sino relations, the Chinese ambassador to Bern told the NZZ am Sonntag newspaper. "If Switzerland adopts the sanctions and the situation develops in an uncontrolled direction, Sino-Swiss relations will suffer," he added. In unveiling a new strategy on China last year, Bern announced few concrete policy changes and stressed the importance of bilateral ties. But it spoke more openly about its disapproval of China's human rights record than it has tended to do in the past. Since 2010, China has been its biggest trading partner in Asia and its third-largest globally after the EU and the United States.

☆ Switzerland on course for mild start to winter, easing energy supply fears - paper
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +1 min

The Mont Blanc mountain is seen from Finhaut, Switzerland, August 4, 2022. REUTERS/Denis Balibouse/File PhotoZURICH, Sept 25 (Reuters) - Switzerland is on track for a mild start to the winter and above average temperatures could even stretch into February, weather forecasters told the NZZ am Sonntag newspaper, raising hopes that energy supplies will not be overstretched. A mild start to the winter would help to ensure that gas supplies and water reservoirs do not empty too quickly. "The probability of above-average values is increased according to our weather maps," Carlo Buontempo, from the ECMWF's Climate Change Service, told the newspaper. Register now for FREE unlimited access to Reuters.com RegisterWriting by Paul Carrel Editing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

☆ Стало известно о закрытии неба над Женевой на время саммита США и России
▼ + stars: | 2021-06-06 | by ( Mld Media Srl | ) noi.md time to read: +1 min

Во время российско-американского саммита, который пройдет 16 июня, небо над Женевой будет закрыто. Этим процессом занимается швейцарское федеральное управление гражданской авиации (BAZL) совместно с ВВС страны и другими уполномоченными государственными органами. Ранее стало известно, что президент России Владимир Путин и его американский коллега Джо Байден могут провести очную встречу в Женеве на вилле La Grange или в отеле Hôtel Résidence Parc des Eaux Vives. Встреча президентов России и США пройдет 16 июня в Женеве. В Белом доме ранее сообщили, что одной из тем, выбранных Байденом для разговора с Путиным, станет кибербезопасность.

Persons: Владимир Путин, Джо Байден, Байден, Путин Organizations: ВВС Locations: Женева, Давос, Россия, США, Белый дом, Кремль

☆ В Швейцарии назвали возможное место встречи Путина и Байдена
▼ + stars: | 2021-06-04 | by ( Mld Media Srl | ) noi.md time to read: +1 min

Фотограф издания сообщил, что на швейцарской вилле La Grange ранее были замечены «люди в военных сапогах». Также сообщается, что в парке, на территории которого расположены вилла и отель, несколько дней находилось большое число сотрудников безопасности. Еще одним возможным местом встречи глав государств является отель Hôtel Résidence Parc des Eaux Vives, который расположен в том же парке, что и вилла. Ранее официальный представитель Кремля Дмитрий Песков сообщал, что фиксированной повестки переговоров Владимира Путина и Джо Байдена нет. В Белом доме ранее сообщили, что одной из тем, выбранных Байденом для разговора с Путиным, станет кибербезопасность.

Persons: Владимир Путин, Джо Байден, Дмитрий Песков, Байден, Путин Locations: Россия, Женева, Кремль, США, Белый дом

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