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Persons: ExpressVPN Organizations: EHF, France, Six Nations, EHF TV, EHF Handball, Denmark Locations: Denmark, Norway, Iceland, Sweden, France, Ireland, Spain, Switzerland

The Swiss government on Wednesday selected Stefan Walter, a 59-year-old German national who was director-general of the European Central Bank for the last decade, to head the Swiss financial authority known as FINMA. Swiss authorities feared the collapse of such a major lending institution could further roil global financial markets following the failure of two U.S. banks last year. The troubles at Credit Suisse threatened to unhinge Switzerland's position as a leading financial market, and the takeover left the country with only one internationally important bank: UBS. Political Cartoons View All 253 ImagesA parliamentary panel created after the government-orchestrated merger has been looking into the origins of the deal. Walter, who has a master's degree in international banking from Columbia University in New York, will start the job on April 1, the Swiss government said.

Persons: Stefan Walter, Walter, Urban Angehrn, Angehrn, Mark Branson, Marlene Amstad, ” Amstad, SRF, FINMA Organizations: GENEVA, UBS, Credit Suisse, Swiss, European Central Bank, Federal Council, Columbia University Locations: Swiss, U.S, British, New York

☆ 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

☆ Swiss to Sell Back Leopard II Tanks to Help Restock After Ukraine Donations
▼ + stars: | 2023-09-27 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

ZURICH (Reuters) - Germany has welcomed a decision by neutral Switzerland to open the way to sell back some of its German-made Leopard II tanks to help rebuild stocks depleted by aid to Ukraine. Germany had asked Switzerland in February to sell back some of the 96 Leopard II tanks it has in storage to manufacturer Rheinmetall AG. "We are very happy and grateful for this decision," Michel Fluegger, Germany's ambassador to Switzerland told Swiss TV. He was speaking after the Swiss parliament on Tuesday approved the decommissioning of 25 Leopard II tanks, paving the way for them to be resold to Germany. Buying Swiss weapons could become difficult unless Bern adjusts its law on war materials, German ambassador Fluegger said.

Persons: Michel Fluegger, Fluegger, Viola Amherd, John Revill, Philippa Fletcher Organizations: Leopard, Rheinmetall AG, NATO, Swiss, Leopard IIs, SRF Locations: ZURICH, Germany, Switzerland, Ukraine, Berlin, Bern, Kyiv, Swiss, Denmark, Spain, Europe

☆ Swiss to sell back Leopard II tanks to help restock after Ukraine donations
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

Recruits of the Swiss army Tank School 21 perform an attack exercise with the Leopard 2 tank in Bure, Switzerland May 5, 2023. REUTERS/Denis Balibouse Acquire Licensing RightsZURICH, Sept 27 (Reuters) - Germany has welcomed a decision by neutral Switzerland to open the way to sell back some of its German-made Leopard II tanks to help rebuild stocks depleted by aid to Ukraine. Germany had asked Switzerland in February to sell back some of the 96 Leopard II tanks it has in storage to manufacturer Rheinmetall AG (RHMG.DE). He was speaking after the Swiss parliament on Tuesday approved the decommissioning of 25 Leopard II tanks, paving the way for them to be resold to Germany. Buying Swiss weapons could become difficult unless Bern adjusts its law on war materials, German ambassador Fluegger said.

Persons: Denis Balibouse, Michel Fluegger, Fluegger, Viola Amherd, John Revill, Philippa Fletcher Organizations: Swiss army Tank, REUTERS, Rights, Leopard, Rheinmetall AG, NATO, Swiss, Leopard IIs, SRF, Thomson Locations: Bure, Switzerland, Germany, Ukraine, Berlin, Bern, Kyiv, Swiss, Denmark, Spain, Europe

☆ Neutral Switzerland wants to take part in Sky Shield defence project
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +2 min

ZURICH, July 4 (Reuters) - Switzerland wants to participate in the European Sky Shield air defence umbrella, the government said on Tuesday, a move which critics say is incompatible with the country's long-standing tradition of neutrality. European Sky Shield is a common air defence scheme set up by Germany in 2022 to boost European air defence, an issue which has come into sharper focus since Russia's invasion of Ukraine. "Switzerland wishes to participate in the European Sky Shield Initiative and a declaration of intent is due to be signed in Bern," the Defence Ministry told Reuters, confirming an earlier report by broadcaster SRF. Some 17 European countries have so far signed up to the Sky Shield project including Germany, Britain, Finland and Sweden. The Sky Shield move has provoked concerns from Switzerland's neutrality lobby.

Persons: Viola Amherd, Werner Gartenmann, John Revill, Gareth Jones Organizations: Sky, Swiss, Sky Shield, Defence Ministry, Reuters, SRF, Patriot, Pro Schweiz, NATO, Thomson Locations: ZURICH, Switzerland, Germany, Ukraine, Austria, Bern, Britain, Finland, Sweden, Swiss, Denmark

☆ Swiss National Bank governor flags further rate hikes
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +1 min

ZURICH, June 24 (Reuters) - Swiss National Bank (SNB) Chairman Thomas Jordan flagged further interest rate hikes in an interview aired by Swiss broadcaster SRF on Saturday. Jordan said the SNB's recent interest rate hike was "very likely not quite" enough to get a grip on inflation in Switzerland. The Swiss central bank raised its policy interest rate by 25 basis points on Thursday, pressing ahead with its campaign to dampen stubbornly high inflation and bring it down to below 2%. Jordan also spoke of the recent rescue of Credit Suisse, which was taken over by Swiss rival UBS (UBSG.S) and given access to more than 200 billion Swiss francs ($223 billion) in financial guarantees. Switzerland's finance minister said on June 1 that Credit Suisse had repaid the liquidity backed by the Swiss government.

Persons: Thomas Jordan, SRF, Jordan, Noele Illien, Alexander Smith Organizations: Swiss National Bank, Credit Suisse, Swiss, UBS, Thomson Locations: ZURICH, Swiss, Switzerland

☆ Swiss referendum set to back global minimum corporate tax, climate goals
▼ + stars: | 2023-06-18 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

SummarySummary Companies Swiss set to back 15% minimum business taxMinimum tax backed by business groupsClimate law, rejected in 2021, set to passExtension to COVID-19 law also set to win approvalZURICH, June 18 (Reuters) - Swiss voters looked set to approve proposals to introduce a global minimum tax on businesses and a climate law that aims to cut fossil fuel use and reach zero emissions by 2050, projections by public broadcaster SRF showed on Sunday. The projections, based on counted votes, showed 88% of those who voted in Sunday's national referendum backed raising the country's business tax to the 15% global minimum rate from current average minimum of 11%, while 55% supported the climate law. In 2021, Switzerland joined almost 140 countries that signed up to an Organisation for Economic Cooperation and Development (OECD) deal to set a minimum tax rate for big companies, a move aimed at limiting the practice of shifting profits to low tax countries. The climate law, brought back in a modified form after it was rejected in 2021 as too costly, has stirred up more debate with those campaigning against it gaining traction in recent weeks. We want the additional tax revenue to stay in the country, and be used to improve its attractiveness for businesses," said Christian Frey, from Economiesuisse, a lobby group.

Persons: SRF, Christian Frey, Noele Illien, John Revill, Emma Farge, Tomasz Janowski, Frances Kerry, Hugh Lawson Organizations: ZURICH, Economic Cooperation, Development, Google, Nestle, Reuters Graphics, Thomson Locations: COVID, Switzerland, Economiesuisse

☆ UBS CEO says around 10% of Credit Suisse employees have left the bank
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

ZURICH, June 12 (Reuters) - UBS's (UBSG.S) Chief Executive Sergio Ermotti said around 10% of Credit Suisse (CSGN.S) staff have already left the company before its takeover by his bank. "It's true that around 10% of the workforce have already left in the last few months before the takeover," Ermotti told Swiss broadcaster SRF in an interview. UBS earlier on Monday said it had completed its emergency takeover of stricken local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management. The two banks jointly employ 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs and take advantage of synergies. UBS also announced a raft of management changes following the takeover.

Persons: Sergio Ermotti, Ermotti, Noele Illien, John Revill Organizations: Credit Suisse, SRF, UBS, Thomson Locations: ZURICH, Swiss

☆ Credit Suisse has paid back government-backed liquidity
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

ZURICH, June 1 (Reuters) - Credit Suisse (CSGN.S) has repaid the liquidity it borrowed from a 100 billion Swiss franc ($112.50 billion) lifeline backed by government guarantees, Swiss Finance Minister Karin Keller-Sutter said in an interview published on Wednesday. "The federal guarantees, the 100 billion, have been repaid as of yesterday (Tuesday)," Keller-Sutter told Swiss broadcaster SRF. As part of its state-orchestrated rescue and takeover by rival bank UBS (UBSG.S), Credit Suisse was given access to over 200 billion francs in liquidity support, 100 billion of which was backed by the government. In its quarterly results published in April, Credit Suisse said "the net amount of borrowings under these facilities amounted to 108 billion Swiss francs." ($1 = 0.8889 Swiss francs)Reporting by Noele Illien; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Karin Keller, Sutter, Keller, Noele, Jason Neely Organizations: Credit Suisse, Swiss, SRF, UBS, Thomson Locations: ZURICH, Swiss

☆ The US Navy has its eyes on a new submarine base that will help it keep track of China's growing undersea fleet
▼ + stars: | 2023-05-21 | by ( Christopher Woody | ) www.businessinsider.com time to read: +9 min

As part of the AUKUS agreement, US and British subs will operate out of western Australia by 2027. The deal on the base comes as rivals, mainly China, increase their submarine activity in the region. Ray Mabus, then US navy secretary, departs a Chinese Yuan-class submarine in Ningbo in November 2012. The Defense Department report also says China's six operational Jin-class nuclear-powered ballistic-missile subs are likely already conducting "near-continuous at-sea deterrence patrols," a sign that China's submarine force continues to improve its operational capabilities. For the US Navy, those developments make the ability to base subs closer to the Western Pacific a greater priority.

CNN —A Swiss village has been ordered to evacuate amid warnings a large mass of rock looming overhead could come tumbling down in the coming days. Leaders in Brienz held a town hall event on Tuesday evening and told residents they would have to leave by 6 pm local time on Friday. Rebecca Dell, a researcher at the University of Cambridge warns that climate change is driving glacier melt in the Alps. If a slope becomes too unstable, events such as rockslides may occur,” she told CNN. The village, which houses under 100 residents, according to Swiss public broadcaster SRF, is located in Switzerland’s eastern canton of Graubünden.

☆ Swiss sight deposits jump, suggesting Credit Suisse, UBS took emergency liquidity
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, March 15, 2023. Sight deposits - cash held by the SNB for commercial banks overnight - jumped to 567 billion Swiss francs ($619 billion) from 515 billion francs a week earlier. Last week's rise indicates that both UBS and Credit Suisse may have used some of the 200 billion francs in extra liquidity offered by the SNB as part of a state-sponsored rescue of Credit Suisse. UBS agreed to buy Credit Suisse for 3 billion Swiss francs in stock in a merger engineered to avoid more market-shaking turmoil in global banking. Credit Suisse had already said it would take 50 billion francs from the SNB under its emergency liquidity assistance (ELA) facility before the UBS takeover.

☆ Credit Suisse accessed billions in liquidity last weekend, Swiss finance minister says
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 25 (Reuters) - Credit Suisse (CSGN.S) tapped the Swiss National Bank for "a large multi-billion amount" last weekend to secure its liquidity, the country's finance minister Karin Keller-Sutter told Swiss broadcaster SRF on Saturday. The troubled Swiss bank had said last week it intended to borrow up to 50 billion Swiss francs from the country's central bank to boost its liquidity. "Last weekend, a large multi-billion amount was withdrawn by Credit Suisse for liquidity protection," Keller-Sutter said. Keller-Sutter said "it is to be assumed" that the figure was above 50 billion Swiss francs ($54.35 billion), but said the Swiss National Bank had the exact number. Last Sunday, UBS (UBSG.S) agreed to buy its rival Credit Suisse (CSGN.S) for 3 billion Swiss francs in stock and agreed to assume up to 5 billion francs in losses in a merger engineered by Swiss authorities to prevent more market turmoil in global banking.

☆ UBS CEO says bank can handle risks of Credit Suisse takeover
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 20 (Reuters) - UBS (UBSG.S) can handle the risks from taking over Swiss rival bank Credit Suisse (CSGN.S), UBS Chief Executive Ralph Hamers told broadcaster SRF. In a package orchestrated by Swiss regulators on Sunday, UBS will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse and assume up to $5.4 billion in losses. "The second step for us is to transform CS's investment bank into an investment bank like UBS has. He said he did not currently have any figures regarding lay-offs at Credit Suisse, although there would always be cost savings. The intended takeover would bring security and stability to the Swiss financial market and also for Credit Suisse clients, he added.

[1/2] CEO Ralph Hamers of Swiss bank UBS addresses the Annual Meeting of Swiss Financial Institute (SFI) in Zurich, Switzerland November 10, 2022. Hamers, with no big-ticket M&A experience under his belt, has cut his teeth reshaping a major Dutch lender mostly by selling businesses. Reuters Graphics Reuters GraphicsA nearly 30-year veteran of Dutch lender ING - he married a former colleague from the bank - Hamers was a surprise choice when he was appointed in early 2020 to lead UBS. UBS declined to comment on the matter on Monday but the bank said at the time that it had "full confidence" in Hamers. Former Unilever CEO and fellow Dutchman Paul Polman gave a Hamers a vote of confidence on Monday, telling Reuters that "Hamers is a purposeful leader certainly well prepared to lead Swiss banking through these challenging times."

☆ Credit Suisse sees central bank cash as buying time for overhaul- executive tells SRF
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 17 (Reuters) - Credit Suisse (CSGN.S) sees its access to 50 billion Swiss francs ($53.98 billion) of central bank funding as "precautionary liquidity" to allow the embattled lender to continue its revamp, the head of its Swiss business said. Following a crisis of confidence that wiped 25% off the value of Credit Suisse shares on Wednesday, the bank sought an emergency liquidity line from the Swiss National Bank in the first such move for a global lender since the financial crisis of 2008. "We see it as precautionary liquidity so that we can carry out the transformation of Credit Suisse and continue to work well in this turbulent situation," Andre Helfenstein, CEO of Credit Suisse's Swiss bank, told broadcaster SRF in an interview published late Thursday. "Of course 50 billion francs is a big number. Helfenstein said Credit Suisse was working hard to stem customers outflows, although this could take time.

☆ India's SRF beats Q3 profit view on strong chemical business
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 30 - Indian chemicals and polymers maker SRF Ltd (SRFL.NS) reported a better-than-expected third-quarter profit on Monday, driven by strong demand in its chemical business. The company's consolidated profit rose about 1% to 5.11 billion Indian rupees ($62.70 million) in the three months ended Dec. 31. Revenue for the Gurgaon-based conglomerate's chemicals business grew 23% to 17.57 billion rupees on account of strong demand for certain key products such as fluorochemicals. SRF saw strong demand from overseas markets, higher capacity-utilisation of facilities and significant cost-savings across all product streams, the company said. SRF also approved three projects in the December quarter, including a capex project worth 5.95 billion rupees.

☆ Swiss central bank sees onus on Credit Suisse to execute revamp
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland November 23, 2022. REUTERS/Arnd WiegmannZURICH, Dec 17 (Reuters) - Credit Suisse (CSGN.S) needs to execute its revamp successfully and end a string of negative headlines from Switzerland's second-biggest bank, Swiss National Bank Chairman Thomas Jordan said in an interview aired on Saturday. It said this month the turnaround was well under way after completing a 4 billion Swiss franc ($4.3 billion) capital hike. It takes time, it is a big challenge for the management and employees of Credit Suisse," Jordan told Swiss broadcaster SRF in an interview. The SNB (SNBN.S) lost 142.2 billion Swiss francs in the first nine months of 2022 as rising interest rates and the stronger Swiss franc slashed the value of foreign investments.

☆ Credit Suisse business is stable, chairman tells broadcaster SRF
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 5 (Reuters) - Credit Suisse (CSGN.S) is "definitely stable," Chairman Axel Lehmann told Swiss broadcaster SRF on Monday, adding that the embattled bank had seen a stabilisation in the outflows of client funds. "Thankfully, the outflows have stabilised," Lehman told SRF in an interview to be broadcast on Monday. Funds were also starting to return to the bank, he said, particularly in its Swiss home market. "What is the earnings power of the Swiss business, wealth management, asset management and the part of the investment bank we retain, and then from 2024 produce positive numbers." Reporting by John Revill; Editing by Mark Porter and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ China's Silk Road Fund to invest in Indonesian pharma firms
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Nov 13 (Reuters) - China's Silk Road Fund (SRF) and Indonesia's INA sovereign fund INA invest in two state-owned Indonesian pharmaceuticals companies in a deal worth about 1.86 trillion rupiah ($120 million), a deputy minister said on Sunday. "We hope the investment partnership can improve the pharma firms' digital services, product development and also repair (their) capital structure," he said. SRF was set up in 2014 and is backed by China's foreign exchange reserves, China Investment Corp, the Export-Import Bank of China and the China Development Bank. In July INA and SRF signed an investment framework agreement under which the Chinese fund aims invest up to 20 billion yuan ($2.8 billion) in Southeast Asia's biggest economy. ($1 = 15,490.0000 rupiah)($1 = 7.1066 Chinese yuan renminbi)Reporting by Stefanno Sulaiman Editing by Martin Petty, Kanupriya Kapoor and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ No Roger Federer Street in Basel, at least for now
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Oct 26 (Reuters) - Swiss tennis great Roger Federer's hometown won't be naming a street after him - at least for now. Officials and politicians in Basel have begun discussions on how to honour the 20-time grand slam singles champion, who retired from the ATP tour last month. But city surveyor Paul Haffner ruled out prospects of Federer getting his own street, an accolade already bestowed on him by some Swiss and German cities. "The policy in Basel is that only deceased individuals have a square or a street named after them," Haffner told Swiss broadcaster SRF. Reporting by Noele Illien; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ Swiss National Bank's Maechler determined to bring down inflation
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Sept 26 (Reuters) - The Swiss National Bank will do "everything" to reduce inflation, governing board member Andrea Maechler said on Monday, saying last week's rate hike was intended to signal the central bank's determination to fight price increases in Switzerland. "We have tightened monetary policy and raised interest rates to send a clear signal that we will do everything to bring down inflation over time," Maechler told broadcaster SRF in an interview to be shown later on Monday. The SNB responded last week by raising its policy rate by 75 basis points to 0.5%. read moreMaechler declined to comment on further rate increases expected by economists in the coming months. The Swiss franc, whose appreciation previously the focus of SNB policy, had risen in value in recent months and helped dampen Swiss inflation, Maechler added.

☆ Agricultorii uscaţi de secetă n-au pe ce cumpăra dolari şi euro
▼ + stars: | 2020-12-02 | by ( ) capital.market.md time to read: +7 min

După o ameliorare în lunile aprilie-mai, deficitul balanţei comerciale externe s-a deteriorat în trimestrul III, revenind la un nivel similar anilor precedenţi. Dinamica cursului oficial al leului moldovenesc faţă de euro a fost influenţată inclusiv de evoluţiile monedei unice europene faţă de dolarul SUA pe pieţele internaţionale. În prima jumătate a trimestrului III a continuat tendinţa de depreciere a dolarului SUA faţă de principalele valute internaţionale, dar în special faţă de euro. În a doua jumătate a trimestrului, cursul EUR/USD a cunoscut o stabilizare relativă, iar spre finele lunii septembrie, dolarul SUA şi-a recăpătat unele poziţii pierdute pe parcursul perioadei. Astfel, pe parcursul trimestrului III, comparativ cu finele celui precedent, euro s-a apreciat cu 3,6 la sută în raport cu dolarul SUA.

Persons: îşi, BNM, SRF, Eduard Lupu Organizations: RM, Banca Naţională Locations: SUA, UE, polonez, american, RM, aceştia, Ucraina, Rusia, ., Turcia, străinătate

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