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Julius Baer 2022 profits fall as it hits business cycle targets
  + stars: | 2023-02-02 | by ( ) www.reuters.com   time to read: +1 min
ZURICH, Feb 2 (Reuters) - Julius Baer (BAER.S) on Thursday said net profit fell 12% in 2022 in a tough market environment, as the Swiss bank said it closed its 2020-22 business cycle by hitting all its financial targets. Net profit dropped to 950 million Swiss francs ($1.05 billion) from 1.08 billion francs. Net new money totalled 9 billion Swiss francs over the year. "We are closing the 2020–2022 strategic cycle with the second-best result ever," Chief Executive Philipp Rickenbacher said in a statement. "...This puts us on a strong footing from which we have already started the work for the upcoming three-year cycle."
Credit Suisse winds down second Greensill-linked fund
  + stars: | 2023-02-02 | by ( ) www.reuters.com   time to read: 1 min
ZURICH, Feb 2 (Reuters) - Credit Suisse (CSGN.S) on Thursday announced it had completed the liquidation process of the second of its four funds linked to collapsed supply chain financing firm Greensill Capital. A final payment scheduled for February 6 will bring the total amount returned to investors in Nova, the Luxembourg domiciled investment grade fund, to $256 million, which represents between 99.4% and 99.9% of the fund's total, depending on share class. In November, Switzerland's second largest bank announced it had wound up its Liechtenstein Supply Chain Finance Fund. Reporting by Noele Illien; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.
[1/2] The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland, Oct. 25, 2022. REUTERS/Arnd WiegmannZURICH, Jan 31 (Reuters) - UBS (UBSG.S), Switzerland's biggest bank, forecast an uncertain year ahead due to the war in Ukraine and sagging client confidence on Tuesday, despite trumping expectations for 2022 with a $7.6 billion net profit. Zuercher Kantonalbank analyst Michael Klien said UBS had benefited from one-offs, including a lower than expected tax rate. SLOWDOWNUBS said it gained $23.3 billion in net new fee generating assets in wealth management, with a strong Swiss performance. UBS announced plans to buy back more than $5 billion worth of shares this year after repurchasing $5.5 billion in 2022.
UBS fourth-quarter profit rises 23%; beats estimates
  + stars: | 2023-01-31 | by ( Noele Illien | ) www.reuters.com   time to read: +1 min
ZURICH, Jan 31 (Reuters) - Switzerland's UBS Group AG (UBSG.S) on Tuesday reported a 23% increase in fourth-quarter profit, beating analyst estimates, helped by a fall in costs despite a drop in financial markets. The Swiss bank reported net profit attributable to shareholders of $1.7 billion, versus the $1.3 billion average of 21 analyst estimates in a UBS-conducted poll. "We are starting 2023 from a position of strength," Chief Executive Ralph Hamers said in a statement. Full-year net profit reached $7.6 billion, compared with the consensus estimate of $7.3 billion. UBS Chairman Colm Kelleher has said his bank has not actively sought to benefit from Credit Suisse's troubles.
[1/2] The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland, Oct. 25, 2022. REUTERS/Arnd WiegmannZURICH, Jan 31 (Reuters) - UBS Group AG (UBSG.S) predicted an "uncertain" year ahead plagued by accelerating inflation and higher interest rates on Tuesday after the Swiss bank beat estimates in its latest quarter. In doing so, UBS cautioned that inflation, rising interest rates and war in Ukraine were clouding the future, dampening clients' mood. Full-year net profit reached $7.6 billion, compared with the consensus estimate of $7.3 billion. UBS said it attracted $23.3 billion in net new fee generating assets in wealth management, with strong performance in Switzerland.
Liechtenstein votes resoundingly against banning casinos
  + stars: | 2023-01-29 | by ( ) www.reuters.com   time to read: +1 min
ZURICH, Jan 29 (Reuters) - Voters in Liechtenstein on Sunday roundly rejected a proposed ban on casinos in a referendum that has polarized the tiny principality and its 40,000 citizens. With six casinos dotted across the country that is a tenth of the size of London, the microstate has been dubbed the "Las Vegas of the Alps" among punters. They argue that the fledgling industry risks tarnishing a national image that the state has worked hard to repair. The country was on an international blacklist of tax havens until it began easing bank secrecy laws more than a decade ago. Reporting by Noele Illien Additional reporting by Francois Murphy in Vienna; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.
FTX said in a court filing in Wilmington, Delaware, late on Wednesday that the DOJ's proposed review would only add cost and delay to its bankruptcy case. As part of its own investigation, FTX asked U.S. Bankruptcy Judge John Dorsey, who is overseeing its Chapter 11 proceedings, to help it secure documents from Bankman-Fried, members of his family and other insiders with information about FTX transactions that used "misappropriated and stolen" funds. FTX is also seeking information about political donations by Mind the Gap, a political action committee founded by Barbara Fried, and Guarding Against Pandemics, an advocacy organization founded by Sam Bankman-Fried and his brother, Gabriel Bankman-Fried. The U.S. Department of Justice's bankruptcy watchdog has called for an independent investigation into its collapse, a request that received backing from a bipartisan group of U.S. senators. Sam Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, has pleaded not guilty to fraud charges.
GAM expects a net loss of around $336 mln for 2022
  + stars: | 2023-01-26 | by ( ) www.reuters.com   time to read: +2 min
ZURICH, Jan 25 (Reuters) - GAM (GAMH.S) expects to report a net loss after tax of approximately 309.9 million Swiss francs ($335.83 million) for the full year 2022, after experiencing negative asset flows, the Swiss asset manager said on Wednesday. The group said it also expects to report an underlying pre-tax loss of approximately 42.8 million Swiss francs. "2022 was a challenging year with our financial results seeing the impact from a market-led decline in our assets under management," GAM's Chairman David Jacob said. Vontobel analyst Andreas Venditti said 2022 was a challenging year for the asset management industry and said he welcomed the news of GAM's planned strategic update. In December it was reported that GAM had hired bankers from UBS (UBSG.S) to explore strategic options, including a possible sale.
ZURICH, Jan 26 (Reuters) - Roche (ROG.S) has launched a new PCR test to detect a fast-spreading sub-variant of the Omicron variant of Coronavirus, the Swiss drugmaker said on Thursday. The new test specifically targets the XBB.1.5 Omicron variant and will help researchers closely track the virus’s lineage and provide insights into the epidemiology and impact it has on public health, the company added. The XBB.1.5 variant is prevalent in the United States and is quickly spreading to other countries, Roche said. "Being able to differentiate emerging variants and understand their similarities and mutations provides a basis for experts to make predictions about their spread and respond with appropriate treatment strategies," Roche said. Reporting by John Revill; Editing by Noele IllienOur Standards: The Thomson Reuters Trust Principles.
[1/2] The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco Bello/File PhotoZURICH/LONDON, Jan 26 (Reuters) - Financial watchdogs and government agencies from the United States, Japan and Switzerland are among creditors of bankrupt crypto exchange FTX, as well as companies including Airbnb and crypto giant Binance, a court filing has shown. A host of companies from traditional industries and the crypto sector, including Airbnb Inc (ABNB.O) and Binance, the world's largest crypto exchange and once an arch-rival of FTX, were also cited as creditors. FTX said last year it owed its 50 biggest creditors nearly $3.1 billion. FTX founder Sam Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, has pleaded not guilty to fraud charges.
Barry Callebaut sales volumes fall 5% during its first quarter
  + stars: | 2023-01-18 | by ( ) www.reuters.com   time to read: +1 min
ZURICH, Jan 18 (Reuters) - Barry Callebaut (BARN.S) sales volumes fell 5.1% in the three months to the end of November, the world's largest chocolate maker said on Wednesday, as it was hit by lower output at its biggest factory. Volumes fell to 579,000 tonnes from 610,000 tonnes a year earlier, said the company whose products are used by food makers including Nestle (NESN.S) and Unilever . Volumes fell as the Swiss company started ramping up production again at its Wieze factory in Belgium, which was hit by a health scare last year. Sales revenue increased by 3.8% to 2.1 billion Swiss francs ($2.28 billion), as the company passed on raw material price increases the company said. ($1 = 0.9229 Swiss francs)Reporting by John Revill; Editing by Noele Illien Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.
Credit Suisse sees money returning to the bank -CEO
  + stars: | 2023-01-18 | by ( ) www.reuters.com   time to read: +1 min
ZURICH, Jan 18 (Reuters) - Credit Suisse (CSGN.S) is seeing a reversal of outflows, CEO Ulrich Koerner said in an interview with CNBC in Davos on Wednesday. "Outflows have reduced very significantly and we are seeing money now coming back in different parts of the firm," he said. Koerner said he has "zero concerns" about conflicts of interest surrounding the bank's acquisition of former Credit Suisse board member Michael Klein's advisory firm. Earlier this month it was reported the Swiss bank would value M. Klein & Company at a few hundred million dollars. The potential deal is expected to allow M. Klein & Co. shareholders to take an eventual stake in CS First Boston using proceeds from the sale.
Swiss Six exchange opens probe into Clariant whistleblower case
  + stars: | 2023-01-12 | by ( ) www.reuters.com   time to read: +1 min
BERLIN, Jan 12 (Reuters) - Switzerland's Six stock exchange on Thursday opened an investigation into Clariant (CLN.S) over the possible disclosure of price-sensitive information, following whistleblowers' allegations that some staff had manipulated accounts. A spokesperson for the specialty chemical company said the investigation related to a delay in publishing its 2021 results, due to an investigation into the accounting of some provisions and accruals. In February, Clariant delayed the release of 2021 results as independent advisors looked into the allegations that some staff manipulated accounts in 2020 and 2021 to help meet financial targets. In April that investigation concluded that there had been no impact on sales and cash numbers previously reported, it said. Reporting by Miranda Murray and John Stonestreet; Editing by Noele Illien and Rachel MoreOur Standards: The Thomson Reuters Trust Principles.
Logitech cuts sales outlook after Q3 miss; shares seen sinking
  + stars: | 2023-01-12 | by ( ) www.reuters.com   time to read: +1 min
ZURICH, Jan 12 (Reuters) - Logitech International (LOGN.S) on Thursday reported lower earnings and sales between October and December and cut its sales outlook, citing a difficult economic backdrop and supply chain uncertainties linked to China's COVID-19 outbreak. CEO Bracken Darrell said the weaker-than-expected results reflected "challenging macroeconomic conditions including a slowdown in sales to enterprise customers in the quarter." The company was cutting its outlook based on the results and on "uncertainty in supply availability related to the current COVID outbreak in China." Last year, COVID restrictions drove Logitech to its highest ever second-quarter sales on the back of strong demand for home office products and computer gaming devices. Reporting by Noele Illien and John Stonestreet; Editing by Jacqueline Wong and Noele IllienOur Standards: The Thomson Reuters Trust Principles.
ZURICH, Jan 6 (Reuters) - Roche (ROG.S) announced on Friday the U.S. Food and Drug Administration has granted priority review to the Swiss pharmaceutical company's bispecific antibody Glofitamab. Glofitamab is intended for patients with relapsed or refractory large b-cell lymphoma. The FDA is expected to make a decision on approval of the cancer immunotherapy by July 1, 2023. Reporting by Noele Illien; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.
[1/6] Skiers pass on a small layer of artificial snow amid warmer-than-usual winter temperatures in the Alps in Leysin, Switzerland, January 4, 2023. REUTERS/Denis BalibouseLEYSIN, Switzerland, Jan 4 (Reuters) - Deprived of snow by unusually mild weather, Switzerland's world-renowned ski slopes have proven a disappointment to winter sports aficionados and resort managers eager to make the most of the holiday season. Norah Sweeney, a tourist from Boston, had prepared for a snowy Swiss sojourn, but her hopes quickly melted at the sight of yellowed grass on the slopes. MeteoSwiss, the country's federal office for meteorology and climatology, said Switzerland's average temperature of around 7.4 Celsius in 2022 was by far the warmest year since records began in 1864. Sophie Ruchet, a resident of the Vaud canton who learned to ski at Leysin, wonders if it's even worth having her children learn to ski.
Swiss National Bank steps up forex sales during Q3
  + stars: | 2022-12-30 | by ( ) www.reuters.com   time to read: +2 min
ZURICH, Dec 30 (Reuters) - The Swiss National Bank increased its forex sales to 739 million Swiss francs ($799.35 million) during the third quarter of 2022, the central bank said on Friday, showing how its focus has switched from stemming the safe-haven currency's strength to fighting inflation. Swiss inflation stood at 3% in November, low in comparison to other countries, but high in Swiss terms and outside the SNB's goal for inflation of 0-2%. SNB Chairman Thomas Jordan said earlier this month the central bank had sold foreign currencies in recent months to ensure "appropriate monetary conditions." He said the bank would also sell foreign currencies in future, while the SNB also remained willing to buy foreign currencies again if necessary to check excessive appreciation of the franc. "I expect forex sales to continue if Swiss inflation is above target.
Leonteq lowers profit expectations on reduced demand
  + stars: | 2022-12-27 | by ( ) www.reuters.com   time to read: +1 min
ZURICH, Dec 27 (Reuters) - Swiss fintech Leonteq (LEON.S) said on Tuesday that it was lowering its profit expectations for 2022 due to reduced client demand in the second half of the year. "Leonteq continued to register reduced client demand on the back of an overall challenging market environment but recorded stable monthly net fee income over the same period," it said. The company said it expects to report a group net profit for 2022, without giving any exact numbers. Its previous guidance was that it would exceed the prior year's group net profit of 155.7 million Swiss francs ($167.3 million). ($1 = 0.9305 Swiss francs)Reporting by Noele Illien; Editing By Tom Hogue, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
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.
British American Tobacco closes Swiss plant, lays off 226
  + stars: | 2022-12-15 | by ( ) www.reuters.com   time to read: 1 min
ZURICH, Dec 15 (Reuters) - British American Tobacco (BAT) is to close a cigarette manufacturing plant in Switzerland next year, laying off 226 workers, the Tages-Anzeiger paper and other Swiss media reported on Thursday. “BAT Switzerland confirms that a final decision has been made to transfer cigarette production from Boncourt to larger factories within Europe and to close the Boncourt site," BAT said in a statement. The winding down of the factory located in Switzerland's french-speaking region will be completed by the end of 2023, the company said. Reporting by Noele Illien Editing by Michael Shields and David GoodmanOur Standards: The Thomson Reuters Trust Principles.
ZURICH, Dec 15 (Reuters) - British American Tobacco is to close a cigarette manufacturing plant in Switzerland next year, laying off the 226 employees working there, the Tages-Anzeiger paper and other Swiss media reported on Thursday. The Unia labour union confirmed the plant closure. The BAT plant was not immediately available to comment. Reporting by Noele Illien; Editing by Michael ShieldsOur Standards: The Thomson Reuters Trust Principles.
Credit Suisse chairman says outflows have basically stopped
  + stars: | 2022-12-02 | by ( ) www.reuters.com   time to read: 1 min
ZURICH, Dec 2 (Reuters) - Credit Suisse (CSGN.S) Chairman Axel Lehmann said in a TV interview with Bloomberg on Friday the embattled bank's outflows have basically stopped and that it is seeing partial inflows. Credit Suisse has reported sharp outflows as wealthy clients move assets elsewhere, while the bank battles to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking. Credit Suisse, whose shares have plunged this year to record lows, is in the midst of raising 4 billion Swiss francs ($4.23 billion) to bolster its finances. Reporting by Noele Illien; Editing by Michael ShieldsOur Standards: The Thomson Reuters Trust Principles.
Swiss engineering group ABB fined $4.3 mln
  + stars: | 2022-12-02 | by ( ) www.reuters.com   time to read: +1 min
[1/2] The logo of Hitachi ABB is seen at an office building in Zurich, Switzerland September 10, 2020. REUTERS/Arnd Wiegmann/File PhotoZURICH, Dec 2 (Reuters) - Swiss engineering and technology group ABB (ABBN.S) has been fined 4 million Swiss francs ($4.3 million) by the country's Attorney General in connection with a bribery case in South Africa. The company agreed to pay 2.5 billion rand ($144.51 million) in punitive reparations to South Africa within 60 days from Dec. 1, the NPA's statement said. This is in addition to 1.6 billion rand ($92.48 million)the company paid back to South African state power utility Eskom in 2020. ABB was found guilty of improper payments and other compliance issues at the Kusile power station after a wide-scale investigation into state corruption concluded in June 2022.
Outflows at Credit Suisse have partially reversed - chairman
  + stars: | 2022-12-01 | by ( ) www.reuters.com   time to read: +1 min
ZURICH, Dec 1 (Reuters) - Client fund outflows at Credit Suisse (CSGN.S) have partially reversed and very few clients have left entirely, Chairman Axel Lehmann told a Financial Times conference on Thursday. "It was a storm in the retail and partially in the wealth management segment, in particular in Asia, where we had really massive outflows for two to three weeks," Lehmann said. "Since then it completely flattened out and it partially reversed," he said. Credit Suisse has reported sharp outflows as wealthy clients move assets elsewhere, while the bank battles to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking. Credit Suisse, whose shares have plunged this year to record lows, is in the midst of raising 4 billion Swiss francs ($4.23 billion) to bolster its finances.
[1/4] A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland November 23, 2022. Credit Suisse declined to comment on job cuts in the Hong Kong private banking business. Credit Suisse said in October it intends to reduce its cost base by around 2.5 billion Swiss francs ($2.67 billion) to about 14.5 billion in 2025. Client outflows have partially reversed and very few clients have left entirely, Credit Suisse Chairman Axel Lehmann told a Financial Times conference on Thursday. The fresh round of private banking cuts signals challenges facing Credit Suisse as it shifts towards banking for the wealthy, after vowing to ramp up wealth management globally.
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