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FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland, Oct. 28, 2020. The bank’s management needs a new-look Credit Suisse, as its standing with customers and in Switzerland hits a low ebb. “The Swiss establishment is aware that without a domestic merger Credit Suisse will disappear in foreign hands,” one of the sources said. Earlier this year, when asked about a tie-up with Credit Suisse, UBS CEO Ralph Hamers threw cold water on the idea, saying he preferred “organic” growth. But many people who spoke to Reuters for this story, however, believed a deal between Deutsche Bank and Credit Suisse was unlikely.
Persons: Arnd, Antonio Horta, Osorio, , FINMA, , Ralph Hamers, Christian Sewing Organizations: UBS, Swiss, Credit Suisse, REUTERS, Greensill Capital, Suisse, Reuters, Germany’s Deutsche Bank, Deutsche, Deutsche Bank Locations: ZURICH, Bern, Switzerland, Swiss, Zurich, Washington, United States
Football fans watch UEFA Euro 2020 Championship Group A match between Wales and Switzerland at a pub on June 12, 2021 in Shanghai, China. The month-long Euro 2020 soccer tournament, which began June 11, was postponed from last year due to the pandemic. In 2018, Alipay agreed to an eight-year partnership that included Euro 2020 and Euro 2024. For Euro 2020, Alipay's deal includes displaying English and Chinese-language versions of its subsidiaries. China's fan baseAnother Chinese company looking to profit from the tournament is iQiyi, which acquired the online live streaming rights for Euro 2020.
Persons: Chen Yuyu, Pierre Justo, Hisense, Alipay, Ant, Lingxiao Yu, Kantar's Justo, Douyin Organizations: UEFA, Visual China, Getty, Union of European Football Associations, Gazprom, Volkswagen, FedEx, Alibaba, Associated Press, Financial Times, CNBC, Volvo, Heineken, iQiyi, CCTV, Weibo, Twitter, ByteDance Locations: Wales, Switzerland, Shanghai, China, BEIJING, UEFA European, Europe, Qingdao, Shandong province, France, Germany, Spain, Russian, Brazil, TikTok
Djokovic on a double mission as glory looms
  + stars: | 2021-06-25 | by ( Zoran Milosavljevic | ) www.reuters.com + 0.00   time to read: +3 min
Tennis - Serbia's Novak Djokovic poses with the trophy as he celebrates winning the 2019 Wimbledon final against Switzerland's Roger Federer. I do think that he can do it," Eurosport expert and seven-time Grand Slam champion Mats Wilander said. Having won the Australian Open in February, Djokovic initially struggled on the European clay. Even though Nadal is absent and eight-time champion Federer may be off the pace, Djokovic still faces a formidable field. Writing by Zoran Milosavljevic and Martyn Herman; editing by Pritha SarkarOur Standards: The Thomson Reuters Trust Principles.
Persons: Serbia's Novak Djokovic, Switzerland's Roger Federer, Toby Melville BELGRADE, Novak, Rafa Nadal, Roger Federer, Rod Laver, Nadal, Mats Wilander, Djokovic, Stefanos, Sam Querrey, Federer, Zoran Milosavljevic, Martyn Herman, Pritha Sarkar Organizations: Wimbledon, Lawn Tennis, Croquet Club, Djokovic, Federer, Tokyo, Eurosport, Nadal, Mallorca, French, U.S, Thomson Locations: London, Britain, Spanish, Mallorca
The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland, Oct. 28, 2020. The bank's management needs a new-look Credit Suisse, as its standing with customers and in Switzerland hits a low ebb. "The Swiss establishment is aware that without a domestic merger Credit Suisse will disappear in foreign hands," one of the sources said. Earlier this year, when asked about a tie-up with Credit Suisse, UBS CEO Ralph Hamers threw cold water on the idea, saying he preferred "organic" growth. read moreBut many people who spoke to Reuters for this story, however, believed a deal between Deutsche Bank and Credit Suisse was unlikely.
Persons: Arnd, Archegos, Antonio Horta, Osorio, FINMA, Ralph Hamers, Christian Sewing, Pamela Barbaglia, John O'Donnell, Brenna Hughes, Oliver Hirt, Patricia Uhlig, Tom Sims, Lauren LaCapra, Rachel Armstrong, Jane Merriman Organizations: Swiss, Credit Suisse, REUTERS, UBS, Greensill, Suisse, Germany's Deutsche Bank, Deutsche, Reuters, Deutsche Bank, Thomson Locations: Bern, Switzerland, ZURICH, Swiss, Zurich, Washington, United States, London, Frankfurt, New York
U.N. High Commissioner for Human Rights Michelle Bachelet attends a news conference at the European headquarters of the United Nations in Geneva, Switzerland, December 9, 2020. "In the meantime, the office continues to deepen its analysis and assessment of the alleged patterns of human rights violations in Xinjiang," she said on Tuesday. "There is no formal U.N. assessment of what is happening in Xinjiang and we need that given Beijing's denial," Kenneth Roth, head of Human Rights Watch, told reporters last week. Human Rights Watch and Amnesty International this year documented what they said could constitute crimes against humanity being committed in Xinjiang. Sarah Brooks, China expert at the International Service for Human Rights, said: "All that remains is for High Commissioner Bachelet to step up - China's cooperation must not be misinterpreted as a precondition to doing her job."
Persons: Human Rights Michelle Bachelet, Denis Balibouse, Bachelet, Ken Roth, Michelle Bachelet, U.N, Kenneth Roth, Sarah Brooks, Stephanie Nebehay, Alex Richardson Organizations: Human Rights, United Nations, REUTERS, Human Rights Watch GENEVA, Human Rights Council, Rights Watch, Amnesty International, International Service for Human Rights, High, Thomson Locations: Geneva, Switzerland, Xinjiang, China, Beijing, Canada, United States, Venezuela, Kashmir, Turkey
Djokovic to play British teenager Draper as Wimbledon returns
  + stars: | 2021-06-25 | by ( Martyn Herman | ) www.reuters.com + 0.00   time to read: +3 min
World number one Djokovic is halfway to a calendar-year Grand Slam after winning the Australian and French Open titles, taking his overall tally to 19 majors. Draper, 19, will be making his Grand Slam main draw debut. read moreSerena Williams, who Halep beat to won the title in 2019, will begin her latest quest to claim a record-equalling 24 Grand Slam titles, against Aliaksandra Sasnovich of Belarus. Eight-time Wimbledon champion Roger Federer, who turns 40 this year, takes on Frenchman Adrian Mannarino in round one. The standout match of the women's opening round sees twice Wimbledon champion Petra Kvitova, seeded 10, up against former U.S. Open champion Sloane Stephens.
Persons: Serbia's Novak Djokovic, Switzerland's Roger Federer Laurence Griffiths, Halep, Serena, Sasnovich, Suarez Navarro, Novak, Jack Draper, Simona Halep, Draper, Romanian Halep, Serena Williams, Aliaksandra Sasnovich, Ash, Spain's Carla Suarez Navarro, Andy Murray, Nikoloz, Roger Federer, Frenchman Adrian Mannarino, Kevin Anderson, Stefanos Tsitsipas, Daniil Medvedev, Germany's Jan, Lennard, Marin Cilic, Australian Margaret Court, Angelique Kerber, Coco Gauff, Williams, Gauff, Francesca Jones, Petra Kvitova, Sloane Stephens, Martyn Herman, Ken Ferris Organizations: Lawn Tennis, Croquet Club, Grand, Suarez Navarro LONDON, Wimbledon, Georgian, Nikoloz Basilashvili, Australian, U.S, Thomson Locations: London, Britain, British, Romanian, Belarus, Australia, American
REUTERS/Denis BalibouseBEIJING, June 24 (Reuters) - China has made a complaint to the World Trade Organization (WTO) over Australia's anti-dumping and anti-subsidy measures on three products, its commerce ministry said on Thursday. In an apparent tit-for-tat measure, Gao Feng, a Chinese commerce ministry spokesman, said Beijing would now appeal against Australia's duties on imports of railway wheels, wind towers and stainless steel sinks. Australia imposed duties totalling 10.9% on Beijing's wind towers, 17.4% on railway wheels and up to 60.2% on stainless steel sinks from China. China responded by imposing tariffs on Australian commodities, including wine and barley and limited imports of Australian beef, coal and grapes. Australia has already appealed to the WTO over China's decision to impose tariffs on its barley imports.
Persons: Denis Balibouse BEIJING, Gao Feng, Gao, Dan Teehan, Teehan, Stella Qiu, Ryan Woo, Alex Richardson Organizations: World Trade Organization, REUTERS, Australia's Trade, Beijing, Huawei, Thomson Locations: Geneva, Switzerland, China, Canberra, Beijing, Australia, Australian
To be sure, more people have died from Covid-19 this year than in all of 2020, according to data compiled by the World Health Organization. More than 2 million people have died as a result of Covid so far this year. Robert Gauthier | Los Angeles Times | Getty ImagesMississippi and Texas both lifted all Covid restrictions in March with Texas Gov. In the global scramble for Covid-19 vaccines, high-income countries, predictably, have sought to secure stocks for their own populations first. The Covid variant first identified in India is thought to be on track to become the dominant strain of the disease worldwide.
Persons: Kevin Mazur, Gavin Newsom, Andrew Cuomo, Reggie Jackson, Robert Gauthier, Greg Abbott, Anthony Fauci, Fauci, Stephen Donnelly, Donnelly, Ghebreyesus, Christopher Black, Tedros Adhanom Ghebreyesus, Covid, Tedros, Dr, Michael Baker, Joe Biden's, Sinopharm, TANG CHHIN SOTHY, Scott Gottlieb Organizations: Foo Fighters, Garden, World Health Organization, New York Gov, Phoenix Suns, LA Clippers, NBA Western, Los Angeles Times, Getty Images, Texas Gov, for Disease Control, Ireland's, Newstalk, WHO, National Institute of Allergy, Reuters WHO, University of Otago, Wellington , New Zealand, CNBC, World Trade Organization, AFP, Getty, FDA Locations: Madison, New York City, U.S, China, Covid, California, New York, Getty Images Mississippi, Texas, India, United States, Africa, Asia, Geneva, Switzerland, Germany, Wellington , New, EU, Brazil, Phnom Penh, Americas
Djokovic returns to Wimbledon with stranglehold on men's game
  + stars: | 2021-06-24 | by ( Martyn Herman | ) www.reuters.com + 0.00   time to read: +4 min
Adrian Dennis/Pool via REUTERS/File PhotoLONDON, June 24 (Reuters) - It is almost two years since Novak Djokovic left Roger Federer crestfallen by edging a momentous Wimbledon final but as the tournament prepares to return after last year's cancellation, the men's game remains in the Serb's stranglehold. Since that epic five-set victory, in which he saved two match points and won the first fifth-set tiebreak in a Wimbledon final, Djokovic has claimed three of the next six majors with Rafa Nadal bagging two and Dominic Thiem one. That proved a mere bump in the road for Djokovic, however, and he will arrive at Wimbledon bidding for a sixth title to match Federer and Nadal's men's Grand Slam record haul of 20. Djokovic looked supreme at times in Paris as he claimed his second French Open title -- but there were also dips. Becker won Wimbledon a few weeks later.
Persons: Serbia's Novak Djokovic, Switzerland's Roger Federer, Adrian Dennis, Novak Djokovic, Roger Federer crestfallen, Djokovic, Rafa Nadal, Dominic Thiem, Thiem, Roger Federer, Nadal, Federer, Nadal's, Rod Laver, Felix Auger, Wilander, Lorenzo Musetti, Stefanos Tsitsipas, Daniil Medvedev, Germany's Alexander Zverev, Matteo Berrettini, Boris Becker, Becker, Andy Murray, Scot, Martyn Herman, Pritha Sarkar Organizations: Wimbledon, Lawn Tennis, Croquet Club, Rafa, U.S, Djokovic, Halle, Nadal, All England Club, Thomson Locations: London, Britain, tennis, Paris
The major public cloud providers — AWS, Google Cloud, IBM, and Microsoft Azure — are battling it out to win over financial institutions. Capital OneCapital One has been at the forefront of Wall Street's adoption of the public cloud, tapping AWS as its predominant cloud provider in 2016. GoHenryGoHenry, the UK-based neobank geared towards children and their parents, hosts some 99% of its services on Google Cloud, according to the startup's managed cloud provider Rackspace. The fintech tapped Google Cloud to run its core infrastructure (in addition to previously using Google Workspaces). The bank is pursuing a hybrid-cloud approach with applications equally split across the public cloud, private cloud, and UBS' mainframe infrastructure, according to Microsoft.
Persons: BMO Harris, Bruce Van Saun, FABRICE COFFRINI, Equifax, Bryson Koehler, GoHenry GoHenry, KeyBank KeyBank, KeyBank, PayPal PayPal, Shivananda, SEB, Howard Boville, Boville, Morgan Stanley Morgan Stanley, eyeing, Morgan Stanley Organizations: Insider Finance, Service, Google, IBM, Microsoft, Bank, Wall, Amazon Web Services Bank of Montreal BMO's, BMO, Capital, Citizens Bank Citizens Bank, AWS, Santander, Openbank, Getty, CME Group, Group, Deutsche Bank Deutsche Bank, PayPal, Associated Press IBM Bank of America Bank of America, of, Reuters Microsoft, BlackRock BlackRock, Tech, BlackRock, Financial Services, TD Bank Group Toronto, Bank Group, UBS, Australian Locations: Openbank, Madrid, Europe, AFP, Salt Lake City, UBS Swiss, Switzerland, Zurich, Geneva
But now a mutation of that variant has emerged, called "delta plus," which is starting to worry global experts. India has dubbed delta plus a "variant of concern," and there are fears that it could potentially be more transmissible. delta plus. Read more: The fast-spreading delta Covid variant could have different symptoms, experts say Several of those variants, such as the "alpha" variant (previously known as the "Kent" or "British" variant) and then the delta variant, have gone on to be dominant strains globally, hence the attention on delta plus. India's Health Ministry reportedly said Wednesday that it had found around 40 cases of the delta plus variant with the K417N mutation.
Persons: SAEED KHAN, INSACOG Organizations: AFP, Getty, Public Health, India's Health Ministry Locations: Sydney, India, Public Health England, U.S, Canada, Japan, Nepal, Poland, Portugal, Russia, Switzerland, Turkey, China, Maharashtra, Kerala, Madhya Pradesh
Swiss Re sees rising premium trend intact
  + stars: | 2021-06-24 | by ( ) www.reuters.com sentiment -0.99   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 WIegmannZURICH, June 24 (Reuters) - The trend of rising reinsurance premiums, driven by high claims payments related to the coronavirus pandemic and a record hurricane season, is continuing as the next policy renewal round looms on July 1, Swiss Re (SRENH.S) said on Thursday. He said it was too early to make a forecast for the next policy renewal round in early July. In contract renewals in April, Swiss Re increased premium volume in property and casualty insurance by a fifth and achieved a 4% price increase. Munich Re underwrote 17% more business, with prices rising by an average of 2.4%.
Persons: Moses Ojeisekhoba, Ojeisekhoba, Paul Arnold, Michael Shields, Jan Harvey Organizations: Swiss, REUTERS, WIegmann, Munich, renegotiations, Thomson Locations: Zurich, Switzerland, WIegmann ZURICH, Munich
A new hydrogen fuel cell truck made by Hyundai is pictured at the Verkehrshaus Luzern (Swiss Museum of Transport) in Luzern, Switzerland October 7, 2020. So-called green hydrogen, made by using renewable energy to power electrolysers to convert water, is being backed by many governments for vehicles and energy plants but it is currently too expensive for widespread use. This month the Biden administration set a goal of reducing the cost of producing clean hydrogen 80% to $1 per kilogram in a decade. I think we're going to see big projects producing big quantities of hydrogen in 2025 and beyond," Oreja said. Industries where electrification is not easily possible including long haul transportation - such as marine and aviation industries - are likely to be early adopters of hydrogen, panelists said.
Persons: Denis Balibouse, Marcelino Oreja, Biden, Oreja, Daryl Wilson, Wilson, ACWA, Seifi Ghasemi, Ghasemi, Devika Krishna Kumar, Timothy Gardner, Marguerita Choy Organizations: Hyundai, Luzern, Swiss Museum of Transport, REUTERS, Reuters, Energy, Enagas SA, Hydrogen Council's, Industries, Air Products, Chemicals Inc, Washington DC, Thomson Locations: Luzern, Switzerland, Saudi Arabia, Oman, New York
U.N. rights chief says HK security law prompts media self-censorship
  + stars: | 2021-06-24 | by ( ) www.reuters.com sentiment -0.94   time to read: 1 min
U.N. High Commissioner for Human Rights Michelle Bachelet attends a news conference at the European headquarters of the United Nations in Geneva, Switzerland, December 9, 2020. REUTERS/Denis Balibouse/File PhotoHONG KONG, June 24 (Reuters) - United Nations human rights chief Michelle Bachelet said on Thursday that Hong Kong's new national security law was leading journalists to "self-censor" to avoid clashing with "vaguely formulated offences". Bachelet was speaking via video link at the 2021 Society of Publishers in Asia press awards ceremony held in Hong Kong. Her remarks were pre-recorded. Reporting by Meg Shen and Marius Zaharia; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.
Persons: Human Rights Michelle Bachelet, Denis Balibouse, Michelle Bachelet, Bachelet, Meg Shen, Marius Zaharia, Alex Richardson Organizations: Human Rights, United Nations, REUTERS, of Publishers, Thomson Locations: Geneva, Switzerland, HONG KONG, Asia, Hong Kong
The estimate is included in a report, which is to be discussed on Thursday at a board meeting of Gavi, a vaccine alliance that co-leads the WHO's COVID-19 vaccine programme COVAX. read moreThe document shows that the WHO considers annual boosters for high-risk individuals as its "indicative" baseline scenario, and boosters every two years for the general population. The document, which is dated June 8 and is still "work in progress", also predicts under the base case that 12 billion COVID-19 vaccine doses will be produced globally next year. That could be compounded by the need for annual boosters for the entire world, and not just the most vulnerable, to combat variants and limited duration of protection. There would be no need for boosters as vaccines would show strong efficacy against variants and long protection.
Persons: Denis Balibouse, BioNTech, Gavi, Johnson, Francesco Guarascio, Josephine Mason, Emelia Organizations: World Health Organization, WHO, REUTERS, Reuters, Moderna Inc, Pfizer Inc, International Federation of Pharmaceutical Manufacturers & Associations, European Union, Pfizer, Moderna, AstraZeneca, Thomson Locations: Geneva, Switzerland, BRUSSELS
The major public cloud providers — AWS, Google Cloud, IBM, and Microsoft Azure — are battling it out to win over financial institutions. The fintech tapped Google Cloud to run its core infrastructure (in addition to previously using Google Workspaces). It also inked a strategic partnership with Azure in April 2020 to host Aladdin's infrastructure on the public cloud. TD Bank GroupToronto-based TD Bank Group tapped Microsoft Azure as its strategic public cloud partner in 2019. The bank is pursuing a hybrid-cloud approach with applications equally split across the public cloud, private cloud, and UBS' mainframe infrastructure, according to Microsoft.
Persons: BMO Harris, Bruce Van Saun, Klarna, Monzo, it's, FABRICE COFFRINI, Equifax, Bryson Koehler, GoHenry GoHenry, KeyBank KeyBank, KeyBank, PayPal PayPal, Shivananda, SEB, Howard Boville, Boville, Morgan Stanley Morgan Stanley, eyeing, Morgan Stanley Organizations: Insider Finance, Service, Google, IBM, Microsoft, Bank, Wall, Amazon Web Services Bank of Montreal BMO's, BMO, Capital, Citizens Bank Citizens Bank, Klarna, Monzo, Nubank, Santander, Openbank, Getty, CME Group, Group, Deutsche Bank Deutsche Bank, PayPal, Associated Press IBM Bank of America Bank of America, of, Reuters Microsoft, BlackRock BlackRock, Tech, BlackRock, Financial Services, TD Bank Group Toronto, Bank Group, UBS, Australian Locations: Openbank, Madrid, Europe, AFP, Salt Lake City, UBS Swiss, Switzerland, Zurich, Geneva
Ackman says he could see a listing for UMG in the U.S.
  + stars: | 2021-06-23 | by ( ) www.reuters.com sentiment -0.86   time to read: 1 min
The logo of Universal Music Group (UMG) is seen at a building in Zurich, Switzerland July 25, 2016. REUTERS/Arnd WiegmannBOSTON, June 23 (Reuters) - Billionaire investor Bill Ackman said on Tuesday that he could envision a stock listing for Universal Music Group, the world's largest music group, in the United States after it lists in Amsterdam in September if the company's board agrees to take that step. Ackman said on a conference call with investors that he sees no legal or regulatory restrictions that would prevent a dual listing and that this could happen either through a direct listing on the NYSE or Nasdaq or through sponsored American Depositary Receipts. "It is up to the board," he said. Reporting by Svea Herbst-BaylissOur Standards: The Thomson Reuters Trust Principles.
Persons: Bill Ackman, Ackman, Svea Herbst, Bayliss Organizations: Universal Music, REUTERS, Billionaire, Universal Music Group, NYSE, Svea, Thomson Locations: Zurich, Switzerland, BOSTON, United States, Amsterdam
The logo of Universal Music Group (UMG) is seen at a building in Zurich, Switzerland July 25, 2016. UMG, which is being spun-off by France's Vivendi (VIV.PA), will complete its planned Euronext Amsterdam listing in late September. Ackman said UMG could be listed in the United States through a direct listing on stock exchanges or through sponsored American Depositary Receipts. Pershing Square funds own roughly 29% of Remainco, which has the option of raising an additional $1.4 billion to complete a future deal. It will have no deadline to spend the money and will eventually be publicly listed, Ackman said.
Persons: William Ackman, Ackman, UMG, Herman Ackman, Taylor Swift, Lady Gaga, Svea Herbst, Bayliss Organizations: Universal Music, REUTERS, Capital Management, France's Vivendi, Wall Street, Pershing, Tontine Holdings, BET, UMG, Holdings, Investors, Ackman's, Universal, Rights Company, SPARC, Svea, Thomson Locations: Zurich, Switzerland, BOSTON, Amsterdam, United States, UMG
The logo of Universal Music Group (UMG) is seen at a building in Zurich, Switzerland July 25, 2016. UMG, which is being spun-off by France's Vivendi (VIV.PA), will complete its planned Euronext Amsterdam listing in late September. Ackman said UMG could be listed in the United States through a direct listing on stock exchanges or through sponsored American Depositary Receipts. Pershing Square funds own roughly 29% of Remainco, which has the option of raising an additional $1.4 billion to complete a future deal. It will have no deadline to spend the money and will eventually be publicly listed, Ackman said.
Persons: William Ackman, Ackman, UMG, Herman Ackman, Taylor Swift, Lady Gaga, Svea Herbst, Bayliss Organizations: Universal Music, REUTERS, Capital Management, France's Vivendi, Wall Street, Pershing, Tontine Holdings, BET, UMG, Holdings, Investors, Ackman's, Universal, Rights Company, SPARC, Svea, Thomson Locations: Zurich, Switzerland, BOSTON, Amsterdam, United States, UMG
REUTERS EVENTS Zurich Insurance expects strong profit rebound in 2021-CEO
  + stars: | 2021-06-23 | by ( ) www.reuters.com sentiment -0.96   time to read: 1 min
The logo of Swiss company Zurich insurance is seen at an office building in Zurich's Oerlikon suburb, Switzerland August 10, 2017. REUTERS/Arnd WiegmannNEW YORK, June 23 (Reuters) - Zurich Insurance Group AG (ZURN.S) is expecting a "strong rebound" in profits in 2021 and doesn't foresee any large acquisitions, though it is always looking, the head of Europe's fifth-largest insurer said on Wednesday. Zurich also is taking steps to limit underwriting risk in its cyber insurance policies, Mario Greco, chief executive of Zurich, said in an interview at the Reuters Future of Insurance USA conference. Reporting by Carolyn Cohen, writing by Alwyn ScottOur Standards: The Thomson Reuters Trust Principles.
Persons: Mario Greco, Carolyn Cohen, Alwyn Scott Organizations: Swiss, REUTERS, Zurich Insurance, AG, Reuters, of Insurance USA, Thomson Locations: Zurich, Zurich's Oerlikon, Switzerland
The logo of Swiss company Zurich insurance is seen at an office building in Zurich's Oerlikon suburb, Switzerland August 10, 2017. To see the video, click: https://vimeo.com/566597204/7502db0e55Greco said the insurer was "constantly looking" to sell books of European life insurance business closed to new customers, after several such transactions in recent years. Zurich is looking to offload an Italian portfolio of closed life insurance policies with an equity value of around 200 million euros ($239.20 million), Reuters reported earlier this month. Greco said the insurer would consider closed life portfolio sales "not necessarily only in these two countries". read moreZurich is also taking steps to limit risk in its cyber insurance policies, Greco said.
Persons: Mario Greco, Greco, we've, Carolyn Cohen, Alwyn Scott Organizations: Swiss, REUTERS, Zurich Insurance, AG, Reuters, of Insurance USA, Farmers Exchanges, Sompo Holdings, Energy, Thomson Locations: Zurich, Zurich's Oerlikon, Switzerland, COVID
Crypto is 'rat poison', a third of mainstream investment firms tell JPM
  + stars: | 2021-06-23 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Arnd WiegmannLONDON (Reuters) - Only 10% of institutional investment firms surveyed by JPMorgan trade cryptocurrencies, with nearly half labelling the emerging asset class as “rat poison” or predicting it would be a temporary fad. Bitcoin, the world’s largest cryptocurrency, fell to a five-month low on Tuesday, extending losses from China’s deepening crackdown on mining and trading cryptocurrencies. The U.S. Securities and Exchange Commission has said it would like to see more regulation around trading in the space. However, asked about their personal investments, 40% of the investors said they were active in cryptocurrencies. Billionaire investor Warren Buffett has in the past characterised bitcoin as “rat poison squared”.
Persons: Satochi, Bitcoin, Warren Buffett Organizations: Bity, REUTERS, JPMorgan, U.S . Securities, Exchange, Billionaire Locations: Zurich, Switzerland, cyptocurrencies, cryptocurrencies
Central bank digital currencies get full BIS backing
  + stars: | 2021-06-23 | by ( Marc Jones | ) www.reuters.com + 0.00   time to read: +2 min
LONDON, June 23 (Reuters) - The Bank for International Settlements has given its full backing to the development of central bank digital currencies (CBDCs), saying they are needed to modernise finance and ensure ‘Big Tech’ does not take control of money. Dubbed the central bank to the world’s central banks, the BIS, which is coordinating many of their discussions on digital currencies, set out recommendations on Wednesday on how a CBDC such as a digital dollar, euro, yen or yuan should look. “The train has left the station,” said Benoit Coeure of the BIS, referring to the move towards central bank digital currencies and its support. Without CBDCs, digital money would become increasingly dominated by big tech firms, Coeure warned, as they would leverage enormous social media user bases. One reason being that it would prevent people using digital currencies from countries other than their own such as the safe-haven dollar.
Persons: , Benoit Coeure, Diem, Coeure, ” Coeure, Hyun Song Shin Organizations: Bank for International, Big Tech, BIS, ‘ Big Tech, Facebook, Bank of France Locations: bitcoin, Bahamas, China, Switzerland, CBDCs
UPDATE 1-Stashed cash doesn't affect Swiss monetary policy - SNB
  + stars: | 2021-06-23 | by ( John Revill | ) www.reuters.com sentiment -1.00   time to read: +1 min
(Adds detail, further comment)BERN, June 23 (Reuters) - Billions in cash stashed away at home by people in Switzerland has no influence on the Swiss National Bank’s monetary policy, alternate governing board member Dewet Moser said on Wednesday. As part of its expansive monetary policy the SNB charges commercial banks a negative interest rate of 0.75% on sight deposits, which is now being passed on to some consumers. Switzerland’s UBS has said it will start charging negative interest rates on clients holding more than 250,000 francs or euros in cash from July, while rival Credit Suisse charges client on cash of more than 2 million Swiss francs. Still, Moser said there were no indications that negative rates were leading to money hoarding by people wishing to avoid the charge. “We have no indications from the results of our survey that negative interest rates play a role in the demand for cash,” he said.
Persons: Dewet Moser, Moser, , John Revill, Michael Shields Organizations: Swiss National, UBS, Suisse Locations: BERN, Switzerland
Mazda to temporarily halt production at Japanese plant in July due to chip shortage
  + stars: | 2021-06-23 | by ( ) www.reuters.com sentiment -1.00   time to read: 1 min
A Mazda logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre Albouy/FilesTOKYO, June 23 (Reuters) - Mazda Motor Corp (7261.T) said on Wednesday that it will suspend production at a factory in Japan for a total of ten days in July due to a chip shortage. The automaker's Hofu Plant No.1 in Yamaguchi prefecture, located in southwest Japan, will halt production between July 5 and 9 as well as July 12 and 16. Reporting by Eimi Yamamitsu; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.
Persons: Pierre Albouy, Eimi Yamamitsu, Toby Chopra Organizations: 89th Geneva, REUTERS, Mazda Motor Corp, Thomson Locations: Geneva, Switzerland, TOKYO, Japan, Yamaguchi prefecture
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