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☆ UBS CEO insists bank not too big after Credit Suisse takeover
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

The logos of Swiss bank Credit Suisse and UBS are seen in Geneva, Switzerland, June 7, 2023. UBS completed its emergency takeover of Credit Suisse in June, forging a Swiss banking and wealth management giant with a $1.6 trillion balance sheet. The executive, who returned to UBS in April to steer the Credit Suisse takeover, was also critical of Credit Suisse. "Credit Suisse went under because it had a business model for years which was simply not right. "I don't think it will be a problem to integrate Credit Suisse," he said.

Persons: Denis Balibouse, Sergio Ermotti, Ermotti, Oliver Hirt, John Revill, Emelia Sithole Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Suisse, Thomson Locations: Geneva, Switzerland, ZUG, Zug, Swiss

☆ Swiss SEBA Bank gets approval-in-principle for Hong Kong crypto services
▼ + stars: | 2023-08-30 | by ( Georgina Lee | ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHONG KONG, Aug 30 (Reuters) - Swiss crypto-focused SEBA Bank on Wednesday said it has received an approval-in-principle from Hong Kong's securities regulator that takes it only one step away from offering virtual asset services in the Asian financial hub. SEBA (Hong Kong), in a statement, said the Securities and Futures Commission will grant licences once it meets conditions for final approval. It will then be able to engage in securities dealing, including crypto-related structured products, and advise on and manage digital assets and traditional securities. Hong Kong is the third market in which the Zug-headquartered bank has sought a licence after Switzerland and Abu Dhabi. The approval-in-principle allows SEBA to prepare for operations as soon as it is licensed.

Persons: Dado Ruvic, HONG KONG, Georgina Lee, Christopher Cushing Organizations: REUTERS, Bank, Securities, Futures, Thomson Locations: HONG, Swiss, Hong Kong, cryptocurrencies, Zug, Switzerland, Abu Dhabi

[1/2] The logo of German industrial group Siemens is seen at an office building in Zug, Switzerland December 1, 2021. REUTERS/Arnd Wiegmann/File PhotoCompanies Siemens AG FollowVIENNA/MUNICH, Aug 8 (Reuters) - Siemens (SIEGn.DE) is cooperating with authorities in Austria on an investigation into allegations of possible corruption related to hospital building contracts. Siemens said the investigation was based on information the company had provided to the public prosecutor's office in the course of an ongoing compliance investigation. "Siemens is cooperating fully with the authorities," the engineering company said, adding that it would not comment on ongoing investigations. Austrian prosecutors said that five people had been arrested as part of the investigation, with several house searches taking place last week.

Persons: Arnd, Feldkirch, KHBG, Martina Ruescher, Alexandra Schwarz, Alexander Huebner, John Revill, Friederike Heine, Miranda Murray, David Goodman, Louise Heavens Organizations: Siemens, REUTERS, Companies Siemens AG, Welt, Smart Infrastructure, Thomson Locations: Zug, Switzerland, MUNICH, Austria, Vorarlberg, Vienna, Munich

☆ Winners and losers likely as Switzerland absorbs Credit Suisse layoffs
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +5 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. In Switzerland, up to 10,000 jobs could be affected with Zurich bearing the brunt if UBS goes ahead with its indicated preferred option of absorbing Credit Suisse and cutting overlapping jobs and operations. "The large banks have many highly paid very specialized roles, where frankly there is very little demand in the market outside UBS and Credit Suisse," he said. Job cuts at Credit Suisse will hit Swiss and foreign nationals on its payroll, which may mean some have to leave Switzerland if they can't find a new job. Swiss banks have been looking in particular to snap up relationship managers with strong client relationships and solid books.

Persons: Denis Balibouse, headhunter Fredy Hausammann, Hausammann, Adecco, Balz Stueckelberger, Sergio Ermotti, Lombard Odier, Marco Arnold, Giorgio Pradelli, Pradelli, EFG, Noele Illien, Susan Fenton Organizations: UBS, Credit Suisse, REUTERS, Reuters, State Secretariat, Economic Affairs, Arbeitgeber Banker, Swiss, EFG's, Thomson Locations: Zurich, Switzerland, Swiss, Europe, Zug

☆ Exclusive: MoonLake Immunotherapeutics explores sale-sources
▼ + stars: | 2023-07-14 | by ( David Carnevali | ) www.reuters.com time to read: +2 min

July 14 (Reuters) - MoonLake Immunotherapeutics (MLTX.O), a developer of an antibody-derived treatment for inflammatory skin conditions, is exploring a sale, according to people familiar with the matter. Immunology-focused companies have been coveted acquisition targets, as highlighted by recent deals such as Merck & Co's (MRK.N) $10.8 billion acquisition of Prometheus BioSciences Inc and Eli Lilly's (LLY.N) $2.4 billion purchase of Dice Therapeutics (DICE.O). MoonLake is testing Sonelokimab for the treatment of other inflammatory conditions, including psoriatic arthritis and psoriasis. If successful, MoonLake would encroach on a market dominated by bigger peers such as Novartis AG (NOVN.S) and AbbVie Inc (ABBV.N). In 2022, MoonLake went public through a merger with a special purpose acquisition company, which helped it raise more than $200 million in cash.

Persons: drugmakers, Eli Lilly's, MoonLake, hidradenitis suppurativa, hidradenitis, Merck KGaA, David Carnevali, Josie Kao Organizations: Nasdaq, Merck, Co's, Prometheus BioSciences, Dice Therapeutics, Novartis AG, AbbVie Inc, Citigroup, Thomson Locations: Zug, Switzerland, New York

☆ Low-tax Switzerland votes on global minimum corporate tax rate
▼ + stars: | 2023-06-14 | by ( John Revill | ) www.reuters.com time to read: +4 min

In 2021 almost 140 countries including Switzerland agreed to an Organisation for Economic Cooperation and Development (OECD) deal to ensure large companies pay a minimum tax rate of 15%, to prevent them trying to avoid taxation by transferring profits to low tax countries. Reuters GraphicsEach of Switzerland's 26 cantons can set its own corporate tax rate, but the federal government would impose a top-up tax to ensure companies are paying 15 percent, raising up to 2.5 billion Swiss francs ($2.76 billion) in tax revenue. She said last month, "this minimum tax is coming, with or without Switzerland." Swiss Holdings, a group representing 62 multinationals in Switzerland including Nestle, Johnson & Johnson, and IKEA, supported the minimum tax. Stefan Kuhn, Head of Tax and Legal at KPMG Switzerland, said the top-up tax "gives cantons the money to do something smart to remain competitive."

Persons: Arnd, Fabian Molina, Karin Keller, Johnson, Christian Frey, Stefan Kuhn, Kuhn, John Revill, Alexandra Hudson Organizations: REUTERS, Switzerland Broad, Economic Cooperation, Development, GFS, Google, Nestle, Reuters, Union, Social Democrats, Sutter, OECD, Swiss Holdings, Johnson, IKEA, KPMG Switzerland, Alexandra Hudson Our, Thomson Locations: Bernese, Lake Zug, Zug, Switzerland, ZURICH, Swiss, GFS Bern, Germany, Japan, Basel, Economiesuisse

LONDON, May 4 (Reuters) - U.S. private equity firm Summit Partners is looking to sell a stake in Swiss wealth manager Cinerius Financial Partners amid increasing consolidation in the sector, two people familiar with the matter told Reuters. Summit intends to bring in another private equity fund to help fund Cinerius' growth, particularly through acquisitions, one of the people said. Asset manager BlackRock Inc (BLK.N) provides debt financing for Cinerius' acquisitions through its private credit arm, the person added. BlackRock, Cinerius and Summit Partners did not respond to requests for comment. Belgian private bank Degroof Petercam is reviewing strategic options after drawing interest from rivals, Reuters reported last Friday.

☆ 'Inundated with requests': Digital currency firms look to Swiss banks after crypto-friendly lenders fail
▼ + stars: | 2023-03-22 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Crypto firms are scrambling to find institutions to bank with after the collapse of Signature Bank and Silvergate Capital , two lenders that were friendly to digital currency companies. Some of these companies have turned to crypto-friendly Swiss banks, flooding them with requests for banking services, according to multiple industry insiders who spoke to CNBC. This has included blockchain and crypto firms, who have instead had to turn to specialist banks. "We have been inundated with requests," said an advisor at a private Swiss bank, who preferred to remain anonymous due to the sensitive nature of the matter. The advisor said on the Monday after Silvergate and Signature Bank's winddown this month, the private lender had more requests in a single day than ever before.

Crypto analysts said that the U.S. bank closures, along with a regulatory crackdown in the U.S., would push firms to seek banking partnerships in Europe, Asia, and "offshore". Switzerland, long famous for its private banking sector, has also been one of the more welcoming countries in Europe for crypto firms, with the Swiss city of Zug dubbed "The Crypto Valley." "Crypto firms and other money managers have already started the onboarding process and many calls are scheduled next weeks," he said via email. Rani Jabban, head of treasury and financial institutions at Arab Bank, said around 80% of them had been Silvergate customers. Crypto firms relied on Silvergate's crypto payments network, the Silvergate Exchange Network, which allowed round-the-clock transfers between investors and crypto exchanges, unlike traditional bank wires, which can often take days to settle.

☆ Here's an exclusive look at the pitch deck 2 environmental engineers and a crypto enthusiast used to raise $4.1 million for their Web3 carbon-credit startup
▼ + stars: | 2023-01-10 | by ( April Joyner | ) www.businessinsider.com time to read: +2 min

Open Forest Protocol, a Web3 climate-tech startup, has raised $4.1 million in pre-seed funding. An environmental engineer by trade, he launched a nonprofit devoted to helping reforestation projects find funding. Open Forest ProtocolFournier, Open Forest Protocol's CEO, cofounded the startup with Aureline Grange, a fellow environmental engineer at his nonprofit, and Michael Kelly, an early contributor to the Near blockchain. But on Open Forest Protocol, they can do so at no upfront cost. Here's an exclusive look at a version of the pitch deck Open Forest Protocol used to raise $4.1 million:

☆ Gazprom to preserve Nord Stream gas-pumping equipment - Kommersant
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Nord Stream is seen at the headquarters of Nord Stream AG in Zug, Switzerland March 1, 2022. REUTERS/Arnd Wiegmann/File PhotoNov 28 (Reuters) - Russia's Gazprom (GAZP.MM) plans to preserve gas pumping equipment at the Portovaya and Slavyanskaya compressor stations that supply the Nord Stream 1 and Nord Stream 2 pipelines, the Kommersant newspaper reported on Monday, citing sources. According to Kommersant, Gazprom plans to keep the equipment at the stations and not move it to other sites. Neither of the Nord Stream pipelines, laid on the bed of the Baltic Sea from Russia to Germany, are currently transporting gas. Nord Stream 1 was shut down for repairs on Aug. 31 and never restarted, while Nord Stream 2 was never launched after Russia's invasion of Ukraine.

☆ Switzerland has a stunningly high rate of gun ownership — here's why it doesn't have mass shootings
▼ + stars: | 2022-11-22 | by ( Hilary Brueck | Azmi Haroun | ) www.businessinsider.com time to read: +2 min

Switzerland hasn't had a mass shooting in 21 years. The Swiss have strict rules for who can get a gun, and take firearm training very seriously. Loading Something is loading. The National Rifle Association often points to Switzerland to argue that more rules on gun ownership aren't necessary. But the Swiss have some specific rules and regulations for gun use.

☆ Kremlin: Considering 'further steps' over allegation Britain attacked Nord Stream gas pipelines
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Nord Stream is seen at the headquarters of Nord Stream AG in Zug, Switzerland March 1, 2022. Russia's defence ministry said on Saturday that British navy personnel had blown up the Nord Stream pipelines in September, an assertion that London said was false and designed to distract from Russian military failures in Ukraine. "There is evidence that Britain is involved in sabotage ... a terrorist act against vital energy infrastructure," Kremlin spokesman Dmitry Peskov told reporters. The Kremlin has not provided evidence to support its claims Britain was behind the ruptures on the Nord Stream pipelines, which have threatened to put the multi-billion dollar gas link permanently out of use. Peskov said the Kremlin was awaiting for an expert assessment of the damage and that no decisions had yet been taken on the future of Nord Stream 1 or Nord Stream 2.

☆ Swiss National Bank loses nearly $143 billion in first nine months
▼ + stars: | 2022-10-31 | by ( John Revill | ) www.reuters.com time to read: +3 min

Gold holdings lost 1.1 billion francs in value. "The problem is the stagflationary environment where equities lose, bonds lose, gold loses and the Swiss franc becomes stronger. The loss could, however, mean that the central bank halts payouts to the Swiss federal and cantonal governments next year. Continued massive losses could wipe out the SNB's equity, which stood at 204 billion francs at the end of 2021. It helps the credibility of a central bank if it is well capitalized."

☆ Russian aluminium producer Rusal reshuffles sales team
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

Rusal, the world's largest aluminium producer outside China, has not been hit directly by the sanctions imposed on Moscow since it sent thousands of troops to Ukraine on Feb. 24. However, some consumers said last month they would not buy Rusal's aluminium for 2023, and the London Metal Exchange launched a discussion paper on the possibility of banning Russian aluminium from being traded in its system. Steve Hodgson, who previously held the sales director post, will remain with Zug-based Rusal Marketing GmbH to support sales to international consumers. Andryushin "has vast experience in sales development and diversification in difficult market conditions," Evgenii Nikitin, Rusal chief executive, said in the statement. Elias Sarkis will be in charge of Rusal's export sales and Bob Katsiouleris - in charge of market development and quality, Rusal added.

☆ Crypto lender Nexo gets U.S. bank charter after buying stake in regulated bank
▼ + stars: | 2022-09-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Cryptocurrency lender Nexo on Tuesday announced it has taken a stake in a federally-regulated U.S. bank, paving the way for the company to offer banking services to Americans as a licensed institution. Nexo, based in Zug, Switzerland, said it has agreed to buy an undisclosed stake in Hulett Bancorp, which owns a little-known bank called Summit National Bank. Through Summit National Bank, which holds a federal bank charter with the Office Comptroller of the Currency, Nexo plans to offer a range of products including checking accounts and crypto-backed loans. Nexo declined to disclose the size of its stake in Summit National Bank. On top of the ability to launch new products, Nexo said its bank license would bring users enhanced legal safeguards.

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Nord Stream is seen at the headquarters of Nord Stream AG in Zug, Switzerland March 1, 2022. REUTERS/Arnd Wiegmann/STOCKHOLM, Sept 27 (Reuters) - Sweden's Maritime Authority said on Tuesday it had issued a warning of two leaks on the Russian-owned Nord Stream 1 pipeline in Swedish and Danish waters, shortly after a leak on the nearby Nord Stream 2 project was discovered. "There are two leaks on Nord Stream 1 - one in Swedish economic zone and one in Danish economic zone. On Monday, Danish authorities asked ships to steer clear of a five nautical mile radius southeast off Bornholm after a gas leak from the defunct Nord Stream 2 pipeline drained into the Baltic Sea. read moreLater the same day, the operator of the Nord Stream 1 pipeline, which ran at reduced capacity from mid-June before shutting down completely in August, also disclosed a pressure drop on both lines of the Nord Stream 1 gas pipeline.

☆ Kremlin: sabotage cannot be ruled out as reason for Nord Stream damage
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +3 min

The logo of Nord Stream is seen at the headquarters of Nord Stream AG in Zug, Switzerland March 1, 2022. Nord Stream AG, the operator of the network, said earlier on Tuesday that three offshore lines of the Nord Stream gas pipeline system sustained "unprecedented" damage in one day. The Nord Stream 1 and Nord Stream 2 pipelines have a joint annual capacity of 110 billion cubic metres - more than half of Russia's normal gas exports volumes. Sweden's Maritime Authority issued a warning about two leaks in the Nord Stream 1 pipeline, shortly after a leak on the nearby Nord Stream 2 pipeline was discovered that had prompted Denmark to restrict shipping in a five nautical mile radius. Nord Stream 2, which runs almost in parallel to Nord Stream 1, was built in September 2021 but was never launched as Germany refused to certify it.

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