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The Swiss cabinet held an emergency meeting about the central bank's move on Thursday but gave no public statement after, with most politicians, including Finance Minister Karin Keller-Sutter, tight-lipped. Greens lawmaker Gerhard Andrey said managers should take responsibility and Switzerland should look at its regulations, with the Credit Suisse debacle putting the country "in a very difficult situation". That Credit Suisse has problems has been known for a long time," said Martin Staub speaking in central Zurich. The financial sector makes up about 9% of Swiss gross domestic product, according to Finance Swiss, and employs 5.5% of the workforce. "The Credit Suisse crisis is negative for Switzerland, but not enough to damage the reputation of Switzerland on its own.

A Credit Suisse Group AG office building is seen in Bern, Switzerland, on Wednesday. In October, social media chatter that the Swiss bank was on the brink of going bust sent shares on a wild ride. Credit Suisse has since embarked on a massive turnaround plan that will see it slash 9,000 full-time jobs by the end of 2025. It lost 7.3 billion Swiss francs ($7.9 billion) in 2022, compared to a loss of 8.2 billion Swiss francs ($8.9 billion) in 2008. Investors sent shares in the country’s second biggest lender crashing by as much as 30% Wednesday.

☆ 9 startup founders who banked with Silicon Valley Bank share where they're moving their money: 'We will not get caught like this again'
▼ + stars: | 2023-03-13 | by ( Samantha Stokes | Stephanie Palazzolo | Melia Russell | ) www.businessinsider.com time to read: +10 min

Silicon Valley Bank's failure has left startup founders scrambling for a new home for their money. Last Friday morning, the startup founder Mang-Git Ng zipped up the interstate before sunrise to a Silicon Valley Bank branch in St. Helena, in California's wine country. Ng's plight is similar to countless other founders following the failure of Silicon Valley Bank, who waited with bated breath over the weekend on whether they'd ever get their money back. DiversificationSilicon Valley Bank's collapse could forever change how startups stash their cash, at least two investors told Insider. Silicon Valley Bank had exclusivity clauses with some of its clients, according to a CNBC report, forcing them to use the firm for most or all of their banking services.

☆ The tech industry avoided an ‘extinction-level event,’ but it’s not unscathed
▼ + stars: | 2023-03-13 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +7 min

CNN —For much of the weekend, Silicon Valley scrambled to find a way through what one prominent tech investor described as an “extinction-level event for startups” after the collapse of a top lender in the industry. “You can feel the collective *sigh*,” Ryan Hoover, a tech founder and investor wrote on Twitter Sunday. SVB’s collapse also risks changing how the world, and prospective recruits, think of Silicon Valley. The bank worked with nearly half of all venture-backed tech and healthcare companies in the United States. President Joe Biden emphasized in remarks Monday that “no losses will be borne by the taxpayers” related to the government’s intervention for Silicon Valley Bank.

☆ Logistics Giant Kuehne + Nagel Seeks Expansion
▼ + stars: | 2023-03-07 | by ( Paul Berger | ) www.wsj.com time to read: +5 min

Kuehne + Nagel CEO Stefan Paul. Photo: Kuehne + NagelAs a forwarder, Kuehne + Nagel helps companies move freight around the world by ocean, air and land and is a dominant player in the automotive, industrial, retail, aerospace, healthcare and high-tech industries. What do you see as potential growth areas for Kuehne + Nagel in the contract logistics space? Does that make it easier for a company like Kuehne + Nagel to jump in? How would that affect Kuehne + Nagel?

☆ Marlboro maker Altria agrees to buy e-cigarette startup NJOY for nearly $2.8 billion
▼ + stars: | 2023-03-06 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

In a bid to strengthen its portfolio of smoke-free products, Altria Group said Monday it would buy e-cigarette startup NJOY for $2.75 billion. Altria, which makes Marlboro cigarettes, will have full global ownership of NJOY's e-vapor product portfolio, including NJOY ACE, the only pod-based e-vapor product with market authorizations from the FDA. The announcement comes soon after Altria exited its stake in electronic cigarette maker Juul Labs. Altria's Juul stake was recently valued at $250 million, according to Reuters. The Altria-NJOY deal includes $500 million in cash payments contingent on certain regulatory outcomes with NJOY products.

☆ A psychology expert shares the 7 toxic signs of 'highly insecure' people—and how to deal with them
▼ + stars: | 2023-03-01 | by ( Stefan Falk | ) www.cnbc.com time to read: +4 min

And through my research, I've found that insecure people are often the most difficult to deal with. Here are their most common toxic behaviors, according to Harvard career expert Amy Gallo :Insecure types are extremely risk averse and unproductive. While feeling insecure is natural, problematic behaviors can develop when people consistently attempt to conceal or compensate for their self-doubt. Insecure types — whether in the form of a team member or boss — are all around us, so it's important to know how to deal with them efficiently. Count the interactions you've had with the insecure person.

☆ Britain's coronation throne gets revamp ahead of King Charles' crowning
▼ + stars: | 2023-03-01 | by ( Michael Holden | ) www.reuters.com time to read: +3 min

[1/4] The inside of Westminster Abbey in central London is seen in this general view taken April 20, 2011. Charles will follow some of his famous forebears, such as King Henry VIII, Queen Victoria and his own mother Elizabeth II, in being crowned on the chair. It has featured in coronation ceremonies since 1308, and has been the chair used to crown monarchs since Henry IV in 1399, the Abbey says. "The coronation chair is extremely fragile. It has a complex layer structure which means that the gilding layers on it often flake off," Blessley said.

☆ Bank of Japan will probably maintain monetary easing, but with a 'twist,' says Moody's
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Japan will probably maintain monetary easing, but with a 'twist,' says Moody'sStefan Angrick of Moody's Analytics says the Bank of Japan will probably dial back on yield curve control, and adds that dropping the policy altogether is a "logical option."

☆ Why Goldman’s consumer ambitions failed, and what it means for CEO David Solomon
▼ + stars: | 2023-02-27 | by ( Hugh Son | ) www.cnbc.com time to read: +10 min

That's because many of the decisions Solomon made over the next four years — along with aspects of the firm's hard-charging, ego-driven culture — ultimately led to the collapse of Goldman's consumer ambitions, according to a dozen people with knowledge of the matter. Goldman executives were eager to seal the deal with the tech giant, which happened before Solomon became CEO, they added. The rapid growth of the card, which was launched in 2019, is one reason the consumer division saw mounting financial losses. Within months, Ismail left Goldman, sending shock waves through the consumer division and deeply angering Solomon. Goldman should plow some of those volatile earnings into more durable consumer banking revenues, the thinking went.

☆ Setting out growth plan, UK opposition Labour warn Britain is in downward spiral
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +2 min

[1/2] Britain's Labour Party leader Keir Starmer prepares for his speech to delegates at Britain's Labour Party's annual conference in Liverpool, Britain, September 26, 2022. Labour has promised to ensure Britain has the fastest growing economy among the G7 on a sustained basis if it wins power. Britain's economy narrowly avoided a recession according to data published earlier this month, but faces a difficult 2023 as the effects of double-digit inflation hit households. Labour cited the latest available World Bank data showing Gross Domestic Product per capita in Britain at $44,979 in 2021 and $34,915 in Poland. The party said that, based on average 0.5% annual growth between 2010 and 2021 in Britain, that figure would fall behind Poland's per capita GDP by 2030 if Poland kept up its 3.6% average annual growth.

REUTERS/Cole Burston/File PhotoFeb 24 (Reuters) - Airports are taking steps to avoid gridlock during the upcoming holiday travel seasons, with some limiting flights during peak hours to avoid the long lines and luggage piles that marred last summer. While smoother holiday travel is expected for Europe and North America, airlines and airports which learned tough lessons on holiday travel in 2022, are taking a more prudent approach as global traffic rebounds roughly to pre-pandemic levels. Despite extensive planning and hiring this year, some airlines and airports are still wrestling with industry staff shortages, including baggage handlers. Germany's Lufthansa AG (LHAG.DE) said it has cut summer flights by an unspecified amount due to shortages of personnel like ground handlers at airports in Frankfurt and Munich. U.S. Customs and Border Protection and the Canada Border Services Agency were not immediately available to comment on staffing.

☆ Germany supports Ukraine but is concerned about escalating tensions with Russia
▼ + stars: | 2023-02-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGermany supports Ukraine but is concerned about escalating tensions with RussiaStefan Meister, head of the Center for Order and Governance in Eastern Europe, Russia, and Central Asia at the German Council on Foreign Relations, discusses Germany's attitude toward the war in Ukraine.

☆ Ukraine troops prepare for threat of Russia capturing Bakhmut
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +1 min

SIVERSK, Ukraine, Feb 19 (Reuters) - Ukrainian troops conducting weekend exercises near the small town of Siversk, in the country's east, said they were preparing to defend one of the possible targets of a new Russian offensive. Ukrainian forces have appealed for more advanced weapons from Kyiv's Western allies to help defend Bakhmut, which is being attacked by Russia's Wagner mercenary group. "We have one artillery attack from our side, and the Russians can do it five times more," said 30-year-old Stefan. Capturing Bakhmut would give Russian forces a stepping stone to advance on two bigger cities further west, Kramatorsk and Sloviansk. But Ukraine and its Western allies say success there would be a largely Pyrrhic victory for Moscow, given the time taken and losses sustained.

☆ DraftKings stock surges after sports-betting company boosts outlook
▼ + stars: | 2023-02-17 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

In this photo illustration, the American daily fantasy sports contest and sports betting company DraftKings logo is displayed on a smartphone screen. Shares DraftKings surged Friday morning after the sports-betting company reported stronger-than-expected revenue and raised its outlook for 2023. The bump in stock comes on the heels of DraftKings being the most downloaded sportsbook app in the U.S. on Super Bowl Sunday, according to the company. Analysts polled by Refinitiv had anticipated a loss of 59 cents per share on revenue of $800 million. DraftKings is raising its fiscal year 2023 revenue guidance to a range of $2.85 billion to $3.05 billion from the range it announced in November, $2.8 billion to $3 billion.

☆ They were convicted for marijuana. Now they’re first in line to sell it legally
▼ + stars: | 2023-02-17 | by ( Stefan Sykes | ) www.cnbc.com time to read: +8 min

Stefan Sykes for CNBCTRENTON, N.J. – Tahir Johnson has been arrested for marijuana possession three times. Stefan Sykes for CNBCA conditional license is a provisional license that allows awardees to begin operating while they fulfill requirements for an annual license. Stefan Sykes for CNBC"The generational wealth this will create for my family is surreal," he said. He's sold marijuana since he was Stefan Sykes for CNBCIn Trenton, African Americans represent nearly half of the city's population. Stefan Sykes for CNBC

☆ Europe’s now dealing with an oversupply of natural gas after hoarding it for months before winter
▼ + stars: | 2023-02-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The benchmark price for natural gas futures has cratered about 28% this year, and it's trading roughly 85% cheaper than record highs reached in August. At that time, natural gas was costing buyers about 10 times more than usual ahead of the winter months. As a key energy supplier to Europe, many feared that Russia would cut off natural gas flows in retaliation to Western sanctions. Europe enjoyed its third hottest January ever last month, meaning people used less heating and thus less natural gas. A former Gazprom official told Reuters this week that all the years of work to build up Russia's natural gas exports have become moot.

☆ Kazuo Ueda nominated to lead Japan's central bank in possible move away from ultra-easy policy
▼ + stars: | 2023-02-14 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —The Japanese government has nominated Kazuo Ueda to lead its central bank, in a surprise move that could pave the way for the country to wind down its ultra-loose monetary policy. Accommodative is a term used to describe monetary policy that adjusts to adverse market conditions and usually involves keeping interest rates low to spur growth and employment. As part of that program, the central bank targeted some short-term interest rates at an ultra-dovish minus 0.1% and aimed for 10-year government bond yields around 0%. But as prices rose and interest rates elsewhere went up, pressure has grown on the BOJ to wind down YCC. But Kuroda later dismissed a near-term exit from his ultra-loose monetary policy.

☆ Search for Turkey Earthquake Survivors Grows Increasingly Desperate
▼ + stars: | 2023-02-09 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Video: Zelensky Visits U.K., Gifts Pilot Helmet to Speaker in Parliament Ukrainian President Volodymyr Zelensky met with British Prime Minister Rishi Sunak in London Wednesday, on his second known overseas trip since the start of the war. Zelensky is seeking to bolster support for more Western military aid and the U.K. has said it’s considering sending advanced jets to the war-torn country. Photo: Stefan Rousseau/Getty Images

☆ Ukrainian President Zelenskiy begins tour of Europe in London
▼ + stars: | 2023-02-08 | by ( Jillian Kumagai | ) www.reuters.com time to read: 1 min

Speaker of the House of Commons Sir Lindsay Hoyle (L) holds the helmet of one of the most successful Ukrainian pilots inscribed with the words "We have freedom, give us wings to protect it," which was presented to him by Ukrainian President Volodymyr...moreSpeaker of the House of Commons Sir Lindsay Hoyle (L) holds the helmet of one of the most successful Ukrainian pilots inscribed with the words "We have freedom, give us wings to protect it," which was presented to him by Ukrainian President Volodymyr Zelenskiy as he addressed parliamentarians in Westminster Hall, London, Britain, February 8, 2023. Stefan Rousseau/Pool via REUTERSClose

☆ The green transition is bringing lots of different opportunities, Bosch CEO says
▼ + stars: | 2023-02-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe green transition is bringing lots of different opportunities, Bosch CEO saysStefan Hartung, CEO of Bosch, joins CNBC to discuss the earnings from the home appliances giant.

☆ Analysis: Swiss neutrality on the line as arms-for-Ukraine debate heats up
▼ + stars: | 2023-02-06 | by ( John Revill | ) www.reuters.com time to read: +5 min

Buyers of Swiss arms are legally prevented from re-exporting them, a restriction that some representing the country's large weapons industry say is now hurting trade. Under Swiss neutrality, which dates back to 1815 and is enshrined by treaty in 1907, Switzerland will not send weapons directly or indirectly to combatants in a war. Third countries can in theory apply to Bern to re-export Swiss weapons they have in their stocks, but permission is almost always denied. Meanwhile the right-wing Swiss People's Party (SVP), the lower house's largest party and traditionally staunch defenders of neutrality, now appears divided. ($1 = 0.9132 Swiss francs)Reporting by John Revill; editing by John Stonestreet and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Bosch says Chinese recovery is key to 2023
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

BERLIN/STUTTGART, Feb 3 (Reuters) - German automotive supplier Bosch considers recovery in China as key to success this year, it said on Friday, steering clear of concrete forecasts despite reporting a more than 15% jump in full-year operating profit. It was hugely dampened last year," Chief Executive Stefan Hartung said of the Chinese market, adding that he expects the European and U.S. economies to weaken because of rising interest rates. Demand in 2022 remained weaker than before the pandemic, but Bosch sales benefited from strong demand for climate-friendly technology from carmakers and those seeking alternative fuel sources to Russian gas, the private company said. "Despite semiconductor shortages and a weak economy, all business sectors were able to increase their sales," said finance chief Markus Forschner. Pushed by Germany's attempt to wean itself off Russian gas, demand for energy efficient heat pumps rose last year, with sales jumping 50%, Bosch said, adding that it will expand its manufacturing capacity for heat pumps in Europe.

Last month, he called on companies to hike pay at a level above inflation, with some already heeding the call. Last month, Japan recorded its biggest drop in earnings, once inflation is taken into account, in nearly a decade. A changing job marketExperts say Japan’s wages have also suffered because it lags in another metric: its productivity rate. Hideya Tokiyoshi, a teacher in Japan, told CNN he had barely seen his salary go up over the last 30 years. “If some of the biggest companies in Japan raise wages, many other firms will follow,” if only to stay competitive, said Yamaguchi.

☆ Ticketmaster braces for Beyoncé's 'Renaissance' tour amid fears of Taylor Swift-level demand
▼ + stars: | 2023-02-02 | by ( Stefan Sykes | ) www.cnbc.com time to read: +2 min

Ticketmaster is gearing up for what's expected to be high demand for tickets to Beyoncé's upcoming "Renaissance World Tour," as the ticketing giant continues to face criticism over the botched presale for Taylor Swift's "Eras" tour last year. Beyoncé announced Wednesday that her first solo world tour since 2016 will kick off May 10 in Stockholm, Sweden, and conclude Sept. 27 in New Orleans. Registration windows vary by city, and the company warns "there will be more demand than there are tickets available." In November, verified fans for Taylor Swift's "Eras" tour presale faced long wait times, confusion and technical glitches. Within 48 hours of the presale going live, Ticketmaster canceled the general public sale, citing "extraordinarily high demands on ticketing systems and insufficient remaining ticket inventory to meet that demand."

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