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A deep basin called Sputnik Planitia, which makes up the “left lobe” of the heart, is home to much of Pluto’s nitrogen ice. The New Horizons spacecraft took an image of Pluto's heart on July 14, 2015. Johns Hopkins University Applied Physics Laboratory/Southwest Research Institute/NASAThrough new research on Sputnik Planitia, an international team of scientists has determined that a cataclysmic event created the heart. The teardrop shape of Sputnik Planitia is a result of the frigidity of Pluto’s core, as well as the relatively low velocity of the impact itself, the team found. The researchers believe that the new theory regarding Pluto’s heart could shed more light on how the mysterious dwarf planet formed.
Persons: Clybe Tombaugh, Pluto, it’s, , Harry Ballantyne, Erik Asphaug, ” Asphaug, “ That’s, Sputnik Planitia, Martin Jutzi, Kelsi Singer, ” Singer Organizations: CNN, Regio, Johns Hopkins University Applied Physics Laboratory, Research Institute, NASA, Sputnik, Pluto, University of Bern, University of Arizona’s, Laboratory, University of Bern’s Physics, Kelsi, Southwest Research, New Locations: United States, Switzerland, Boulder , Colorado
The gold and currency had just arrived on an Air Canada flight from Zurich, Switzerland. At least two former Air Canada employees allegedly helped in the audacious theft, police say. “They needed people inside Air Canada to facilitate this theft,” Detective Sgt. “This was the largest gold heist in Canadian history, reportedly, it’s the sixth largest in world crime history,” said Deputy Police Chief Nick Milinovich. “I don’t think I ever imagined they’d have to deal with the largest gold heist in Canadian history, it’s almost out of an Ocean’s Eleven movie or a CSI.
Persons: Mike Mavity, , ” Peter Fitzpatrick, , Eric, it’s, Nick Milinovich, Patrick Brown Organizations: Ottawa CNN —, Toronto’s Pearson International Airport, Police, Air Canada, Air, Peel Regional Police, US, of Alcohol, Tobacco, Firearms, Explosives, ATF, ” Police Locations: Canada, Zurich, Switzerland, Air Canada, Peel, Pennsylvania, Ontario, Brampton , Ontario
New Delhi/London CNN —In just a few days, India will commence the world’s largest democratic election. So, is the hype around Modi’s India, which remains a largely impoverished country, justified? The world’s largest biometric database has also helped the government save millions by reducing corruption in welfare initiatives. Domestic investors, both retail and institutional, have been driving India’s stock market to unprecedented peaks. Still, India’s economy, much like its democracy, is far from perfect.
Persons: Narendra Modi, Indranil Mukherjee, Modi, Himanshu Sharma, Guido Cozzi, Arun Sankar, Billionaire Elon Musk Organizations: London CNN —, Getty, CNN, World, University of St, Unified, Bank, , National Stock Exchange of India, bourse, Bombay Stock Exchange, NSE, Shenzhen Stock Exchange, Hong Kong Exchange, World Federation of Exchanges, Macquarie Capital, Apple, Foxconn, Billionaire, International Labour Organization Locations: New Delhi, London, India, China, Beijing, Ajmer, Rajasthan, University of St Gallen, Switzerland, Asia’s, Washington, Sriperumbudur, Chennai, Mumbai's Churchgate, AFP
Morgan Stanley is about to report first-quarter earnings
  + stars: | 2024-04-16 | by ( Hugh Son | ) www.cnbc.com   time to read: +1 min
Ted Pick, CEO Morgan Stanley, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 18th, 2024. Morgan Stanley is set to report first-quarter earnings before the opening bell Tuesday. Pick's tenure has kicked off on a rocky note, as high interest rates have incentivized the bank's wealth management customers to move cash into higher-yielding securities. But if its rivals are any indication, Morgan Stanley could be helped by strong investment banking and trading results in the quarter. Analysts are likely to question Pick about reports that multiple U.S. regulators are investigating Morgan Stanley for potential shortfalls in how it screens clients for its wealth management division.
Persons: Ted Pick, Morgan Stanley, Wells, Goldman Sachs Organizations: LSEG Revenue, Banking, JPMorgan Chase, Citigroup, Monday . Bank of America, Analysts Locations: Davos, Switzerland, Wells Fargo
David Solomon, Chairman & CEO Goldman Sachs, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024. Goldman Sachs is scheduled to report first-quarter earnings before the opening bell Monday. Dormant capital markets and missteps tied to Solomon's ill-fated push into retail banking should give way to stronger results this year. Unlike more diversified rivals, Goldman gets most of its revenue from Wall Street activities. After pivoting away from retail banking, Goldman's new emphasis for growth has centered on its asset and wealth management division.
Persons: David Solomon, Goldman Sachs, StreetAccount Goldman Sachs, Goldman, outsized, Solomon, Philip Berlinski, Beth Hammack, Wells Fargo Organizations: LSEG Revenue, Trading, Rivals JPMorgan Chase, Citigroup, Wall, JPMorgan Locations: Davos, Switzerland
Jamie Dimon, President and CEO of JPMorgan Chase, speaking on CNBC's "Squawk Box" at the World Economic Forum Annual Meeting in Davos, Switzerland, on Jan. 17, 2024. JPMorgan Chas e is scheduled to report first-quarter earnings before the opening bell Friday. Still, large banks are expected to outperform smaller ones this quarter, and expectations for JPMorgan are high. Analysts believe the bank can boost guidance for 2024 net interest income as the Federal Reserve is forced to maintain interest rate levels amid stubborn inflation data. Shares of JPMorgan have jumped 15% this year, outperforming the 3.9% gain of the KBW Bank Index.
Persons: Jamie Dimon, JPMorgan Chas, Goldman Sachs, Morgan Stanley Organizations: JPMorgan Chase, JPMorgan, LSEG Revenue, Trading, Federal Reserve, Analysts, Federal, KBW, Wells, Citigroup, Bank of America Locations: Davos, Switzerland, Wells Fargo
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUBS shares move lower after politicians request strong capital requirementsCNBC's Silvia Amaro reports on the "Too Big To Fail" report from Switzerland, which calls for strong capital requirements from banking giant UBS after the absorption of Credit Suisse.
Persons: CNBC's Silvia Amaro Organizations: UBS, Credit Suisse Locations: Switzerland
Sergio Ermotti, CEO of Swiss banking giant UBS, during the group's annual shareholders meeting in Zurich on May 2, 2013. Fabrice Coffrini | Afp | Getty ImagesSwitzerland's tough new banking regulations create a "lose-lose situation" for UBS and may limit its potential to challenge Wall Street giants, according to Beat Wittmann, partner at Zurich-based Porta Advisors. The government-backed takeover was the biggest merger of two systemically important banks since the Global Financial Crisis. At $1.7 trillion, the UBS balance sheet is now double the country's annual GDP, prompting enhanced scrutiny of the protections surrounding the Swiss banking sector and the broader economy in the wake of the Credit Suisse collapse. The Wednesday report floated giving additional powers to the Swiss Financial Market Supervisory Authority, applying capital surcharges and fortifying the financial position of subsidiaries — but stopped short of recommending a "blanket increase" in capital requirements.
Persons: Sergio Ermotti, Fabrice Coffrini, Beat Wittmann, Wittmann, Wittman, Goldman Sachs, Morgan Stanley — Organizations: UBS, Afp, Getty, Wall, Porta Advisors, Swiss, Credit Suisse, Suisse, Swiss Financial Market, Authority, JPMorgan, Citigroup Locations: Zurich, Switzerland
The U.S. Federal Reserve is likely to cut interest rates before the European Central Bank does, a former member of the Bank of England said, defying current market expectations. Investors are closely monitoring central bank moves on the back of a considerable reduction in inflation across major economies. So far, Switzerland was the first major economy to cut interest rates back in late March. Market players are currently pricing in a 92.8% chance that the ECB will cut rates in June from the historically high level of 4%, according to LSEG data. Her comments come just ahead of a European Central Bank meeting due on Thursday.
Persons: DeAnne Julius, Julius, Christine Lagarde, Lagarde Organizations: U.S . Federal, European Central Bank, Bank of England, Monetary, CNBC, Tuesday, ECB, Federal Reserve Locations: Switzerland, U.S, United States
What’s in Our Queue? ‘Kleo’ and More
  + stars: | 2024-04-10 | by ( Erika Solomon | ) www.nytimes.com   time to read: 1 min
What’s in Our Queue? ‘Kleo’ and MoreI’m a correspondent covering Germany, Austria and Switzerland. I’m drawn to culture that reflects the history of the place or people I write about, especially in ways that turn my understanding of them on its head. Here are five things I’ve been looking at, reading, watching and listening to →
Persons: , I’m Locations: Germany, Austria, Switzerland
Almost 80% of Singaporeans are optimistic about the economy, according to SurveyMonkey's 2024 poll. Damircudic | E+ | Getty ImagesMajority of the residents in Singapore are bullish about where the economy is headed and confident that the government will be able to support them during their retirement. The results in Singapore buck the global trend, where less than half the adults polled are positive about where their economy is going. The survey gathered results from over 4,300 adults living across Australia, France, Germany, Mexico, Singapore, Spain, Switzerland, the United Kingdom and the United States between March 8 and 25. That's despite predictions by the International Monetary Fund that the global economy is approaching a "soft landing" and that inflation is slowly moderating.
Persons: SurveyMonkey, Eric Johnson, joblessness Organizations: Getty, CNBC, International Financial Security, International Monetary Fund, United Locations: Singapore, Mexico, U.S, Australia, Germany, France, Spain, Switzerland, United Kingdom, United States, States
Switzerland's government said on Wednesday that UBS and three other systemically relevant banks must face tougher capital requirements to shield the country's wider economy, a year after the rescue of Credit Suisse. In 209 pages of recommendations on how to police banks deemed "too big to fail" (TBTF), the Swiss government pitched 22 measures for direct implementation. It stopped short of saying how far stricter capital requirements should go. The increase in requirements for UBS will be "substantial, especially if UBS were to retain its current size and structure, or even grow," it noted in an explanatory document. The Swiss government-backed takeover by UBS of Credit Suisse last year was the biggest merger of banks of systemic importance since the 2007-9 financial crisis.
Persons: Switzerland's Organizations: UBS, Credit Suisse, Swiss Locations: Manhattan , New York City, Switzerland, Swiss
Microsoft has reported significant revenue growth from clients running AI models in its Azure public cloud, and the company wants to keep the trend going by rolling out new AI features for developers. The new head of Microsoft AI, Mustafa Suleyman, will take the stage alongside CEO Satya Nadella and other longtime executives during the show's opening keynote in Seattle. Suleyman — a cofounder of DeepMind, the AI startup that Google acquired in 2014 — joined Microsoft last month from startup Inflection AI. The software maker will also talk about new AI features "that allow users deeper interaction with their digital lives on Windows," according to one session description. At Build, Microsoft plans to discuss how Windows apps will be able to tap Arm-based neural processing engines, or NPUs, for AI.
Persons: Mustafa Suleyman, Nadella, Satya Nadella, Suleyman —, , Dan Ives Organizations: Ltd, Economic, Microsoft, Microsoft's, DeepMind, Google, Windows, Intel Locations: Davos, Switzerland, Seattle
Europe’s top human rights court said in a landmark ruling on Tuesday that the Swiss government had violated its citizens’ human rights by not doing enough to stop climate change. But the court rejected climate-related cases brought by the former mayor of a coastal town in France and a group of young people in Portugal as inadmissible. The cases, the first of their kind to be heard at the court, the European Court of Human Rights in Strasbourg, France, are part of a broader movement of climate-related lawsuits that aim to use human rights law to push governments to act against global warming. The rulings focused on three cases, filed by members of the public in France, Portugal and Switzerland who argued that their governments, by not doing enough to mitigate climate change, were violating the citizens’ rights under the European Convention on Human Rights.
Organizations: Swiss, of Human Rights, European, Human Rights Locations: France, Portugal, Strasbourg, Switzerland
CNN —An international court in France on Tuesday ruled Switzerland’s failure to adequately tackle the climate crisis was in violation of human rights, in a landmark climate judgment that could have a ripple effect across the globe. The European Court of Human Rights (ECHR) in Strasbourg, France delivered its ruling in a case brought by more than 2,000 Swiss women, the majority of whom are in their 70s, against Switzerland’s government. “It means that all European countries must urgently revise their targets so that they are science-based and aligned to 1.5 degrees. Those two claims were ruled “inadmissible.”Swedish climate activist Greta Thunberg, second left, joins youths from Portugal during a demonstration outside the European Court of Human Rights on Tuesday in Strasbourg, France. Both the International Court of Justice and the Inter American Court of Human Rights have cases pending which relate to the human rights impacts of climate change.
Persons: , ” Gerry Liston, Vesselina Newman, ClientEarth, Greta Thunberg, Jean, Francois Badias, , Catarina dos Santos Mota, ” Liston Organizations: CNN, of Human Rights, Swiss, Switzerland, Global, Network, of Human, International Court of Justice, Inter American Court of Human Locations: France, Strasbourg, Portugal, Switzerland, Swiss
Women’s watches have undergone something of a transformation in recent years, moving beyond an outdated “shrink it and pink it” design school of thought. Courtesy HermèsThe Cut is Hermès’ first new, in-house-designed women’s watch for 20 years — and it’s worth the wait. It also comes in rose gold, diamond-dusted white gold, and in two seriously special High Jewelry iterations which feature stripes of coloured hardstones. Courtesy ChopardBaby blue seems to be the hue for women’s watches this year, and Chopard’s new Happy Sport is a delicious example. Continuing the blue theme, it eschews razzle-dazzle for a confidently chic combination of white gold and lustrous lacquer, in a newly slimmed-down silhouette.
Persons: Patek Philippe, Cartier, Chanel, Couture, Boyfriend Couture, Chanel Chanel’s Couture, Coco Chanel, Van Cleef, Van, you’d, Carrera, Piaget Piaget, They’re, Vacheron Constantin Grand Lady Kalla Vacheron Constantin Grand Lady, Constantin Vacheron Constantin, Kalla Organizations: CNN, Chopard, TAG, IWC, Schaffhausen Locations: Geneva, Switzerland
Hong Kong CNN —Chinese leader Xi Jinping met with top Russian diplomat Sergey Lavrov in Beijing Tuesday, state media reported, in yet another sign of the importance China gives to its increasingly robust ties with Moscow. Since then, the two countries have ramped up their economic, trade and diplomatic relations – including in the wake of Putin’s war in Ukraine. Xi made a state visit to Moscow last March after entering his third term as Chinese president. The two sides discussed the war in Ukraine and agreed that international meetings on Ukraine ignoring Moscow’s interests “are futile,” Lavrov told the conference, according to Russian state news agency Tass. China has maintained dialogue with Switzerland about an upcoming international peace conference, according to state media, but previously said such talks should be recognized by both Ukraine and Russia.
Persons: Xi Jinping, Sergey Lavrov, Lavrov, Vladimir Putin, Xi, Putin, Wang Yi, Wang, ” Lavrov, Volodymyr Zelensky Organizations: Hong Kong CNN, Chinese, Foreign Ministry, Kyiv Locations: Hong Kong, Beijing, China, Moscow, Putin, Ukraine, Russian, United States, Russia, Switzerland
Opinion | The Economic Luminary Who Loved Solar Eclipses
  + stars: | 2024-04-08 | by ( Peter Coy | ) www.nytimes.com   time to read: +1 min
In 1857, William Stanley Jevons was 22 years old and was working as an assayer for the Sidney Mint. Two eclipses passed over Australia that year, and Jevons enthusiastically tracked both. I think it’s interesting nonetheless, because Jevons went on to become one of the most important economists of his century. Your first glass of orange juice tastes great, the second less so, and the third you pour down the drain. So don’t buy that third glass of orange juice.
Persons: William Stanley Jevons, Jevons, , , Léon, Carl Menger Organizations: Sidney Mint Locations: Australia, Bellevue Hill, Switzerland, Austria
A passenger on a flight from Newark to Zurich tried to enter the cockpit. One of the flight attendants was injured by the unruly passenger, Blick reported. AdvertisementA Swiss International Air Lines plane had to turn back to Newark after a passenger reportedly injured a flight attendant while trying to enter the cockpit. An airline spokesperson told Business Insider the flight "had to turn back to Newark due to an unruly passenger" who "behaved abusively towards the crew." In an email to BI, a Port Authority of New York and New Jersey spokesperson said the plane turned around due to an unruly passenger.
Persons: , Blick Organizations: Airbus, Service, International Air Lines, International Airlines, Port Authority of New Locations: Newark, Zurich, Swiss, Switzerland, Port Authority of New York, New Jersey
Despite major progress in protecting vast tracts of rainforest, the world failed again last year to significantly slow the pace of global forest destruction, according to a report issued on Thursday. Record wildfires in Canada and expanding agriculture elsewhere offset big gains in forest protection in Brazil and Colombia, the report found. The annual survey by the World Resources Institute, a research organization, found that the world lost 9.1 million acres of primary tropical forest in 2023, equivalent to an area almost the size of Switzerland, about 9 percent less than the year before. But the improvement failed to put the world on course to halt all forest loss by 2030, a commitment made by 145 nations at a global climate talks in Glasgow in 2021 and reaffirmed by all countries last year.
Organizations: World Resources Institute Locations: Canada, Brazil, Colombia, Switzerland, Glasgow
Washington, DC CNN —US Secretary of State Antony Blinken is the latest person dealing with problems with a Boeing jet. This is the second time this year that Blinken has had an issue with a Boeing plane while traveling. The incident has sparked numerous investigations into the Boeing’s practices and public attention to a large number of other problems on subsequent flights with Boeing jets. Many of those came on older planes and issues, which typically would have not been reported, were likely not caused by anything Boeing did. But the subsequent incidents, which typically would have not been reported by the media, have focused more attention on questions about the quality and safety of Boeing jets.
Persons: Antony Blinken, Blinken, plane, Max Organizations: DC CNN, Boeing, State Department, Brussels, Air Force, Alaska Airlines, National Transportation Safety Locations: Washington, Europe, Ukraine, Gaza, Paris, Switzerland
Roughly half of adults are stressed about personal finance, a new survey spanning various advanced economies found. D3sign | Moment | Getty ImagesAt least half of adults in a range of major economies report being stressed about their personal finances, and say inflation is one of the main reasons. In the U.S., Australia, Spain and Mexico, around 70% of adults said they were "very or somewhat stressed" about money. The percentage reduced slightly to 63% in the U.K., 57% in Germany, 55% in Switzerland, and roughly half of people in Singapore and France. Across those countries, between a half and two thirds of people said they considered themselves to be part of the middle class — except in the U.K., where it was a lower 37%.
Persons: SurveyMonkey Organizations: Financial Security Locations: U.S, Australia, Spain, Mexico, Germany, Switzerland, Singapore, France
Washington CNN —The United States told Iran it was not involved and had no advance knowledge of Monday’s strike on an Iranian consulate in Damascus, Syria, a US official said. The communication comes amid concern about the war between Israel and Hamas widening to a broader regional conflict. Iran has vowed retaliation after a strike it blamed on Israel killed two of its top commanders and five others at its consulate in Syria. “The United States had no involvement in the strike and we did not know about it ahead of time,” a National Security Council spokesperson said. The US has accused Iran of supporting proxy attacks on US and Western targets since the outbreak of the Israel-Hamas war.
Persons: , Axios, Matthew Miller, Hossein Amir, Abdollahian, ” Amir Organizations: Washington CNN, United, National Security, US, State Department, Iran’s, Foreign Ministry, CNN Locations: United States, Iran, Iranian, Damascus, Syria, Israel, Swiss, Tehran, Jordan, Iraq
Iran may now be compelled to respond despite its unwillingness to enter war with Israel and the United States. And it has increased such attacks since October 7, when Iran-backed Hamas attacked Israel, killing 1,200 people and kidnapping 250, prompting a devastating Israeli war in Gaza. “That would mean that the Israeli attack on Iran has put a target on the backs of American troops in the Middle East,” he said. Washington has, however, tried to distance itself from Monday’s Israeli attack. Attack Israeli interests abroadAfter past attacks on Iran, Israel has often anticipated Iranian retaliation on its interests in foreign countries, and beefed up security at its embassies.
Persons: Donald Trump, Qassem, Israel hasn’t, , Daniel Hagari, Hossein Amir, Abdollahian, ” Amir, Israel, CNN’s Paula Newton, Parsi, Biden, Israel Iran’s, Houthis, Sanam Vakil, Jalal Rashidi, Vakil, Omar Sanadiki, ” Vali Nasr, , Farzan Organizations: CNN, Seven, Revolutionary Guards, Israel Defense Forces, Iran’s, Quincy Institute, Responsible, Islamic, US National Security, Israel, Hezbollah, Chatham House, State Department, Chatham, ” stoke, UN, Global Governance Locations: Iranian, Damascus, Baghdad, Iran, Israel, United States, Syria, Gaza, Quds, Swiss, Tehran, Washington ,, Iraq, Jordan, Washington, Islamic Republic, Lebanon, Iraqi, East, North Africa, London, Argentina, India, Georgia, Thailand, Jalal Rashidi Kochi, Azerbaijan, , Chatham House, , Switzerland
The Israeli military told CNN it does not comment on foreign reports. CNN cannot verify the Times’ report, nor independently verify the claims from Iran, Syria and Israel. Increasing pressureAs the Middle East braces for a potential Iranian response, Tehran is under pressure to show strength in the wake of the consulate attack while not drawing the region into a wider war. The Lebanese Shia militant group has been embroiled in daily crossfire with Israeli forces for nearly six months. However, Israeli military spokesman Hagari blamed Iran for escalating tensions in the region.
Persons: Mohammed Reza Zahedi, Mohammad Hadi Haji Rahimi, Donald Trump, IRGC, Qassem Soleimani, , Israel, Daniel Hagari, , Israel’s, Syria Hossein Akbari, Nasser Kanaani, Hossein Amir, Abdollahian, d’affaires, Amir, ” Amir, Faisal Mekdad meanwhile, Houthi, Parsi, Zahedi, Bejamin Netanyahu, Hagari, I’m Organizations: CNN, Revolutionary Guards, Foreign Ministry, Israel Defense Forces, New York Times, Hamas, Ministry of Health, Zionist, Iranian Foreign Ministry, Israel, Syrian Foreign, Diplomatic Relations, US, Quincy Institute, Responsible Locations: Iran, Israel, Syria, Gaza, Damascus, Baghdad, Tehran, Lebanese, ” Iran, United States, Quds, Iranian Embassy, Iranian, Islamic Republic, Washington, Swiss, Switzerland, Syrian, Vienna, Iraq, Jordan, Red, Tel Aviv, Jerusalem, Lebanon, Yemen
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