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CNN —Eight of Formula One legend Michael Schumacher’s luxury and personalized watches are going up for auction – and they could sell for more than $4.8 million in total. The Rolex stainless steel Paul Newman Daytona watch was named after the Daytona International Speedway in Florida, according to auction house Christie's head of Watches Remi Guillemin. Christie's Images LTD. 2024The collection will form part of Christie’s traditional rare watches auction, consisting of vintage and modern pieces of high-caliber watchmaking from brands such as Audemars Piguet, F.P. Christie's Images LTD. 2024The platinum Vagabondage 1 watch was also a gift from Todt, but for the following Christmas. “These watches (are) for people who are following Formula One, who have followed, like I have, Michael Schumacher when he was racing.
Persons: Michael Schumacher’s, , Remi Guillemin, “ We’re, Paul Newman Daytona, Journe, Paul Newman, Guillemin, Jean Todt, chronograph, Schumacher, Christie’s, Michael Schumacher, Todt, Ferrari, ” Guillemin, Corinna, Michael Organizations: CNN, Miami Grand Prix, Daytona, Rolex, Paris Brain Institute, Foundation, Netflix Locations: New York, Geneva, Switzerland, Florida
A Florida man received a $143,000 phone bill from T-Mobile after an overseas trip to Switzerland. The charges were due to his phone not being set for international roaming, according to ABC Action News. AdvertisementA Florida man returned from a trip to Switzerland with his wife last September to discover he was facing an unexpectedly massive phone bill, Tampa's ABC Action News reported. AdvertisementRemund had incurred thousands of dollars in daily roaming charges because his phone was not set up for international roaming, the report said. Related storiesRemund said he contacted T-Mobile, which confirmed the bill was indeed what he owed, per ABC Action News.
Persons: , Rene Remund, Remund Organizations: Mobile, ABC Action, Service, ABC, Forbes, Federal Communications Commission, Ericsson, North Locations: Florida, Switzerland
Despite economic challenges looming large — including prolonged downturns in both the housing and stock market — China’s fascination with luxury watches remains undiminished. Cyril Zingaro/WWGF/KeystoneCertainly at this year’s fair, well-dressed, well-accessorized Chinese customers appeared unfazed by economic uncertainties. After more than 20 years working in the region, he believes China’s economic slowdown is just a temporary phase. “The situation may be slightly (more) challenging for mid-level luxury brands (whose clients’ disposable incomes are potentially more at the whim of market forces). Collectors appreciate the craftsmanship, rarity, and heritage associated with luxury timepieces, which can hold or increase in value over time.
Persons: Matthieu Humair, Cyril Zingaro, Jackson Yee, Jaeger, Zhu Yilong, Wang Yang, Xiao Zhan, David Sadigh, Patek Philippe, Van Cleef, ” Sadigh, Valentin Flauraud, , Ricardo Guadalupe, “ We’ve, Pierre Albouy, Keystone Carson Chan, Richard Mille Asia, Bonhams, ” Chan, Raphael Young, Lange, Söhne, Wilhelm Schmid, Lumen, Chan, Vacheron, Young, Roger Dubuis, Dior, Louis Vuitton, Gucci — Chanel, Hermes, Hermès, Attelé, Chanel, Mademoiselle Chanel, Organizations: Geneva CNN —, Federation of, Swiss Watch Industry, IWC, Digital Luxury, CNN, Keystone, Fondation, , Berkley, Couture Locations: Geneva, China, Hong Kong, Asia, Switzerland, Chopard, Europe, , Asia — China, Guadalupe, Swiss, watchmaking
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Swiss Finance Minister Karin Keller-SutterKarin Keller-Sutter, the finance minister for Switzerland, discusses the "Too Big to Fail" measures recently introduced to regulate the Swiss financial system, and how they could be adopted by other jurisdictions worldwide.
Persons: Karin Keller, Sutter Karin Keller, Sutter Organizations: Swiss Locations: Switzerland, Swiss
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 United States blocked the U.N. Security Council on Thursday from moving forward on a Palestinian bid to be recognized as a full member state at the United Nations, quashing an effort by Palestinian allies to get the world body to back the effort. The vote was 12 in favor of the resolution and one — the United States — opposed, with abstentions from Britain and Switzerland. The United States, along with the four other permanent members of the Council, can veto any action before it. Full Palestinian membership in the U.N. would be an important if largely symbolic victory for the Palestinian Authority, which has long sought a nation-state. In 2007, the militant group Hamas drove the Palestinian Authority, which President Mahmoud Abbas leads and which exercises limited self-rule in the occupied West Bank, from power in the Gaza Strip.
Persons: United States —, Riyad Mansour, Mr, Mansour, , Israel Katz, Vedant Patel, ” Mr, Patel, Israel’s, U.N, Israel, Mahmoud Abbas Organizations: . Security, United Nations, Terrorism, Security, State Department, Palestinian, General Assembly, Palestinian Authority, West Bank, Hamas Locations: States, United States, Britain, Switzerland, Palestine, Washington, U.S, Israel, Palestinian Authority, France, Russia, China, East Jerusalem, Gaza, Oslo Accords, Lebanon, Iran
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's important to learn lessons from Credit Suisse crisis, Switzerland's finance minister saysSwiss Finance Minister Karin Keller-Sutter says the country should learn lessons from Credit Suisse's failure and devise new legislation in an effort to prevent it happening again.
Persons: Karin Keller, Sutter Organizations: Credit Suisse, Swiss
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
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
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
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
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
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
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
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
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