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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMulti-faceted nature of business helping overcome high inflation challenges, Zurich Insurance CEO saysMario Greco, CEO of Zurich Insurance, discusses the company's full-year results and explains how each of the business sectors are performing in the current macroeconomic environment.
Persons: Mario Greco Organizations: Zurich, Zurich Insurance
European markets are heading for a higher open Thursday ahead of a busy day of earnings and data in the region. Preliminary services and manufacturing purchasing managers' index data from the euro zone in February is due Thursday, and will serve as a gauge of business activity in the region. Meanwhile, earnings are due from Nestle, Zurich Insurance, Iberdrola, Telefonica, Lloyds Banking Group, Rolls-Royce, WPP, Anglo American and Hargreaves Lansdown. Overnight, Japan's Nikkei hit a record high on Thursday, with investors shrugging off dismal business activity data from the country, while other Asia-Pacific markets traded in the green. S&P 500 futures rose in overnight trading Wednesday, boosted by a jump in Nvidia shares.
Persons: Hargreaves Lansdown, shrugging Organizations: Zurich Insurance, Iberdrola, Telefonica, Lloyds Banking Group, Royce, WPP, Nikkei, Nvidia Locations: Nestle, Asia, Pacific
LOS ANGELES (AP) — Patrick Cantlay and Xander Schauffele first competed at cards on the long flight to Australia for the Presidents Cup. Cantlay was solid as ever Saturday in the Genesis Invitational until a soft bogey toward the end of the round that effectively cut his lead in half. The final group is Cantlay and Schauffele, a pair of Californians who are now neighbors in Florida. Cantlay is trying to join Max Homa (2021) and John Merrick (2013) as players from the greater Los Angeles area trying to win what amounts to a hometown event. “Being from southern California, it's one of the tournaments on the list that I'd like to win the most,” Cantlay said.
Persons: — Patrick Cantlay, Xander Schauffele, Schauffele, Will Zalatoris, Cantlay, Tiger Woods, Jordan Spieth, Zalatoris, , ” Cantlay, Woods, , ” Schauffele, we’re, Didn’t, Luke List, Harris, Jason Day, Max Homa, John Merrick, ___ Organizations: ANGELES, Riviera, Tiger, , BMW, Wilmington Country Club, Travelers, PGA, Ryder, Cup, UCLA, Virginia Country Club, Sherwood Locations: Australia, Florida, Zurich, New Orleans, Riviera, Los Angeles, Thousand Oaks, California
In early February, I went on a two-week trip to Europe, on a mission to travel to six countries — including four of them by train. Here are three major mistakes I made along the way, and what you can do to avoid them. While some train rides — like the one from Venice to Rome on the Italian train company Trenitalia — were empty, others were packed. Many European train routes have multiple stops, and passengers simply get on and off the train. At boarding, hundreds of passengers scrambled for a seat, while I struggled to hoist my massive bag up the train.
Persons: , Marielle, Trenitalia Organizations: Service, Union, China Railway, SBB, Swiss, Südtiroler Platz Locations: Switzerland, Germany, Austria, Italy, Europe, Zurich, Rome, Freiburg, Breisgau, Innsbruck, Venice, Thailand, Laos, China, Vientiane, Swiss, Buchs, Southeast Asia, Budapest
Swiss Re CEO Christian Mumenthaler gestures during a session of the World Economic Forum (WEF) annual meeting in Davos on January 18, 2024. Insurance giant Swiss Re on Friday reported a sharp upswing in full-year profit, benefitting from what it described as an attractive market environment after a "batch of bad years." The Zurich-headquartered company posted full-year net profit of $3.2 billion, in line with expectations according to an LSEG-compiled consensus. Reinsurance refers to insurance for insurance companies. Looking ahead, Mumenthaler warned that the price of the climate crisis would soon be at the door of consumers for the first time.
Persons: Christian, Christian Mumenthaler, CNBC's, Mumenthaler Organizations: Swiss, Economic, Insurance, Swiss Re Locations: Davos, Zurich, Hurricane, Florida
Adecco Pledged to Find Jobs for 85,000 Refugees
  + stars: | 2024-02-14 | by ( Feb. | At A.M. | ) www.usnews.com   time to read: 1 min
ZURICH (Reuters) - Adecco Group will help 85,000 refugees find jobs and train 17,000 people by the end of 2027, the staffing company said on Wednesday. The Swiss company said it was also launching a dedicated website to help refugees find jobs. "No one chooses to be a refugee. The pledge to help refugees was an increase from a promise made by Adecco in June 2023, when it said it wanted to find jobs for 50,000 refugees and provide technical and language training for 10,000. Photos You Should See View All 22 Images(Reporting by John Revill, editing by Kirsti Knolle)
Persons: Christoph Catoir, Adecco, John Revill, Kirsti Knolle Locations: ZURICH, Swiss
I left big city life behind in 2020. I knew I couldn't achieve these goals living in a big city. I'd lived in big cities my whole life, including notoriously unaffordable cities in the world like Toronto, Zurich, and Geneva. I knew I couldn't do this, at least not in the way I wanted to, in a big city. If I want to live in a big city again someday and still have some space around me, I need to plan very carefully.
Persons: I'd, I've, I'm Organizations: Service, Mastercard Locations: Toronto, Zurich, Geneva
Three students won the Vesuvius Challenge for uncovering text in the Herculaneum papyri. The students were awarded a $700,000 prize after using AI to uncover the passages. “This is the society from which the modern Western world is descended.”The Herculaneum papyri were buried thousands of years ago during the eruption of Mt. The Vesuvius Challenge hopes entrants will help uncover about 90% of the first four scrolls. AdvertisementThe founders of the Vesuvius Challenge hope they’ll be able to crack open and read the entirety of all 800 scrolls in the next few years.
Persons: , Youssef Nader, Luke Farritor, Julian Schilliger, ” Nader, Julius Caesar’s, ” Robert Fowler, Salvatore Laporta, Nat Friedman, Daniel Gross, Brent Seales —, Seales, uncracked, Philodemus, Friedman, , fihs9ADb48 — Nat Friedman, they’ll Organizations: Service, Freie University, Wall Street, University of Nebraska, ETH Zurich, Villa, Herculaneum Society, Bloomberg Locations: Berlin, Switzerland, Vesuvius, Italian, Herculaneum
"People recommend investing in the Swiss market during uncertain periods – like if you are expecting a recession. "Maybe in a bull market, Swiss equities are not going to be a huge outperformer globally — but they can generate positive returns. But in difficult times, Swiss equities, besides the U.S., is one of the markets to buy," Bänziger said. In her view, Swiss stocks benefit from the strong Swiss franc and a political system that fosters innovation in companies. Meanwhile, Bänziger believes Swiss Prime Site and PSP Swiss Property make good investments among small- and mid-caps, given the opportunities in the Swiss real estate sector.
Persons: Carla Bänziger, Bänziger, Stocks Organizations: U.S . Federal, that's, CNBC Pro, Swiss, State Secretariat, Economic Affairs, Swiss Re, SIX Swiss Exchange, Dow Jones International Real, ABB, Nestle, Roche, Novartis Locations: that's Switzerland, Swiss, Zurich, U.S, Switzerland, Germany, China, Europe
Elon Musk is keen to help with efforts to decode 2,000-year-old papyrus scrolls. In a post on X, the billionaire volunteered funds for the Vesuvius Challenge project. Musk told Bloomberg that he was in "favor of civilizational enlightenment." AdvertisementElon Musk wants to help with efforts to decode 2,000-year-old papyrus scrolls. AdvertisementThe Vesuvius Challenge is ongoing since the scrolls have only been partially deciphered.
Persons: Elon Musk, Musk, , Skip, Nat Friedman, GitHub, Luke Farritor, Youssef Nader, Julian Schilliger Organizations: Bloomberg, Service, Musk Foundation, SpaceX, University of Nebraska, Business Locations: Herculaneum, Mount, Lincoln, Berlin, Swiss, Zurich
CNN —After using artificial intelligence to uncover the first word to be read from an unopened Herculaneum scroll, a team of researchers has revealed several nearly complete passages from the ancient text, giving insight into philosophy from almost 2,000 years ago. The Herculaneum scrolls are hundreds of papyri that survived the eruption of Mount Vesuvius in AD 79. By using computer technology and advanced artificial intelligence, researchers can now analyze the Herculaneum scrolls without unrolling and risking damage to the extremely fragile documents. The first word to be decoded, the Greek word for purple, was detected in October 2023 and can be found within the newly interpreted passages. The charred documents, now referred to as the Herculaneum scrolls, were recovered from a building believed to be the house of Julius Caesar’s father-in-law, according to the University of Kentucky.
Persons: , Brent Seales, Luke Farritor, Youssef Nader —, Julian Schilliger, Farritor, Nader, Schilliger, papyrologists, Seales, Julius Caesar’s, Philodemus, “ Philodemus, Roger Macfarlane, Macfarlane, that’s, ” Macfarlane Organizations: CNN, classicists, University of Kentucky, University of Nebraska, Freie University Berlin, ETH Zürich, Institut de France, Brigham Young University Locations: Vesuvius, England, France, Italy, Naples
GENEVA (AP) — UBS on Tuesday reported a fourth-quarter pretax loss of more than $750 million as the Swiss banking giant continued to integrate its longtime rival Credit Suisse after a government-orchestrated merger. UBS said it expects to complete the merger of Credit Suisse by the end of the second quarter this year, and the merger of the two banks’ Swiss operations by the end of the third quarter. For the year, UBS took in $77 billion in new assets across its wealth-management and personal and corporate banking segments. Woes at Credit Suisse — before the UBS merger — and the two U.S. banks unsettled global financial markets in 2023. UBS said revenues jumped 35% to nearly $10.9 billion in the fourth quarter.
Persons: , Sergio Ermotti Organizations: GENEVA, — UBS, Credit Suisse, SIX Group, UBS, U.S . Federal Deposit Insurance Corp, Valley Bank, Signature Bank, Credit Suisse —, Locations: Swiss, Zurich, United States
CNN —American golfer Wyndham Clark was declared the winner of the AT&T Pebble Beach Pro-Am after just 54 holes on Sunday, as heavy storms over the Monterey Peninsula led organizers to end the tournament early. Yet despite improved forecasts for Monday morning, the result was declared with 18 holes still to play “in accordance with PGA Tour regulations,” according to a statement from the PGA Tour Rules Committee on Sunday night. Fallen portable toilets at Pebble Beach on Sunday. Ryan Sun/APHaving gone six years without a PGA Tour triumph since turning pro, victory marks Clark’s third on the circuit in the space of nine months. Ezra Shaw/Getty ImagesThe tournament is the first on the PGA Tour to be reduced to 54 holes since 2016, when the Zurich Classic of New Orleans was shortened due to similarly inclement weather.
Persons: Wyndham Clark, Clark, Sweden’s Ludvig Åberg, , Ryan Sun, ” Clark, It’s, Ezra Shaw Organizations: CNN, Reigning, AP, Getty, PGA, Zurich Locations: Monterey, Monterey County, Beach, Orleans, California, Los Angeles
PEBBLE BEACH, Calif. (AP) — The final round of the AT&T Pebble Beach Pro-Am was delayed by at least two hours Sunday as officials braced for more rain on a soggy course and high wind that could cut short the PGA Tour's first “signature event” to 54 holes. Clark would be declared the winner if the final round cannot be completed. Photos You Should See View All 45 ImagesThe final round was to start at 7:45 a.m. PST Sunday. All tournament facilities at Pebble Beach remained closed. Pebble Beach, with a reputation for bad weather, hasn't had a 54-hole winner since Dustin Johnson in 2009.
Persons: Wyndham Clark, Ludvig Aberg, Clark, Gary Young, Rory McIlroy, hasn't, Dustin Johnson, ___ Organizations: PGA, National Weather Service, Zurich Locations: Calif, Pebble, New Orleans
Twenty years after its launch, social media giant Facebook continues to show unprecedented staying power after burying early competitors like MySpace and Friendster and establishing a distinct foothold in the burgeoning social media landscape. Daniel Acker/Bloomberg/Getty ImagesStrong social connection was the linchpin of Facebook, differentiating it from other primordial social media sites. MySpace’s monthly active users had trickled down to an estimated 35 million in mid-2011, according to a Comscore report at the time. In contrast, by September of that year, Facebook was seeing almost 800 million monthly active users. In April 2012, the company acquired photo-centric social media platform Instagram for about $1 billion.
Persons: Harvard University undergrad, Mark Zuckerberg, , , Pablo Boczkowski, alums, ” Zuckerberg, Daniel Acker, Justin Timberlake, Friendster’s, Friendster, Boczkowski, Meta’s, ” Boczkowski, WhatsApp, Meta Organizations: New, New York CNN, Harvard University, Facebook, Communication Studies, Northwestern University, Harvard, New York Times, Bloomberg, Getty, MySpace, Swiss Federal Institute of Technology, Google, Meta, Inc, , TikTok, Twitter Locations: New York, Zurich, India, Brazil, Argentina, Italy
Swiss Hospitality School Closes After Measles Outbreak
  + stars: | 2024-02-03 | by ( Feb. | At A.M. | ) www.usnews.com   time to read: 1 min
ZURICH (Reuters) - Switzerland's famed hospitality management school, Ecole Hotelier de Lausanne (EHL), closed its campus in Lausanne on Saturday after cases of measles were discovered among students. "We have been compelled to close the Lausanne campus from Feb. 3 to Feb. 18 inclusive," the school said in a statement posted to its website. The campus is scheduled to reopen on Feb. 19. The university did not reveal how many students were infected by measles, but said they are currently isolated and recovering under medical care. Founded in 1893, EHL has been ranked the number one hospitality management school for the past five years by QS World University Ranking.
Persons: EHL, Noele Illien, Toby Chopra Organizations: Ecole, de Lausanne, QS World Locations: ZURICH, Lausanne
GENEVA (AP) — Julius Baer says its CEO is resigning and the Swiss bank is quitting the private debt business as well as setting aside more than a half-billion Swiss francs (dollars) reportedly over its exposure to bankrupt Austrian asset manager Signa. Zurich-based Julius Baer said it was exiting the private debt business and the annual results reflected net credit losses of 606 million Swiss francs (about $702 million) — 586 million francs of which included a loan-loss allowance for unspecified private debt exposure. Photos You Should See View All 45 ImagesShares of Julius Baer were up nearly 6% to 50.02 Swiss francs in midmorning trading Thursday on the SIX Swiss Exchange following the news. Media reports said the bank's troubles were linked to Signa, but Julius Baer didn't specify. The bank announced the exposure to private debt issues in November, comprised of three loans to different entities at a “European conglomerate” active in commercial real estate and luxury retail.
Persons: — Julius Baer, Romeo Lacher, Julius Baer, Philipp Rickenbacher, Nic Dreckmann, Julius Baer didn't Organizations: GENEVA, Signa, SIX Swiss Exchange, Media, Credit Suisse, UBS Locations: Swiss, Austrian, Zurich, Vienna
A pedestrian sheltering under an umbrella passes a Julius Baer Group Ltd. branch in Zurich, Switzerland, on Tuesday, July 13, 2021. Group Chair Romeo Lacher said he and the board "deeply regret" net credit losses of 606 million Swiss francs ($701 million), well above consensus expectations, which include a loan loss allowance of 586 million francs. Julius Baer in November announced its exposure to the struggling Austrian company, which has been hit by the higher interest rate environment. It further said Thursday it would exit its private debt businesses, winding down its remaining private debt book of 800 million million Swiss francs, 2% of its total loan book. The bank reported net profit attributable to shareholders of 454 million Swiss francs for the full-year 2023, down 52%, with earnings per share of 2.21 francs.
Persons: Julius Baer, Philipp Rickenbacher, Romeo Lacher, Rickenbacher, Nic Dreckmann, Anke Reingen Organizations: Julius Baer Group, Signa, Austrian, CNBC, Swiss, RBC Locations: Zurich, Switzerland, Swiss
AdvertisementLiving in a global city with a high quality of life is increasingly reserved for the wealthiest. The world's most liveable cities — for the wealthyThe rising cost of housing, food, and other household goods is helping worsen the affordability crisis in these cities. Vienna, for example, has kept housing costs remarkably low through its generous social housing system. The average studio apartment in Zurich costs $1.1 million and the average home across the country costs $1.4 million, the Times reported. Like in many American cities, a severe housing shortage in cities like Zurich and Geneva is also contributing to rising home costs.
Persons: , EIU Organizations: Service, Economist's Intelligence, The New York Times, Times, Swiss Locations: Zurich, Copenhagen, Vienna, Austria Copenhagen, Denmark Melbourne, Australia Sydney, Australia Vancouver, Canada Zurich, Switzerland Geneva, Switzerland, Calgary, Canada, , Geneva, Singapore, New York, Hong Kong Los Angeles Paris, France Copenhagen, Tel Aviv, Israel, Vancouver, Sydney, Paris
Banks are being rocked again as real estate losses mount
  + stars: | 2024-02-01 | by ( Anna Cooban | ) edition.cnn.com   time to read: +5 min
The regional lender set aside $552 million in the fourth quarter to absorb loan losses, up from $62 million in the previous quarter. The increase was driven partly by expected losses on a loan used to finance an office building, it said. ET as shares in NYCB, as well as other regional banks, suffered sharp losses. Much bigger players are girding themselves for losses linked to commercial real estate. Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, is up 23% since a low in late March.
Persons: Thomas Cangemi, Brendan McDermid, Julius Baer, Philipp Rickenbacher, Arnd Wiegmann, Reuters Philip Lawlor, , , ” Lawlor, CNN’s Matt Egan Organizations: London CNN, Credit Suisse, New York Community Bancorp, New York Stock Exchange, Japan’s Aozora Bank, Federal Reserve, , CNN, Signa Group, Chrysler, Reuters, Deutsche Bank, Bank, Suisse —, UBS, Wilshire Indexes, KBW Locations: Europe, New York, Tokyo, Zurich, California, Republic, NYCB, Banc, Swiss, Austrian, Switzerland
With a hearty whoop he tosses aside his prized gauntlets at the blacksmith shop. As he rushes off to a celebratory feast, they sit out of sight in a dark corner. Not too long after, a fire breaks out, the shop is destroyed and the gauntlets are lost for more than 600 years. Demolition work near Kyburg Castle, northeast of Zurich, threatened a site that was known to be the location of a medieval town. “We knew that all the archaeological remains in the ground would be destroyed during this construction work,” said Lorena Burkhardt, the excavation leader.
Persons: , , Lorena Burkhardt Locations: Swiss, Kyburg, Zurich
AdvertisementWinter is part of a growing group of family office principals, including heirs like himself and first-generation entrepreneurs, who are making direct investments in pursuit of longer and healthier lives. They are in good company; longevity startups drew global investment of more than $5.2 billion in 2022 , according to a venture capital firm, Longevity Tech Fund, which used PitchBook data. She and some of her clients are investors in Maximon, a Switzerland-based longevity fund that includes "healthspan clinics" in its portfolio. Eric Becker, cofounder of wealth manager Cresset , and his two sons founded a family office and picked Blue Zone Foods as its first investment. Courtesy of CressetFor Becker, whose daughter died of leukemia at 21, and his family, longevity is not an abstract topic.
Persons: Maximilian Winter, doggedly, Lyme, Fritz Winter, Peter Thiel, There's, Peter Fioretti, David Sinclair, Kathrin Genovese, ultrarich, Genovese, Eric Becker, Cresset, Dan Yadegar, Becker, Johnny Walker Organizations: Longevity Tech Fund, Harmonix, Biotech, UBS, Winter's Harmonix Fund, Blue, Foods, Becker Venture Partners, Newpath Partners Locations: Santa Barbara, Quinta , California, Maximon, Switzerland, Zurich
GENEVA (AP) — Shares of Holcim Ltd. jumped Monday after the Swiss-based cement and building materials company announced plans to spin off its North American unit and list its shares in the U.S.Sunday's announcement of the listing and spinoff comes 15 months after Holcim’s French subsidiary Lafarge pleaded guilty to paying millions of dollars to the Islamic State group to keep a plant open in Syria and agreed to pay about $778 million in penalties in a settlement with U.S. authorities. At the time, the Islamic State group controlled a vast swath of Syrian territory and was engaged in torturing kidnapped Westerners. The listing, which is expected to be completed in the first half of next year, would create a North American unit that is targeting more than $20 billion in net sales by 2030, the company said. Holcim will retain its listing on the Swiss SIX stock exchange. Chairman and CEO Jan Jenisch will lead the North American operations and hand over duties of CEO of Holcim to executive committee member Miljan Gutovic, an Australian national, on May 1.
Persons: Lafarge, Holcim, Jan Jenisch, Miljan Gutovic, Jenisch Organizations: GENEVA, Holcim Ltd, American, Islamic, Islamic State, Swiss SIX, North, SIX Locations: Swiss, U.S, Syria, American, Australian, Zurich, Holcim
In France, it was named the “Neapolitan disease” after the French army got infected during its invasion of Naples, Italy, in the first documented syphilis epidemic. A complex disease caused by a complex bacteriumWithout treatment, syphilis can cause physical disfigurement, blindness and mental impairment. Others believe T. pallidum bacteria always had a global distribution but perhaps grew in virulence after initially manifesting as a mild disease. Some bones had marks characteristic of infection with T. pallidum — the bacteria effectively eat away at bones, leaving concave lesions. “The modern tools available for extracting DNA from ancient samples, for enriching the treponemal DNA, and obtaining deep sequencing from samples has rapidly increased our understanding of the Treponema.”
Persons: Christopher Columbus, Treponema pallidum, , Brenda J, Baker, Jose Filippini It’s, Molly Zuckerman, wasn’t, ” Zuckerman, , it’s, Columbus, Europe ’, Sheila A, pallidum, Verena Schünemann, Schünemann, Mathew Beale, Beale, ” Lukehart Organizations: CNN, Research, Arizona State University, Bioarchaeology Laboratories, Mississippi State University, University of Washington, University of Zurich’s Institute of Evolutionary, Wellcome Sanger, Columbus Locations: France, Naples, Italy, Europe, Americas, Brazil, New, Laguna, Santa Catarina, Africa, Columbus, Finland, Estonia, Netherlands, Asia, Cambridge, England
Cindy Sherman: Woman of an Uncertain Age
  + stars: | 2024-01-24 | by ( Nancy Princenthal | ) www.nytimes.com   time to read: +1 min
Femininity was understood to be a cultural construct, a masquerade, and Sherman’s photographs were considered exemplary of this turn. In the following decades, quite independently of the politics swirling around her, Sherman continued to deploy her face and body in fanciful guises that ran the gamut from an Italian Renaissance Madonna to an All-American clown. For all its jangly discontinuities, the current work (all untitled) feels newly grounded. It emerged, Sherman told me, from a creative slump. It clicked.
Persons: Sherman, Locations: Italian, New York, Zurich
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