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☆ Liechtenstein votes resoundingly against banning casinos
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Jan 29 (Reuters) - Voters in Liechtenstein on Sunday roundly rejected a proposed ban on casinos in a referendum that has polarized the tiny principality and its 40,000 citizens. With six casinos dotted across the country that is a tenth of the size of London, the microstate has been dubbed the "Las Vegas of the Alps" among punters. They argue that the fledgling industry risks tarnishing a national image that the state has worked hard to repair. The country was on an international blacklist of tax havens until it began easing bank secrecy laws more than a decade ago. Reporting by Noele Illien Additional reporting by Francois Murphy in Vienna; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

FTX said in a court filing in Wilmington, Delaware, late on Wednesday that the DOJ's proposed review would only add cost and delay to its bankruptcy case. As part of its own investigation, FTX asked U.S. Bankruptcy Judge John Dorsey, who is overseeing its Chapter 11 proceedings, to help it secure documents from Bankman-Fried, members of his family and other insiders with information about FTX transactions that used "misappropriated and stolen" funds. FTX is also seeking information about political donations by Mind the Gap, a political action committee founded by Barbara Fried, and Guarding Against Pandemics, an advocacy organization founded by Sam Bankman-Fried and his brother, Gabriel Bankman-Fried. The U.S. Department of Justice's bankruptcy watchdog has called for an independent investigation into its collapse, a request that received backing from a bipartisan group of U.S. senators. Sam Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, has pleaded not guilty to fraud charges.

☆ GAM expects a net loss of around $336 mln for 2022
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Jan 25 (Reuters) - GAM (GAMH.S) expects to report a net loss after tax of approximately 309.9 million Swiss francs ($335.83 million) for the full year 2022, after experiencing negative asset flows, the Swiss asset manager said on Wednesday. The group said it also expects to report an underlying pre-tax loss of approximately 42.8 million Swiss francs. "2022 was a challenging year with our financial results seeing the impact from a market-led decline in our assets under management," GAM's Chairman David Jacob said. Vontobel analyst Andreas Venditti said 2022 was a challenging year for the asset management industry and said he welcomed the news of GAM's planned strategic update. In December it was reported that GAM had hired bankers from UBS (UBSG.S) to explore strategic options, including a possible sale.

☆ Roche launches new test to detect fast spreading Omicron sub-variant
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Jan 26 (Reuters) - Roche (ROG.S) has launched a new PCR test to detect a fast-spreading sub-variant of the Omicron variant of Coronavirus, the Swiss drugmaker said on Thursday. The new test specifically targets the XBB.1.5 Omicron variant and will help researchers closely track the virus’s lineage and provide insights into the epidemiology and impact it has on public health, the company added. The XBB.1.5 variant is prevalent in the United States and is quickly spreading to other countries, Roche said. "Being able to differentiate emerging variants and understand their similarities and mutations provides a basis for experts to make predictions about their spread and respond with appropriate treatment strategies," Roche said. Reporting by John Revill; Editing by Noele IllienOur Standards: The Thomson Reuters Trust Principles.

[1/2] The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco Bello/File PhotoZURICH/LONDON, Jan 26 (Reuters) - Financial watchdogs and government agencies from the United States, Japan and Switzerland are among creditors of bankrupt crypto exchange FTX, as well as companies including Airbnb and crypto giant Binance, a court filing has shown. A host of companies from traditional industries and the crypto sector, including Airbnb Inc (ABNB.O) and Binance, the world's largest crypto exchange and once an arch-rival of FTX, were also cited as creditors. FTX said last year it owed its 50 biggest creditors nearly $3.1 billion. FTX founder Sam Bankman-Fried, who has been accused of stealing billions of dollars from FTX customers to pay debts incurred by his crypto-focused hedge fund, has pleaded not guilty to fraud charges.

☆ Barry Callebaut sales volumes fall 5% during its first quarter
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Jan 18 (Reuters) - Barry Callebaut (BARN.S) sales volumes fell 5.1% in the three months to the end of November, the world's largest chocolate maker said on Wednesday, as it was hit by lower output at its biggest factory. Volumes fell to 579,000 tonnes from 610,000 tonnes a year earlier, said the company whose products are used by food makers including Nestle (NESN.S) and Unilever . Volumes fell as the Swiss company started ramping up production again at its Wieze factory in Belgium, which was hit by a health scare last year. Sales revenue increased by 3.8% to 2.1 billion Swiss francs ($2.28 billion), as the company passed on raw material price increases the company said. ($1 = 0.9229 Swiss francs)Reporting by John Revill; Editing by Noele Illien Editing by Paul CarrelOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse sees money returning to the bank -CEO
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Jan 18 (Reuters) - Credit Suisse (CSGN.S) is seeing a reversal of outflows, CEO Ulrich Koerner said in an interview with CNBC in Davos on Wednesday. "Outflows have reduced very significantly and we are seeing money now coming back in different parts of the firm," he said. Koerner said he has "zero concerns" about conflicts of interest surrounding the bank's acquisition of former Credit Suisse board member Michael Klein's advisory firm. Earlier this month it was reported the Swiss bank would value M. Klein & Company at a few hundred million dollars. The potential deal is expected to allow M. Klein & Co. shareholders to take an eventual stake in CS First Boston using proceeds from the sale.

☆ Swiss Six exchange opens probe into Clariant whistleblower case
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 12 (Reuters) - Switzerland's Six stock exchange on Thursday opened an investigation into Clariant (CLN.S) over the possible disclosure of price-sensitive information, following whistleblowers' allegations that some staff had manipulated accounts. A spokesperson for the specialty chemical company said the investigation related to a delay in publishing its 2021 results, due to an investigation into the accounting of some provisions and accruals. In February, Clariant delayed the release of 2021 results as independent advisors looked into the allegations that some staff manipulated accounts in 2020 and 2021 to help meet financial targets. In April that investigation concluded that there had been no impact on sales and cash numbers previously reported, it said. Reporting by Miranda Murray and John Stonestreet; Editing by Noele Illien and Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Logitech cuts sales outlook after Q3 miss; shares seen sinking
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Jan 12 (Reuters) - Logitech International (LOGN.S) on Thursday reported lower earnings and sales between October and December and cut its sales outlook, citing a difficult economic backdrop and supply chain uncertainties linked to China's COVID-19 outbreak. CEO Bracken Darrell said the weaker-than-expected results reflected "challenging macroeconomic conditions including a slowdown in sales to enterprise customers in the quarter." The company was cutting its outlook based on the results and on "uncertainty in supply availability related to the current COVID outbreak in China." Last year, COVID restrictions drove Logitech to its highest ever second-quarter sales on the back of strong demand for home office products and computer gaming devices. Reporting by Noele Illien and John Stonestreet; Editing by Jacqueline Wong and Noele IllienOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA grants priority review to Roche's bispecific antibody Glofitamab
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Jan 6 (Reuters) - Roche (ROG.S) announced on Friday the U.S. Food and Drug Administration has granted priority review to the Swiss pharmaceutical company's bispecific antibody Glofitamab. Glofitamab is intended for patients with relapsed or refractory large b-cell lymphoma. The FDA is expected to make a decision on approval of the cancer immunotherapy by July 1, 2023. Reporting by Noele Illien; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

[1/6] Skiers pass on a small layer of artificial snow amid warmer-than-usual winter temperatures in the Alps in Leysin, Switzerland, January 4, 2023. REUTERS/Denis BalibouseLEYSIN, Switzerland, Jan 4 (Reuters) - Deprived of snow by unusually mild weather, Switzerland's world-renowned ski slopes have proven a disappointment to winter sports aficionados and resort managers eager to make the most of the holiday season. Norah Sweeney, a tourist from Boston, had prepared for a snowy Swiss sojourn, but her hopes quickly melted at the sight of yellowed grass on the slopes. MeteoSwiss, the country's federal office for meteorology and climatology, said Switzerland's average temperature of around 7.4 Celsius in 2022 was by far the warmest year since records began in 1864. Sophie Ruchet, a resident of the Vaud canton who learned to ski at Leysin, wonders if it's even worth having her children learn to ski.

☆ Swiss National Bank steps up forex sales during Q3
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Dec 30 (Reuters) - The Swiss National Bank increased its forex sales to 739 million Swiss francs ($799.35 million) during the third quarter of 2022, the central bank said on Friday, showing how its focus has switched from stemming the safe-haven currency's strength to fighting inflation. Swiss inflation stood at 3% in November, low in comparison to other countries, but high in Swiss terms and outside the SNB's goal for inflation of 0-2%. SNB Chairman Thomas Jordan said earlier this month the central bank had sold foreign currencies in recent months to ensure "appropriate monetary conditions." He said the bank would also sell foreign currencies in future, while the SNB also remained willing to buy foreign currencies again if necessary to check excessive appreciation of the franc. "I expect forex sales to continue if Swiss inflation is above target.

☆ Leonteq lowers profit expectations on reduced demand
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 27 (Reuters) - Swiss fintech Leonteq (LEON.S) said on Tuesday that it was lowering its profit expectations for 2022 due to reduced client demand in the second half of the year. "Leonteq continued to register reduced client demand on the back of an overall challenging market environment but recorded stable monthly net fee income over the same period," it said. The company said it expects to report a group net profit for 2022, without giving any exact numbers. Its previous guidance was that it would exceed the prior year's group net profit of 155.7 million Swiss francs ($167.3 million). ($1 = 0.9305 Swiss francs)Reporting by Noele Illien; Editing By Tom Hogue, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse clients are returning, CEO of bank's Swiss business says
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 21 (Reuters) - Credit Suisse's client withdrawals have stabilised and reversed in some cases, Andre Helfenstein, the head of Credit Suisse's Swiss business said in an interview with local newspaper NZZ. Last month, Switzerland's second-largest bank said it expected to make a pre-tax loss of up to 1.5 billion Swiss francs ($1.62 billion) during Q4 and revealed that wealthy clients had made hefty withdrawals. Credit Suisse is battling to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking. Helfenstein was asked in the NZZ interview if the bank had had to offer clients special conditions to keep them. Credit Suisse chairman Axel Lehmann has said that client fund outflows at Credit Suisse had partially reversed and very few clients had left entirely.

☆ British American Tobacco closes Swiss plant, lays off 226
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Dec 15 (Reuters) - British American Tobacco (BAT) is to close a cigarette manufacturing plant in Switzerland next year, laying off 226 workers, the Tages-Anzeiger paper and other Swiss media reported on Thursday. “BAT Switzerland confirms that a final decision has been made to transfer cigarette production from Boncourt to larger factories within Europe and to close the Boncourt site," BAT said in a statement. The winding down of the factory located in Switzerland's french-speaking region will be completed by the end of 2023, the company said. Reporting by Noele Illien Editing by Michael Shields and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ British American Tobacco closes Swiss plant, lays off 226 -paper
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Dec 15 (Reuters) - British American Tobacco is to close a cigarette manufacturing plant in Switzerland next year, laying off the 226 employees working there, the Tages-Anzeiger paper and other Swiss media reported on Thursday. The Unia labour union confirmed the plant closure. The BAT plant was not immediately available to comment. Reporting by Noele Illien; Editing by Michael ShieldsOur Standards: The Thomson Reuters Trust Principles.

☆ Swiss engineering group ABB fined $4.3 mln
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Hitachi ABB is seen at an office building in Zurich, Switzerland September 10, 2020. REUTERS/Arnd Wiegmann/File PhotoZURICH, Dec 2 (Reuters) - Swiss engineering and technology group ABB (ABBN.S) has been fined 4 million Swiss francs ($4.3 million) by the country's Attorney General in connection with a bribery case in South Africa. The company agreed to pay 2.5 billion rand ($144.51 million) in punitive reparations to South Africa within 60 days from Dec. 1, the NPA's statement said. This is in addition to 1.6 billion rand ($92.48 million)the company paid back to South African state power utility Eskom in 2020. ABB was found guilty of improper payments and other compliance issues at the Kusile power station after a wide-scale investigation into state corruption concluded in June 2022.

☆ Credit Suisse chairman says outflows have basically stopped
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Dec 2 (Reuters) - Credit Suisse (CSGN.S) Chairman Axel Lehmann said in a TV interview with Bloomberg on Friday the embattled bank's outflows have basically stopped and that it is seeing partial inflows. Credit Suisse has reported sharp outflows as wealthy clients move assets elsewhere, while the bank battles to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking. Credit Suisse, whose shares have plunged this year to record lows, is in the midst of raising 4 billion Swiss francs ($4.23 billion) to bolster its finances. Reporting by Noele Illien; Editing by Michael ShieldsOur Standards: The Thomson Reuters Trust Principles.

[1/4] A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland November 23, 2022. Credit Suisse declined to comment on job cuts in the Hong Kong private banking business. Credit Suisse said in October it intends to reduce its cost base by around 2.5 billion Swiss francs ($2.67 billion) to about 14.5 billion in 2025. Client outflows have partially reversed and very few clients have left entirely, Credit Suisse Chairman Axel Lehmann told a Financial Times conference on Thursday. The fresh round of private banking cuts signals challenges facing Credit Suisse as it shifts towards banking for the wealthy, after vowing to ramp up wealth management globally.

☆ Outflows at Credit Suisse have partially reversed - chairman
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 1 (Reuters) - Client fund outflows at Credit Suisse (CSGN.S) have partially reversed and very few clients have left entirely, Chairman Axel Lehmann told a Financial Times conference on Thursday. "It was a storm in the retail and partially in the wealth management segment, in particular in Asia, where we had really massive outflows for two to three weeks," Lehmann said. "Since then it completely flattened out and it partially reversed," he said. Credit Suisse has reported sharp outflows as wealthy clients move assets elsewhere, while the bank battles to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking. Credit Suisse, whose shares have plunged this year to record lows, is in the midst of raising 4 billion Swiss francs ($4.23 billion) to bolster its finances.

☆ UBS not seeking to benefit from crisis at Credit Suisse- chair
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

ZURICH, Nov 30 (Reuters) - UBS (UBSG.S) is not actively benefiting from the crisis at rival Credit Suisse (CSGN.S), UBS Chairman Colm Kelleher told a Financial Times banking conference. He also said rich clients at UBS, the world's biggest wealth manager, were holding more cash than at any time since the financial crisis of 2008. Reporting by Noele Illien and Oliver Hirt, Editing by Michael ShieldsOur Standards: The Thomson Reuters Trust Principles.

☆ Top Swiss court rules against Swisscom in fibre-optic case
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 29 (Reuters) - Switzerland's highest court has rejected Swisscom's (SCMN.S) appeal over the standards it has to use in expanding fibre-optic networks to consumers, the court said on Tuesday. The Federal Administrative Court had ruled against Swisscom last year, and the Federal Supreme Court upheld that ruling in a verdict released on Tuesday. "The Federal Supreme Court rejects Swisscom's appeal in connection with the precautionary measure imposed by the Competition Commission (WEKO) for the expansion of the fibre-optic network. The decision of the Federal Administrative Court, in which it confirmed the provisional WEKO ban, is not arbitrary," the court said in a statement accompanying the verdict. In a statement following the verdict, Swisscom said it acknowledges the judgement.

☆ Credit Suisse bonds, stock fall as bank turnaround worries investors
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

Nov 28 (Reuters) - Credit Suisse bonds fell and the cost of insuring its debt against default rose on Monday as the Swiss bank struggled to win over rattled investors following an exodus of client cash and with more litigation on the horizon. The bank had also revealed in an official filing for a capital hike that the U.S. Federal Reserve had said it intended to pursue an investigation of Credit Suisse over collapsed U.S. investment firm Archegos. Credit Suisse CDS opened the year at 57 bps. The Federal Reserve announcement suggests the bank could face additional fines related to its connection to Archegos, whose collapse rocked Wall Street as its highly leveraged stock bets went sour. Credit Suisse's 4 billion franc capital raising is designed to help put the bank back back on track following the biggest crisis in its 166-year history.

☆ Swiss journalist approached by Chinese police live on air
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 28 (Reuters) - A correspondent for Switzerland's national broadcaster RTS was approached by police while reporting live from China on the protests that have erupted against the country's strict COVID policy. Michael Peuker thought he was about to be detained by the three police officers who had surrounded him while he was reporting. "I will be taken away to the police station after this," he said live to camera. The broadcaster later reported that Peuker had identified himself as a journalist, after which the police officers left without taking him or his cameraman with them. Reporting by Noele Illien, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Few Credit Suisse clients have closed accounts - CEO of the bank's Swiss unit
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 27 (Reuters) - The head of Credit Suisse's Swiss unit said "some customers have withdrawn some of their money, but very few have actually closed their accounts." The announcement sent the share price tumbling and led to the cost of insuring the debt of Credit Suisse against default rising. A number of options have been floated as paths Credit Suisse may take to help it get it back on track. Helfenstein said splitting the Swiss business from the bank's international business was "absolutely not an option". He also said a sale of the private client business and the asset management division was "not up for debate either".

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