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☆ The new Swiss Army Knife will be missing a key feature
▼ + stars: | 2024-05-07 | by ( Jack Guy | ) edition.cnn.com time to read: +2 min

CNN —The maker of the Swiss Army Knife is working on a new version of the classic multi-tool, which won’t have a blade. “We are in the early stages of developing pocket tools without blades,” a spokesperson for Swiss firm Victorinox told CNN in a statement Tuesday, adding that they will compliment the existing range of multi-tools rather than replacing them. Adrian Moser/Bloomberg/Getty ImagesCNN contacted Victorinox after company CEO Carl Elsener Jr. told Swiss media outlet Blick that he is concerned about increasingly stringent regulations on knives in many markets. For example, increasing concern over the prevalence of knife crime means that the British government is considering new legislation on bladed articles, and Elsener himself referenced the country’s rules. “In England or certain Asian countries, you are sometimes only allowed to carry a knife if you need to have it to do your job or operate outdoors,” said Elsener.

Persons: Victorinox, ”, Adrian Moser, Carl Elsener Jr, Elsener, Karl Elsener, Arnd Wiegmann, Elsener Jr, CNN’s Richard Quest Organizations: CNN, Swiss Army, Bloomberg, Getty Images CNN, “, “ Cyclists, Reuters Locations: Ibach, Switzerland, Swiss, England, “

☆ 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

People attend the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 18, 2024. Javier MileiArgentina's President Javier Milei delivers a speech at the World Economic Forum (WEF) meeting in Davos on January 17, 2024. Sam AltmanSam Altman, CEO of OpenAI, attends the 54th annual meeting of the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. He said AGI could be developed in the "reasonably close-ish future," speaking at a private gathering at the Bloomberg House in Davos, Switzerland. AI took a huge leap forward in the last year or two years," Benioff said on a World Economic Forum panel Thursday.

Persons: Denis Balibouse, Donald Trump, Ursula von der, Ursula von der Leyen, Jamie Dimon Jamie Dimon, JPMorgan, Adam Galici, Jamie Dimon, Dimon, Larry Fink's, bitcoin, Volodymyr Zelenskyy, CNBC's Andrew Ross Sorkin, Vladimir Putin, Zelenskyy, Putin, Javier Milei, Fabrice COFFRINI, FABRICE COFFRINI, Fabrice Coffrini, Milei, Adena Friedman Adena Friedman, Adena Friedman, Friedman, Sam Altman Sam Altman, Sam Altman, Altman, Antony Blinken Antony Blinken, CNBC Putin, Antony Blinken, Blinken, Trump's, it's, Christine Lagarde, Emmanuel Macron, Macron, Dmytro Kuleba, Arnd Wiegmann, Trump, Vladimir, Ukraine's, Kuleba, Michelle Yeoh Michelle Yeoh, Mike Coppola, Michelle Yeoh, CNBC's Tania Bryer, Yeoh, Pedro Sanchez Spanish, Pedro Sanchez, Isabel Infantes, Sanchez, Li Qiang Li Qiang, Li Qiang, Li, Isaac Herzog, Kfir Bibas, Herzog, Kfir, Hossein Amir, Abdollahian, Atta Kenare, Joe, Biden, Netanyahu, Amir, Sergio Ermotti, MICHAEL BUHOLZER, Ermotti, Marc Benioff Marc Benioff, Salesforce, CNBC's Sara Eisen, Marc Benioff, Benioff, Ray Dalio Ray Dalio, Bridgewater, Ray Dalio, Dalio, Mark Carney Mark Carney, DANIEL LEAL Organizations: Economic, Reuters, European, JPMorgan Chase, CNBC, BlackRock, Getty, Afp, NASDAQ, CNBC Nasdaq, Reuters OpenAI, Bloomberg, State, European Central Bank, Central Bank, Reuters Ukraine's, United Nations Development, Spanish, Getty Images, Hamas, Palestinian, Hezbollah, Turkish, AFP, Iranian, Sergio Ermotti UBS, Getty Images UBS, Credit Suisse, Bridgewater Associates, U.S, Bank of England, UN, OLIVAS Locations: Davos, Switzerland, Ukraine, Gaza, Russia, China, Moscow, WEF, AFP, OpenAI, U.S, Russian, Iran, Europe, United States, Hollywood , California, Madrid, Spain, Beijing, Washington, Lebanese, Tehran, Israel, Hiroshima

☆ Accenture Acquires Marketing and Tech Agency Work & Co.
▼ + stars: | 2024-01-13 | by ( Patrick Coffee | ) www.wsj.com time to read: 1 min

Accenture has raised its profile in the advertising business in recent years. Photo: ARND WIEGMANN/REUTERSAccenture Song, the creative services division of consulting giant Accenture , has struck a deal to acquire Work & Co., a digital design and technology agency whose clients have included Apple , Google, Pfizer and the PGA Tour. Terms of the deal, which Accenture expects to close this month, weren’t disclosed.

Persons: ARND, weren’t Organizations: Accenture, Apple, Google, Pfizer, PGA

☆ Roche’s late obesity punt offers wider market cure
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann Acquire Licensing RightsLONDON, Dec 4 (Reuters Breakingviews) - Roche’s (ROG.S) foray into the prospective $100 billion obesity market can bring wider benefits. On Monday, the $224 billion Swiss pharma group said it had agreed to take over weight-loss drug developer Carmot Therapeutics for $2.7 billion. Market leader Novo Nordisk (NOVOb.CO) is already selling obesity drugs in the U.S. and parts of Europe. Still, Schinecker’s obesity bet could turn successful if it ends up undercutting obesity pioneers on prices. With over 1 billion people globally classed as seriously overweight, other drugmakers will follow Roche on the obesity bandwagon.

Persons: drugmaker Roche, Arnd, Eli Lilly’s, Thomas Schinecker, Eli Lilly, Eccogene, Roche, Aimee Donnellan, Neiman Marcus, Lisa Jucca, Oliver Taslic Organizations: REUTERS, Reuters, Swiss pharma, Carmot Therapeutics, Novo Nordisk, U.S . Food, Drug Administration, AstraZeneca, Novo, X, Saks, Thomson Locations: Basel, Switzerland, U.S, Europe, Hong Kong

The logo of Swiss drugmaker Roche is seen at its headquarters in Basel, Switzerland January 30, 2020. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Dec 4 (Reuters) - Roche (ROG.S) agreed to take over obesity drug developer Carmot Therapeutics (CRMO.O) for $2.7 billion, joining a list global contestants seeking to challenge the dominant makers of weight-loss drugs Novo Nordisk (NOVOb.CO) and Eli Lilly. After encouraging Phase I trial results, the drug is ready to be tested on humans in the second of three trial stages, Roche added. Among recent deals to acquire obesity drug development projects, AstraZeneca (AZN.L) last month agreed to pay up to $2 billion for the rights to an experimental pill from China's Eccogene. Roche will obtain access to Carmot's current R&D portfolio including all clinical and preclinical assets.

Persons: drugmaker Roche, Arnd, ROG.S, Eli Lilly, Swiss drugmaker, Roche, . New Roche, Thomas Schinecker, Ludwig Burger, Noel Illien, Rachel More, Louise Heavens Organizations: REUTERS, Rights, Carmot Therapeutics, Novo Nordisk, AstraZeneca, Pfizer, Thomson Locations: Basel, Switzerland, Swiss, ., Alzheimer's

☆ Swiss Re targets higher 2024 net income of $3.6 bln
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

The logo of insurance company Swiss Re is seen in front of its headquarters in Zurich, Switzerland February 12, 2019. REUTERS/Arnd WIegmann/File Photo Acquire Licensing RightsZURICH, Dec 1 (Reuters) - Swiss Re (SRENH.S) expects to increase its net income to more than $3.6 billion for 2024, the company said on Friday, as it announced new financial targets on its investors day. The world's second biggest reinsurer has previously said it expects net income of more than $3 billion for 2023. The changes come as Swiss Re switches its accounting standard from U.S. GAAP to IFRS, a move that will be effective from 2024. "Swiss Re is well positioned to benefit from the more economic view provided by the IFRS accounting standard, which is reflected in the targets published today."

Persons: Arnd, Christian Mumenthaler, John Revill, Rachel More Organizations: Swiss, REUTERS, Rights, IFRS, Thomson Locations: Zurich, Switzerland, Swiss

☆ Exclusive: Google pushes for antitrust action against Microsoft in UK cloud market
▼ + stars: | 2023-11-30 | by ( Martin Coulter | ) www.reuters.com time to read: +4 min

In 2022, Amazon Web Services (AWS) and Microsoft's Azure had a combined 70-80% share of Britain's public cloud infrastructure services market, Ofcom said. Such practices directly harmed customers, and were the only significant barrier to competition in Britain’s cloud computing market, the company said. "A lot of our software and cloud services interoperate, and can run on AWS or on Azure as well, so you're not restricted," he said. "If you don't fix this, eventually you will have fewer cloud providers, and then innovation will not really happen, and investments will start shrinking." Asked why Amazon, which boasts a larger share of the cloud market than Microsoft, did not pose a similarly anticompetitive risk, Zavery said AWS consumers were not facing the same restrictions.

Persons: Arnd, Amit Zavery, Microsoft’s, Zavery, ”, Martin Coulter, Jeffrey Dastin, Kenneth Li Organizations: REUTERS, Microsoft, Reuters, European Union, CMA, Markets Authority, Ofcom, Amazon Web Services, Google, Google Cloud, Thomson Locations: Zurich, Switzerland, Britain, London, New York

☆ Engineering Group ABB unveils higher sales and profitability targets
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

The logo of ABB is seen at an office building in Zurich, Switzerland September 10, 2020. The goals, announced ahead of ABB's investor day in Italy, were an upgrade from the previous annual revenue growth target of 4% to 7%. Most of the sales will come from internal growth, ABB said, with an expected five to seven percentage points of extra revenue, while an additional one to two percentage points is expected from acquisitions. ABB, which supplies industry and transportation networks with robots, electrification equipment and motors, also raised its core profitability target to a range of 16% to 19%. The International Monetary Fund recently downgraded its forecast for global growth for next year, with advanced economies expected to significantly slow as interest rates rise.

Persons: Arnd, France's Schneider, Bjorn Rosengren, John Revill, Tom Hogue, Jacqueline Wong Organizations: ABB, REUTERS, Rights, Germany's Siemens, Monetary Fund, Thomson Locations: Zurich, Switzerland, Swiss, Italy, Frosinone

☆ IOTA launches $100 million entity in Abu Dhabi to create digital network
▼ + stars: | 2023-11-29 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +3 min

IOTA digital tokens will fund the investment. The foundation will be seeded with over $100 million in IOTA tokens, to be vested over the next four years, Schiener said. IOTA tokens on Tuesday traded at about $0.17, with a market capitalization of roughly $524 million, Coinmarketcap.com showed. The funds will be used to develop the IOTA network and accelerate its growth, Schiener said. IOTA will also start "tokenizing" assets, he said, a process in which ownership rights in land or buildings are represented as digital tokens and stored on a blockchain.

Persons: Satoshi bitcoin, Arnd, Dominik Schiener, Binance, Schiener, Hamad Sayah Al Mazrouei, Gertrude Chavez, Dreyfuss, Alden Bentley, Richard Chang Organizations: Swiss, Bity, REUTERS, IOTA, Wednesday, Abu Dhabi Global, United Arab, Registration, ADGM, Thomson Locations: Zurich, Switzerland, Abu Dhabi, United Arab Emirates, UAE, Europe, Germany

☆ Canada, Google reach agreement to resolve online news law dispute -CBC News
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: 1 min

An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsOTTAWA, Nov 29 (Reuters) - The Canadian government and Google have reached an agreement in their dispute over the country's online news law, the Canadian Broadcasting Corp reported on Wednesday, citing sources. The agreement would see Canadian news continue to be shared on Google's platforms in return for the company making annual payments to news companies in the range of C$100 million ($73.6 million), CBC News reported. ($1 = 1.3593 Canadian dollars)Reporting by Ismail Shakil in OttawaOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Ismail Shakil Organizations: REUTERS, Rights OTTAWA, Canadian, Google, Canadian Broadcasting Corp, CBC News, Thomson Locations: Zurich, Switzerland, Ottawa

[1/2] An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. Walker said Europe should aim for the best AI rules, not the first AI rules. "We've long said that AI is too important not to regulate, and too important not to regulate well. The race should be for the best AI regulations, not the first AI regulations." Business group DigitalEurope and 32 European digital associations last week warned the EU against over-regulating foundation models.

Persons: Arnd, Kent Walker, Walker, Foo Yun Chee, Josie Kao Organizations: REUTERS, Rights, European Union, European Commission, Technological, Business, Thomson Locations: Zurich, Switzerland, Rights BRUSSELS, Europe

☆ Lancia to reveal new Ypsilon small car in February in European comeback plan
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

An employee dusts of a Lancia Ypsilon 30th anniversary edition during the first press day ahead of the 85th International Motor Show in Geneva March 3, 2015. The new Ypsilon will initially be presented as a fully-electric, limited edition version of 1,906 units, Lancia said in a newsletter. The car will go on sale in Italy before summer next year and will also be available in a mild-hybrid version. The new Ypsilon will be built in Zaragoza, Spain, on the same platform as several other Stellantis models, including the Jeep Avenger, Fiat 600, Peugeot's 208 and 2008 and Opel's Mokka and Corsa. Reporting by Giulio Piovaccari; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Lancia, Opel's, Giulio Piovaccari, Kirsten Donovan Organizations: Lancia, REUTERS, Jeep, Fiat, Thomson Locations: Geneva, Italy, Stellantis, Zaragoza, Spain

☆ Baer says exposure to single group tops 600 mln francs as Signa crisis deepens
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. Julius Baer has exposure to troubled property group Signa, a source close to the matter told Reuters, adding that Julius Baer was expected to write down some of those loans. "If and when appropriate, the Group will remain prudent in booking further valuation adjustments as required," Julius Baer said. Last week Baer's shares slumped to their lowest this year as the bank dampened profit expectations after loan provisions amounting to 82 million Swiss francs. Of the 82 million francs, 70 million francs were booked against its credit portfolio after Oct. 31, 2023, without identifying the loans in question.

Persons: Julius Baer, Arnd, Philipp Rickenbacher, Andreas Venditti, Noele Illien, Rachel More, Kim Coghill Organizations: REUTERS, Rights, Thomson Locations: Zurich, Switzerland, Swiss

☆ Julius Baer’s damage control only goes so far
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Nov 27 (Reuters Breakingviews) - Julius Baer (BAER.S) has soothed agitated investors’ fears – but only up to a point. The $11 billion Swiss wealth manager said on Monday that 70 million Swiss francs of recently revealed losses stemmed from 606 million Swiss francs of loans to a single corporate client – which Reuters identified as troubled property group Signa. That’s 40% of the bank’s 1.5 billion Swiss francs riskiest credits, an uncomfortably high concentration. That implies a buffer of 450 million Swiss francs over the 14% threshold at which boss Philipp Rickenbacher gets comfortable doing share buybacks.

Persons: Julius Baer, Arnd, ’, –, Philipp Rickenbacher, Julius Baer’s, Lisa Jucca, Warren Buffett, George Hay, Streisand Neto Organizations: REUTERS, Reuters, X, Thomson Locations: Zurich, Switzerland, China

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsROME, Nov 23 (Reuters) - Glencore (GLEN.L) has decided to build a pilot project for an electric vehicle (EV) battery recycling plant outside of Italy, but still has its eye on the island of Sardinia for a larger facility, the Swiss mining group said on Thursday. "This development does not immediately impact the feasibility assessment of the larger hub project," Glencore said in an emailed statement. This initiative is important for our recycling strategy and aligns with Italy's objectives for sustainable industry development," the group added. Last month, Reuters reported that documents filed by Glencore as part of the environmental impact assessment procedure had been judged insufficient by Sardinia's regional administration.

Persons: Arnd, Glencore, Li, Francesca Landini, Jan Harvey, Keith Weir Organizations: REUTERS, Rights, UIL, Reuters, Thomson Locations: Baar, Switzerland, Italy, Sardinia, Swiss, Portovesme, Europe, North America, CISL, Sardinian

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsROME, Nov 23 (Reuters) - Glencore (GLEN.L) has decided to build a pilot project for an electric vehicle (EV) battery recycling plant outside of Italy, but still has its eye on the island of Sardinia for a larger facility, the Swiss mining group said on Thursday. "This development does not immediately impact the feasibility assessment of the larger hub project," Glencore said in an emailed statement. This initiative is important for our recycling strategy and aligns with Italy's objectives for sustainable industry development," the group added. The Swiss group did not specify where it would build the pilot plant.

Persons: Arnd, Glencore, Li, Francesca Landini, Jan Harvey, Keith Weir Organizations: REUTERS, Rights, Union, Hub, Reuters, UIL, Thomson Locations: Baar, Switzerland, Italy, Sardinia, Swiss, Portovesme, Europe, North America, Sardinian, CISL

An advertisement promotes Tesla Autopilot at a showroom of U.S. car manufacturer Tesla in Zurich, Switzerland March 28, 2018. REUTERS/Arnd Wiegmann/ File Photo Acquire Licensing RightsCompanies Tesla Inc FollowNov 21 (Reuters) - A Florida judge found "reasonable evidence" that Tesla Chief Executive Elon Musk and other managers knew the automaker's vehicles had a defective Autopilot system but still allowed the cars to be driven unsafely, according to a ruling. The ruling is a setback for Tesla after the company won two product liability trials in California earlier this year over the Autopilot driver assistant system. Banner's attorney, Lake "Trey" Lytal III, said they are "extremely proud of this result based in the evidence of punitive conduct." The judge also cited a 2016 video showing a Tesla vehicle driving without human intervention as a way to market Autopilot.

Persons: Arnd, Elon Musk, Judge Reid Scott, Tesla, Stephen Banner's, Banner, Bryant Walker Smith, Smith, Scott, Banner's, Joshua Brown, Trey, Lytal, Dan Levine, Richard Chang, Stephen Coates Organizations: REUTERS, Tesla, Palm, University of South, Thomson Locations: U.S, Zurich, Switzerland, Florida, Palm Beach County, California, Miami, University of South Carolina

☆ Julius Baer lowers profit expectations as credit provisions rise
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Nov 20 (Reuters) - Julius Baer (BAER.S) on Monday dampened profit expectations after it booked valuation adjustments of 82 million Swiss francs ($92.6 million). The Swiss bank said that of the 82 million francs in valuation adjustments, 70 million francs were booked against the group's credit portfolio after Oct. 31, 2023. Analysts at Zuercher Kantonalbank had expected 15 billion francs, with Baer having already reported inflows of 7 billion francs for the first half of 2023. Assets under management rose 3% to 435 billion francs during the period, driven mainly by inflows and the strength of the global equity market.

Persons: Julius Baer, Arnd, Baer, Rene Benko, Andreas Venditti, Zuercher Kantonalbank, Noele, Miranda Murray, Christopher Cushing, David Goodman Organizations: REUTERS, Rights, Signa, Reuters, Analysts, Thomson Locations: Zurich, Switzerland, Swiss, Zuercher

☆ OpenAI's wild weekend just upended the world of AI
▼ + stars: | 2023-11-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . OpenAI, the hottest startup in the world thanks to its chatbot ChatGPT, fired Altman on Friday afternoon. AdvertisementBut according to reports over the weekend, OpenAI investors were scrambling to reinstate Altman before today's opening bell. Advertisement"The board no longer has confidence in his ability to continue leading OpenAI," the post went on to say.

Persons: —, Michaels, Sam Altman's, Sam Richard A, Sam Altman, OpenAI, Altman, Greg Brockman, Satya Nadella, It's, Mira Murati, Emmett Shear, Ilya Sutskever, Alistair Barr, Altman wasn't, Alistair, Larry Fink, Fink, Arnd Wiegmann, Warren Buffett, Berkshire Hathaway, Lee Munson, there's, Andy Jassy, Anna Kim, Joe Biden, Harry Truman, Robert F, Kennedy, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Hobby, OpenAI, Microsoft, Altman, BlackRock, Reuters, Berkshire, Wealth, Web, Associated, Turkey, Getty, Wars Locations: OpenAI, BlackRock, Turkey, New York City, San Diego, London, New York

☆ Malaysia, Google announce strategic collaboration on skills opportunities - state news agency
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: 1 min

An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsKUALA LUMPUR, Nov 16 (Reuters) - The Malaysian government and Google (GOOGL.O) announced a strategic collaboration to create inclusive growth opportunities for Malaysians and home-grown companies, state news agency Bernama reported on Thursday. The collaboration, aimed at accelerating innovation domestically, is expected to help businesses of all sizes advance their digital competitiveness through skilling programmes, investment, responsible innovation on artificial intelligence (AI), and cloud-first policies, Bernama said, citing Google and Malaysian Prime Minister Anwar Ibrahim. Reporting by Rozanna LatiffOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Bernama, Anwar Ibrahim, Rozanna Organizations: REUTERS, Malaysian, Google, Thomson Locations: Zurich, Switzerland, KUALA LUMPUR

☆ Top companies' lobbying undermines their climate pledges, study finds
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +3 min

InfluenceMap uses the United Nations' High-Level Expert Group's (HLEG) 'Integrity Matters' guidance on the need to align lobbying with climate commitments. Catherine McKenna, Chair of the U.N.'s HLEG on Net Zero Emissions Commitments of Non-State Entities, said the findings should be a "wake-up call" for businesses. "Not only are many companies choosing to undermine their own climate commitments by lobbying against climate action, their net zero commitments are simply not credible," she said. InfluenceMap, founded in 2015 to encourage action to tackle the climate crisis, highlighted companies at the most significant risk of 'net zero greenwash'. "Governments are failing to progress climate policy at the speed needed, and corporate influence is a key reason why," said Will Aitchison, the study's lead author.

Persons: Arnd, Catherine McKenna, InfluenceMap, Glencore, Will Aitchison, Tommy Reggiori Wilkes, Barbara Lewis Organizations: REUTERS, ExxonMobil, Forbes, Nations, European Union, U.S . Environmental, Stellantis, Thomson Locations: Baar, Switzerland, U.S

☆ EFG shares jump 3% following record profitability
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The logo of EFG International bank is seen at its headquarters in Zurich, Switzerland February 28, 2018. The bank's share price has risen more than 11% this year, and hit a year-high of 10.98 Swiss francs on Nov. 1. This is on top of its existing commitment to repurchase up to 6 million shares by Sept. 11, 2024 . At 144.1 billion Swiss francs, assets under management were only slightly higher than the 143.1 billion francs at the end of 2022. According to EFG, the growth in net new assets was largely offset by negative currency effects.

Persons: Arnd, Giorgio Pradelli, Zuercher, Michael Klien, EFG, Noele Illien, Sharon Singleton Organizations: International, REUTERS, Rights, EFG, Thomson Locations: Zurich, Switzerland, Swiss

☆ Google fined $164,000 for failing to store user data inside Russia
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMOSCOW, Nov 14 (Reuters) - Google (GOOGL.O) was fined 15 million roubles ($164,000) on Tuesday for repeated refusal to store Russian users' data on servers inside Russia, a Moscow court said. Russia has repeatedly clashed with foreign technology companies over content, censorship, data and local representation in a simmering dispute that intensified after Moscow sent its armed forces into Ukraine in February 2022. Google's Russian subsidiary has been under pressure in Russia for failing to delete content Moscow deems illegal and for restricting access to some Russian media on YouTube. The technology giant's Russian unit filed for bankruptcy in summer 2022 after authorities seized its bank account, making it impossible to pay staff and vendors.

Persons: Arnd, Felix Light, Kevin Liffey Organizations: REUTERS, Rights, YouTube, Kremlin, Twitter, Facebook, Google, Thomson Locations: Zurich, Switzerland, Russia, Moscow, Ukraine

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsNov 13 (Reuters) - Tyson Foods (TSN.N) on Monday forecast revenue for its next fiscal year below Wall Street estimates after fourth-quarter sales missed expectations due to falling chicken and pork prices and slowing demand for its beef. Tyson is operating more efficiently, however, and demand for protein remains strong, CEO Donnie King told analysts on a call. Chief Financial Officer John R. Tyson said in an interview on Monday that it is "business as usual" in China. Tyson reported operating margins of 1.8% in its chicken business in the quarter ended Sept. 30, after losses during the previous two quarters. Adjusted profits were 37 cents per share versus analysts' expectations for 29 cents.

Persons: Arnd, Tyson, Donnie King, John R, Arun Sundaram, Granth, Tom Polansek, Shailesh Kuber, Jan Harvey, Chizu Nomiyama, Deepa Babington Organizations: Tyson Foods, REUTERS, Wall, Reuters, CFRA Research, Reuters Graphics Reuters, Thomson Locations: Davos, Switzerland, China, U.S, Bengaluru, Chicago

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