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☆ UBS overhauls board of domestic business after Credit Suisse takeover
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Oct 20 (Reuters) - UBS (UBSG.S) on Friday said it will overhaul the board of its domestic Swiss business after its takeover of Credit Suisse, including a new chairman to oversee both operations. The lender said Roger von Mentlen will become chairman of the boards of directors of UBS Switzerland and of Credit Suisse Switzerland. He will replace Markus Ronner, who was chairman of UBS Switzerland since 2022, and Peter Derendinger, who served as chairman of the board of directors of Credit Suisse (Schweiz) AG since March 2019. He has been a member of the board of directors of UBS Switzerland AG since 2020.

Persons: Denis Balibouse, Roger von Mentlen, Markus Ronner, Peter Derendinger, Von Mentlen, Sergio Ermotti, Roger, John Revill, Friederike Heine, Gerry Doyle Organizations: Credit Suisse, UBS, REUTERS, Rights, Swiss, UBS Switzerland, Credit Suisse Switzerland, AG, Credit, UBS Switzerland AG, ”, Thomson Locations: Zurich Switzerland, UBS Switzerland, Schweiz, Swiss, Switzerland

SAP Labs India Managing Director Sindhu Gangadharan hopes the Indian unit will scale up its share of global SAP patents to 50% from 25% currently, she said in an interview on the sidelines of an event in Bengaluru. SAP Labs India, which employs over 15,000 people, aims to embed generative AI across its products to cater better to the changing needs of its clients ranging from Thermax (THMX.NS) to Dabur India (DABU.NS). "Through AI, India can solidify its IT supremacy," Gangadharan had said in the event, earlier in the day. The comments come as SAP looks to "double down" on investments in India, its fastest growing region and home to 40% of its global Research and Development (R&D) activity. Gangadharan, while referring to the regulation of AI, said there should be a "great amount of responsibility barriers with flexibility to the end-user".

Persons: Arnd, Sindhu Gangadharan, Gangadharan, Sam Altman, Hritam Mukherjee, Navamya Ganesh, Dhanya Skariachan, Josie Kao Organizations: SAP, AG, REUTERS, Rights, Reuters, SAP Labs India, Research, Microsoft, Thomson Locations: Regensdorf, Switzerland, Bengaluru, India

☆ UBS to cut 3,000 jobs in Switzerland after Credit Suisse takeover
▼ + stars: | 2023-08-31 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

UBS is planning to cut 3,000 jobs in Switzerland after its shock takeover of rival Credit Suisse. The shotgun marriage with UBS saved embattled Credit Suisse from possible collapse. AdvertisementAdvertisementUBS is planning to cut 3,000 jobs in Switzerland as it continues to integrate Credit Suisse following the shock takeover of its rival earlier this year. The company said Thursday that it plans to complete the integration of Credit Suisse by the end of 2026 and aims to cut costs by $10 billion during that period. Amid fears the 167-year-old financial institution could go under, the Swiss government brokered a shotgun marriage with UBS, with Credit Suisse being sold for 3 billion Swiss francs ($3.25 billion).

Persons: Sergio Ermotti, Ermotti Organizations: UBS, Credit Suisse, Suisse, Reuters, AG, Silicon Valley Locations: Switzerland, Schweiz, Swiss

☆ UBS cost-cut gains are a double-edged sword
▼ + stars: | 2023-08-31 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Aug 31 (Reuters Breakingviews) - UBS’s (UBSG.S) acquisition of Credit Suisse looks increasingly good – maybe a little too good. There were three key questions for shareholders ahead of UBS’s delayed second-quarter results on Thursday, its first since completing the emergency rescue of Credit Suisse in June. And what would UBS do with Credit Suisse’s local business? He’s keeping Credit Suisse’s Swiss business, which allows him to establish a dominant position at home and wring out juicy cost savings. And while some Credit Suisse businesses are disappearing, Ermotti won’t mind.

Persons: Boss Sergio Ermotti, Ralph Hamers, UBS’s, Ermotti, it’s, Sergio Ermotti, Neil Unmack, Streisand Neto Organizations: Reuters, Credit Suisse, UBS, Credit, Suisse’s, Suisse, Swiss Competition, Thomson Locations: Suisse’s Swiss, Switzerland, Schweiz

☆ Heat Waves Are Killing Older Women. Are They Also Violating Their Rights?
▼ + stars: | 2023-08-06 | by ( Isabella Kwai | More About Isabella Kwai | ) www.nytimes.com time to read: +1 min

The women live scattered around Switzerland, speak a mix of the country’s languages — German, French and Italian — and have worked in varying professions. But the KlimaSeniorinnen Schweiz, a group of about 2,400 Swiss women aged 64 and over, say they have a common fear: soaring temperatures and heat waves that are threatening them with health ailments in their final decades. “It is difficult to go outside — it is difficult to breathe,” said Fatima Heussler, 71, a member of the group who lives in Zurich, who retired after several decades of working with visually impaired older people. Last year’s summer heat was so tiring, she said she could not do even light household chores. “I used to love summer — and now I can be threatened by it.”

Persons: ”, Fatima Heussler, Isabelle Joerg, “ Locations: Switzerland, —, Zurich, Basel

☆ Swiss National Bank's Schlegel not deterred by recent inflation dip - newspaper
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +2 min

"Our mission is to guarantee price stability, that means inflation should be in the range of 0-2%," Schlegel told the newspaper. The market currently sees a 63% chance of a 25 basis point hike by the central bank at its next meeting in September. "This will make labour scarcer, which could mean higher wages and higher prices which would require higher interest rates," Schlegel said. Therefore less capital could be available which would put upward pressure on inflation-adjusted interest rates." The switch to renewable energies and the accompanying large investments this needed could also push up inflation and interest rates, he said.

Persons: Martin Schlegel, Schlegel, John Revill, Hugh Lawson Organizations: Swiss National Bank, Schweiz, Thomson Locations: ZURICH

☆ How UBS can cling on to its Swiss purchase
▼ + stars: | 2023-07-06 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

The Swiss bank is under pressure to offload Credit Suisse’s local business to ease a political backlash in its home market. UBS acquired the subsidiary known as Credit Suisse (Schweiz) AG as part of its rescue of the ailing lender in March. Many lawmakers and voters dislike the tie-up, in part because taxpayers provided $10 billion of insurance against possible losses on Credit Suisse assets. Ermotti, who previously ran UBS between 2011 and 2020, now favours keeping the business, according to Swiss media reports. If Ermotti can avoid large-scale job losses in the coming years, he may be able to hang onto his Swiss purchase.

Persons: Sergio Ermotti, Ermotti, Ralph Hamers, Lukas Gähwiler, GRACE, Peter Thal Larsen, Katrina Hamlin Organizations: Reuters, UBS boss’s, UBS, Credit Suisse, AG, Swiss National Bank, Reuters Graphics Reuters, Credit Suisse Schweiz, Suisse, Reuters Graphics, Credit, JPMorgan, Schweiz, Thomson Locations: Swiss, Schweiz, Switzerland’s, Switzerland, Europe, Ermotti

☆ Neutral Switzerland wants to take part in Sky Shield defence project
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +2 min

ZURICH, July 4 (Reuters) - Switzerland wants to participate in the European Sky Shield air defence umbrella, the government said on Tuesday, a move which critics say is incompatible with the country's long-standing tradition of neutrality. European Sky Shield is a common air defence scheme set up by Germany in 2022 to boost European air defence, an issue which has come into sharper focus since Russia's invasion of Ukraine. "Switzerland wishes to participate in the European Sky Shield Initiative and a declaration of intent is due to be signed in Bern," the Defence Ministry told Reuters, confirming an earlier report by broadcaster SRF. Some 17 European countries have so far signed up to the Sky Shield project including Germany, Britain, Finland and Sweden. The Sky Shield move has provoked concerns from Switzerland's neutrality lobby.

Persons: Viola Amherd, Werner Gartenmann, John Revill, Gareth Jones Organizations: Sky, Swiss, Sky Shield, Defence Ministry, Reuters, SRF, Patriot, Pro Schweiz, NATO, Thomson Locations: ZURICH, Switzerland, Germany, Ukraine, Austria, Bern, Britain, Finland, Sweden, Swiss, Denmark

The logo of German software group SAP is pictured at the headquarters of SAP (Schweiz) AG in Regensdorf, Switzerland January 22, 2021. Revenue from SAP's lucrative cloud business grew 24% year-on-year, broadly in line with consensus. For the year, SAP expects non-IFRS operating profit in the range of 8.6-8.9 billion euros, 200 million euros less than before. Cloud revenue forecast is seen down by 1.3 billion euros to between 14 and 14.4 billion euros. "Underlying guidance is essentially unchanged, although updated to reflect the disposal of Qualtrics," Jefferies analysts wrote in a client note.

PARLIAMENT 'CIRCUMVENTED'The Credit Suisse/UBS merger marked the first time that parliament had withheld its support for emergency laws designed to deal quickly with crises. Swiss Finance Minister Karin Keller-Sutter defended the use of the emergency powers, saying Switzerland was not an "emergency dictatorship." "The emergency law is based on the federal constitution and I don't think it's correct to say it's illegal." "Politicians might have wanted to show their disapproval about what happened, but they don’t want the UBS takeover to fail." The use of such emergency legislation, overturning antitrust rules, is a problem for Swiss democracy and rule of law.

In Germany, where SAP is headquartered, the company will cut slightly more than 200 jobs. SAP has also started the process to sell its stake in Qualtrics (XM.O). REUTERS/Arnd Wiegmann/File Photo 1 2Currently, survey-software seller Qualtrics has a market value of $7 billion and SAP has a 71% stake. SAP forecast core operating profit of 8.8-8.9 billion euros at constant currencies for this year. It also expects cloud revenue at constant currencies for 2023 to rise to 15.3-15.7 billion euros, from 12.56 billion euros last year.

☆ Auto lobby slams Swiss plan to curb electric cars in power crunch
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

"Our members and their official brand dealers promote electric cars with great effort, from advertising to personalsales pitches. One draft rule would curb the private use of electric vehicles unless urgently needed for work, shopping, or visiting the doctor or religious ceremonies. The proposal is putting a chill on sales of electric cars, jeopardising the sector's prospects of reaching targets for reducing carbon emissions, auto-schweiz said. A survey among its members had shown the market share of electric cars and plug-in hybrids could rise to over 50% in 2025 from just under half now, it added. The government has said it could curb non-essential use of power, such as illuminating shop windows, using mobile heaters, or lighting at night.

☆ Qatar World Cup lays bare environmental cost of a desert tournament
▼ + stars: | 2022-12-02 | by ( Armelle De Oliveira | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Patrick-Smith-Circle-Byline-Template.Jpg | ) www.nbcnews.com time to read: +11 min

But as it hosts the soccer World Cup, controversy is also descending on the tiny Gulf kingdom. “The tournament has been labeled as the first ‘fully carbon neutral FIFA World Cup tournament,’ meaning its overall impact on the planet should be zero,” the letter said. People gather around the official countdown clock showing remaining time until the kick-off of the World Cup on Nov. 11. After winning the right to host the tournament, Qatar pledged to become the first carbon neutral World Cup host. “Events like the World Cup, like the football World Cup or like the Olympics bring joy and happiness to millions of people, sometimes even billions of people, right?” he said.

☆ Credit Suisse's fund outflows may spark M&A talk - JPMorgan
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 1 (Reuters) - Continued client outflows at Credit Suisse (CSGN.S) could spark speculation of a takeover of the embattled Swiss bank and may lead to the partial sale of its domestic unit, analysts at JPMorgan said on Thursday. Credit Suisse has reported steep 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. JPMorgan said in a note to clients that it expected fourth-quarter outflows of 80 billion Swiss francs ($85 billion) in wealth management and 107 billion francs in total compared to the 84 billion total for this year as of Nov. 11. Credit Suisse, whose shares have plunged about 66% this year to record lows, is in the midst of trying to raise 4 billion francs to bolster its finances. ($1 = 0.9429 Swiss francs)Reporting by Michael Shields Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Молдова снижает транзитные тарифы, пытаясь противостоять решению Газпрома переместить российский газ из бывшего Трансбалканского коридора в Турецкий поток
▼ + stars: | 2021-04-16 | by ( Super User | ) mybusiness.md time to read: +2 min

Республика Молдова может стать ещё одной жертвой переноса транзита российского газа с украинского маршрута на недавно построенный «Турецкий поток». Пытаясь противостоять решению «Газпрома», власти Кишинева решили значительно снизить свои транзитные тарифы в надежде, что газ будет продолжать пересекать территорию Республики Молдова в объёме примерно 4 млрд кубометров в год, сообщает mybusiness.md. Не только Украина и Румыния, но и Республика Молдова получали выгоду от транзита российского газа, отправляемого «Газпромом» через бывший Трансбалканский коридор. До сих пор транзитные тарифы, взимаемые Республикой Молдова, рассчитывались в зависимости от расстояния и составляли 11 долларов США за тысячу кубометров на 100 км. Газ поступает из «Турецкого потока», а импортные мощности, согласно некоторым рыночным источникам, зарезервированы одной из двух компаний, через которые «Газпром» экспортирует газ в Румынию.

Persons: Сергей Макогон Organizations: Gazprom Schweiz AG, Conef, Газпром Locations: mybusiness.md, Республика Молдова, Кишинев, Румыния, Венгрия, Греция, Болгария, Украина, Трансбалканский коридор, США, Европейский Союз, Молдова, Россия, негрувод

☆ С 1 апреля транзит газа через Украину идёт только в Молдову и Венгрию
▼ + stars: | 2021-04-09 | by ( Super User | ) mybusiness.md time to read: +2 min

С 1 апреля 2021 года транзит российского газа через Украину в южном направлении осуществляется только для Республики Молдова. После запуска магистрального газопровода (МГП) «Турецкий поток» транзит в Турцию, Грецию и Болгарию полностью перешел из Украины на новые газопроводы. С 1 апреля 2021 г. поставки газа в Румынию тоже полностью обеспечиваются со стороны Болгарии через «Турецкий поток». Если будет продолжение МГП «Турецкий поток» через Болгарию и Сербию, то Газпром переведет на эту нитку и транзит в Венгрию. С 1 апреля Румыния импортирует газ только через Негру-Водэ в объемах от 60 до 70 ГВт-ч в сутки.

Persons: Сергей Макогон, Игорь ФОМИН Organizations: Gazprom Schweiz AG, Conef, Оператор ГТС Украины (ОГТСУ), Газпром, СМИ, НегруВодэ Locations: Украина, Республика Молдова, Турция, Греция, Болгария, Румыния, Молдова, СССР, Сербия, Венгрия, Чанадпалоты Румыния, НегруВодэ, Балканский коридор

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