DIRS.INFO The most relevant business & tech news

☆ Credit Suisse shares soar over 20% on Swiss National Bank loan announcement
▼ + stars: | 2023-03-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A branch of Swiss banking giant Credit Suisse behind a window under the rain, in Basel. (Photo by FABRICE COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)Credit Suisse shares soared over 30% at Thursday's market open after the bank said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. The Swiss National Bank and the Swiss Financial Market Supervisory Authority said in a statement Wednesday that Credit Suisse "meets the capital and liquidity requirements imposed on systemically important banks." "These measures demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders," Credit Suisse CEO Ulrich Koerner said in the release Wednesday. "We thank the [Swiss National Bank] and FINMA as we execute our strategic transformation.

Commuters cycle past a Credit Suisse Group AG bank branch in Basel, Switzerland, on Tuesday, Oct. 25, 2022. Credit Suisse will present its third quarter earnings and strategy review on Oct. 27. Shares of Credit Suisse on Wednesday hit another all-time low for a second consecutive day, dropping by more than 24% at one point during the session. Credit Suisse's largest investor, Saudi National Bank, said it could not provide the Swiss bank with any further financial assistance, according to a Reuters report, sparking the latest leg lower. It's a regulatory issue," Saudi National Bank Chairman Ammar Al Khudairy told Reuters Wednesday. However, he added that the SNB is happy with Credit Suisse's transformation plan and suggested the bank was unlikely to need extra money.

☆ Credit Suisse chairman says Silicon Valley Bank crisis looks 'local and contained'
▼ + stars: | 2023-03-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland, November 3, 2021. The contagion effect from the recent collapse of Silicon Valley Bank is local and contained, said Credit Suisse Chairman Axel Lehmann on Wednesday. Embattled lenders Silicon Valley Bank and Silvergate were not subjected to strict enforcements that govern bigger banks in the U.S. and other parts of the world, Lehmann told CNBC's Hadley Gamble at a panel session in Riyadh. "So in this regard, I think [the contagion] is somewhat local and contained," he said. However, Silicon Valley Bank's fallout still serves as a "warning signal" for the overall market climate, the chairman cautioned.

☆ Threatened by war, Ukrainian paintings find safe haven in Switzerland
▼ + stars: | 2023-02-23 | by ( Gabrielle Tétrault-Farber | ) www.reuters.com time to read: +3 min

[1/5] Visitors look at paintings from the collection of the National Art Gallery of Kyiv during the "From Dusk To Dawn" exhibition at the Rath Museum in Geneva, Switzerland February 22, 2023. The museum in Geneva, which took in paintings from Madrid's Prado Museum during the Spanish civil war in the 1930s, sent packing materials to ensure safe transport. The Musee Rath, which hosts the Musee d'Art et d'Histoire's temporary exhibitions, is now showing "From Dusk to Dawn", showcasing works by Ukrainian painters from the Kyiv gallery. Vakulenko said it was impossible to insure the paintings crossing Ukraine, so the shipment was accompanied by security on its two-day journey to the Polish border. "The most important thing was keeping secrecy of the cargo's movement on the territory of Ukraine," Vakulenko said.

☆ EU calls for fast-track crypto capital rules for banks
▼ + stars: | 2023-02-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Tough capital rules for banks holding cryptoassets must be fast-tracked in the European Union's pending banking law if Europe wants to avoid missing a globally-agreed deadline, the bloc's executive has said. The global Basel Committee of banking regulators from the world's main financial centres has set a January 2025 deadline for implementing capital requirements for banks' exposures to cryptoassets such as stablecoins and bitcoin. "Banks have expressed interest in trading crypto-assets on behalf of their clients and to provide crypto-assets-related services." Basel's standards are applied in the EU with a law, and a delay could mean that banks have to wait longer to enter the cryptomarket as separate EU rules for trading cryptoassets come into force in 2024. To enforce Basel's crypto rules, the EU could either propose a new law, or expand the banking law it is now finalising as called for by the European Parliament.

☆ Brazil sinks rusting old aircraft carrier in the Atlantic
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Feb 4 (Reuters) - Brazil sank a decommissioned aircraft carrier in the Atlantic Ocean off its northeast coast, the Brazilian Navy said, despite warnings from environmentalists that the rusting 1960s French-built ship would pollute the sea and the marine food chain. The 32,000-tonne carrier had been floating offshore for three months since Turkey refused it entry to be scrapped there because it was an environmental hazard and the ship was towed back to Brazil. The Clemenceau-class aircraft carrier served the French Navy for four decades as the Foch, capable of carrying 40 war planes. It then decided to sink the Sao Paulo at high sea. The company's legal representative in Brazil, Zilan Costa e Silva, said that disposal of the carrier was the Brazilian state's responsibility under the 1989 Basel Convention on the transboundary movement of hazardous wastes.

☆ Roche flags 2023 earnings decline on slump in COVID products
▼ + stars: | 2023-02-02 | by ( Ludwig Burger | ) www.reuters.com time to read: +1 min

Last year, group revenue edged 1% higher to 63.3 billion Swiss francs ($69.78 billion), the company reported, beating market expectations of 63.2 billion francs, while core operating profit gained 1% to 22.2 billion Swiss francs, just shy of the average analyst estimate of 22.4 billion francs. The onus to reinvigorate the pipeline will be on chief executive officer-designate Thomas Schinecker, who is Roche's head of diagnostics, and due to be promoted to group CEO in March. In the wake of Schinecker's appointment, the head of Roche's pharmaceuticals division, Bill Anderson, decided in December to leave after 16 years with the Swiss drugmaker. Roche said on Thursday that Teresa Graham, currently Head of Global Product Strategy for Roche Pharmaceuticals, would succeed Anderson. ($1 = 0.9071 Swiss francs)Reporting by Ludwig Burger; Editing by Paul Carrel and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Roche flags 2023 earnings decline on slump in Covid products
▼ + stars: | 2023-02-02 | by ( ) www.cnbc.com time to read: +2 min

A view of the Roche towers, designed by architects Herzog and de Meuron, the headquarters of the Swiss pharma giant Roche, in Basel. Roche warned of a decline in 2023 earnings, as revenue growth from new drugs including haemophilia treatment Hemlibra and multiple sclerosis drug Ocrevus would not make up for a steep demand drop for Covid treatments and diagnostic testing. Sales and core earnings per share were expected to decrease at a "low single-digit" percentage this year, the Swiss drugmaker said in a statement on Thursday. Last year, group revenue edged 1% higher to 63.3 billion Swiss francs ($69.78 billion), the company reported, beating market expectations of 63.2 billion francs, while core operating profit gained 1% to 22.2 billion Swiss francs, just shy of the average analyst estimate of 22.4 billion francs. The decline equates to 5 billion Swiss francs, in his estimate.

☆ Novartis says operating profit to grow again ahead of Sandoz spin-off
▼ + stars: | 2023-02-01 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

Full-year core operating income was broadly flat at $16.7 billion, it said in a statement, coming in slightly below market expectations of $16.8 billion. Novartis shares were down 1.3% in early trade on Wednesday and have fallen about 11% since January 2020, underperforming most rivals. They were also disappointed by guidance for Sandoz's core operating income to decline by a "low double digit" percentage in 2023 due to cost inflation and investments to make it a stand-alone entity. MS drug Kesimpta, which requires fewer injections than standard therapies, is expected to become Novartis' second largest growth driver in 2023, after Entresto. Novartis shares lagReporting by Ludwig Burger; editing by Josephine Mason and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Novartis says operating profit to grow again ahead of Sandoz spin off
▼ + stars: | 2023-02-01 | by ( ) www.cnbc.com time to read: +3 min

Novartis on Wednesday predicted that core operating income would grow in a "mid single digit" percentage range in 2023 following stagnation last year, as the Swiss drugmaker prepares to spin off its Sandoz generics business. Full-year core operating income was broadly flat at $16.7 billion, it said in a statement, coming in slightly below market expectations of $16.8 billion. We're seeing health care systems stabilize a bit more, we're seeing China start to stabilize, and we see a second-half rebound in China. All of those are important tailwinds for a business like ours," he said during an interview in Basel, Switzerland. MS drug Kesimpta, requiring fewer injections than standard therapies, is expected to become Novartis' second largest growth driver in 2023, after Entresto.

☆ The Art Behind Supply Chains Is Front and Center at a Museum Exhibit
▼ + stars: | 2023-01-25 | by ( Liz Young | ) www.wsj.com time to read: +6 min

Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain to transport and technology. “What we wanted to do was to make the invisible visible, to look at the supply chain as a key part of how AI works,” Dr. Crawford said. “The best artists are all geometry and symmetrical work coupled with creativity, and that’s what supply chain is. Some of the artists on display in the MoMA gallery have gone on to create more work centered on supply chains. “When you start to do this research, you see everything differently and the precarity of the supply chain was made so clear to me,” she said.

[1/2] A logo is pictured on the Ibex building of Lonza, where the Moderna mRNA coronavirus disease (COVID-19) vaccine will be produced, in Visp, Switzerland, September 29, 2020. REUTERS/Denis Balibouse/File PhotoJan 25 (Reuters) - Lonza (LONN.S) on Wednesday said it will buy back shares worth 2 billion Swiss francs ($2.17 billion), despite an expected drop in annual margins, as the Swiss drug contract manufacturer backed its growth prospects for the near future. Lonza expects its 2023 core earnings before interest, depreciation and amortization, or EBITDA margin, to slip between 30% and 31%, down from 32.1% in 2022, as last year's boost from COVID-19 vaccine manufacturing services waned. The Basel-based company, however, reiterated a target of 33%-35% for 2024 marginsand announced a 17% rise in its annual dividend. The Swiss group forecast sales growth in the "high single-digit" adjusted for currency swings, a slow-down from the 15.1% rise it saw last year.

☆ EU lawmakers back 'prohibitive' capital rules for cryptoassets
▼ + stars: | 2023-01-24 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Jan 24 (Reuters) - European Union lawmakers backed a draft law on Tuesday to implement the final leg of post-financial global bank capital rules, adding "prohibitive" requirements to cover risks from cryptoassets. The European Parliament's economic affairs committee approved a draft law to implement Basel III capital rules from January 2025, though backing several temporary divergences to give banks more time to adapt. EU states have already approved their version of the draft law, and lawmakers will now negotiate a final text with member states, with further tweaks expected. EU states have taken a more accommodative approach to when foreign banks serving customers in the bloc should open a branch, or convert a branch into a more heavily capitalised subsidiary, with EU lawmakers on Tuesday taking a harder line. The EU is keen to build up "strategic autonomy" in capital markets as it faces a competing financial centre on its doorstep after Brexit.

☆ EU lawmakers to vote on tighter crypto, ESG rules for banks
▼ + stars: | 2023-01-23 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

One amendment states that banks would have to apply a risk-weighting of 1,250% of capital to cryptoassets exposures, meaning enough to cover a complete loss in their value. This is in line with recommendations from the global Basel Committee of banking regulators in December. The amendment requires the EU's executive European Commission to publish a report by June 2023 analysing the possibility of introducing prudential limits on banks' exposures to shadow banks. The draft law introduces a new "fit and proper" regime for appointing bankers, with amendments saying there should be targets for a bank's management body. After Tuesday's vote the lawmakers and EU states will thrash out a final deal which would come into effect in 2025.

Jan 19 (Reuters) - The Federal Trade Commission (FTC) should examine high egg prices for signs of price gouging from top egg companies, a farm group said, as Americans continue to pay more than ever for the household staple. The U.S. Department of Agriculture (USDA) has pointed to a record outbreak of avian flu as a reason for the high prices. But the nation's antitrust regulator should also examine record-high profits at the top egg company, said Farm Action on Thursday in a letter to FTC chair Lina Khan. In the filing, the company pointed to decreased egg supply nationwide due to avian flu driving up prices as a reason for its record sales. The American Egg Board, an egg marketing group, said in a statement that egg prices reflect a variety of factors and that wholesale egg prices are beginning to fall.

☆ Indonesia says BASF, Eramet near $2.6 bln deal to process nickel for EV batteries
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +3 min

[1/2] A logo is seen on the facade of the BASF plant and former Ciba production site in Schweizerhalle near Basel July 7, 2009. Indonesia's investment ministry cited BASF chief executive Martin Brudermüller as saying the project investment would be worth around 2.4 billion euros ($2.59 billion). Eramet spokeswoman Fanny Mounier said the project was subject to a final investment decision and further details would be disclosed if a decision was made. The planned plant would produce mixed hydroxide precipitate (MHP) from nickel through a high-pressure acid leach (HPAL) plant. Investment into MHP production in Indonesia has so far been dominated by Chinese companies such as Zhejiang Huayou Cobalt and Tsingshan Holding Group.

☆ Bayern sign goalkeeper Sommer from Gladbach to replace injured Neuer
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Jan 19 (Reuters) - Bayern Munich have signed Switzerland goalkeeper Yann Sommer from Borussia Moenchengladbach to replace injured Manuel Neuer, the German champions said on Thursday. The 34-year-old Swiss signed a contract to 2025 ending a weeks-long frantic search by Bayern for a goalkeeper following Neuer's injury. "Yann Sommer is a valuable reinforcement because he is internationally very experienced and knows the Bundesliga as well for many years," said club CEO Oliver Kahn. We are confident of reaching our goals with Yann Sommer." Bayern, who lead the Bundesliga standings by four points, face Paris St Germain in the Champions League knockout stage next month.

☆ After building a $105 million lingerie startup, this founder is pivoting to energy drinks by tapping her community and male mentors
▼ + stars: | 2023-01-11 | by ( Alexandra York | ) www.businessinsider.com time to read: +5 min

Michelle Cordeiro Grant launched Lively in 2016 and sold it three years later for $105 million. "Nobody talks about the fact that it's OK to graduate at some point," Cordeiro Grant said. On January 11, Cordeiro Grant launched the energy-drink startup GORGIE in hopes of creating a wellness product that filled the void of female voices in the energy-beverage industry, she said. Insider spoke with Cordeiro Grant about her transition from bras to beverages and the lessons, tools, and people she's taking with her for her next venture. This is an as-told-to story based on an interview with Cordeiro Grant that has been edited for length and clarity.

☆ Here are Wednesday's biggest analyst calls: Apple, Tesla, Rivian, Target, Microsoft, Etsy & more
▼ + stars: | 2023-01-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are the biggest calls on Wall Street on Monday: UBS downgrades Microsoft to neutral from buy UBS said in its downgrade of the stock that it's concerned about Microsoft Office risks. Wells Fargo downgrades Target to equal weight from overweight Wells said in its downgrade of the stock that it sees too much 2023 uncertainty. " UBS downgrades JB Hunt to neutral from buy UBS said in its downgrade of the shipping company that it sees volume and pricing risk. UBS downgrades Honeywell to sell from buy UBS said in its downgrade of the stock that the multiple is "inflated." UBS reiterates Amazon as buy UBS lowered its price target on the e-commerce giant to $125 per share from $165 but says it's standing by the stock.

☆ Wolfe Research downgrades Goldman Sachs, sees greater upside in other banks such as Wells Fargo
▼ + stars: | 2023-01-04 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

There's "less compelling" upside for Goldman Sachs in 2023, according to Wolfe Research. The stock has done very well in that time (+72%), outperforming the S & P (+36%) and BKX (+8%)," Chubak wrote in a Wednesday note. "However, as we head in 2023, we see less compelling upside in shares, prompting us to move to the sidelines," Chubak wrote. Shares of Goldman Sachs declined 10% in 2022, outperforming the S & P 500, which was down about 19% in the same period. Shares of Goldman Sachs rose slightly in Wednesday premarket trading.

☆ Early exits for Rune, Auger-Aliassime in Adelaide
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

The 23-year-old Australian fired 11 aces against his second-seeded opponent to wrap up the biggest victory of his career. "I played really well, really solid. Denmark's Rune, who won three titles in 2022 including the Paris Masters, where the 19-year-old beat Novak Djokovic in the final, lost 2-6 6-4 6-4 to Nishioka. Miomir Kecmanovic overcame Australian Christopher O'Connell 6-4 6-4 and could play Daniil Medvedev in the second round if the third-seeded Russian gets past Italian Lorenzo Sonego on Tuesday. Also in action on the second day of the tournament are Djokovic, Denis Shapovalov, Jannik Sinner, Andy Murray and Karen Khachanov.

☆ I checked my bag because staff told me the plane was 'full', but it got lost and I had to spend hundreds on new clothes
▼ + stars: | 2022-12-31 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

I flew British Airways from London Heathrow to Basel, Switzerland a few days before Christmas. Staff at the airport asked me to check my cabin bag because the flight was "full". I know now how that Air Canada passenger must have felt after flying British Airways from Heathrow to Basel, Switzerland on December 20. Having previously reported on passengers' woes, I was wary when asked to check in my carry-on bag as well. A spokesperson for British Airways told Insider: "We always do everything we can to reunite our customers with their delayed baggage as soon as possible.

☆ A VIP Boeing 747 Jumbo jet that spent just 42 hours in the air is being scrapped, report says
▼ + stars: | 2022-12-26 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

A Boeing 747-8 that spent just 42 hours in the air is being dismantled, a report says. The $280 million jet was ordered for a Saudi prince, who died before it was delivered. Boeing repurchased the plane in April, but failed to find a new buyer and decided to scrap it. But when the crown prince died, no other member of the Saudi royal family expressed interest in taking on the jet. However, no buyer emerged for the jet and it is now be scrapped at the Arizona "boneyard".

☆ The hottest holiday gift is a massive, half pound Fruit Loop
▼ + stars: | 2022-12-17 | by ( Zoe Sottile | ) edition.cnn.com time to read: +3 min

CNN —Just in time for the holidays, artist collective MSCHF is releasing its newest playful art piece: a giant, 930-calorie, $19.99 fruit loop. The unauthorized massive fruit loop is the group’s latest lighthearted experiment with consumerism. Each one weighs “almost half a pound,” according to MSCHF’s website for the product. In an emailed statement, Kellogg spokesperson Kris Bahner told CNN that the “Big Fruit Loop” constitutes copyright infringement. “Kellogg Company does not have a relationship with MSCHF and we were not involved in the creation of the Big Fruit Loop.

☆ Indian shares set to fall for third day on Fed rate-hike worries
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 8 (Reuters) - Indian shares were set to dip for a third straight session on Thursday, as concerns over a possible U.S. recession and the pace of the Federal Reserve's rate hikes dampened sentiment. India's NSE stock futures listed on the Singapore exchange were down 0.07% at 18,658.50 as of 8:05 a.m. IST. U.S. worker productivity data for the third quarter beat forecasts on Wednesday, muddying a debate on the trajectory of Fed's rate hikes. Foreign institutional investors sold a net 12.42 billion rupees ($151.09 million) worth of equities on Wednesday, while domestic investors bought net 3.89 billion rupees ($47.32 million) worth of shares, as per provisional NSE data. read more** Axis Bank : Lender to raise up to 120 billion Indian rupees through sale of Basel III compliant Tier-II bonds.

Search resuls for: "BASEL"

25 mentions found