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☆ Swiss accuse daughter of ex-Uzbek president of running a criminal organisation
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Gulnara Karimova (C), daughter of Uzbekistan's President Islam Karimov, takes a video with an Ipad as her father dances during an Independence Day celebration in Tashkent August 31, 2012. REUTERS/Shamil Zhumatov/File Photo Acquire Licensing RightsZURICH, Sept 28 (Reuters) - Switzerland's federal prosecutor said on Thursday it has filed an indictment against the daughter of Uzbekistan's former president, accusing her of taking bribes and running an elaborate criminal organisation known as "The Office". Huge sums were involved, with more than 340 million Swiss francs ($370.25 million) already confiscated with a view to being returned to Uzbekistan. The case has been filed to the Swiss Federal Criminal Court. ($1 = 0.9183 Swiss francs)Reporting by John Revill, Editing by Rachel More, Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Gulnara Karimova, Islam Karimov, Shamil Zhumatov, Uzbekistan's, Karimova, John Revill, Rachel More, Alexandra Hudson Organizations: REUTERS, Rights, Karimova, United Nations, Swiss Federal, Court, Alexandra Hudson Our, Thomson Locations: Tashkent, Uzbekistan, Switzerland, Uzbek, Russian, Geneva, Swiss

☆ UBS shares briefly halted on report of growing U.S. probe over Russian sanctions
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

A UBS logo is seen next to Credit Suisse at the Bahnhofstrasse before a news conference of Swiss bank UBS in Zurich Switzerland, August 30, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsLONDON, Sept 27 (Reuters) - Trading in UBS (UBSG.S) shares was briefly halted on Wednesday, after Bloomberg reported the Swiss bank and defunct rival Credit Suisse face a growing U.S. probe over alleged Russian sanctions evasion. UBS shares dropped as much as 7.9% by 1049 GMT, before being halted. Trading was reinstated at 1054 GMT and shares regained some ground, last down 4.2%. UBS shares are still up by nearly 50% since the four-month lows hit in late March, as it kicked off its emergency takeover of Credit Suisse, and are trading near their highest in 15 years.

Persons: Denis Balibouse, Lucy Raitano, John Revill, Amanda Cooper Organizations: UBS, Credit Suisse, Swiss, REUTERS, Bloomberg, Trading, Reuters, Thomson Locations: Zurich Switzerland, Swiss, London, Zurich

☆ Swiss to Sell Back Leopard II Tanks to Help Restock After Ukraine Donations
▼ + stars: | 2023-09-27 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

ZURICH (Reuters) - Germany has welcomed a decision by neutral Switzerland to open the way to sell back some of its German-made Leopard II tanks to help rebuild stocks depleted by aid to Ukraine. Germany had asked Switzerland in February to sell back some of the 96 Leopard II tanks it has in storage to manufacturer Rheinmetall AG. "We are very happy and grateful for this decision," Michel Fluegger, Germany's ambassador to Switzerland told Swiss TV. He was speaking after the Swiss parliament on Tuesday approved the decommissioning of 25 Leopard II tanks, paving the way for them to be resold to Germany. Buying Swiss weapons could become difficult unless Bern adjusts its law on war materials, German ambassador Fluegger said.

Persons: Michel Fluegger, Fluegger, Viola Amherd, John Revill, Philippa Fletcher Organizations: Leopard, Rheinmetall AG, NATO, Swiss, Leopard IIs, SRF Locations: ZURICH, Germany, Switzerland, Ukraine, Berlin, Bern, Kyiv, Swiss, Denmark, Spain, Europe

☆ Swiss to sell back Leopard II tanks to help restock after Ukraine donations
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

Recruits of the Swiss army Tank School 21 perform an attack exercise with the Leopard 2 tank in Bure, Switzerland May 5, 2023. REUTERS/Denis Balibouse Acquire Licensing RightsZURICH, Sept 27 (Reuters) - Germany has welcomed a decision by neutral Switzerland to open the way to sell back some of its German-made Leopard II tanks to help rebuild stocks depleted by aid to Ukraine. Germany had asked Switzerland in February to sell back some of the 96 Leopard II tanks it has in storage to manufacturer Rheinmetall AG (RHMG.DE). He was speaking after the Swiss parliament on Tuesday approved the decommissioning of 25 Leopard II tanks, paving the way for them to be resold to Germany. Buying Swiss weapons could become difficult unless Bern adjusts its law on war materials, German ambassador Fluegger said.

Persons: Denis Balibouse, Michel Fluegger, Fluegger, Viola Amherd, John Revill, Philippa Fletcher Organizations: Swiss army Tank, REUTERS, Rights, Leopard, Rheinmetall AG, NATO, Swiss, Leopard IIs, SRF, Thomson Locations: Bure, Switzerland, Germany, Ukraine, Berlin, Bern, Kyiv, Swiss, Denmark, Spain, Europe

☆ UBS, Credit Suisse face wider US probe over Russia sanctions -Bloomberg News
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +3 min

Logos of Swiss banks UBS and Credit Suisse are seen on an office building in Zurich, Switzerland March 19, 2023. UBS declined to comment to Reuters when asked for a response to the Bloomberg News report, which said the alleged compliance failures related to UBS and Credit Suisse, which was taken over by its larger rival UBS (UBSG.S) earlier this year. A full-scale investigation by the Department of Justice focusing mainly on Credit Suisse and potential sanctions violations was now underway, added the Bloomberg report, citing people familiar with the matter. "Credit Suisse has conducted a review of these issues, the UK and French aspects of which have been closed, and is continuing to cooperate with the authorities," UBS added. The Swiss bank has also adjusted its valuation of Credit Suisse by $3 billion to cover outflows related to contingent liabilities such as law suits.

Persons: Denis Balibouse, JP Morgan, Shivani Tanna, John Revill, Krishna Chandra Eluri, Emelia, Jane Merriman, Alexander Smith Organizations: UBS, Credit Suisse, REUTERS, Rights, U.S . Department of Justice, Bloomberg, Department of Justice, Justice, United, European Union, Suisse, DOJ, Credit, Thomson Locations: Zurich, Switzerland, United Nations, United States, Switzerland's, Britain, Netherlands, France, Belgium, Swiss, Ukraine, Crimea, Bengaluru

☆ Novartis confirms Sandoz spin-off for October 4, 2023
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: 1 min

The company's logo is seen at the cell and gene therapy factory of Swiss drugmaker Novartis in Stein, Switzerland, November 28, 2019. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsCompanies Novartis AG FollowZURICH, Sept 25 (Reuters) - Novartis (NOVN.S) on Monday confirmed its plans for a 100% spin-off of the Sandoz business on Oct. 4 after shareholders gave their approval earlier this month. Novartis also said key regulatory approvals have been obtained, including the approval by SIX Exchange Regulation for the listing of the Sandoz shares on the SIX Swiss Exchange. The Sandoz shares will have the symbol SDZ, Novartis said. Reporting by John Revill, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Sandoz, John Revill, Rachel More Organizations: Novartis, REUTERS, Companies Novartis, SIX, Sandoz, SIX Swiss Exchange, Thomson Locations: Swiss, Stein, Switzerland

☆ Ukraine war expected to have bigger impact on European economies - Swiss study
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

The Swiss National Bank (SNB) building is seen near the Limmat river in Zurich, Switzerland March 23, 2023. Since Russia invaded Ukraine in February 2022, Europe has seen a surge in energy prices, financial market turmoil and a sharp contraction in the economies of both Russia and Ukraine, the report said. "The negative consequences of the war are likely to be far greater in the medium-to-long term, especially with regard to the real economy," the study said. France would have seen inflation 0.3% lower and GDP 0.1% higher without the conflict, while Italian inflation would have been 0.2% lower and GDP 0.3% higher. Swiss GDP would have been 0.3% higher and inflation 0.4% lower without the war, the study added.

Persons: Denis Balibouse, John Revill, Alex Richardson, Gareth Jones Organizations: Swiss National Bank, REUTERS, Rights, Thomson Locations: Zurich, Switzerland, Ukraine, Russia, Europe, Germany, Britain, France, Italy, Swiss

☆ Logitech founder calls on computer peripherals group to find new chairperson
▼ + stars: | 2023-09-15 | by ( John Revill | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Logitech International SA FollowZURICH, Sept 15 (Reuters) - Logitech (LOGN.S) co-founder Daniel Borel stepped up his call for it to find a new chairperson on Friday, after objecting to Wendy Becker's re-election to the role at the Swiss-American computer peripherals maker's AGM earlier this week. Borel, one of three people who founded Logitech (LOGN.S) in 1981, said the maker of computer mice and keyboards had lost its way under Becker, who has chaired it since September 2019. "I am not yet a dinosaur meddling, but I am worried about the future of Logitech, the company I created," Borel told Reuters. "Logitech needs a new chairperson, someone who can react to the changed market situation." Borel, who holds a stake of around 1.5% in Logitech said the downturn had not been recognised quickly enough.

Persons: Dado Ruvic, Daniel Borel, Wendy Becker's, Becker, Borel, Logitech, Jack Wills, Wendy, Bracken Darrell, John Revill, Alexander Smith Organizations: Logitech, REUTERS, Logitech International, Follow ZURICH, Swiss, Reuters, Thomson Locations: American, Swiss

☆ ABB invests $280 mln in new robotics factory in Sweden
▼ + stars: | 2023-09-13 | 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. ABB, whose products range from industrial motors and drives, to chargers for electric vehicles, will build the new factory at its site in Vasteras, eastern Sweden. The new facility, due to open in 2026, will have 50% more production capacity than its old site and employ 1,300 people, ABB said. "The investment in our new campus is driven by customer demand and projected market growth," ABB CEO Björn Rosengren said in a statement. ABB said the European robotics and automation market is expected to grow by 7% per year between 2023 and the end of 2027, driven by companies bringing back production from Asia.

Persons: Arnd, Björn Rosengren, Joe Biden's, Sami Atiya, John Revill, Tomasz Janowski Organizations: ABB, REUTERS, Rights, Japan's Fanuc Corp, BMW, Scania, Volkswagen, Manufacturers, European Union, ABB’s Robotics, Thomson Locations: Zurich, Switzerland, Sweden, Swiss, Asia, Vasteras, European, United States, Washington, Beijing

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. "The strength of the Swiss banks, of the Swiss economy, of the Swiss political system ... I think this is the foundation to be the preeminent number one financial place for cross border wealth management," he told the event. "Everyone is and wants to be in wealth management and everyone sticks to it, even those players who are not as efficient, not as effective as others." He declined to comment on speculation linking Julius Baer with Swiss bank EFG International (EFGN.S).

Persons: Julius Baer, Arnd, Julius Baer's, Philipp Rickenbacher, Rickenbacher, Noele Illien, John Revill, Tomasz Janowski Organizations: REUTERS, Rights, Reuters, UBS, Credit Suisse, Swiss, EFG, Thomson Locations: Zurich, Switzerland, Swiss, United States

☆ UBS cutting wealth management jobs in Asia
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

A logo of Swiss bank UBS is seen in Zurich, Switzerland March 29, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsZURICH, Sept 11 (Reuters) - UBS (UBSG.S) is cutting around 100 jobs at is wealth management business in Asia shortly after completing its takeover of Swiss rival Credit Suisse. The bank is eliminating the roles in Hong Kong and Singapore, responding to a downturn in client activity as economies in the region slow. The majority will be within teams UBS acquired following its takeover of Credit Suisse earlier this year, the person added. UBS is facing subdued client activity in Asia-Pacific, where Hong Kong and Singapore have long been banking centres for China's ultra-wealthy.

Persons: Denis Balibouse, John Revill, Mark Potter Organizations: Swiss, UBS, REUTERS, Rights, Credit Suisse, Bloomberg, Thomson Locations: Zurich, Switzerland, Asia, Hong Kong, Singapore, Pacific

☆ Swiss post mortem of Credit Suisse crisis to go back to 2015
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

The logo of Credit Suisse is pictured on a building near the Hallenstadion where took place the Annual General Meeting, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. A Swiss parliamentary committee said that it has completed the so-called "investigation concept" for the post mortem, dividing the time periods it will examine in the run up to the emergency Credit Suisse rescue. The first phase will cover the events before the middle of 2022, going back to 2015 when the Swiss cabinet submitted its first evaluation report on systemically important banks. The actions of the government, financial markets watchdog FINMA and the Swiss National Bank as Credit Suisse's situation worsened towards the end of 2022 to March 2023 will also come under the microscope. It would also award an external mandate to analyse how the problems at Credit Suisse developed over the past few years, although it would not assess the bank's management, as this was outside its remit.

Persons: Pierre Albouy, John Revill, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, Rights, Suisse, Swiss National Bank, Thomson Locations: Zurich, Switzerland, Swiss

☆ Nestle buys majority stake in Brazilian premium chocolate maker
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsZURICH, Sept 7 (Reuters) - Nestle (NESN.S) is buying a majority stake in Brazilian premium chocolate maker Grupo CRM, the Swiss food group said on Thursday. Grupo CRM operates a direct-to-consumer model, with more than 1,000 chocolate boutiques under the Kopenhagen and Brasil Cacau brands and a strong, growing online presence, Nestle said. The executive has been with the company for 25 years and has built up and significantly expanded Grupo CRM, which currently only operates in Brazil. In June, Brazilian competition regulator Cade approved Nestle's acquisition of Chocolates Garoto more than 20 years after it was first announced. Among the conditions for the approval, the company agreed not to make any acquisitions that account for at least 5% of the Brazilian chocolate market for five years.

Persons: Arnd, Nestle, Valor Economico, Renata Moraes Vichi, Laurent Freixe, Cade, John Revill, Friederike Heine, Janane Organizations: Nestle, REUTERS, Rights, Grupo CRM, Brasil, Advent International, Valor, Grupo, Thomson Locations: Konolfingen, Switzerland, Swiss, Brazil

☆ UBS CEO insists bank not too big after Credit Suisse takeover
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

The logos of Swiss bank Credit Suisse and UBS are seen in Geneva, Switzerland, June 7, 2023. UBS completed its emergency takeover of Credit Suisse in June, forging a Swiss banking and wealth management giant with a $1.6 trillion balance sheet. The executive, who returned to UBS in April to steer the Credit Suisse takeover, was also critical of Credit Suisse. "Credit Suisse went under because it had a business model for years which was simply not right. "I don't think it will be a problem to integrate Credit Suisse," he said.

Persons: Denis Balibouse, Sergio Ermotti, Ermotti, Oliver Hirt, John Revill, Emelia Sithole Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Suisse, Thomson Locations: Geneva, Switzerland, ZUG, Zug, Swiss

☆ Nestle divests peanut allergy business Palforzia
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

Capsules of Palforzia are shown containing pharmaceutical grade peanut powder, for use in oral immunotherapy among patients with peanut allergies, manufactured by Aimmune Therapeutics, based in Brisbane, California, in this handout obtained by Reuters on February 5, 2020. Aimmune Therapeutics/Handout via REUTERS/File Photo Acquire Licensing RightsZURICH, Sept 4 (Reuters) - Nestle (NESN.S) has divested its peanut allergy treatment business Palforzia, the Swiss food company said on Monday, following its strategic review of the division. Nestle said it has offloaded Palforzia to Stallergenes Greer, a biopharmaceutical company which specializes in the diagnosis and treatment of allergies. Nestle will receive milestone payments and ongoing royalties from Stallergenes Greer, it said. Reporting by John Revill, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Nestle, Stallergenes Greer, John Revill, Friederike Heine Our Organizations: Aimmune Therapeutics, Reuters, REUTERS, Rights, Nestle, Thomson Locations: Brisbane , California, Swiss

☆ Siemens sees weakening demand trends as Q3 misses forecasts
▼ + stars: | 2023-08-10 | by ( John Revill | ) www.reuters.com time to read: +3 min

Sven Hoppe/Pool via REUTERS/File PhotoSummaryCompanies Company lowers guidance for digital industries businessSees weakening demand in ChinaOrders decline in all regions as customer buying normalisesZURICH, Aug 10 (Reuters) - Siemens (SIEGn.DE) missed profit forecasts in its latest quarter, the German engineering company reported on Thursday, noting weakening demand in several markets including China. Siemens said it was now seeing a "normalisation of demand" after customers pre-bought last year to avoid shortages. During its third quarter, Siemens orders rose 10% to 24.24 billion euros, beating forecasts of 22.19 billion euros. Revenue rose 6% to 18.89 billion, missing forecasts for 19.27 billion euros. Net profit of 1.44 billion euros also missed forecasts.

Persons: Roland Busch, Sven Hoppe, John Revill, Christopher Cushing, Jason Neely Organizations: Siemens, ZURICH, Thomson Locations: Munich, Germany, China, Europe

☆ GAM shareholder group demands date change for extraordinary general meeting
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Aug 8 (Reuters) - Investors in Swiss asset manager GAM Holding (GAMH.S) have asked for the company's extraordinary general meeting - which could remove its chairman and board - to be delayed. The investor group, which controls roughly 9.6% of GAM shares, wants the EGM to be delayed until August 31, so shareholders can vote knowing the outcome of Liontrust's offer. The deadline for Liontrust's offer has been extended three times from the original date of July 25. The offer has been recommended by GAM's board, which triggered calls by some shareholders to remove chairman David Jacob and his board at an EGM. Some investors have opposed the all-share offer, saying in July that it "grossly undervalues GAM" and want to turn GAM around rather than selling.

Persons: Xavier Niel, Liontrust, David Jacob, John Revill, Miranda Murray Organizations: GAM, Thomson Locations: ZURICH, Swiss

[1/2] The logo of German industrial group Siemens is seen at an office building in Zug, Switzerland December 1, 2021. REUTERS/Arnd Wiegmann/File PhotoCompanies Siemens AG FollowVIENNA/MUNICH, Aug 8 (Reuters) - Siemens (SIEGn.DE) is cooperating with authorities in Austria on an investigation into allegations of possible corruption related to hospital building contracts. Siemens said the investigation was based on information the company had provided to the public prosecutor's office in the course of an ongoing compliance investigation. "Siemens is cooperating fully with the authorities," the engineering company said, adding that it would not comment on ongoing investigations. Austrian prosecutors said that five people had been arrested as part of the investigation, with several house searches taking place last week.

Persons: Arnd, Feldkirch, KHBG, Martina Ruescher, Alexandra Schwarz, Alexander Huebner, John Revill, Friederike Heine, Miranda Murray, David Goodman, Louise Heavens Organizations: Siemens, REUTERS, Companies Siemens AG, Welt, Smart Infrastructure, Thomson Locations: Zug, Switzerland, MUNICH, Austria, Vorarlberg, Vienna, Munich

☆ Swiss National Bank posts $15 billion loss during second quarter
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

ZURICH, July 31 (Reuters) - The Swiss National Bank (SNBN.S) on Monday posted a second quarter loss of 13.20 billion Swiss francs ($15.14 billion) as interest rate hikes by other central banks dented the value of its massive bond holdings. The SNB lost 8.08 billion francs on its foreign currency positions of 742 billion francs as bond prices fell as investors feared more interest rate hikes by the U.S. Federal Reserve, European Central Bank and others. The Swiss central bank also lost 3.14 billion francs on its gold holdings in the three months to the end of June, as lower prices cut the value of the 1,040 tonnes of the precious metal it holds. The second quarter loss contrasts with a 26.9 billion franc profit in the first three months of 2023, reducing the SNB's half year profit to 13.7 billion francs. The SNB also made a 1.88 billion franc loss from its Swiss franc positions during the second quarter, largely reflecting the resumption of interest payments on sight deposits as part of its more restrictive monetary policy.

Persons: John Revill, Rachel More, Kirsten Donovan Organizations: Swiss National Bank, U.S . Federal Reserve, European Central Bank, Credit Suisse, UBS, Swiss, Thomson Locations: ZURICH, Swiss

☆ Logitech raises sales forecast for first half of 2024
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Logitech International (LOGN.S) on Tuesday raised its sales outlook for the first half of its 2024 financial year, in the first set of results since longstanding CEO Bracken Darrell quit the computer peripherals maker last month. The company said it now expects first-half sales of $1.875 billion to $1.975 billion, compared to 1.8 billion to 1.9 billion earlier. It also forecast full year sales of $3.8 billion to $4 billion. Non-GAAP operating profit, meanwhile, was $109 million, better than the $70 million forecast by analysts. After seeing a big jump in sales during the COVID-19 pandemic as people equipped their home offices with the latest keyboards and peripherals, Logitech has been bracing itself for a downturn this year.

Persons: Bracken Darrell, Darrell, John Revill, Subhranshu Sahu, Varun Organizations: Logitech, VF Corp, Thomson Locations: Zurich, Bengaluru

☆ UBS agrees to pay $388 million over Credit Suisse's Archegos failings
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

ZURICH, July 24 (Reuters) - UBS (UBSG.S) has been ordered to pay $388 million to British and U.S. regulators over Credit Suisse's dealings with private investment firm Archegos Capital Management, the Swiss bank said on Monday. The settlement is the first of several that UBS could have to pay after it last month closed its takeover of Credit Suisse, which was involved in a number of legal battles. Under the agreement, UBS is to pay the U.S. Federal Reserve $268.5 million and the UK's Prudential Regulation Authority 87 million pounds ($111.6 million). Reports ahead of time had suggested the U.S. regulator would impose a penalty of up to $300 million and the UK regulator would fine UBS up to 100 million pounds over the bank's dealings with Archegos. ($1 = 0.7797 pounds)Reporting by Noele Illien and John Revill; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Noele Illien, John Revill, Jan Harvey Organizations: UBS, Archegos Capital Management, Credit Suisse, U.S . Federal, Prudential, Archegos, Thomson Locations: ZURICH, U.S, Swiss

☆ Engineering group ABB increases orders despite China slowdown
▼ + stars: | 2023-07-20 | by ( John Revill | ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss power technology and automation group ABB is seen at a plant in Baden, Switzerland January 28, 2019. REUTERS/Arnd Wiegmann/File PhotoSummaryCompanies Company increases orders by 2% on comparable basisChina orders fall 9%CEO sees customer activity remaining robustCore operating margin reaches highest levelZURICH, July 20 (Reuters) - ABB (ABBN.S) said customer activity remained "robust" during its second quarter despite the Swiss engineering company providing the latest evidence of an economic slowdown in China. Still, ABB increased its orders in the United States - its biggest market - and India, which helped offset the downturn as the company increased its overall order intake by 2%. Chief Executive Bjorn Rosengren highlighted how ABB, whose products range from electric motors for ships to drives used in factories, had increased orders from "last year's already high level." "It was good to see that the customer activity remained robust throughout the period," said Rosengren in a statement.

Persons: Arnd, Bjorn Rosengren, John Revill, Friederike Heine, Kim Coghill Organizations: ABB, REUTERS, Thomson Locations: Swiss, Baden, Switzerland, China, ZURICH, Germany, United States, India

☆ Credit Suisse announces management changes at Swiss bank
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: 1 min

ZURICH, July 17 (Reuters) - Credit Suisse Switzerland executive board member Daniel Hunziker will take over the leadership of the bank's corporate clients business, it said on Monday. Hunziker will take on the new position in addition to his existing job as head of institutional clients at Credit Suisse with immediate effect. The move is the latest management change announced since UBS's (UBSG.S) takeover of Credit Suisse. Credit Suisse also announced on Monday that Andreas Gerber, head of corporate banking and another member of the Credit Suisse Switzerland executive board, will leave the bank. The banking veteran will "take a break for the time being" after 34 years at Credit Suisse and Schweizerische Volksbank, Credit Suisse said.

Persons: Daniel Hunziker, Hunziker, Andreas Gerber, John Revill, David Holmes Organizations: Credit Suisse, Thomson Locations: ZURICH, Credit Suisse Switzerland, Schweizerische

☆ UBS investors warm to Credit Suisse deal
▼ + stars: | 2023-07-17 | by ( Oliver Hirt | ) www.reuters.com time to read: +6 min

Several fund managers who hold UBS stock have told Reuters they think UBS has bought Credit Suisse at a good price, with some even describing it as a steal. "UBS got Credit Suisse for practically nothing, so accordingly the deal will work out for them," another investor told Reuters. Still, UBS inherits a troubled legacy at Credit Suisse, said Thomae, pointing to legal risks which UBS has said could cost billions of dollars. Rivals have poached entire teams from Credit Suisse, he said, and some clients are likely to follow them. Deka's Thomae said UBS and Credit Suisse together would have a market share in Switzerland that is just within acceptable limits.

Persons: Colm Kelleher, Guy de Blonay, Andreas Thomae, Thomae, de Blonay, De Blonay, JP Morgan, Kian Abouhossein, Julius Baer, Deka's Thomae, Oliver Hirt, John Revill, David Holmes Organizations: Credit Suisse, UBS, Switzerland's, Reuters, Jupiter Asset Management, CS, Swiss, UBS AG, Credit Suisse AG, STATE, Deka Investment, Fund, Rivals, Suisse, JP, Suisse's, Investors, Credit, Thomson Locations: ZURICH, Suisse's Swiss, Switzerland

☆ Swiss watchmaker Swatch sues Malaysia for seizure of Pride watches
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +3 min

In May, Malaysian authorities confiscated watches from Swatch's 'Pride collection' because of the presence of the letters 'LGBTQ' on the watches, the home minister said. Home ministry officials "illegally" seized 172 watches from 16 outlets, Swatch said in court documents seen by Reuters. The seizure notices served to Swatch described the watches as having elements of or promoting LGBTQ rights and potentially breaching Malaysian law, the company said. Most of the seized watches, which have a combined retail value of 64,795 ringgit ($14,250.05), did not contain the 'LGBTQ' lettering, Swatch said. He has also said LGBT rights will not be recognised by his administration.

Persons: Swatch's, Anwar Ibrahim's, Anwar, Rozanna, John Revill, Kanupriya Kapoor, Bernadette Baum Organizations: Swatch, Malaysian, Reuters, Malay Mail, Swatch Group, Malaysia, Thomson Locations: KUALA LUMPUR, Swiss, Malaysia, Kuala Lumpur, Malaysian, Zurich

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