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Things are much better now for Swiss Re, CEO says
  + stars: | 2024-02-16 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThings are much better now for Swiss Re, CEO saysSwiss Re CEO Christian Mumenthaler discusses the company's earnings, how it navigated a string of difficulties in the past few years and its outlook for 2024.
Persons: Christian Mumenthaler Organizations: Swiss Re, Swiss
Swiss Re CEO Christian Mumenthaler gestures during a session of the World Economic Forum (WEF) annual meeting in Davos on January 18, 2024. Insurance giant Swiss Re on Friday reported a sharp upswing in full-year profit, benefitting from what it described as an attractive market environment after a "batch of bad years." The Zurich-headquartered company posted full-year net profit of $3.2 billion, in line with expectations according to an LSEG-compiled consensus. Reinsurance refers to insurance for insurance companies. Looking ahead, Mumenthaler warned that the price of the climate crisis would soon be at the door of consumers for the first time.
Persons: Christian, Christian Mumenthaler, CNBC's, Mumenthaler Organizations: Swiss, Economic, Insurance, Swiss Re Locations: Davos, Zurich, Hurricane, Florida
"People recommend investing in the Swiss market during uncertain periods – like if you are expecting a recession. "Maybe in a bull market, Swiss equities are not going to be a huge outperformer globally — but they can generate positive returns. But in difficult times, Swiss equities, besides the U.S., is one of the markets to buy," Bänziger said. In her view, Swiss stocks benefit from the strong Swiss franc and a political system that fosters innovation in companies. Meanwhile, Bänziger believes Swiss Prime Site and PSP Swiss Property make good investments among small- and mid-caps, given the opportunities in the Swiss real estate sector.
Persons: Carla Bänziger, Bänziger, Stocks Organizations: U.S . Federal, that's, CNBC Pro, Swiss, State Secretariat, Economic Affairs, Swiss Re, SIX Swiss Exchange, Dow Jones International Real, ABB, Nestle, Roche, Novartis Locations: that's Switzerland, Swiss, Zurich, U.S, Switzerland, Germany, China, Europe
Why is Switzerland home to so many billionaires?
  + stars: | 2024-02-05 | by ( Karen Gilchrist | ) www.cnbc.com   time to read: 1 min
Switzerland is populated with billionaires — there's one for every 80,000 people. As of 2022, the country was home to an estimated 110 billionaires with a combined wealth of $338 billion, outranking other super-rich hotspots such as Saudi Arabia, Singapore and the United Arab Emirates. Swiss residents are also among the richest in the world, with a mean net worth of almost $700,000, ahead of U.S. and Hong Kong. So, what makes Switzerland such an attractive place for the uber wealthy, and how does that extreme wealth affect the rest of Swiss society? Watch the video above to find out.
Persons: Organizations: United, United Arab Emirates Locations: Switzerland, Saudi Arabia, Singapore, United Arab, U.S, Hong Kong, Swiss
The order by the Hong Kong High Court also is not a remedy for the crisis of confidence haunting China’s financial markets. Markets in both Hong Kong and Shanghai fell Tuesday while share prices of property developers sank. State-owned Chinese banks and other domestic entities own most of the debt owed by Chinese property developers. David Goodman, director of the University of Sydney’s China Studies Center, said he thinks China’s property debt burdens are unlikely to precipitate a major financial crisis. “The fact of the matter is that the Chinese financial system is not as open or as marketized (as in the United States),” he said.
Persons: Brock Silvers, haven't, Silver, , Seng, David Goodman, , Soo Organizations: Evergrande, Hong Kong High, Kaiyuan, , Sunac China Holdings, F Properties, Shanghai, Swiss Re Institute, Swiss, University of Sydney’s China Studies Center Locations: BANGKOK, Hong Kong, China, Beijing, Shanghai, Guangzhou, United States, U.S, Singapore
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNet-zero transition going to 'accelerate massively,' Swiss Re CEO saysChristian Mumenthaler, group CEO of Swiss Re, discusses the green transition, macro environment and insurance market.
Persons: Christian Mumenthaler Organizations: Swiss
DAVOS, Switzerland (AP) — Israel's president and the head of ChatGPT company OpenAI will make appearances at the World Economic Forum on Thursday, the third day of the annual gathering of elites at the Swiss resort of Davos that discusses everything from conflict to computers and climate. Israeli President Isaac Herzog could seek to return focus on the plight of Israeli hostages held by Hamas since its deadly Oct. 7 raid into Israel. Much of the world's attention has been on rising casualty counts in Gaza as Israeli forces lead a blistering military campaign aimed to quash the armed militants. “Artificial intelligence is now undoubtedly the most important potential contribution for global development," U.N. Secretary-General António Guterres told reporters in Davos on Wednesday, a day when leaders like French President Emmanuel Macron and President Javier Milei of Argentina also showed up. On Wednesday, Iran's foreign minister defended his country's strike on what he claimed was an Israeli intelligence operations site in the autonomous Kurdish region.
Persons: , OpenAI, Isaac Herzog, António Guterres, Emmanuel Macron, Javier Milei, Sam Altman, Mohammed Shia, Kamala Harris, Doug Emhoff, Masha Macpherson Organizations: Hamas Locations: DAVOS, Switzerland, Swiss, Davos, Israel, Gaza, Argentina, Iraqi, Israeli, Kurdish
Argentina's President Javier Milei delivers a speech at the World Economic Forum (WEF) meeting in Davos on January 17, 2024. "Today, I'm here to tell you that the Western world is in danger," Milei said in a special address at the World Economic Forum in Davos, Switzerland, according to a translation. "Rebuilding Trust" is the overarching theme of the annual WEF meeting. WEF founder Klaus Schwab introduced Milei to the stage in Davos by saying his "more radical methods" had "introduced a new spirit to Argentina." "The main leaders of the Western world have abandoned the model of freedom for different versions of what we call collectivism.
Persons: Javier Milei, Fabrice COFFRINI, FABRICE COFFRINI, Milei, Donald Trump, WEF, Klaus Schwab Organizations: Economic, Getty, Reuters Locations: Davos, AFP, Switzerland, Swiss, Argentina
By Philip PullellaVATICAN CITY (Reuters) - Pope Francis on Wednesday urged political, economic and business leaders at the World Economic Forum (WEF) in Davos to look beyond profit and try to heal an "increasingly lacerated" world with moral and ethical decisions. In his message to the world's movers and shakers meeting at the Swiss resort, Francis urged them to tackle the "injustices that are at the root causes of conflict", primarily hunger and the exploitation of natural resources for the benefit of the few. "How is it possible that in today's world people are still dying of hunger, being exploited, condemned to illiteracy, lacking basic medical care, and left without shelter?" The Argentine-born pope, the first from the Global South, said the world situation required that "businesses themselves be increasingly guided not simply by the pursuit of fair profit, but also by high ethical standards". The "widespread exploitation" of male, female and child labourers with low wages and no real prospects for personal and professional development must stop, he said.
Persons: Philip Pullella, Pope Francis, Francis, , Mark Potter Organizations: CITY, Wednesday, Economic Locations: Davos, Swiss, States, Argentine
AdvertisementWhen Charles Patti read that ketamine had been a major factor in the "Friends" star Matthew Perry's death, his heart sank. AdvertisementMultiple researchers told Business Insider that labeling ketamine as the sole cause of Perry's death is misleading. "Matthew Perry's ketamine overdose should be a lesson in expanded use of the dangerous drug," declared The New York Post. There's no data on how many people go from receiving ketamine treatment in clinics to using it without a prescription. Herzberg, the historian, said he's not particularly worried about Perry's death causing a moral panic.
Persons: Matthew Perry, , Charles Patti, Matthew Perry's, Patti, Perry, Matthew, Joanna Moncrieff, Ryan Marino, Marilyn Monroe's, David Herzberg, Len Bias, Gerard Sanacora, it's, Chrissy Teigen, Elon Musk, We've, Herzberg, wasn't, Sanacora, I've, Sandhya Prashad, wouldn't, Keith Trujillo, Trujillo, he's Organizations: Service, Los, Business, New York, University of Buffalo, Yale, FDA, American Society, Physicians, Psychotherapists Locations: Florida, Los Angeles County, British, Swiss
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
Helping these countries, which face some of the biggest risks from climate change, access these will be a key aim during the COP28 climate talks underway in Dubai. Ambitions for results at COP28 got off to a good start on the opening day on Thursday when countries approved plans for the climate disaster fund, after months of negotiations. About 60% of low-income countries are either in or at high risk of debt distress, the CDP said. The Central Asia Regional Economic Cooperation Program, for example, aims to agree a disaster relief bond issuance and a regional risk transfer facility, the ADB's Principal Disaster Risk Insurance and Finance Specialist, Thomas Kessler, told Reuters. "We are ready to scale up climate protection through early warning systems, anticipatory cash, climate insurance and community-based resilience projects," said Gernot Laganda, director of Climate and Disaster Risk Reduction at the United Nations World Food Programme.
Persons: COP28, Ekhosuehi Iyahen, IDF's Iyahen, Michèle Plichta, Lydia Poole, Odile Renaud, Basso, Thomas Kessler, Otis, Gernot Laganda, Alessandro Parodi, Simon Jessop, Libby George, Karin Strohecker, Susan Fenton Organizations: Insurance, Forum, PAF, Disaster, European Bank for Reconstruction, Global, Swiss, Central Asia Regional Economic Cooperation, Finance, Reuters, UN, University of Cambridge's Institute for Sustainability Leadership, United Nations, Food, Thomson Locations: GDANSK, LONDON, Dubai, London, Mexico
CNN —The US Senate Budget Committee is launching an investigation into whether Florida’s state-backed home and property insurance company has enough money in the bank to withstand future disasters, as scientists warn warming oceans and sea level rise are making storms more destructive. Citizens Property Insurance Corporation exists as a so-called insurer of last resort - if owners cannot convince a private insurance company to cover their property, Citizens will step in. If that were to happen, the Senate Budget Committee is worried Florida might turn to the federal government looking for a bailout, Whitehouse said. State insurers of last resort were originally intended as a stopgap for consumers, ensuring their coverage wouldn’t be interrupted. Florida isn’t alone; some major private insurers have either pulled out or stopped writing new policies in wildfire-prone California.
Persons: Ron DeSantis, , Sen, Sheldon Whitehouse, ” Whitehouse, Michael Peltier, Whitehouse, , Benjamin Keys, ” Keys, , Keys, “ It’s Organizations: CNN, Citizens Property Insurance Corporation, Republican Gov, Citizens, Democrat, , Munich Re, Swiss, Wharton School, University of Pennsylvania, Senate, FAIR, Florida’s Citizens, Budget Locations: After Florida, Rhode Island, Florida, Miami, Tampa, “ Florida, Munich, riskiest, California
In a 2022 Pew survey covering 19 countries in North America, Europe and the Asia-Pacific region, climate change was named the top global threat. Aira UK“There is no trade-off between (installing a heat pump), saving the planet and at the same time saving the pockets of consumers,” CEO Martin Lewerth told CNN. “If you’re living outside Scandinavia and you want a heat pump, it’s not a hassle-free experience,” Lewerth acknowledged. “There is no scenario in which delay is the cheaper option with climate change,” said Bob Ward, policy and communications director at the Grantham Research Institute on Climate Change and the Environment at the LSE. “If we’d invested more in renewable energy… energy bills wouldn’t have gone up so much, which disproportionately impacted on poor households,” Valero at the LSE told CNN.
Persons: , ” Brett Meyer, Tone, Tony Blair, ” Langengen, Meyer, Anna Valero, Keith Mayhew, Oliver Blume, doesn’t, Rishi Sunak, Kelley, Martin Lewerth, Sunak, ” Lewerth, , Bob Ward, we’d, ” Valero, Tim Jackson Organizations: London CNN, Times Radio, Tony, Tony Blair Institute for Global, Pew, London School of Economics, Political Science, CNN, HSBC, carmakers, Volkswagen, Grantham Research, LSE, , Swiss, Confederation of British Industry, Centre, Prosperity, University of Surrey Locations: London, Europe, North America, Asia, Pacific, Greece, United Kingdom, United States, Germany, , Norway, Sweden, Aira, Essex, Swedish, Britain, Scandinavia, Grantham, Ukraine
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRisks to global economy are on the rise and growth slowdown is a reality, Swiss Re economist saysJerome Haegeli, group chief economist at Swiss Re, discusses the outlook for the global economy.
Persons: Jerome Haegeli Organizations: Swiss, Swiss Re Locations: Swiss
Warren Buffett's Berkshire Hathaway has built a record $157 billion pile of cash and Treasuries. Buffett is gearing up to snag bargains and strike deals once the economy weakens, Steve Hanke says. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "This is classic Buffett," Hanke, a professor of applied economics at Johns Hopkins University, told Markets Insider in a recent interview. The Berkshire boss will profitably put his dry powder to work once the economy slumps, Hanke said.
Persons: Warren, Berkshire Hathaway, Buffett, Steve Hanke, Hanke, , Warren Buffett, they've, who's, Ronald Reagan, Goldman Sachs, Berkshire's, Lee Munson Organizations: Service, Johns Hopkins University, Fed, Toronto Trust, Electric, Dow Chemical, Swiss, Berkshire Locations: American, Toronto Trust Argentina, Berkshire
The risks of cyberattacks, information-technology disruptions and fraud have significantly increased during the integration of UBS and Credit Suisse, Finma, Switzerland’s financial regulator said. Photo: fabrice coffrini/Agence France-Presse/Getty ImagesUBS is facing scrutiny from Finma, Switzerland’s chief financial regulator, as it integrates with Credit Suisse following the merger of the two global banks this year, the regulator said, adding that it will appoint outside monitors to oversee the process. The risks of cyberattacks, information-technology disruptions and fraud have significantly increased during the integration of UBS and Credit Suisse, Finma said Thursday in an annual risk outlook report. The regulator also noted an overarching concern that a lack of a “holistic overall risk view” could mean that controls are inadequate.
Persons: fabrice coffrini, Finma Organizations: UBS, Credit Suisse, Agence France, Getty Locations: Finma
Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The state-engineered merger led to a wipeout of $17 billion of Credit Suisse's AT1 bonds. "Their structure is very new and shows they listened to investors who were angry about the permanent write-down feature," said Jerome Legras, head of research at Axiom Alternative Investments, who held Credit Suisse AT1 bonds before the March banking crisis. The Credit Suisse AT1s wipeout spurned a number of claims against Switzerland's financial regulator FINMA, which inverted the long-established seniority of bondholders over shareholders over the assets of a company in distress. That dented sentiment in the key market for bank bonds and prompted regulators in Europe and Asia to reassure investors.
Persons: Denis Balibouse, Jerome Legras, Joost Beaumont, March's writedown, Noele Illien, Dhara Ranasinghe, Elaine Hardcastle, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, CS, AT1s, ZURICH, P Global, Suisse, ABN AMRO, Singapore, Thomson Locations: Zurich Switzerland, Swiss, Switzerland's, Europe, Asia
REUTERS/Arnd Wiegmann/File photo Acquire Licensing RightsZAGREB, Nov 8 (Reuters) - Coca Cola HBC said on Wednesday it was temporarily withdrawing batches of two soft drinks from sale in Croatia while the authorities there investigate cases of illness suspected to have been caused by the beverages. Earlier Croatia's state inspection office ordered the local arm of Coca Cola HBC, which distributes Coca-Cola products, to withdraw a batch of Coca-Cola Original Taste 500ml. At the weekend, a young man in the Adriatic town of Rijeka suffered throat injuries after consuming a Romerquelle Emotion drink. The individual is being treated in hospital, Health Minister Vili Beros said on Wednesday, later telling state television HRT that 13 other people across Croatia had also reported symptoms after consuming Coca Cola drinks. Coca Cola HBC said in its statement: "We are working closely with our customers throughout this process".
Persons: Arnd, Vili Beros, Antonio Bronic, Daria Sito, Mark Potter Organizations: REUTERS, Rights, Coca Cola HBC, Health, HRT, Thomson Locations: Glattbrugg, Switzerland, Rights ZAGREB, Croatia, Adriatic, Rijeka
Semenya case referred to European rights court's grand chamber
  + stars: | 2023-11-06 | by ( ) www.reuters.com   time to read: +2 min
She is attempting to overturn requirements that female athletes with differences in sexual development (DSDs) medically reduce their testosterone levels. It was not a judgement against the World Athletics regulations. The Swiss referral will now be heard by the full 17-member ECHR Grand Chamber. Semenya told Reuters last month that her competitive running days are likely over but she remained committed to the legal battle against World Athletics. "World Athletics has only ever been interested in protecting the female category.
Persons: Aleksandra Szmigiel, Semenya, Nick Said, Ken Ferris Organizations: Hayward Field, European, of Human Rights, Chamber, hyperandrogenism, Sport, Swiss, Court, Reuters, World Athletics, womens, Thomson Locations: Eugene , Oregon, U.S, Swiss, Semenya
REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsOct 11 (Reuters) - FIFA's decision to hold the 2030 World Cup in six countries with fans flying to over 100 games will increase the tournament's carbon footprint and is at odds with the soccer governing body's climate commitments, experts have warned. FIFA allocated the 2030 World Cup to Spain, Portugal and Morocco last week but also said Uruguay, Argentina and Paraguay would host three matches to mark the tournament's centenary. It is a stark contrast to the 2022 World Cup in Qatar which had only 32 teams while all 64 matches were played in eight stadiums in and around Doha. "Every decision that grows the World Cup is going to increase the carbon footprint of the event. "For the last World Cup in Qatar, travel within the country was quite minimal because the country is so small," Ross said.
Persons: Arnd, Madeleine Orr, Quentin Cuendet, Cuendet, Dr Walker Ross, Ross, it's, Aadi Nair, Rohith Nair, Christian Radnedge Organizations: REUTERS, FIFA, University of Toronto, Swiss Climate Alliance, Sport Management, University of Edinburgh, Sport Ecology, Thomson Locations: Zurich, Switzerland, Spain, Portugal, Morocco, Uruguay, Argentina, Paraguay, South America, Qatar, Doha, Swiss, le, Bengaluru
Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The report, however, exposed tensions and conflicts at the heart of a process that ultimately required Switzerland to initially back the emergency rescue of Credit Suisse by rival UBS (UBSG.S) with public money to avert panic. The officials summed up that the "resolution" rules for shutting a collapsing bank without panicking markets could have worked for Credit Suisse, though public money would still likely have been needed. The FSB report sheds new light on events that led to Credit Suisse's downfall. The FSB said Switzerland's action preserved financial stability, even if it raised questions as to why the resolution was not chosen.
Persons: Denis Balibouse, Karin Keller, Sutter, Switzerland's Keller, FINMA, Andrew Bailey, Arturo Bris, Mayra Rodriguez Valladares, Arthur Wilmarth, it’s, Tatiana Bautzer, Elisa Martinuzzi, Stefania Spezzati, Pete Schroeder, Mark Potter, Nick Zieminski Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Swiss, U.S, Bank of England, IMD, Bank, MRV Associates, Banco, George Washington University Law School, Thomson Locations: Zurich Switzerland, Switzerland, Swiss, U.S
At Allianz, CEO stays but CFO goes
  + stars: | 2023-10-02 | by ( ) www.reuters.com   time to read: +1 min
The logo of Allianz is seen on a building in Paris, France, April 30, 2020. Baete, whose contract was extended to 2028, said: "I thank the Supervisory Board for their confidence and support." Chief Financial Officer Giulio Terzariol is leaving to head the insurance division at Generali, the Italian company announced on Monday. Allianz has appointed Claire-Marie Coste-Lepoutre to succeed him as finance chief. Coste-Lepoutre is a French national who has been with Allianz since 2011, with previous stints at Swiss Re, SCOR and McKinsey.
Persons: Charles Platiau, Oliver Baete, Baete, Giulio Terzariol, Claire, Marie Coste, Lepoutre, Tom Sims, Alexander Huebner, Miranda Murray Organizations: Allianz, REUTERS, Rights, U.S . Department of Justice, U.S . Securities, Exchange Commission, Board, Monday, Swiss, SCOR, McKinsey, Thomson Locations: Paris, France, U.S, Generali, Italian, French
REUTERS/Denis Balibouse Acquire Licensing RightsZURICH, Sept 28 (Reuters) - Switzerland's glaciers suffered their second worst melt rate this year after record 2022 losses, shrinking their overall volume by 10% in the last two years, monitoring body GLAMOS said on Thursday. "This year was very problematic for glaciers because there was really little snow in winter, and the summer was very warm," Matthias Huss, who leads Glacier Monitoring Switzerland (GLAMOS), told Reuters. This year, low winter snowfall combined with an early start and a late end to the summer melt season dealt the heavy losses, GLAMOS said. "We are really losing the small glaciers," Huss said. Swiss records go back to at least 1960 and as far back as 1914 for some glaciers.
Persons: Denis Balibouse, GLAMOS, Matthias Huss, Huss, " Huss, Emma Farge, Timothy Gardner Organizations: REUTERS, Rights, Reuters, Thomson Locations: Obergoms, Switzerland, Swiss, Blanc's
The U.S. homeowner’s insurance industry has had three straight years of underwriting losses, according to credit rating agency AM Best. Record numbers of Americans are now insured through state-affiliated “insurers of last resort” like California’s FAIR Plan, or Louisiana or Florida’s Citizens property insurance companies. These programs were designed to insure properties where private insurance companies have refused to insure or the price for private insurance is too expensive. In Florida, Citizens Property Insurance Corp. now has 1.4 million homeowners’ policies in effect, nearly triple in five years. “It used to be homeowner's insurance was an afterthought when you are looking at buying a property.
Persons: you’re, , California Sen, Bill Dodd, Jeremy Porter, Fannie Mae, Todd Bevington, “ I’ve, Jen Goodlin, , ’ ”, “ We’ve, ” Dodd, Dodd, Porter, Guy Carpenter, Lara Mowery, Mowery, ” Mowery, That’s, ” Bevington, Adam Beam, Janie Har Organizations: First Street Foundation, Bank of America, Treasury Department, Paradise, FAIR, Citizens Property Insurance Corp, Farm, Allstate, National Flood Insurance, Swiss, Munich Re, Hurricane Locations: California, Florida, Louisiana, Lahaina, Vermont, Maine, New York, U.S, , Paradise, Northern California, Colorado, Munich, New Orleans, Gulf, Asheland, N.C, Sacramento, Calif, San Francisco
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