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☆ Swiss private bank EFG profit dips as it settles Taiwan dispute
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Feb 22 (Reuters) - EFG International's (EFGN.S) net profit fell 1.7% to 202.4 million Swiss francs ($218.50 million) last year, the Swiss private bank said on Wednesday, as it settled legal proceedings related to a client relationship with a Taiwanese insurance company. EFG said it had paid 40.6 million francs in legal costs and increased provisions to resolve the dispute, with all proceedings against the bank now ended. On an underlying basis, which removes these costs as well as other items like gains from its legacy life insurance business, EFG's net profit increased to 248.7 million francs from 167.8 million francs a year earlier. The bank said along with the market correction, the decline in assets the Swiss bank manages reflects the disposal of the Spanish private bank A&G. In 2021 EFG reported 8.8 billion francs.

☆ UBS flags uncertain year ahead after profit beats forecasts
▼ + stars: | 2023-01-31 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

[1/2] The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland, Oct. 25, 2022. REUTERS/Arnd WiegmannZURICH, Jan 31 (Reuters) - UBS (UBSG.S), Switzerland's biggest bank, forecast an uncertain year ahead due to the war in Ukraine and sagging client confidence on Tuesday, despite trumping expectations for 2022 with a $7.6 billion net profit. Zuercher Kantonalbank analyst Michael Klien said UBS had benefited from one-offs, including a lower than expected tax rate. SLOWDOWNUBS said it gained $23.3 billion in net new fee generating assets in wealth management, with a strong Swiss performance. UBS announced plans to buy back more than $5 billion worth of shares this year after repurchasing $5.5 billion in 2022.

☆ Swatch positive on recovery in luxury demand from China
▼ + stars: | 2023-01-24 | by ( John Revill | ) www.reuters.com time to read: +3 min

SummarySummary Companies Says January sales have exceeded January 2022Company now expects record sales for 2023Stock hits highest level since July 2021ZURICH, Jan 24 (Reuters) - Swatch Group (UHR.S) shares hit their highest level in nearly two-and-a-half years on Tuesday after the world's biggest watchmaker said it expected a recovery in luxury demand from China. The sales growth in January in China reinforces the Group's expectation to aim for a record year in 2023." The outlook sent Swatch's shares to their highest level since July 2021, and was the latest positive signal for the luxury sector at the start of the Chinese Year of the Rabbit. "To reach the record sales number of 2014 Swatch Group would need to have growth of 16% in 2023," said Patrik Schwendimann of Zuercher Kantonalbank. Europe's luxury sector($1 = 0.9192 Swiss francs)Reporting by John Revill; editing by Kirsten Donovan and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Luxury eyes focused on China after Richemont's Q3 sales miss
▼ + stars: | 2023-01-18 | by ( John Revill | ) www.reuters.com time to read: +3 min

SummarySummary Companies Q3 sales rise by 8% but miss market forecastsMainland China sales drop 24%Company says customer demand in China now picking upAll eyes on China for luxury sector, say analystsZURICH, Jan 18 (Reuters) - Cartier jewellery maker Richemont (CFR.S) missed market forecasts during its latest quarter as the resurgence of COVID-19 in China hit sales there, highlighting the country's importance for the luxury sector. Richemont, whose other brands include Swiss watchmakers IWC and Jaeger-LeCoultre, has been seeing strong sales growth in Europe, the Middle East and Japan, particularly for jewellery. But the mainland Chinese market - which accounts for about a fifth of the group's sales, according to Zuercher Kantonalbank estimates - struggled with sales down 24% in constant currency terms. The prospect of a pickup in Chinese sales meant analysts were not too worried by Richemont's quarterly miss. "The catch-up from Chinese consumers will come as strong as sales decelerated in 3Q, as they were able to save money during the lockdowns."

☆ Luxury group Richemont's sales miss forecasts after China sales plunge
▼ + stars: | 2023-01-18 | by ( John Revill | ) www.reuters.com time to read: +2 min

Overall, Richemont's sales rose 8% to 5.4 billion euros ($5.82 billion) in the three months to the end of December, up from 4.98 billion euros a year earlier. The figure missed the 5.67 billion euros forecast by analysts. When currency movements were excluded, the company's sales increased by 5%. In Japan, sales increased by 30% during the quarter, aided by "solid" domestic sales and a gradual return of tourism. In Europe sales increased by 17% helped by strong local demand and returning tourists, particularly from the Middle East and the United States.

LONDON/ZURICH, Jan 18 (Reuters) - Luxury retailers Richemont (CFR.S) and Burberry (BRBY.L) said they were optimistic that consumers in China would start spending again, helping offset three years of upheaval from the government's strict COVID-19 lockdowns and soaring infections. Richemont (CFR.S), whose brands include Cartier jewellery and Swiss watches IWC and Jaeger-LeCoultre, also said it expected a strong rebound in China. The European luxury sector is among the largest expected winners as China loosens COVID-19 restrictions that kept shoppers out of stores for months. Richemont missed market estimates after sales in China plunged by a quarter, as customer traffic dwindled and staff were not available, leading to a reduction of boutique hours, or temporary closures of sales points, the company said. Mainland China is currently 25% of Burberry sales, down from about 40% pre-pandemic.

☆ UBS has no desire to buy Credit Suisse, chairman tells newspaper
▼ + stars: | 2023-01-14 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Jan 14 (Reuters) - UBS (UBSG.S) has no interest in buying fellow Swiss lender Credit Suisse (CSGN.S), the bank's Chairman Colm Kelleher said in a interview published on Saturday. "We have no desire to buy Credit Suisse," Kelleher told the Neue Zuercher Zeitung. "There are always scenarios, but none that are convincing," he said when asked if there were any situations where a UBS takeover of Credit Suisse made sense. The former chairmen of Credit Suisse and UBS supported a merger between the two banks, and held talks in the first half of 2020, Swiss media reported two years ago. The discussions eventually lapsed, the media reports said, and both Urs Rohner and Axel Weber have since left their roles at Credit Suisse and UBS respectively.

☆ ZKB not poaching Credit Suisse clients - CEO in paper
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Zuercher Kantonalbank (ZKB) bank is seen at its headquarters in Zurich, Switzerland September 24, 2020. REUTERS/Arnd WiegmannZURICH, Dec 17 (Reuters) - Zuercher Kantonalbank (ZKB.UL) is not trying to poach clients from embattled Credit Suisse (CSGN.S), the state-backed cantonal bank's chief executive said in a newspaper interview published on Saturday. Amid a social media storm that sparked unfounded speculation about its stability, Credit Suisse reported sharp outflows in October as wealthy clients moved assets elsewhere, although its chairman has said the situation has since stabilised. ZKB CEO Urs Baumann told the Neue Zuercher Zeitung his bank was not actively approaching Credit Suisse clients and said ZKB was not using its state backing as a marketing tool amid such market jitters. Asked would it mean for the Swiss banking sector and for ZKB if problems at Credit Suisse intensified, he said:"We want a strong CS.

☆ Swiss minister: economic situation means difficult years ahead
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 5 (Reuters) - The threat of recession in the euro zone and beyond, an energy supply squeeze and the eroding effect of inflation on purchasing power mean Switzerland faces difficult years ahead, Justice Minister Karin Keller-Sutter told the Neue Zuercher Zeitung. "I consider this mixed situation to be very difficult," she said in comments published on Saturday. In September, the Swiss government significantly cut its economic growth forecasts, citing growing risks from a "tense energy situation and sharp price increases". It now expects the country's economy to expand 2.0% this year, down from its June forecast for 2.6% growth. Writing by Paul Carrel; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

During the three months to the end of September, Geberit sales fell 7.5% to 790.7 million Swiss francs ($788.33 million). The company, seen as a proxy for the broader construction sector, also said it now expected a full-year core operating profit margin of around 27%, down from its August view of 28%. It also tweaked its sales outlook lower, now expecting growth in the mid to high single-digit percentage range, down from its previous outlook for a high single-digit increase. "This prudent outlook is shaped by the prevailing high macroeconomic uncertainties," Geberit said. ($1 = 1.0037 Swiss francs)Reporting by Noele Illien; editing by John Revill and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Swiss prosecutors appeal against acquittals of Blatter, Platini
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

Former UEFA President Michel Platini speaks to the media after a trial at the Swiss Federal Criminal Court in Bellinzona, Switzerland July 8, 2022. REUTERS/Arnd WiegmannZURICH, Oct 20 (Reuters) - Swiss federal prosecutors have filed an appeal to overturn the acquittals of former FIFA President Sepp Blatter and France footballing great Michel Platini on corruption charges, they said on Thursday. Switzerland's Federal Criminal Court had cleared the two in July after a seven-year investigation in which both were booted out of the sport. A judge said the pair's account of a 'gentlemen's agreement' for FIFA to pay Platini 2 million Swiss francs ($1.99 million)for consulting work was credible, and serious doubts existed about the prosecution's allegation that it was a fraudulent payment. ($1=1.0049 Swiss francs)Register now for FREE unlimited access to Reuters.com RegisterReporting by Michael Shields; Editing by Clarence Fernandez/Peter RutherfordOur Standards: The Thomson Reuters Trust Principles.

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