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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.

☆ Focus now on how UBS positions itself going forward - BlackRock vice chairman
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] Philipp Hildebrand,Vice Chairman of BlackRock, speaks during a news conference with Swiss Economic Minister Guy Parmelin (not pictured), as the spread of the coronavirus disease (COVID-19) continue in Bern, Switzerland October 28, 2020. REUTERS/Arnd WiegmannLONDON, April 20 (Reuters) - The Swiss government has done a 'very good job' with Credit Suisse's rescue given circumstances, but the question now is how the takeover settles and how UBS positions itself going forward, Philipp Hildebrand, BlackRock's vice chairman said on Thursday. "The question now will be how does this settle, and how does UBS position itself going forward, given quite intense political discussions in Switzerland around competition, around size, and many other issues," Hildebrand told a Bloomberg conference in Dublin. BlackRock, the world's largest asset manager, is a major shareholder in UBS. Reporting by Yoruk Bahceli and Padraic Halpin; editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd WiegmannApril 19 (Reuters) - Glencore (GLEN.L) has told Teck Resources (TECKb.TO) shareholders it is willing to improve its $22.5 billion takeover offer, raising pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table. In an open letter on Wednesday, Glencore said it would consider taking the offer to Teck's shareholders directly if the board failed to engage. "With engagement, we could improve our proposal's terms and value, which would be in the best interests of all Teck shareholders." "The vote (on Teck's restructuring plan) is highly likely to go through without an official bump in terms (from Glencore)," Ben Cleary, portfolio manager at Tribeca Global Natural Resources Fund, told Reuters.

☆ Glencore raises pressure on Teck Resources with promise of higher bid
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. In an open letter on Wednesday, Glencore said it would consider taking the offer to Teck's shareholders directly if the board failed to engage. Glencore Chief Executive Gary Nagle flew to Canada to meet shareholders last Thursday after revising its unsolicited bid to include up to $8.2 billion in cash. Teck's board rejected that as too low, adding that it would unnecessarily expose shareholders to a large thermal coal business and an unwanted oil trading unit. Glencore's proposal would combine and spin off its thermal coal unit and Teck's steelmaking coal business.

☆ Glencore courts 120 Teck investors for bid backing as spinoff vote looms -source
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. The Swiss mining giant would instead combine and spin off its thermal coal unit and Teck's steelmaking coal business. Glencore's initial bid represented a 20% premium to Teck's closing stock price on March 26, when it was made privately. JP Morgan analysts said in a note on Monday that Glencore could pay as much as $27.2 billion. Reporting by Clara Denina; Additional reporting by Mrinalika Roy; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ BMW on track for 2023 target despite slight Q1 sales fall
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] An electric-powered BMW iX xDrive 50 car is seen during a media preview at the Auto Zurich Car Show in Zurich, Switzerland November 3, 2021. By region, BMW only saw sales growth in the United States, with an 11.4% increase to 89,750 car sales. BMW remained confident about its 2023 guidance despite a "challenging business environment", the company said in a statement. "The BMW Group is on track for slight sales growth in the full year 2023," said Pieter Nota, management board member responsible for customer, brands and sales. Electric vehicle sales in BMW's core brand more than doubled in Q1 year on year to 55,979 units.

[1/2] The logo of chocolate and cocoa product maker Barry Callebaut is pictured during the company's annual news conference in Zurich, Switzerland, Nov. 7, 2018. REUTERS/Arnd Wiegmann/File PhotoApril 5 (Reuters) - Switzerland's Barry Callebaut (BARN.S), the world's biggest chocolate maker, on Wednesday appointed Peter Feld as its new chief executive after lowering sales volume guidance as inflation-hit consumers cut back on purchases. The chocolate maker now forecasts full-year volume growth to be "flat to modest," Chief Financial Officer Ben De Schryver said. Barry Callebaut shares were down 2.5%, according to Julius Baer bank's pre-market indications. The company said that the sales volumes decline moderated in the second quarter, slowing to -0.5%, from -5.1% in the previous quarter.

☆ Chocolate maker Barry Callebaut's half year sales volumes drop
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: 1 min

[1/2] The logo of chocolate and cocoa product maker Barry Callebaut is pictured during the company's annual news conference in Zurich, Switzerland, Nov. 7, 2018. REUTERS/Arnd Wiegmann/File PhotoApril 5 (Reuters) - Barry Callebaut (BARN.S), the world's biggest chocolate maker, on Wednesday reported lower half year sales volumes due to limited availability of its global brands and lower customer demand due by inflation. The Zurich-based company, which supplies chocolate for the Magnum ice creams made by Unilever (ULVR.L) and for Nestle's (NESN.S) KitKat bars, said sales volumes in its first half of fiscal 2022/2023 fell 2.9% to 1.130 million tonnes. Reporting by Andrey Sychev and Paolo LaudaniOur Standards: The Thomson Reuters Trust Principles.

☆ Bernstein's market-beating stock model loves 4 Club holdings. Here's where we stand on each
▼ + stars: | 2023-03-29 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

Four Club holdings — including Meta Platforms (META) and Pioneer Natural Resources (PXD) — are among the 12 best-positioned stocks right now, investment bank Bernstein told clients Wednesday. A third characteristic shared by all 12 stock is not being a so-called "crowded trade," as measured by Bernstein's Crowding Model. Meta Platforms Bernstein's take: Meta's aggressive cost-cutting efforts are likely factored into the social media giant's stock price in full, according to the firm. Pioneer Natural Resources Bernstein's take: Pioneer has "the simplest and most reliable" operating model within the energy sector, analysts wrote. Devon Energy Bernstein's take: The firm sees Devon as the best "turnaround story" in the U.S. shale sector, noting that past performance has sometimes been "marred by shaky strategic decisions."

☆ Spanish competition watchdog opens disciplinary case against Google
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] A man walks past a logo of Alphabet Inc's Google in front of an office building in Zurich, Switzerland July 1, 2020. REUTERS/Arnd Wiegmann/File Photo/File Photo/File PhotoMarch 28 (Reuters) - Spain's competition watchdog CNMC has opened a disciplinary case against Google for alleged anti-competitive practices affecting publishers and Spanish news agencies, the regulator said on Tuesday. CNMC said it was investigating whether Google had abused its dominant position in the Spanish market. The proceedings involve Google LLC, Google Ireland Ltd, Google Spain, S.L. The alleged practices also include distorting free competition and imposing unfair conditions on press publishers and Spanish news agencies, CNMC said.

☆ This is not another banking crisis, analysts say — it's 'sentiment contagion' instead
▼ + stars: | 2023-03-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

"It was more of a 'sentiment contagion' rather than the true systemic contagion we saw during the global financial crisis. Vanguard economists believe that the damage has been largely contained, thanks to the quick action of federal agencies and other banks," Devereux said. The bank launched a huge restructuring effort in 2019 and has since posted 10 straight quarters of profit. "We've seen a lot of stuff breaking and haven't really been paying attention because it's been outside of regulated capital. For the core, the big cap banks in Europe, I think we're looking at a completely different picture and I wouldn't be concerned."

[1/3] The logo of Swiss bank Credit Suisse is seen in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann/File PhotoWASHINGTON/FRANKFURT, March 26 (Reuters) - Stress in the banking sector is being closely monitored for its potential to trigger a credit crunch, a U.S. Federal Reserve policymaker said on Sunday, as a European Central Bank official also flagged a possible tightening in lending. "What's unclear for us is how much of these banking stresses are leading to a widespread credit crunch. Meanwhile in Europe, the ECB believes that recent banking sector turmoil may result in lower growth and inflation rates, its vice president Luis de Guindos said. Turbulence among banking stocks on both sides of the Atlantic continued into the end of the week, despite efforts by politicians, central banks and regulators to dispel concerns.

☆ Credit Suisse could face disciplinary action, Swiss regulator says
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss bank Credit Suisse is seen in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann/File PhotoZURICH, March 26 (Reuters) - Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse (CSGN.S) managers after Switzerland's second largest bank had to be rescued last week by UBS (UBSG.S). Credit Suisse on Sunday declined to comment on the FINMA President's comments when asked by Reuters for a response. FINMA had conducted six public "enforcement proceedings" against Credit Suisse in recent years, Amstad said. Amstad also defended Switzerland's decision to write down 16 billion Swiss francs of Credit Suisse Additional Tier 1 (AT1) debt, to zero as part of the forced rescue merger.

The planned closure of the plant has left dozens of Virginia chicken growers scrambling to find new buyers in a region with few other options. Tyson alerted Virginia farmers by phone on March 13 and later by mail that it will shut its Glen Allen plant on May 12, according to three poultry farmers who supply the plant. The USDA, which enforces the PSA, told Reuters it is "closely monitoring" Tyson's planned plant closure. 'WE'RE DONE'Under normal circumstances, Tyson supplies farmers with chicks, while farmers assume the costs of land and chicken houses. On Monday, about 20 Tyson farmers and local government officials gathered in a fire station in Burkeville, Virginia, and raised concerns about Tyson's short timeline for closure of the plant, attendees said.

[1/3] CEO of Moderna Stephane Bancel looks up at the session "State of the Pandemic" during the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2023. Moderna (MRNA.O) CEO Stephane Bancel was called to testify after the company flagged plans to raise the vaccine's price to as much as $130 per dose, drawing the ire of Democratic U.S. Senator Bernie Sanders, who chairs the influential Committee on Health, Education, Labor and Pensions (HELP). The government in May plans to end the COVID public health emergency, putting much of the vaccine purchasing in the hands of the private sector. Moderna in February forecast $5 billion in COVID vaccine sales this year, far less than the $18.4 billion windfall in 2022, due to decreasing demand for the shots.

☆ Everything you need to know about UBS's historic $3 billion deal to rescue rival bank Credit Suisse
▼ + stars: | 2023-03-21 | by ( George Glover | ) www.businessinsider.com time to read: +6 min

UBS agreed to buy its longtime rival Credit Suisse for $3 billion on Sunday. There's one big winner — and lots of losers — from the Credit Suisse rescue deal. The deal announced Sunday afternoon valued Credit Suisse shares at just 0.76 Swiss francs, one-fifth of the price the Saudi National Bank paid. Lastly, the merger between UBS and Credit Suisse could be bad news for the Fed. Here's how the Credit Suisse rescue deal impacts the central bank.

[1/2] CEO Ralph Hamers of Swiss bank UBS addresses the Annual Meeting of Swiss Financial Institute (SFI) in Zurich, Switzerland November 10, 2022. Hamers, with no big-ticket M&A experience under his belt, has cut his teeth reshaping a major Dutch lender mostly by selling businesses. Reuters Graphics Reuters GraphicsA nearly 30-year veteran of Dutch lender ING - he married a former colleague from the bank - Hamers was a surprise choice when he was appointed in early 2020 to lead UBS. UBS declined to comment on the matter on Monday but the bank said at the time that it had "full confidence" in Hamers. Former Unilever CEO and fellow Dutchman Paul Polman gave a Hamers a vote of confidence on Monday, telling Reuters that "Hamers is a purposeful leader certainly well prepared to lead Swiss banking through these challenging times."

☆ Meet UBS CEO Ralph Hamers, a leader behind Credit Suisse negotiations who opts for open-necked shirts and wants to build 'Netflix of wealth'
▼ + stars: | 2023-03-19 | by ( Bethany Biron | ) www.businessinsider.com time to read: +2 min

UBS CEO Ralph Hamers is a key figure in negotiations to buy Credit Suisse and prevent its collapse. The 56-year-old exec has worked in Swiss banking for more than three decades and is a proponent of digital innovation. Sign up for our newsletter to get the latest stories in hedge funds, PE, fintech, and banking — delivered daily to your inbox. ING ultimately was slapped with a nearly $900 million fine for not adequately preventing financial crime, according to BBC News. At the time, he said the bank took "full responsibility" and its failure to follow policy was "unacceptable," BBC News reported.

☆ Mercedes set to invest billions in e-vehicles plants
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] An electric-powered Mercedes-Benz EQ Silver Arrow conception car is seen at the Auto Zurich Car Show 2022 in Zurich, Switzerland, November 10, 2022. Mercedes has said it will be ready to go electric by the end of the this decade, where market conditions allow. The carmaker will start work on the Rastatt plant over the coming months and will produce the first model of the compact vehicle platform MMA from 2024. In addition, Mercedes will invest a low single-digit billion dollar sum in modernising the painting systems at its Sindelfingen, Bremen and Rastatt plants in Germany. Burzer said Mercedes was ready to respond to any further changes in the regulatory environment.

☆ From spying to Swiss bailout: How years of turbulence at Credit Suisse came to a head
▼ + stars: | 2023-03-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland February 21, 2022. The announcement that Credit Suisse would borrow up to 50 billion Swiss francs ($54 billion) from the central bank came after consecutive sessions of steep drops in its share price. It made Credit Suisse the first major bank to receive such an intervention since the 2008 Global Financial Crisis. Scandals Credit Suisse is currently undergoing a massive strategic overhaul in a bid to address these chronic issues. These oversight failures resulted in a massive shakeup of Credit Suisse's investment banking, risk and compliance and asset management divisions.

☆ UBS, Credit Suisse oppose idea of forced merger, Bloomberg News reports
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland October 25, 2022. REUTERS/Arnd WiegmannMarch 16 (Reuters) - UBS Group AG (UBSG.S) and Credit Suisse Group AG (CSGN.S) are opposed to a forced merger, Bloomberg News reported on Thursday, citing people with knowledge of the matter. UBS and Credit Suisse declined to comment on Reuters' requests for comment. Wall Street bank JPMorgan on Wednesday said that Credit Suisse's takeover by another lender, probably UBS, was the most likely scenario for the embattled bank. Reporting by Urvi Dugar in Bengaluru Editing by Mark Potter and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Swiss National Bank confirms that it will provide liquidity to Credit Suisse
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: 1 min

[1/2] The building of the Swiss National Bank is seen in Zurich, September 22, 2022. REUTERS/Arnd Wiegmann/File PhotoZURICH, March 16 (Reuters) - The Swiss National Bank confirmed on Thursday that it will provide liquidity to Credit Suisse (CSGN.S) against sufficient collateral. "Within the framework of its statutory mandate, the SNB may provide liquidity to a domestic bank against collateral," the central bank said in response to questions from journalists. Credit Suisse said early on Thursday it would make use of a $54 billion loan from the SNB to shore up liquidity and investor confidence. Reporting by John Revill; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Silicon Valley Bank's failure might just spark a faster housing rebound
▼ + stars: | 2023-03-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Now let's see how the fast-moving banking turbulence impacts the highly sensitive US housing market. "It seems that home sales activity has bottomed out, and 2023 will be the turning point for the housing market," she said. While her long-term outlook on a housing rebound hasn't changed, mortgage rates look set to fall faster than previously expected, which could allow more Americans to enter the housing market. And looking ahead to the Fed's meeting next week, Evangelou expects policymakers to moderate their aggressive policy. In other news:The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland October 28, 2020.

March 15 (Reuters) - Swiss regulators pledged a liquidity lifeline to Credit Suisse (CSGN.S) in an unprecedented move by a central bank after the flagship Swiss lender's shares tumbled as much as 30% on Wednesday. They said the bank could access liquidity from the central bank if needed. Credit Suisse said it welcomed the statement of support from the Swiss National Bank and FINMA. Hoping to quell concerns, FINMA and the Swiss central bank said there were no indications of a direct risk of contagion for Swiss institutions from U.S. banking market turmoil. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022.

March 15 (Reuters) - Swiss regulators said Credit Suisse (CSGN.S) can access liquidity from the central bank if needed, racing to assuage fears around the lender after it led a rout in European bank shares on Wednesday. The U.S. Treasury is monitoring the situation around Credit Suisse and is in touch with global counterparts about it, a Treasury spokesperson said. They slid again as a crisis of confidence gripped Credit Suisse on Wednesday after its largest investor said it could not provide Credit Suisse with more financial assistance because of regulatory constraints. The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. Ralph Hamers, CEO of Credit Suisse rival UBS (UBSG.S) said market turmoil has steered more money its way.

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