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☆ Davos 2023: 'Keep it in the ground' Greta Thunberg tells protest at end of WEF
▼ + stars: | 2023-01-20 | by ( Maha El Dahan | ) www.reuters.com time to read: +2 min

[1/2] Climate activist Greta Thunberg takes part in a protest on the last day of the World Economic Forum (WEF) in Davos, Switzerland January 20, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 20 (Reuters) - Greta Thunberg and around 30 other activists braved sub-zero temperatures on Friday in a protest calling for climate justice as the World Economic Forum (WEF) meeting wound up in Davos. Now" and "Fossil fuels have got to go", while Thunberg held up a sign saying "Keep it in the ground". The 20-year-old Swedish activist stuck to her stance against all new oil, gas and coal developments during the fringe event, that was not part of the official conference agenda. In 2019, the then 16-year-old Thunberg took part in the main WEF meeting, famously telling leaders that "our house is on fire".

☆ From green subsidies to chips, Davos debates reflect a world in flux
▼ + stars: | 2023-01-20 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

Davos, Switzerland CNN —The World Economic Forum in the Swiss Alps is typically a venue for politicians and business leaders to deliver sermons about the benefits of globalization and cross-border cooperation. European leaders used Davos to amplify complaints about the law’s tax breaks for American companies that make parts for green energy projects, which they claim will disadvantage European firms. German Chancellor Olaf Scholz addresses the World Economic Forum, in Davos, Switzerland, on Wednesday. Representatives from Asia’s third largest economy showed up in force at Davos to meet with international investors. “We’re looking at a less efficient world,” US Trade Representative Katherine Tai said.

[1/2] Climate activists Greta Thunberg, Helena Gualinga and Luisa Neubauer take part in a protest on the last day of the World Economic Forum (WEF) in Davos, Switzerland January 20, 2023. International Monetary Fund (IMF) Managing Director Kristalina Georgieva told the Davos audience that what had improved was the potential for China to boost growth and that the IMF now forecast Chinese growth of 4.4% for 2023. Wall Street executives in Davos said pessimism had eased as economies in the U.S. and Europe stayed resilient and China loosened its COVID-19 policies. For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here. Reporting by Mark John in Davos; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

[1/4] People stand in front of the Blockchain Hub Davos 2023 at the Promenade road during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 16, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 19 (Reuters) - In the snow and ice on the main drag in Davos, the impact of the crypto winter is plain for WEF attendees to see. Executives in Davos said they are now all about blockchain technology, proper controls and regulation, and the promise of disruption that it holds for financial services and beyond. Colm Kelleher, chairman of Swiss bank UBS (UBSG.S), told a WEF panel that blockchain technology will help reduce costs for banks. "We kind of dodged a bullet," Kelleher said, noting that the collapse in the value of crypto currencies had not caused systemic problems.

☆ Davos 2023: UK Labour signals pragmatism over divergence on EU
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] Britain's Labour leader Keir Starmer and the party's financial chief Rachel Reeves walk to a meeting during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 19, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 19 (Reuters) - Britain's opposition Labour party, ahead in polls with an election due in less than two years, said that in government it would favour pragmatism over divergence for its own sake in dealings with the European Union. Labour has ruled out seeking to re-enter the EU's single market. She added: "Having to certify things twice, once for the UK once for the EU, is another cost that frankly we could do without." Reporting by Mark John in Davos; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

[1/2] Visitors queue in front of the Ukraine House during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 16, 2023. It is about creating momentum and giving assurances that even during the war, Ukraine is not closed for business. "Ukraine has shown resilience in war time and business too so we have to find additional tools on how to facilitate Ukraine business to develop and foreign investment to come to Ukraine even now," she said. WAR NOT ENDING SOONZelenskiy addressed BlackRock executives and its clients in Davos via Zoom on Tuesday, a person who attended said. In Davos, an exhibition at Ukraine House reminds visitors of the scale of the destruction.

☆ Davos 2023: Europe must seize catch-up chance - EU's Gentiloni
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

[1/2] The logo of the World Economic Forum (WEF) 2023 is seen at Davos Congress Centre, in the Alpine resort of Davos, Switzerland, January 16, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 18 (Reuters) - An improved economic outlook gives Europe the chance to double-down on efforts to boost its industrial competitiveness in key sectors from clean energy to semiconductors, EU Economy Commissioner Paolo Gentiloni said on Wednesday. Speaking on the sidelines of the World Economic Forum in Davos, Gentiloni said the bloc could avoid an all-out recession this year and get away with what he called a "limited contraction" of the economy in the first quarter. Gentiloni said that was leading to a new readiness to envisage industrial cooperation at EU level to make the bloc less dependent on others. Reporting by Mark John in Davos; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ China's reopening fuels global growth optimism, Davos panel says
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Arnd WiegmannFRANKFURT, Jan 17 (Reuters) - China's reopening from pandemic restrictions could drive global growth beyond expectations and help avoid a broader recession even as some of the world's largest economies struggle to overcome a downturn, top finance officials at the World Economic Forum said. 'STRONG LABOUR MARKETS'Peterson said he still expected a "very mild" recession in the United States, Europe and the Britain, but full year net growth was still going to be positive. "Strong labour markets are not consistent with what we see with a recession and the labour markets are strong almost everywhere in the world," he added. Credit Suisse Chairman Axel Lehmann said he even hoped the United States could avoid a recession, but he too put his bets on China. "I also think that the economy has been surprising us quarter after quarter; the fourth quarter in Europe will be most likely still positive," Centeno said.

☆ Davos 2023: Idris Elba calls for investment to help world's poor
▼ + stars: | 2023-01-17 | by ( Kathryn Lurie | ) www.reuters.com time to read: +2 min

[1/2] British actor Idris Elba delivers a speech as he and his wife Sabrina Dhowre Elba, United Nations International Fund for Agricultural Development (IFAD) Goodwill Ambassador, receive the 2023 Crystal Award during the Crystal Awards Ceremony 2023, ahead of the World Economic Forum (WEF), in Davos, Switzerland, January 16, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 16 (Reuters) - Actor Idris Elba and his wife Sabrina Dhowre Elba called on Monday for business and political leaders to provide more support to the world's poorest countries in the form of investment rather than aid. "The poor of this world are not just looking for aid and handouts, they’re looking for investment," Idris Elba said. (For daily Davos updates in your inbox sign up for the Reuters Daily Briefing here.) Reporting by Kathryn Lurie in Davos; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

[1/2] Participants of the World Economic Forum (WEF) 2023 are seen in a hall at Davos Congress Centre, in the Alpine resort of Davos, Switzerland, January 16, 2023. However, Larry Fink, speaking at a Bloomberg News event in Davos, Switzerland on Tuesday, said the asset management group took in $230 billion over the course of 2022 from U.S. clients. "It's hard, because it's not business... they're doing it in a personal way. Fink, though, said BlackRock was one of the biggest investors in the sector in the world. Moves by the U.S. government to finance a faster shift in the world's biggest economy, through the Inflation Reduction Act (IRA), was also a "game changer", he said.

☆ 'The year of inflection': Top bank CEOs weigh in on inflation outlook
▼ + stars: | 2023-01-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

CEO Ralph Hamers of Swiss bank UBS addresses the Annual Meeting of Swiss Financial Institute in Zurich, Switzerland, on Nov. 10, 2022. Central banks around the world have been tightening monetary policy aggressively in order to bring inflation back toward their respective targets. 'Inflation is not done'While headline inflation has declined due in large part to falling energy and food prices, central banks have also remained laser-focused on labor markets for signs of entrenchment and upward wage pressure. The U.K. labor market has also proven resilient, and against the backdrop of double-digit inflation, better-than-expected economic data and nationwide strike action, data suggests wage pressures may become persistent. Although well above where the Bank of England would want pay growth to settle, those figures still resembled a decline when adjusted for inflation.

☆ INEOS confirms entering bidding process to buy Manchester United
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of British soccer club Manchester United is seen at a lounge during the World Economic Forum (WEF) 2023 in the Alpine resort of Davos, Switzerland, January 15, 2023. REUTERS/Arnd WiegmannJan 17 (Reuters) - Jim Ratcliffe's company INEOS has formally entered the bidding process to buy Premier League soccer club Manchester United, a spokesperson for the chemical firm told Reuters on Tuesday. In August, British billionaire Ratcliffe, a long-time fan of the club, expressed interest in buying United, Reuters reported. "I can confirm that we have formally put ourselves into the process," an INEOS spokesperson said in a statement on Tuesday. INEOS's interest in United comes after the energy group also bought French Ligue 1 club Nice in 2019.

☆ Davos 2023: Climate activists protest over big oil hijacking debate
▼ + stars: | 2023-01-15 | by ( Maha El Dahan | ) www.reuters.com time to read: +2 min

[1/5] Climate activists display a banner during a protest ahead of the World Economic Forum (WEF) 2023 in the Alpine resort of Davos, Switzerland, January 15, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 15 (Reuters) - Climate activists protested in Davos on Sunday against the role of big oil firms at this week's World Economic Forum (WEF), saying they were hijacking the climate debate. The annual meeting of global business and political leaders officially opens in Davos on Monday. More than a hundred protesters gathered in a snowy Davos square chanted, "change your diet for the climate, eat the rich", while some booed oil firms cited during a speech. Smith was holding a sign saying "Stop Rosebank", a North Sea oil and gas field she is campaigning to halt plans for.

[1/5] People take pictures of an an electric-powered Microlino 2.0 car of Swiss manufacturer Microlino AG in Zurich, Switzerland November 21, 2022. Oliver and Merlin Ouboter have launched a new version of the micro car, modelled on BMW's (BMWG.DE) Isetta bubble car, this time with four wheels, not three. "Because it's smaller than a conventional car it consumes less material to make it, and it has a smaller battery which means it uses less electricity," his brother Merlin added. "So the ecological footprint is about a third of a conventional electric car." Microlino is the latest example of that," said Daniel Geissmann at the Swiss Transport Museum in Lucerne.

☆ Swiss central bank sees onus on Credit Suisse to execute revamp
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland November 23, 2022. REUTERS/Arnd WiegmannZURICH, Dec 17 (Reuters) - Credit Suisse (CSGN.S) needs to execute its revamp successfully and end a string of negative headlines from Switzerland's second-biggest bank, Swiss National Bank Chairman Thomas Jordan said in an interview aired on Saturday. It said this month the turnaround was well under way after completing a 4 billion Swiss franc ($4.3 billion) capital hike. It takes time, it is a big challenge for the management and employees of Credit Suisse," Jordan told Swiss broadcaster SRF in an interview. The SNB (SNBN.S) lost 142.2 billion Swiss francs in the first nine months of 2022 as rising interest rates and the stronger Swiss franc slashed the value of foreign investments.

☆ 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.

☆ Regulators find deficiencies in Credit Suisse resolution plan, shortcomings in BNP Paribas plan
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland November 23, 2022. REUTERS/Arnd Wiegmann//File PhotoDec 16 (Reuters) - The U.S. Federal Reserve and the Federal Deposit Insurance Corp identified two deficiencies in Credit Suisse’s so-called “living will” that details how the firm would be unwound in the event of bankruptcy related to the bank’s U.S. governance and cash flow forecasting. Banking regulators also identified a shortcoming, which is not as severe as a deficiency, in BNP Paribas’ resolution plan connected to the continuity in resolution of its securities repurchase agreement activity for the bank’s U.S. operations. Last month, the Fed and FDIC also said Citigroup Inc must remediate its living will, saying problems with the bank’s data governance could adversely affect its ability to produce timely and accurate data during a period of financial stress. Reporting by Hannah Lang in Washington, Editing by Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

[1/4] Chairman Thomas Jordan of the Swiss National Bank (SNB) looks on as he attends a news conference in Bern, Switzerland December 15, 2022. Although Swiss inflation plateaued at 3% in November, it remains elevated by the country's own standards and outside the SNB's price stability goal of annual increases of 0-2%. The European Central Bank is expected to increase its deposit rate by half a percentage point later on Thursday, according to a Reuters poll, while the Bank of England is also forecast to add 50 basis points to its Bank Rate. In its latest forecast on Thursday, the SNB said it expected inflation rates of 2.9% in 2022, 2.4% in 2023 and 1.8% in 2024. Inflation was then expected to rise again, to 2.1% in the third quarter of 2025, the central bank said - above its price stability goal.

☆ Meta oversight board's policy footprint increases in third quarter
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Meta Platforms is seen in Davos, Switzerland, May 22, 2022. REUTERS/Arnd Wiegmann/File PhotoDec 14 (Reuters) - Facebook parent Meta Platforms Inc (META.O) implemented more recommendations from its oversight board in the third quarter than the second, the independent body said on Wednesday. The oversight board received more than a quarter of a million appeals from Facebook and Instagram users around the world during the quarter ended Sept. 30. The oversight board said 27% of its recommendations were fully or partially implemented by Meta during the third quarter, compared with 21% in the previous quarter. read moreMeta in July also sought the opinion of the oversight board on changes to its current approach given the improvement in authentic information sources and general awareness around COVID-19.

☆ Activists take Qatar workers protest to FIFA boss's home town
▼ + stars: | 2022-12-07 | by ( Arnd Wiegmann | ) www.reuters.com time to read: +2 min

The protest by the Avaaz campaign group included an Infantino impersonator holding a World Cup trophy. Qatar, where foreigners make up most of the 2.9 million population, has faced intense criticism from human rights groups over its treatment of migrant workers. Britain's Guardian newspaper reported last year that at least 6,500 migrant workers -- many of them working on World Cup projects -- had died in Qatar since it won the right in 2010 to stage the World Cup. Qatari World Cup organisers have said that there have been three work-related fatalities and 34 non-work-related deaths among workers at World Cup 2022 sites. Amnesty and other rights groups have led calls for FIFA to compensate migrant workers in Qatar for human rights abuses by setting aside $440 million, matching the World Cup prize money.

[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 Wiegmann/File PhotoLONDON, Dec 6 (Reuters) - Shares in miner and trader Glencore (GLEN.L) fell as much as 3.5% on Tuesday after 2023 production guidance across all the commodities it mines missed consensus estimates. The company gave guidance towards copper production of 1.04 million tonnes in 2023, down from 1.06 million this year and compared to a consensus of analysts at 1.124 million tonnes. Glencore expects 2022 EBITDA (earnings before interest, tax, depreciation and amortization) at $28.7 billion and free-cash-flow at $14.7 billion. Roughly 20% of total copper output comes from the mine.

☆ Prada to name former Luxottica chief Andrea Guerra as new CEO
▼ + stars: | 2022-12-06 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: The company's logo is seen at a Prada store in Zurich, Switzerland January 25, 2021. REUTERS/Arnd Wiegmann(Reuters) -Italy’s Prada said on Tuesday that it would name former Luxottica chief Andrea Guerra as its new chief executive officer. Guerra will be recommended as the new CEO at a board meeting next month by controlling shareholder Prada Holding S.p.A., the luxury company said in a statement,Reuters reported last week that the fashion group was set to hire Guerra in a top management role to ease a transition at the helm to the next generation of the founding family. After overseeing a successful turnaround since 2017 to reverse a slide in sales, Prada CEO Patrizio Bertelli, 76, said a year ago he planned to hand over the reins of the group he leads with wife Miuccia Prada Bianchi to their 34-year-old son Lorenzo. “This is a fundamental step we have decided to undertake, while completely engaged in the company, to contribute more to the evolution of the Prada Group and to ease the succession of Lorenzo Bertelli, the future leader of the Group,” they said.

☆ Prada hires former Luxottica chief Andrea Guerra as new CEO
▼ + stars: | 2022-12-06 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann(Reuters) -Italian fashion group Prada confirmed on Tuesday that it would name former Luxottica chief Andrea Guerra as its new chief executive officer to ease a transition at the helm to the next generation of the founding family. Current CEO Patrizio Bertelli, 76, will be appointed chairman of the luxury company at annual shareholder meeting next spring. Current co-CEO Miuccia Prada, 73, will remain creative director of the Miu Miu and Prada brands - the latter together with Belgian designer Raf Simons - and a board member. Guerra, 57, will be recommended as the new CEO at a board meeting to be held on Jan.26 by Prada Holding, which owns 80% of Prada group. As Luxottica CEO from 2004 to 2014, the manager oversaw a more than doubling in sales at the spectacles manufacturer that has been producing and distributing eyeglasses under the Prada group’s Prada and Miu Miu brands since 2003.

☆ Swiss engineering group ABB fined $4.3 mln
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Hitachi ABB is seen at an office building in Zurich, Switzerland September 10, 2020. REUTERS/Arnd Wiegmann/File PhotoZURICH, Dec 2 (Reuters) - Swiss engineering and technology group ABB (ABBN.S) has been fined 4 million Swiss francs ($4.3 million) by the country's Attorney General in connection with a bribery case in South Africa. The company agreed to pay 2.5 billion rand ($144.51 million) in punitive reparations to South Africa within 60 days from Dec. 1, the NPA's statement said. This is in addition to 1.6 billion rand ($92.48 million)the company paid back to South African state power utility Eskom in 2020. ABB was found guilty of improper payments and other compliance issues at the Kusile power station after a wide-scale investigation into state corruption concluded in June 2022.

[1/4] A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland November 23, 2022. Credit Suisse declined to comment on job cuts in the Hong Kong private banking business. Credit Suisse said in October it intends to reduce its cost base by around 2.5 billion Swiss francs ($2.67 billion) to about 14.5 billion in 2025. Client outflows have partially reversed and very few clients have left entirely, Credit Suisse Chairman Axel Lehmann told a Financial Times conference on Thursday. The fresh round of private banking cuts signals challenges facing Credit Suisse as it shifts towards banking for the wealthy, after vowing to ramp up wealth management globally.

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