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☆ Credit Suisse shares get closer to offer price in $2.4 bln cash call
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] Switzerland's national flag flies above a logo of Swiss bank Credit Suisse in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd WiegmannMILAN, Dec 1 (Reuters) - Credit Suisse (CSGN.S) shares fell to a fresh record low on Thursday approaching the offer price of the 2.24 billion Swiss francs ($2.37 billion) rights issue the loss-making bank needs to help stabilise its finances. By 1019 GMT, Credit Suisse shares fell to as low as 2.667 francs, which is around 5% above the 2.52 francs offer price in the rights issue. Rights to subscribe to the capital increase fell as much as 51% on the day. "The share price is... above the offer price of CHF 2.52 for their CHF 2.2bn rights offering, which is also the 'hard underwriting' price for the consortium of 19 banks.

[1/2] The logo of Swiss bank Credit Suisse is seen in Zurich, Switzerland October 26, 2022. Credit Suisse declined to comment on the market moves. Credit Suisse rights for its 2.24 billion Swiss francs ($2.4 billion) share issue were down 8%, having reversed initial gains. Credit Suisse bonds also weakened, with additional tier 1 dollar bonds down over 4 cents and many sinking below the levels seen during a sell off in the bank's shares and bonds in early October, Tradeweb data showed. Battered by a series of scandals and mounting losses, Credit Suisse last month embarked on a turnaround plan.

☆ Gazprom to preserve Nord Stream gas-pumping equipment - Kommersant
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Nord Stream is seen at the headquarters of Nord Stream AG in Zug, Switzerland March 1, 2022. REUTERS/Arnd Wiegmann/File PhotoNov 28 (Reuters) - Russia's Gazprom (GAZP.MM) plans to preserve gas pumping equipment at the Portovaya and Slavyanskaya compressor stations that supply the Nord Stream 1 and Nord Stream 2 pipelines, the Kommersant newspaper reported on Monday, citing sources. According to Kommersant, Gazprom plans to keep the equipment at the stations and not move it to other sites. Neither of the Nord Stream pipelines, laid on the bed of the Baltic Sea from Russia to Germany, are currently transporting gas. Nord Stream 1 was shut down for repairs on Aug. 31 and never restarted, while Nord Stream 2 was never launched after Russia's invasion of Ukraine.

☆ Zurich Insurance boosts ambitions with new financial targets
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

[1/2] Logo of Zurich insurance is seen at an office building in Zurich, Switzerland August 9, 2018. REUTERS/Arnd WiegmannZURICH, Nov 16 (Reuters) - Zurich Insurance Group (ZURN.S) aims to boost its business operating profit after tax return on equity (BOPAT ROE) to above 20% by 2025 and generate compound organic growth in earnings per share of 8% per year in new 2023-2025 targets it unveiled on Wednesday. It also aimed for cumulative cash remittances in excess of $13.5 billion and a Swiss Solvency Test (SST) ratio of at least 160% while keeping its dividend policy, it said ahead of an investor day. Reporting by Michael Shields, Editing by Miranda MurrayOur Standards: The Thomson Reuters Trust Principles.

☆ LGBT activists protest at FIFA Museum ahead of World Cup in Qatar
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] Participants display placards as LGBT+ associations protest in front of FIFA World Football Museum, as Qatar is set to host the 2022 World Cup, in Zurich, Switzerland November 8, 2022. REUTERS/Arnd WiegmannZURICH, Nov 8 (Reuters) - A few dozen people protested in front of the FIFA Museum in Zurich on Tuesday to press for the rights of the LGBT+ community ahead of the World Cup hosted by Gulf state Qatar. In an interview filmed in Doha and to be screened later on Tuesday, a Qatar World Cup ambassador told German television broadcaster ZDF that homosexuality, which is illegal in the conservative Muslim country, was "damage in the mind". The All Out group that organised the Zurich protest said the demonstration aimed to "make sure FIFA and Qatar know the world is watching and that citizens around the world expect action". Qatar is the first Middle Eastern country to host the World Cup, but the small nation has come under intense pressure for its treatment of foreign workers and restrictive social laws.

☆ Qatar Investment Authority plans to raise stake in Credit Suisse - FT
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. REUTERS/Arnd WiegmannNov 2 (Reuters) - The Qatar Investment Authority plans to raise its stake in Swiss lender Credit Suisse Group AG (CSGN.S) by investing in a share sale alongside the Saudi National Bank (1180.SE), the Financial Times reported, citing people with knowledge of the talks. Credit Suisse declined to comment on the report, while Qatar Investment Authority did not immediately respond to a Reuters request. read moreLast week, Saudi Arabia-controlled SNB said it would invest up to 1.5 billion francs in Credit Suisse to take a stake of up to 9.9% and may invest in the investment bank. ($1 = 0.9980 Swiss francs)Reporting by Anirudh Saligrama in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Kremlin: Considering 'further steps' over allegation Britain attacked Nord Stream gas pipelines
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Nord Stream is seen at the headquarters of Nord Stream AG in Zug, Switzerland March 1, 2022. Russia's defence ministry said on Saturday that British navy personnel had blown up the Nord Stream pipelines in September, an assertion that London said was false and designed to distract from Russian military failures in Ukraine. "There is evidence that Britain is involved in sabotage ... a terrorist act against vital energy infrastructure," Kremlin spokesman Dmitry Peskov told reporters. The Kremlin has not provided evidence to support its claims Britain was behind the ruptures on the Nord Stream pipelines, which have threatened to put the multi-billion dollar gas link permanently out of use. Peskov said the Kremlin was awaiting for an expert assessment of the damage and that no decisions had yet been taken on the future of Nord Stream 1 or Nord Stream 2.

☆ What Saudi Arabia’s Biggest Bank Wants With Credit Suisse
▼ + stars: | 2022-10-31 | by ( Stephen Kalin | Margot Patrick | ) www.wsj.com time to read: 1 min

Credit Suisse’s soon-to-be-largest investor is keen on gaining access to the lender’s industry specialists and new tools . REUTERS/Arnd Wiegmann/File PhotoDUBAI–Saudi Arabia’s largest bank will soon be the biggest investor in Credit Suisse AG and wants to bring the Swiss lender deeper into the kingdom’s booming financial markets while expanding ties to rich Middle Easterners. “We think it would be synergistic to both sides if we could get them more involved in the Saudi market,” Saudi National Bank Chairman Ammar al-Khudairy said.

☆ Here's a round up of 8 price target changes we made in Club stocks post earnings
▼ + stars: | 2022-10-28 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +5 min

Here's a rundown of the price target changes we recently made in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. However, we cut our price target to $140 per share from $160, acknowledging headwinds due to rising interest rates and lower earnings estimates. We lowered our price target for the Google parent to $130 per share from $160. Microsoft (MSFT): Despite our longer-term positive view, we reduced our price target to $300 per share from $375. We said Tuesday evening that Microsoft's fiscal second-quarter guidance will likely lead to downward earnings and price target revisions from analysts on Wall Street.

☆ Russia bans dealing in capital of 45 foreign-owned banks or banking units
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd WiegmannSummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Oct 26 (Reuters) - Russia on Wednesday banned dealings in the shares or share capital of 45 banks or banking units, all either owned by parties in countries that Russia terms "unfriendly" or owned through foreign capital. Western countries and allies, including Japan, have piled financial restrictions on Russia since it sent troops into Ukraine in late February. Moscow retaliated with obstacles for Western businesses and their allies leaving Russia, and in some cases seized their assets. read more read more read moreReporting by Reuters; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Retailers Tesco and Lidl fight over logo's trademark in UK court
▼ + stars: | 2022-10-25 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

[1/3] The logo of retailer Lidl is seen in Schaenis, Switzerland April 3, 2019. He said in written arguments that Lidl’s underlying case is that Tesco has “copied Lidl’s logos ... to benefit from the association with Lidl’s reputation for high quality goods sold at a low price”. Documents provided to Lidl by Tesco in the course of the litigation also show that “many of their customers believe the Tesco [Clubcard Prices] logo to be the Lidl logo”, Brandreth added. A trial of Lidl’s initial lawsuit and Tesco’s remaining counterclaims is due to be heard at the High Court in London early next year. The case is Lidl Great Britain Limited and another v Tesco Stores Limited and another, CA-2022-001407.

☆ GE CEO sees 'choppier' operating environment next year
▼ + stars: | 2022-10-25 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +2 min

"But it's likely to be a more difficult environment next year for everybody than it has been here in (20)22." With no signs of a letup in air travel demand, the Boston-based company sees "significant" long-term growth opportunity for its aviation business. As part of efforts to mitigate the problem, he said the company is carrying excess inventory and ordering some parts and raw materials well in advance. "We are carrying inventory and incurring excess cost because of these supply-chain issues," Culp said, adding that excess inventory and costs are "very real" near-term challenges for the company. It is also helping suppliers reduce their reliance on labor, he said.

☆ UBS posts third-quarter profit beat, helped by new money inflows
▼ + stars: | 2022-10-25 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland October 25, 2022. REUTERS/Arnd WiegmannZURICH, Oct 25 (Reuters) - UBS (UBSG.S) logged a smaller-than-expected 24% slide in third-quarter net profit with robust client inflows and lower costs helping to ameliorate the impact of turbulent financial markets. The Swiss bank attracted $17 billion in net new fee generating assets in wealth management and $18 billion of net new money in asset management, with strong performances from all major regions. "The focus in the results should fall on the very positive net new money in Wealth Management, said analysts at ZKB. Net profit attributable to shareholders fell to $1.73 billion, ahead of $1.53 billion forecast by 17 analysts in a company-gathered consensus.

A clock is seen near the logo of Swiss bank Credit Suisse at the Paradeplatz square in Zurich, Switzerland October 5, 2022. Credit Suisse is also considering spinning off part of its advisory and investment banking business, which could bring in outside investors and be named First Boston, Bloomberg has reported. If such deals do not materialize or fall short of expectations, Credit Suisse will go for a capital increase, said that person. "I am more worried that Credit Suisse will be bought at a bargain price by an American bank," he said. Ray Soudah, Chairman of Swiss mergers and acquisitions specialist Millenium Associates, said disposals risked making Credit Suisse "an even greater target".

☆ 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.

☆ Hurricane Ian claims likely to push Swiss Re to Q3 loss
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

CFO John Dacey of the world's second largest reinsurer Swiss Re addresses a news conference to present the company's full year results in Zurich, Switzerland February 21, 2019. REUTERS/Arnd WIegmannSummarySummary Companies Swiss Re estimates Hurricane Ian claims at around $1.3 billionExpects Q3 net loss of around $500 millionSees total Hurricane Ian claims for industry at $50 bln-65 blnZURICH, Oct 18 (Reuters) - Swiss Re (SRENH.S) forecast on Tuesday a third-quarter net loss of around $500 million after the reinsurance company absorbed preliminary claims from Hurricane Ian of approximately $1.3 billion. Register now for FREE unlimited access to Reuters.com RegisterSwiss Re estimated the preliminary total insured market loss from Hurricane Ian at $50 billion–$65 billion. "Swiss Re maintains its very strong capital position, with Group (Swiss Solvency Test) ratio of 274%, as of 1 July 2022. Berenberg analyst Kathryn Fear cut her estimate for 2022 net income to $947 million from $1.72 billion.

A clock is seen near the logo of Swiss bank Credit Suisse at the Paradeplatz square in Zurich, Switzerland October 5, 2022. Abu Dhabi and Saudi Arabia were weighing up, through their sovereign wealth funds, whether to put money into Credit Suisse's investment bank and other businesses, Bloomberg reported. A spokesperson for Credit Suisse declined to comment, reiterating that it will update on its strategy review when it announces third-quarter earnings. The largest Middle Eastern sovereign fund investor in Credit Suisse, the Qatar Investment Authority, declined to comment. The New Jersey case was the largest of its remaining exposure on its legacy RMBS business, Credit Suisse said, with five remaining cases, all far smaller, still in litigation.

☆ Credit Suisse capital gap conundrum draws analyst answers
▼ + stars: | 2022-10-14 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. A spokesperson for Credit Suisse, which will unveil its strategic review alongside its results on Oct. 27, said it would be premature to comment on any outcome before then. Credit Suisse shares have plunged almost 50% since the start of the year, trimming its market value to 11.88 billion francs. Credit Suisse's five-year credit default swaps, a key risk benchmark, were indicated as high as 363 basis points on Wednesday, data from S&P Global Market Intelligence shows. "Credit Suisse is facing the biggest upheaval the bank has ever seen," Thomae from Deka Investment said.

☆ Deutsche Bank names former Credit Suisse banker as new APAC head of private bank
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: 1 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd WiegmannSINGAPORE, Oct 12 (Reuters) - Deutsche Bank (DBKGn.DE) said on Wednesday it was replacing its Asia Pacific head of international private banking with a senior hire from embattled Swiss bank Credit Suisse (CSGN.S). Singapore-based Jin Yee Young, who had resigned from her role as the deputy head of Credit Suisse's Asia Pacific wealth management business, was appointed as the Asia Pacific head of the international private bank of Deutsche Bank. The veteran banker's appointment comes into effect from January, Deutsche Bank said in a statement on Wednesday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Xinghui Kok; Editing by Anshuman Daga and Kim COghillOur Standards: The Thomson Reuters Trust Principles.

☆ Deutsche Bank names ex-Credit Suisse banker as new APAC head of private bank
▼ + stars: | 2022-10-12 | by ( Xinghui Kok | ) www.reuters.com time to read: +1 min

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd WiegmannSINGAPORE, Oct 12 (Reuters) - Deutsche Bank (DBKGn.DE) said on Wednesday it was replacing its Asia Pacific head of international private banking with a senior hire from embattled Swiss bank Credit Suisse (CSGN.S). Singapore-based Jin Yee Young, who resigned from her role as the deputy head of Credit Suisse's Asia Pacific wealth management business, was appointed as the Asia Pacific head of the German lender's international private bank. read moreThe veteran banker's appointment comes into effect from January, Deutsche Bank said in a statement. "Wealth management continues to be a cornerstone of our offering for clients in the Asia Pacific region, and a critical growth driver for our platform," said Alexander von zur Muehlen, Deutsche Bank's Asia Pacific CEO.

☆ Givaudan's quarterly growth slows on North America weakness, shares fall
▼ + stars: | 2022-10-11 | by ( Silke Koltrowitz | ) www.reuters.com time to read: +2 min

An employee mixes liquid fragrances in a bottle in a laboratory of Swiss flavours and fragrances maker Givaudan in the town of Duebendorf, Switzerland November 5, 2015. Group sales rose 6.1% on a like-for-like basis and 7.7% in Swiss francs, reaching 5.458 billion Swiss francs ($5.45 billion) in the first nine months of 2022. However, sales in the group's taste and wellbeing unit that makes flavours for food and drinks fell 2.8% in North America, implying an even stronger slowdown in the third quarter. Givaudan's shares, down almost 37% so far this year, were 6.4% lower at 0801 GMT. Givaudan confirmed its mid-term target of 4-5% average organic sales growth per year on a like-for-like basis.

☆ Givaudan on track to offset higher input costs as sales rise
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd WiegmannZURICH, Oct 11 (Reuters) - Swiss fragrance and flavour maker Givaudan (GIVN.S) said on Tuesday it was on track to implement price increases to offset higher input costs after like-for-like sales rose 6.1% in the first nine months of 2022. Sales were up 6.1% on a like-for-like basis and 7.7% in Swiss francs, reaching 5.458 billion Swiss francs ($5.45 billion) in the nine-month period, the Geneva-based company said. Register now for FREE unlimited access to Reuters.com RegisterSales in Givaudan's fragrance and beauty business rose 5.8% at 2.489 billion francs, helped by almost 15% higher fine fragrance sales, Givaudan said. Sales in its taste and wellbeing unit increased by 6.4% to 2.969 billion francs despite a hit from COVID-19 measures in China, the company said. Givaudan confirmed its mid-term target of 4-5% average organic sales growth per year on a like-for-like basis.

☆ Mark Zuckerberg is making a classic big Silicon Valley mistake — one we last saw made by Marissa Mayer at Yahoo
▼ + stars: | 2022-10-11 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +7 min

Mark Zuckerberg is making the same mistakes that plagued former Yahoo CEO Marissa Mayer. Zuckerberg, too, is making a big bet on the metaverse, one better suited for the venture capital world. As Meta shifts to become "a metaverse company" amid stalling user growth and slowing ad sales, stories are emerging about the growing pains that have arrived alongside the changes. Zuckerberg's metaverse play isn't unusual in the tech world, it's just not one we've often seen pay off outside the world of venture capital. Marissa Mayer also had an ambitious vision — and it didn't pay offFormer Yahoo CEO Marissa Mayer.

☆ Swiss National Bank cuts overnight deposits by 30 billion francs
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

The building of the Swiss National Bank (SNB) is pictured in Bern, Switzerland June 16, 2022. REUTERS/Arnd WiegmannZURICH, Oct 10 (Reuters) - The amount of commercial bank cash held overnight with the Swiss National Bank fell by 30 billion Swiss francs ($30.07 billion) last week, data on Monday showed, illustrating how the central bank is tightening monetary policy by reducing market liquidity. Total sight deposits, which include other deposits on sight in Swiss francs, declined to 639.332 billion francs from 669.585 billion francs in the previous week. The SNB raised its policy rate to 0.5% last month as it sought to battle inflation in Switzerland. "At 0,445% the SARON today is not that far away from the official policy rate such that further interventions through bills or repos don't seem that urgent," he said.

☆ Energy-saving in fashion, Valentino turns off lights early
▼ + stars: | 2022-10-07 | by ( ) www.reuters.com time to read: +1 min

A store of Italian designer Valentino is seen in the mountain resort of St. Moritz, Switzerland March 15, 2016. REUTERS/Arnd WiegmannMILAN, Oct 7 (Reuters) - Italian brand Valentino has decided to switch off the lights in its shops earlier at night to save energy and give a signal of "environmental awareness", following in the footsteps of the French luxury giant LVMH (LVMH.PA). Starting from last night, lights in around 95 Valentino's boutiques around the globe were to be turned off nightly at 10 p.m., the company said on Friday, adding it estimates a daily decrease in energy consumption of over 800 kWh. As Europe faces the risk of an energy crisis, LVMH said last month it would turn off the lights in stores three hours earlier at 10 p.m. starting in France in October, with plans to roll out the energy-saving measure in other parts of the world at a later stage. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Claudia Cristoferi Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

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