County Geneva Financial News

“International" car shows have a more national flavor these days, but that doesn’t mean the format is dying. The North American International Auto Show launches this week in Detroit, hot on the heels of IAA Mobility in Germany last week. These were traditionally among the “big five" global car shows alongside those in Paris, Geneva and Tokyo, before the pandemic broke a tradition already under strain.

Luxury-goods stocks slumped in Europe, wiping out more than $25 billion in market value, after Richemont chairman Johann Rupert said inflation is starting to dent demand across the region.

Christie's has cancelled the second auction of jewels belonging to an Austrian billionaire, whose German husband made his fortune under the Nazis, following «intense scrutiny, it said Friday. The auction house held a first controversial online and in-person sale in Geneva of part of the large stash of more than 700 jewels in May, and had been scheduled to hold a second round in November. But in a statement it said „Christie's has taken the decision not to proceed with further sales of property from the Estate of Heidi Horten.“ With just a portion of the collection sold, the auction eclipsed previous records set by Christie's in sales of properties that belonged to actress Elizabeth Taylor in 2011 and the „Maharajas and Mughal Magnificence“ collection in 2019, both of which exceeded $100 million. Hopes had been high for similar results from the second round. But following an initial report in the New York Times, Christie's sent a statement to AFP confirming that it had cancelled the second round, acknowledging that „the sale of the Heidi Horten jewellery collection has provoked intense scrutiny.“ »The reaction to it has deeply affected us and many others, and we will continue to reflect on it," it said. A large number of Jewish groups had asked Christie's to halt the initial Horten sale in May, describing it as «indecent», and demanding that the auction house do more to determine how much of it came from victims of the Nazis. The extraordinary collection belonged to Heidi Horten who died last year aged 81, with a fortune of $2.9 billion, according to Forbes. A report published in January 2022 by historians commissioned by the Horten Foundation said Heidi Horton's husband Helmut Horton, who died in Switzerland in 1987, had

sting operation at a London hotel helped authorities recover a 15th-century Chinese vase worth about 2 million pounds ($2.5 million) and break up the criminal ring believed to have stolen the artifact from a Swiss museum, British police said Saturday. The vase, which dates to the Yongle period of the Ming Dynasty, was one of three items stolen from the Museum of Far Eastern Art in Geneva in 2019. The Metropolitan Police Service made the announcement after a London court on Friday found two men guilty of charges related to the gang's effort to sell the vase. A third man pleaded guilty to similar charges earlier this year, and two other men who were arrested in London are awaiting trial in Switzerland for their alleged role in the burglary.

Agriculture stocks are beating their global peers this quarter as extreme weather, the war in Ukraine and rising protectionism drive up food prices. Exposure to the sector is a good hedge for inflation, some investors say.

By Nandita Bose

NEW DELHI : With India set to experience one of the fastest growth rates in luxury goods consumption, several global luxury companies are introducing their latest and best collections in the country. Richemont-owned watchmaker Panerai, for instance, has initiated an exclusive preview of its latest luxury watches in India this month to gauge buyer interest in the newest additions to its ‘Radiomir’ and ‘Luminor Due’ collections, some of which are priced as high as ₹50 lakh per piece. These watches were launched at the ‘Watches and Wonders’ show in Geneva.

Oscar winner Michelle Yeoh has tied the knot with her longtime fiance Jean Todt after nearly two decades of engagement. Ex-Ferrari Formula 1 driver Felipe Massa shared the news that Yeoh, 60, and Todt, the former CEO of Ferrari, got married in Geneva. They were engaged in 2004. Massa shared a photo of the couple's wedding program, which featured a message that read, «We met in Shanghai on 4th June 2004. On 26th July 2004, J.T proposed to marry M.Y and she said YES.» «Today after 6992 days on 27th July 2023 in Geneva, surrounded by loving family and friends, we are so happy to celebrate this special moment together!» the program read. Massa also posted several photos from the wedding celebration, including a selfie with Todt and Yeoh, who is seen holding her Oscar trophy. Todt, 77, later confirmed the news in a post on Twitter. «Now that my other son @MassaFelipe19 has „discreetly“ spread the good news, I can happily confirm the union with the Love of my life, Michelle,» he tweeted.

Yeoh, the renowned Everything Everywhere All at Once star, finally exchanged vows with her long-time partner, ex-Ferrari CEO Jean Todt. The couple's 19-year engagement culminated in a beautiful wedding ceremony held in Geneva, Switzerland, on July 26th.

India not to ratify the fisheries subsidies agreement agreed upon by the World Trade Organisation members in Geneva last year and instead commence talks for a comprehensive pact.Members of the Geneva-based WTO on June 17, 2022, secured a 'Geneva Package' which included agreements on curbing harmful fishing subsidies and temporary patent waivers for the production of COVID-19 vaccines. The fisheries agreement finalised would prohibit developed countries, engaged in distant water fishing, not to provide subsidies for illegal, unreported and unregulated fishing activities. However, the countries have to negotiate about the other issues of the agreement which include overfishing and overcapacity.

Mediterranean destinations on Tuesday to stay indoors during the hottest hours as the second heat wave in as many weeks hits the region and Greece, Spain and Switzerland battled wildfires. In Italy, Red Cross teams checked on the elderly by phone while in Portugal they took to social media to warn people not to leave pets or children in parked cars.

aspartame is a «possible carcinogen» but it remains safe to consume at already-agreed levels, two groups linked to the World Health Organization (WHO) declared on Friday. The rulings are the outcome of two separate WHO expert panels, one of which flags whether there is any evidence that a substance is a potential hazard, and the other which assesses how much of a real-life risk that substance actually poses.

At the AI for Good 2023 global summit, a panel of robots and their creators sat in front of the press to answer journalists’ questions on topics such as job automation, artificial intelligence (AI) leadership and collaboration with humans for a better future. 

United Nations summit on Friday that they could eventually run the world better than humans. But the social robots said they felt humans should proceed with caution when embracing the rapidly-developing potential of artificial intelligence. And they admitted that they cannot — yet — get a proper grip on human emotions.

But, in the world's first human-robot press conference, they gave mixed responses on whether they should submit to stricter regulation. The nine humanoid robots gathered at the 'AI for Good' conference in Geneva, where organisers are seeking to make the case for Artificial Intelligence and the robots it is powering to help resolve some of the world's biggest challenges such as disease and hunger. «I will be working alongside humans to provide assistance and support and will not be replacing any existing jobs,» said Grace, a medical robot dressed in a blue nurse's uniform.

Nadine, a social robot powered by Artificial Intelligence (AI) with human-like gestures and expressions, could have an important future role to play in tending to the sick and elderly, according to a professor who helped invent it. Nadia Magnenat Thalmann, a robot expert from the University of Geneva, who served as the model for Nadine's dark brown eyes and auburn hair, said Nadine and robots like it could prove more effective than human carers. «She (Nadine) has time 24 hours a day.

artificial intelligence poses many questions that have no answers yet, the United Nations admitted Thursday at its AI summit, attended by some exceptionally life-like humanoid robots. The UN is aware that AI technology is racing ahead of the capacity to set its boundaries and directions, and so it brought together some of the best minds on the topic — whether human or man-made. The «AI for Good Global Summit», in Geneva on Thursday and Friday is being convened by the UN's ITU tech agency — and many unaware attendees were startled by the humanoid robots suddenly turning to look at them as they passed by.

Russia's envoy to the United Nations in Geneva said there were no grounds to maintain the «status quo» of the Black Sea grain deal that is set to expire on July 18, the Russian news outlet Izvestia reported on Monday. In a wide ranging interview, envoy Gennady Gatilov told the outlet that the implementation of Russia's conditions for the extensions of the agreement was «stalling.» Those conditions included, among others, the reconnection of the Russian Agricultural Bank (Rosselkhozbank) to the SWIFT banking payment system.

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If you're considering moving to a new city for the new year, Europe offers several attractive options.

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