Switzerland Financial News

Following the release of labour market data from the Office for National Statistics this morning (12 November), Pill told a conference organised by Swiss bank UBS «pay growth remains quite sticky at elevated levels». Investors bet on slower pace of rate cuts from BoE as Budget stokes inflation risks These are «levels that – given the outlook for productivity growth in the UK – are hard to reconcile with the UK inflation target», the Monetary Policy Committee member argued.  UK wage growth cooled less than expected in the three months to September, with annual growth in employees' a...

Japan is planning an automated cargo transport corridor between Tokyo and Osaka to make up for a shortage of truck drivers

France, Germany, Italy, Japan, and Spain shared the second place, granting their citizens visa-free access to 192 countries, as per the latest rankings. The United States ranked 8th, giving its citizens visa-free entry to 186 countries.

Pierre Poilievre says Canada is broken. Polls say 70 per cent of Canadians agree. But what does that claim really mean?

Russian military. The announcement was made by US Treasury and State Departments in what they described as «third-country enablers”. However, there is no independent verification if these Indian firms were part of efforts to boost Russian military apparatus. “…The U.S. Department of the Treasury sanctioned 275 individuals and entities involved in supplying Russia with advanced technology and equipment that it desperately needs to support its war machine. Today’s action targets both individual actors and sprawling sanctions evasion networks across 17 jurisdictions, including India, the People’s Republic of China (PRC), Switzerland, Thailand, and Türkiye,” according to the announcement.

Voters in Liechtenstein have voted to withdraw state funding from the tiny country’s public radio broadcaster, a decision that leaves the station’s future in doubt

Dhanteras to be an auspicious day for buying silver and gold. This time, Dhanteras is on October 29, 2024, i.e. on Tuesday. If you are planning to buy gold or silver from your local jewellery store on Dhanteras, be prepared to stand in long queues for hours. One quick way to avoid all hassle is to shop online. If you are worried about buying high-value items online or the authenticity of a seller, stick to reputed stores like MMTC-PAMP, Tanishq, Malabar Gold & Diamonds. MMTC-PAMP is a joint venture between the Government of India-owned Metals and Minerals Trading Corporation of India (MMTC) and Switzerland-based gold refining company, Produits Artistiques Métaux Précieux (PAMP).

Volodymyr Zelenskiy's chief of staff said on Friday that a full withdrawal of Russian troops, and not just peace talks, were essential to ending his country's more than 2-1/2-year-old war against Moscow. The chief of staff, Andriy Yermak, was addressing an international meeting devoted to implementing a peace plan, one of several gatherings staged as a follow-up to last June's world «peace summit» hosted by Switzerland. «Don't expect this war to end when the warring sides begin to talk to each other,» Yermak told the gathering, according to the president's website. «Don't be deceived. This war will end when the last soldier of the occupying army returns home.»

Narendra Modi's constituency Varanasi, has secured $40 million or over Rs 322 crore of funding from Switzerland's Xport Finance, company's executive director Shivdutt Das told ET. The National Highways and Logistics Management Limited (NHLML), under the administrative control of the ministry of road transport and highways and a 100% owned company of the National Highways Authority of India, has entered into a 60:40 joint venture with VSE to construct the ropeway, sharing 60% of the estimated Rs 807 crore cost of the project. The project could be completed ahead of schedule by early next year as against the earlier target of August 2025, he said. «We had initially targeted to deliver the Varanasi ropeway project by August 2025. At the current pace of work, we should complete it before time,» Das said.

Nitin Gadkari on Thursday, said that India has 360 proposals of rope way and cable cars worth USD 7.93 billion. He was addressing the event ,«Financing of cutting-edge product's from Germany, Austria and Switzerland in the national capital. Gadkari said that apart from ropeways and cable car projects India is building more than 300 tunnel projects and invited companies from Germany, Switzerland and Austria for Joint Venturing in these projects.

European shares inched higher on Wednesday, led by automobiles and utilities stocks, as investors analysed a slew of mixed corporate earnings from heavyweights such as Deutsche Bank and Roche. The pan-European STOXX 600 index ticked 0.1% higher as of 0712 GMT. Eurozone bank stocks held back some gains as Deutsche Bank's shares fell 2.7%.

SIG Combibloc wants to make a difference. Last year, the Swiss firm — with a India clientele of brands like Amul, KMF, MilkyMist, Heritage Dairy, Coca-Cola, Parle Agro — began constructing its 10th global aseptic packaging plant in Ahmedabad, which will create over 300 jobs. In a conversation with ET Digital, Samuel Sigrist, CEO, SIG Group, talks about aseptic packaging technology and how India is the right market for it. Edited excepts: Economic Times (ET): What kind of potential is SIG looking to cater to in India when it comes to sustainable dairy packaging or sustainable packaging? Samuel Sigrist (SS): This is an amazing starting point, because in some markets in Asia, we first need to teach people to like milk. But that is not the challenge here. So the problem statement here starts with an opportunity statement. It is the largest milk market in the world and less than 10% is processed and packaged; and even a smaller part is in the safest form in the aseptic beverage carton. Now that just shows you the upside that we see. What drives this upside is not just the population growth, but also rising disposable income growth, a growing middle class and urbanisation.

Urban India is under some strain as demand continues to be muted amid surging food inflation, packaged foods maker Nestle India’s chairman Suresh Narayanan said at a media briefing on Tuesday at the company’s infant foods plant in Samalkha. He said there are “some pressure points from mega cities and metros" though tier one and below towns and rural markets seem to be reasonably stable. “The FMCG sector is facing sluggish demand with growth declining to 1.5-2 per cent compared to double digit growth a few quarters ago,” Narayanan said. The maker of Maggi noodles, KitKat chocolates and Nescafe coffee, reported a marginal 0.94% year-on-year decline in net profit for the July-September ’24 quarter, down to Rs 899.49 crore, hurt by softer demand and high commodity prices. The India unit of the Swiss foods company had reported net profit of Rs 908.08 crore in the year-ago quarter.

France has announced its decision to maintain internal border controls until April 30, 2025, due to heightened terrorist threats and concerns over irregular migration. The French authorities formally notified the European Commission that border controls with neighboring Schengen countries—Belgium, Spain, Luxembourg, Switzerland, Germany, and Italy—will not conclude on October 31, 2024, as initially scheduled. The extension follows the country's ongoing concerns over public safety. France's current border control measures will end on October 31, 2024, and a new set of controls will take effect from November 1, 2024. The decision comes amid threats related to terrorist activities, the presence of criminal networks involved in illegal migration, and migration flows that could potentially include radicalized individuals.

BRICS meets for the first time in Kazan, Russia, a potential inflexion point for a group that has so far failed to have an unifying narrative. India has been the bulwark against the attempt to give it an ideological 'anti-West' slant. India could continue to play that role or, better still, leverage the expanded membership — each new member was on its wish list — to define India's neutral pathway. Kazan is not just another BRICS summit. It's a critical moment in India's self-fashioning journey on the global stage. From the moment Russia invaded Ukraine, India has argued its choices in terms of multipolarity, historical ties, defence needs, strategic alliances and partnerships, and economic needs. Kazan offers India an opportunity to emerge not as the ace tightrope walker balancing West and 'anti- and not-so-pro-West' interests, but as a proactive neutral voice committed to a rules-based world order. Kazan should provide the occasion when it can emerge as the 'Switzerland' of our times.

ACRE) has submitted an anchor bid to acquire five non-performing loan (NPL) accounts associated with Subhash Chandra's Zee Group or Essel Group from JC Flowers ARC, offering ₹505 crore in cash against total outstanding debt of ₹1,350 crore. The bid indicates a recovery of 37%. JC Flowers Asset Reconstruction Company, which is managing the auction process as the trustee for JCF Yes Trust, has scheduled a Swiss auction on November 6 with a reserve price of ₹505 crore, based on the anchor bid.

Neeraj Chopra, who recently fractured his hand while training for Diamond Leagure as well his ongoing troubles with groin injury has opened on his insecurities as he sets eyes for his dream of 90m throw. On his future plan, Neeraj said his target was to throw beyond 90 metres. «Everyone expected a gold from me at the Paris Olympics. I was confident of gold but had a fear of injuries. I won medals in two World Championships, but injury still bothers me and prevents me from training effectively. I can't push myself. I know I can do better, but I lack confidence due to injury. I want to be fully fit before returning to the field,» he said. «After that, the journey through Diamond League, Asian Games, and Olympics was good. I am grateful to God for what I have achieved. However, I won't stop here. Winning gold at the World Championship for the country has now become my mission,» he said.

The United States says it is disappointed with a decision by the Swiss government not to adopt all measures in the latest round of European Union sanctions against Russia over its war in Ukraine

By Mark Zelmer

The U.S. retirement system doesn't get high marks relative to other nations.