Switzerland Financial News

Ecom Express is looking to enter the primary market with a Rs 3,000 crore initial public offering (IPO), according to two people aware of the development. The third-party logistics company has appointed bankers such as Kotak Capital, IIFL, Axis Capital, and UBS, according to one of the sources. «Ecom Express has initiated the process for the public issue, which includes both a fresh issue and an offer for sale from the existing investors. The company is likely to file its draft red herring prospectus soon,» said one of the people cited above.

shares of Inox Green, Titagarh Rail, India Cements, Dr Reddy's, Bharti Airtel among others will be in focus due to various news related developments. Inox Green Energy Ace investor Ashisk Kacholia has invested Rs 40 crore in Inox Green Energy Services as part of the latter's Rs 1,050 crore fund raise plan.

Bitcoin spot ETFs have been experiencing significant net outflows, with the trend continuing for seven consecutive days.

logistics company Ecom Express is looking to raise Rs 1,424 crore (about $170 million) through a rights issue that is likely to be led by its existing investors Warburg Pincus, British International Investment (BII), and Switzerland-based Partners Group. The company’s shareholders have passed a resolution for the rights issue totalling 1.57 million compulsorily convertible preference shares at Rs 9,071 apiece – the same price at which Ecom Express did a rights issue in July last year, showed regulatory filings with the Registrar of Companies (RoC).

Mint. An email sent to Khaitan seeking comment went unanswered. Shareholders at other large Indian companies have also been voicing their displeasure in recent times, such as when Wipro sought to award former chief executive Thierry Delaporte a ₹36 crore cash severance last month.

Euro 2024 is gradually heading towards the knock-out Round of 16. So far, Germany, Spain, Portugal, Switzerland, Italy, England, France, Netherlands have qualified from the group stage. While top two teams qualify for round of 16, four third-placed teams will also play in the knock-out stage.

Fallen cryptocurrency exchange FTX says that nearly all of its customers will receive the money back that they are owed, two years after its spectacular implosion, and some will get more than that.

VanEck Crypto and Blockchain Innovators UCITS ETF trading under the ticker “DAPP” is one of the top-performing ETFs in May, according to Morningstar Inc.

After completing its acquisition of a 70% stake in Kotak General Insurance last week, Zurich Insurance Group is aiming to become a leading player in the rapidly growing Indian market. The Rs 5,560 crore deal makes it the largest foreign investment in the sector. It’s also the first stake acquisition by an overseas insurer since the FDI limit was raised to 74% from 49% in 2021. Tulsi Naidu, CEO, Asia Pacific, Zurich Insurance Group, spoke to Shilpy Sinha and Arijit Barman about the growth strategy. Edited excerpts: India opened up the insurance sector to foreign firms in 2000 and raised the FDI limit in 2021. Are you late to the market? The biggest thing that has always been important to us as a strategic investor is being a long-term player. If you look at Zurich’s history, we've consistently grown in global markets. We entered Switzerland in 1872, the US in the 1920s during the American century, and now we’re growing in Latin America and Asia. We believe India is an important market, and with the relaxation of FDI rules a few years ago, we started considering how to establish our presence here. For us, owning and operating our own business and contributing to the market is essential. In a significant market like India, we want to be fully present.

An Indian-born billionaire and three family members have been sentenced to prison for exploiting domestic workers at their lakeside villa in Switzerland

Swiss museum on Thursday pulled down five paintings, including a van Gogh and a Monet, after the foundation that owns them called for a deeper look at their origins following new U.S. guidelines on how to handle artworks once confiscated by the Nazis. The Foundation E.G. Bührle Collection, which owns the works formerly shown at the Kunsthaus Zurich museum, said it was looking to reach a «fair and equitable solution» with the legal successors of the former owners, who were not identified. The foundation's board called for a new assessment of the works under new "Best Practices" published by the U.S. State Department in March on how to deal with Nazi-confiscated art, as an upgrade to principles adopted in 1998.

Hindujas, have said they are «appalled» by a Swiss court's ruling of jail terms for some members and have filed an appeal in a higher court challenging the verdict finding them guilty of exploiting vulnerable domestic workers from India employed at their villa in Geneva. A spokesperson for the affected family members, Kamal and Prakash Hinduja and their son Ajay and his wife Namrata — who are all Swiss nationals, pointed out on Saturday that neither of them have been subjected to any «imprisonment, conviction, sentence or detention.» «Per Swiss law procedures, the lower court's judgement is rendered ineffective and inoperative as the presumption of innocence is paramount until and unless a final judgment by the highest adjudicating authority is enforced,» the family's spokesperson said. «It may be noted that the case has no complainants left anymore and they had declared in the court that they were led into signing statements that they didn't even understand. They had neither intended to nor initiated such proceedings. All of them further testified that the four Hinduja Family Members treated them with 'respect, dignity and like family',» the spokesperson added.

Swiss National Bank on Thursday and weaker than expected US data across the board, gold prices climbed to a two-week high level of $2,366 on Thursday as traders expect the US Federal Reserve to follow suit soon, more so as the European Central Bank has already begun slashing its benchmark rate. However, stronger than expected US PMIs released Friday led to a sharp decline in the yellow metal prices. Spot gold was trading at $2,319, down nearly 1.70% on the day, at the time of the MCX closing on Friday. The metal was down nearly 0.55% on the week. The MCX August contract was at Rs 71,594 (LTP), down 1.37%.

Hinduja family were convicted on Friday for exploiting underpaid servants at their luxurious villa in Geneva, Switzerland. The elder family members, Prakash Hinduja (78) and Kamal Hinduja (75), who were absent from the trial due to health issues, received sentences of 4 1/2 years each. Ajay Hinduja and his wife Namrata, who were also not present in the courtroom, were sentenced to 4 years, as reported by Bloomberg. The Hinduja family's business manager, Najib Ziazi, received an 18-month suspended sentence. The Hindujas expressed their dismay at the court's decision and announced an appeal has been filed to a higher court. They hope to overturn the verdict, which found them guilty of exploiting vulnerable domestic workers, as reported by PTI.

dollar edged higher against other major currencies on Friday, hitting a fresh eight-week high against the yen as data showed a strong U.S. economy and as the Federal Reserve's patient approach to interest-rate cuts stood in contrast to more dovish peers. U.S. business activity hit a 26-month high in June amid a rebound in employment while price pressures subsided considerably, suggesting that a recent slowdown in inflation was likely to be sustained.

Asian shares are ending the week with a whimper after a recent rally to 26-month highs drew profit-taking, while the relentless strength in the U.S. dollar pushed the Japanese yen towards the intervention zone. Europe is set for a flat open, having bounced a day earlier as rate cuts there gathered pace. Both EUROSTOXX 50 futures and FTSE were little changed but S&P 500 futures rose 0.1% and Nasdaq futures gained 0.2%.

Bitcoin was trading 1.3% lower at $64,592 as of 11:56 a.m. IST, while Ethereum was below the $3,550 level.

Wall Street shares pulled back from record highs hit early on Thursday in sympathy with rallying overseas indexes, as Treasury yields shook off soft U.S. data and rose anticipating new supply next week. The dollar firmed, as higher U.S. yields widened differentials with non-dollar rates that are trending lower. It drew closer to the 160 yen area that prompted Tokyo to intervene in late April to support its currency.

Asian shares are ending the week with a whimper after a rally to 26-month highs earlier this week drew profit-taking, while the strength in the U.S. dollar as central banks in Europe cut rates kept pressuring the yen towards the intervention zone. Overnight, the Swiss National Bank cut rates for a second time while the Bank of England opened the door to an easing in August after holding rates steady. Sterling, the Swiss franc and the euro fell, lifting the dollar broadly.

The Swiss National Bank (SNB) announced on June 20 an extension of its wholesale central bank digital currency (CBDC) pilot program, also known as the “digital franc.”