Switzerland Financial News

Glencore has agreed to buy a majority stake in Teck Resources’s coal business for $US6.93 billion ($10.9 billion), ending a months-long saga and setting the stage for the commodity giant to spin off its own coal unit.

PRS Oberoi, chairman emeritus of The Oberoi Group, passed away on Tuesday. He was 94. Under his leadership, the hospitality chain set new benchmarks for luxury and attention to detail, and he oversaw the opening of several iconic luxury hotels in India and overseas.

Oberoi Group passed away this morning, November 14, Tuesday, said a spokeswoman of the Oberoi Group. In an official statement, the company said, “It is with profound grief and sorrow that we wish to inform you of the peaceful passing of our beloved leader, Mr. P.R.S.

Medibank Private is the $9.6 billion gorilla giving London-listed buyout giant Intermediate Capital Group and Switzerland’s Partners Group a major headache in their quest to acquire Cura Day Hospitals.

Delhi pollution news: With Delhi's air quality deteriorating, the authorities of Dr Ram Manohar Lohia Hospital, a government hospital in the city, have decided to establish a special Out-Patient Department (OPD) for pollution-related illnesses. "We have decided that a special OPD will run for pollution-related illnesses where comprehensive care can be given to the patients and will include a multi-departmental clinic because pollution affects multiple organs," Dr Ajay Shukla, Director of RML Hospital said as quoted by news agency ANI. He added that this special OPD has been made in view of the rising number of patients because of deteriorating pollution in the national capital. As per Dr Ajay, five departments including ENT, skin, respiratory tract, eye, and psychiatric departments will be there in the Special OPD.

The United States Securities and Exchange Commission (SEC) has filed claims of fraud and securities violations against Terraform Labs. Together with the company's co-founder, Do Kwon, Terraform Labs is vigorously pursuing a dismissal of these charges from a U.S. District Court. The legal representatives for Kwon and Terraform Labs argued in a document that was submitted on October 27 to the United States District Court for the Southern District of New York that the cryptocurrencies Terra Classic (LUNC), TerraClassicUSD (USTC), Mirror Protocol (MIR), and mirrored assets (mAssets) are not securities as asserted by the SEC. The document was filed in response to the SEC's claim that the cryptocurrencies are securities.

sports bodies want urgent talks with the IOC about the risk of cuts in their revenue shares and medal events at the 2028 Los Angeles Games because cricket and other newcomers were added to the program. The International Olympic Committee last month approved cricket, baseball/softball, flag football, lacrosse and squash for 2028 and kept boxing, modern pentathlon and weightlifting — three sports whose status had been in doubt. The umbrella group of current Summer Games sports, known by the acronym ASOIF, said Monday the decision to increase to a record 36 sports «has raised several questions» among its members, who collectively shared $540 million of IOC-allocated money at each of the past two Olympics. Most Olympic sports got between $13 million and $17.3 million from the pandemic-delayed Tokyo Games in 2021. For some, that was about half their total income over four years. Adding four team sports in 2028 also is set to break the IOC's preferred limit of 10,500 athletes at a Summer Games and likely will put pressure on the core Olympic sports to cut their quotas of athletes or even medal events.

Alon Hazan wants his team to beat Kosovo in their delayed European Championship qualifying game on Sunday to bring «some happiness to our people.» It is the first soccer match for Israel since the Oct. 7 attack by Hamas and the ongoing war in Gaza.

The global embrace of digital currencies, driven significantly by Bitcoin, has come under scrutiny following a new United Nationsstudy spotlighting the environmental detriments tied to cryptocurrency mining, extending beyond the often-cited carbon emissions to encompass water and land impacts. This study, conducted by the United Nations University Institute for Water, Environment and Health (UNU-INWEH), delves into the activities of 76 nations involved in Bitcoin mining over the span of 2020 to 2021, painting a concerning picture of environmental degradation.

Attorney John Deaton, representing XRP holders, has made a persuasive case in the Ripple vs. SEC legal saga, suggesting that the anticipated $770 million disgorgement for Ripple is improbable. He grounds his prediction on various influential factors that could sway the court’s judgment.

The instruments were sold in two tranches that could be redeemed in either five or ten years, with an initial price talk marketed at 10% for a five-year call and 10.125% for a 10-year call.

Goldman Sachs Group Inc. hired a trio of Credit Suisse private bankers as it builds up its presence in a swath of the Middle East that’s increasingly becoming a destination for the world’s rich.

ZURICH (Reuters) -Luxury group Richemont reported weaker than expected earnings on Friday as the owner of Cartier jewellery said the rising cost of living, economic headwinds and geopolitical tensions were weighing on customers' spending.

ANI. UK Home Office also decided to include Georgia to its list of safe states apart from India.

HSBC plans to launch in 2024 a custody service for storing blockchain-based assets excluding cryptocurrency, the bank said on Wednesday. The service, which is a partnership with Swiss digital asset firm Metaco, will allow institutional clients to store blockchain-based tokens representing traditional financial assets, as opposed to crypto or stablecoins, HSBC said. HSBC said last week it had made tokens representing physical gold held in its London vault. The bank last year launched a digital asset platform, HSBC Orion, which allows financial institutions to issue blockchain-based versions of financial assets, also known as tokenised securities. «We're seeing increasing demand for custody and fund administration of digital assets from asset managers and asset owners, as this market continues to evolve,» said Zhu Kuang Lee, chief digital, data and innovation officer at HSBC.

banks to review their small loan portfolios and submit a report detailing the situation. Banks said the number of these loans may be large but the ticket sizes are not high.

UBS said HL's premium pricing looks 'increasingly unjustified' when compared to similar product ranges, quality and customer service at lower cost competitors.

The joint venture will focus on investing in companies across the digital assets spectrum including market infrastructure, risk and compliance tools, DeFi, tokenisation, consumer payments, and the metaverse. The parties intend to capitalise the vehicle with $100 million.Alex Manson, CEO, SC Ventures, says: “The region is fast becoming a hub for fintechs in the digital asset space due to its regulation, strengthening infrastructure and talent.

Home Office said the move is aimed at strengthening the country's immigration system and help prevent abuse by people making unfounded protection claims. «We must stop people making dangerous and illegal journeys to the UK from fundamentally safe countries,» said UK Home Secretary Suella Braverman.

stark choice in the second round of its presidential election on November 19th. Sergio Massa, the current finance minister whose government is presiding over inflation of 138% and a bizarre system of various official exchange rates, is facing Javier Milei. Mr Milei is a libertarian who says he wants to tear down the system, borrowing ideas from Friedrich Hayek, Milton Friedman and other free-market economists.

gold and silver on Dhanteras day. This time Dhanteras is on November 10, 2023, i.e., tomorrow. If you want to avoid the crowds in a jeweller shop, then there is an option to buy gold coins and bars online. One can buy gold coins, bars online from MMTC-PAMP, reputed branded jewellers such as Tanishq, Malabar Gold & Diamonds etc. 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). MMTC-PAMP sells gold and silver coins and bars only through their offline and online stores. One cannot buy gold and silver jewellery from MMTC-PAMP. The products sold by MMTC-PAMP have received accreditation from the London Bullion Market Association (LBMA). «Since Diwali is dedicated to the worship of Goddess Lakshmi while Dhanteras marks the beginning of the five-day Diwali celebrations, buying pure gold and silver on Dhanteras holds specific significance. At MMTC-PAMP, we offer the purest 999.99+ Gold (24K) and silver products, seamlessly blending the finest Switzerland technological craftsmanship with Indian traditional values and customisation,» says Vikas Singh, MD & CEO, MMTC-PAMP.