Switzerland Financial News

Switzerland’s fifth largest cantonal bank, St.Galler Kantonalbank (SGKB), has partnered with SEBA Bank to offer custody and trading services for Bitcoin and Ethereum.

The Swiss National Bank (SNB), six commercial banks and the SIX Swiss Exchange will work together to pilot the issuance of wholesale central bank digital currencies (CBDCs) in the nation, officially known as the Swiss franc wCBDC.

Switzerland’s St.Galler Kantonalbank (SGKB), one of the largest banks in the country, is moving into cryptocurrency by introducing Bitcoin (BTC) and Ether (ETH) trading to its customers.

By Helen Reid

A jury in Illinois has ordered Chicago-based Conagra Brands to pay $7.1 million to a Pennsylvania woman who was badly injured in 2017 when a can of cooking spray ignited in a commercial kitchen at her workplace and set her aflame

Digital assets custody firm BitGo has obtained a cryptocurrency custody license from the German Federal Financial Supervisory Authority (BaFin).

Swiss National Bank Chairman Thomas Jordan on Wednesday said the central bank's interventions during the fall of Credit Suisse were «crucial» to avoid a «financial crisis» worldwide.

Major cryptocurrency custody firm BitGo is reportedly expanding its regulatory compliance in Germany more than three years after launching a dedicated local subsidiary.

By John Revill

The Swiss franc is back on track to be the strongest performing G-10 currency against the dollar this year, beating all of its peers in October.

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Infibeam Avenues has acquired an entire ground plus 10-storey commercial tower, which was being developed by textile manufacturer Sintex Group as its headquarters in Ahmedabad, for Rs 90 crore, said persons with direct knowledge of the development. In March, Reliance Industries completed its Rs 3,567-crore acquisition of Sintex Industries, exactly a year after banks had approved the acquisition and a month after the National Company Law Tribunal (NCLT) approved the transaction. This under-construction office tower with 400,000 sq ft space being built on 1.7 acres was not part of the resolution as one of the lenders had already taken charge of the property to recover its dues even before the resolution process had started. “The non-banking finance company (NBFC) had taken over the ownership of the property through a trust called Aavas Trust that decided to divest the property on an ‘as is where is basis’ through Swiss auction method,” said one of the persons mentioned above. International property consultant JLL as the exclusive transaction advisor had invited bids for the property with a base price of Rs 76.5 crore. After receiving bids from a few interested parties, the under-construction property on a freehold land parcel at Ahmedabad’s Vaishnodevi Circle was sold to the highest bidder, Infibeam Avenues, and the deal was registered on Monday. ET’s separate email queries to Infibeam Avenues, Sintex Industries, and transaction advisor JLL India remained unanswered until the time of going to press. Infibeam Avenues is expected to complete the construction of the newly-acquired commercial tower.

Dividend stocks 2023: Cyient Shares and Nestle India share price will be in focus when the stock market opens today. The board of directors of these companies have declared dividend for its eligible shareholders. The dividend is a percentage of earnings paid out to shareholders.

social media conglomerate Meta on Monday said it would start offering the users of its platforms in the European Union, European Economic Area and Switzerland a 'subscription option' to keep Facebook and Instagram «ad-free». The subscription option ranges from 9.99 Euros per month for the web version to 12.99 Euros per month for the app versions. Meta said it is introducing subscription options for users to comply with the new regulations in the European Union. The company will continue offering ad-supported versions for users in these regions and use the browsing data or user data to serve them personalised items.

The FCA joins MAS, Singapore’s central bank, the Financial Services Agency of Japan (FSA), and the Swiss Financial Market Supervisory Authority (Finma) as part of the project.The initiative is an extension to MAS’ Project Guardian, in which the central bank collaborated with 15 financial institutions to carry out industry pilots on asset tokenisation in fixed income, foreign exchange, and asset management products. While the pilots demonstrated the potential to reap significant market and transaction efficiencies from the use of tokenisation, scale challenges entail closer cross-border collaboration among policymakers and regulators.The project aims to share knowledge and examine the benefits, regulatory challenges, and commercial use cases of asset and fund tokenisation.Leong Sing Chiong, deputy managing director, MAS, states: “MAS’ partnership with FSA, FCA and Finma shows a strong desire among policymakers to deepen our understanding of the opportunities and risks arising from digital asset innovation.

Bitcoin futures exchange-traded funds have seen the largest single week of inflows since July of last year. The funds raked in about $326 million with expectations rising that the US Securities and Exchange Commission is poised to approve a spot-based Bitcoin ETF, according to a report by crypto asset manager CoinShares on Monday. The optimism is also helping to boost demand for so-called altcoins, with Solana-related products seeing $24 million in inflows. Ether, the second largest cryptocurrency after Bitcoin, saw $6 million in outflows. Forecasts for the approval of a spot Bitcoin ETF have been increasing since the SEC declined to appeal an August court ruling that threw out its rejection of a plan by Grayscale to convert its Bitcoin trust to an ETF. Bitcoin is trading at levels that have not been seen since the crypto market meltdown last May. However, investors are showing restraint despite the prospect of a spot Bitcoin ETF approval. “While positive for Bitcoin, this weekly inflow only ranks the 21st largest on record, suggesting continued restraint among investors,” the report said.

Terraform Labs co-founder Do Kwon has requested a United States district judge to reject the securities and fraud suit from the federal securities regulator, claiming it has failed to prove they did anything wrong.

Facebook and Instagram users in Europe are getting the option to pay for ad-free versions of the social media platforms as a way to comply with the continent’s strict data privacy rules

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When you move from a small town to a big city, your income generally shoots up. And so do your expenses! The scenario undergoes a sea change when you travel across the ocean. Not only one has to adjust to a new lifestyle and way of life, but also the changes relating to a new currency, its impact on purchasing power parity and much more.

Digital asset investment funds saw a record $326 million in net outflows last week, marking the largest single week of inflows since July 2022.