Switzerland Financial News

Rolex SA has acquired the building that was home to rival Omega's flagship boutique. The building was located at Rue du Rhone, known as the priciest shopping street in the Swiss capital of Geneva. It has been acquired by Marconi Investment SA, the subsidiary of Rolex, for $133 million (129 million Swiss francs), Bloomberg reported, citing a filing with Geneva's land registry.

Singapore’s central bank has announced plans to collaborate with monetary authorities in Japan, Switzerland, and the United Kingdom for joint digital asset pilots.

The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, is planning to start crypto-related cooperation with some European countries and Japan.

Islam Karimov, was accused on charges of money laundering, bribery and participation in a criminal network that used “violence and intimidation." Karimova is accused of allegedly developing and running a crime ring known as “The Office" that involved several dozen people and multiple companies. "‘The Office’ conducted its criminal activities as a professional business, complying with mandatory regulations and observing a strict allocation of tasks, while also resorting to violence and intimidation," they said in a statement.

Stablecoins are essential to cryptocurrency markets, and traditional payment systems, especially cross-border ones, can also benefit from them. Edelcoin sets a new standard for stablecoins, offering low volatility, inflation protection, and zero reserve investment risk. Its verified reserves are 100% locked and secured for EDLC holders only.

If you're delaying applying for banks'graduate programs and internships until the mood takes you, then be warned. One student who applied to UBS and who was waiting for a Hirevue interview this week has been informed that the role no longer exists. 

Tether, the preeminent stablecoin firm globally, has once again exemplified its resolve against illicit financial activities by freezing 32 cryptocurrency addresses, implicated in terrorism and warfare funding within Israel and Ukraine. The move showcases the intensifying collaboration between cryptocurrency establishments and global law enforcement to counteract the rising tide of digital-financed crime.

Nestle losing some of its shine recently, Unilever remains at a discount to its Swiss rival on a forward price-to-earnings ratio. To close the gap, Schumacher needs to achieve the seemingly impossible at Unilever: expand the amount of Axe deodorant and Lux soap that it can sell.

Reuters reported. This comes after Sanofi decided to reconsider the 32% profit target for 2025 to focus on "long-term profitability". The drugmaker has decided to increase the spending on immunology and inflammation drug development.

Washington has decided to withdraw its proposal on digital trade at the global trade body to retain the policy space to regulate Big Tech firms. The changed position is crucial ahead of a key ministerial meeting of the WTO next year for which digital trade has been identified as one of the «solid deliverables» by senior trade officials of 164-member countries on Tuesday. The WTO e-commerce negotiations, through a Joint Statement Initiative (JSI), began in 2019 with 90 members trying to reach a consensus on data flows, data localisation, and protection of source code by MC13. India has opposed the plurilateral initiative and has kept away from the talks. New Delhi backs flexibility in digital policy and has concerns about the potential dominance of a handful of e-commerce players. India has also expressed apprehensions over the proposed rules favouring foreign companies, especially the Big Tech. «The new US stand on digital trade validates India's approach on the subject.

The Palaszczuk government says it is still committed to the $5 billion CopperString transmission line from Townsville to Mount Isa despite global miner Glencore announcing it would close its copper mines in the region within two years.

Manchester City will play Young Boys in UEFA Champions League Group G match on Wednesday. The soccer match will be played at Stadion Wankdorf in Bern, Switzerland. Pep Guardiola's City are sitting at the top with six points from two matches. Young Boys are at third position with one point from two matches.

Pan-Asian private equity firm Navis Capital’s Device Technologies has hauled in $400 million from debt capital markets to refinance existing facilities and – more importantly – to bankroll its M&A ambitions.

Nick Hamm's upcoming period action movie, "William Tell."

Frankfurt-listed healthcare giant Fresenius Medical Care and Citi are seeking to make first-round bidders stand behind their offers as the auction for the $500-million-plus Cura Day Hospitals enters round two.

Official results in Switzerland election show that the anti-immigration Swiss People’s Party has rebounded from searing losses four years ago to cement and expand its hold as the largest faction after the parliamentary election

Saudi Arabia aimed at deal brokering, as a violent conflict between Israel and Hamas that has killed thousands of people unfolds. The annual event is typically used by attendees as an opportunity to build relationships with some of Saudi Arabia's biggest companies and its $778-billion sovereign wealth fund, drawn by the promise of deals as the kingdom embarks on an ambitious reform plan to wean its economy off oil. But an escalation between Islamist group Hamas and Israel into a broader conflict overshadowed the event dubbed «Davos in the Desert», a nod to the annual gathering of world leaders and corporate bosses in the Swiss Alps. Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy, World Bank President Ajay Banga said. «There is so much going on in the world and geopolitics in the wars that you're seeing and what just happened recently in Israel and Gaza. At the end of the day, when you put all this together, I think the impact on economic development is even more serious,» Banga said. Although the globe's top financiers dwelt little on the conflict, speaking about topics such as artificial intelligence, the economic fallout of war combined with record debts as rates rise created a bleak backdrop. «There's no question if these things are not resolved, it probably means more global terrorism, which means more insecurity, which means society is going to be fearful… and… we see contractions in our economies,» BlackRock Chairman and CEO Laurence Fink said. Fink was flanked on a panel at the Future Investment Initiative (FII) conference by bank CEOs including Goldman Sachs' David Solomon, JPMorgan's Jamie Dimon and Citi's Jane Fraser.

Logitech International lifted its full-year guidance on Tuesday after the computer keyboard and webcam maker increased profit and slowed the rate of its sales downturn during its second quarter ended Sept. 30. The Swiss-American company, which experienced a strong pandemic as people stocked up on its equipment to work from home, added it was closer to finding a new CEO after Bracken Darrell left in June to take charge of Vans sneaker maker VF Corp.

BEIJING/SYDNEY (Reuters) — Bain Capital and Chinese industrial real estate developer and operator DNE Group said on Tuesday they formed a joint venture with a $250 million equity commitment, as the U.S. firm looks for investment opportunities in manufacturing park assets in China.

Israel men's and women's national teams have been rescheduled for November, world soccer's governing body FIFA said on Monday. UEFA postponed all matches scheduled in the country earlier this month due to the Israel-Hamas conflict. The rescheduled games will be played as close as possible to the existing November international windows, FIFA said. The Kosovo v Israel and Israel v Switzerland Euro 2024 Group I qualifiers will now take place on Nov. 12 and Nov.

BERN: Right-wing populists looked set to sweep Switzerland’s general election as the votes were being counted Sunday following a campaign fuelled by anti-mass migration rhetoric and pledges to combat “woke madness”. The polling stations closed at noon (1000 GMT), the vast majority of Swiss voters having posted in their ballots over the past four weeks. “It was too late to send it by post but given that it's important, I told myself I would still come today,” voter Melanie Salamin told AFP at a polling station in the capital Bern. “It’s our chance and then we can’t complain, we mustn’t wail: we are asked for our opinion and so we give it.” The wealthy European country of 8.8 million people voted for all 200 seats in the National Council lower house of parliament and all 46 in the Council of States upper chamber. A first results projection, giving percentages only, is expected at around 4 pm (1400 GMT), with a seat projection two hours later.