Switzerland Financial News

Despite positive developments like the launch of futures-based Ether ETFs and a UAE Dirham-based stablecoin driving digital asset adoption, Bitcoin (BTC), the world's most valuable cryptocurrency, failed to stop its losing streak and is currently trading below the $28,000 mark. 

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Representatives of Banque de France, the French central bank, have embraced the global perspective on the central bank digital currency (CBDC) discussion, touting it as the foundation of a new international monetary system.

«Financial inclusion,» defined as individuals and businesses having access to useful and affordable financial products, has declined in the U.S., according to new industry research.

Deus X Capital, a newly launched investment firm backed by a family office, has entered the crypto space with a combined $1 billion in fresh capital and existing investments.

Mid-tier stockbroker Shaw and Partners is on a hiring spree, adding to its research and equity capital markets teams.

Sygnum Singapore, a subsidiary of the Switzerland-based cryptocurrency bank Sygnum, has received approval for its Major Payment Institution License (MPIL) from the Monetary Authority of Singapore (MAS) to be able to provide crypto brokerage services to accredited investors and institutions in Singapore.

A former MIT alumnus and SoftBank executive has launched a Dirham-backed stablecoin that aims to give countries plagued by high inflation environments exposure to assets linked to the United Arab Emirates’ native currency.

The world’s supposedly preferred “safe-haven” is not being treated as such as the global economy shudders from the possibility of more inflationary and rate hike pain. Its nemesis instead wears the crown, sitting atop the current market upheaval.

Prices for pre-owned Rolex watches kept falling on the secondary market last month while entry-level models and brands like Cartier and Omega fared comparatively better. 

Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency bank Sygnum, received a license to offer crypto brokerage services to accredited investors and institutions in Singapore.

London | Partners at the UK arm of Deloitte will earn more than £1 million ($1.9 million) again this year despite a recent slowdown in demand.

JSW Cement, the building-materials business of steelmaker JSW Group, is in initial talks with Germany's Heidelberg Materials to acquire the latter's 13.4 million-tonne-a-year cement businesses in India, industry sources aware of the talks told ET. The people cited above said the discussions, currently bilateral, began after the JSW Group made an unsolicited offer to acquire Heidelberg's local entities that primarily have capacities in peninsular India. The world's second-biggest cement market, both by capacity and consumption, India has a highly regional and freight-intensive building-materials industry where manufacturing proximity to the end consumption market often determines profitability-linked enterprise valuation multiples in mergers and acquisitions. To be sure, Heidelberg is yet to take a final call on its India exit strategy and according to the people cited above, it is possible that it may eventually decide to opt for a bidding process for the assets to allow other potential buyers to participate and increase competitive intensity for the plants. A Heidelberg Materials spokesperson declined to comment, while the JSW Group did not respond to ET's email seeking comments. Holcim Exit If concluded, it will mark the exit of a second global cement manufacturer from India after Swiss building materials company Holcim Group exited India in 2022, selling Ambuja Cements and ACC to the Adani Group in a closely contested bidding in which JSW Group had also participated. Heidelberg has more than 13 million tonnes per annum (MTPA) cement making capacity in India, of which 6.3 MTPA is with the listed entity HeidelbergCement India, and 7.1 MTPA is with the closely held Zuari Cement.

Leading Swiss asset management bank UBS has announced the debut of its first live pilot of a tokenized Variable Capital Company (VCC) fund on the Ethereum blockchain in Singapore. 

₹1.59 trillion, up 22.3% from a year ago. “Trader interest (rose) in sync with the heightened volatility," said Anindya Banerjee, vice-president (rupee and interest rate derivatives), Kotak Securities. The rupee closed at 83.04 to a dollar on 29 September compared to 82.18 on 31 March.

The waiting room at Queensland-headquartered Cura Day Hospitals is thick with dealmakers from buyout firms and their comrades at core-plus infrastructure funds.

Leading Swiss bank UBS has launched a live pilot of a tokenized version of its variable capital company (VCC) fund as part of Project Guardian, an initiative led by Singapore’s central bank. 

DTR), a 10-month-old decentralised finance startup founded by former SoftBank top executive Akshay Naheta, on Monday announced the launch of its UAE dirham-backed stablecoin, DRAM. In an interaction with ET, Naheta said that the aim of issuing a dirham-backed stablecoin was to establish a foothold in the $130 billion market, which is currently dominated by US dollar-backed stablecoins.

ZURICH (Reuters) -Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the $1.5 billion-plus «tuna bond» scandal, the Swiss bank's new owner UBS said on Sunday, drawing a line under a damaging dispute it inherited.

By Philip Pullella

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