Switzerland Financial News

A Richard Mille Co. watch is a powerful symbol of wealth for anyone who’s in-the-know enough to recognize its familiar contours.

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Iran has summoned a Swiss diplomat over the apparent U.S. seizure of Iranian crude oil from a ship that sat for months off Texas

Climate activism has intensified in the past few years as the planet warms to dangerous levels, igniting more extreme heat, floods, storms and wildfires around the world

Farmers Insurance says it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability

By Shashwat Chauhan

Cryptocurrency exchange Binance continues introducing more restrictions for its Russian customers on its peer-to-peer (P2P) trading platform.

IndoStar Capital Finance has sold to Phoenix Asset Reconstruction Company two stressed loans of Puranik Builders and Kanakia Spaces Realty for ₹790 crore, which is an 86% recovery on the total loan outstanding of ₹915 crore, according to sources. The recovery rate is considered good given that these loans were overdue by around 60 days. «The recovery was good as the loan accounts were tagged in stage 2 and chances of recovery are strong,» said a source.Non-banking finance companies (NBFCs) categorise loans as stage 2 if the overdue period is between 30 and 60 days.

The commerce ministry Sunday said the Indian and UK officials will continue their negotiations till the month-end to resolve the differences on the proposed free trade agreement (FTA) reported PTI. The meeting will be followed by a review at the higher level, it said. After the G20 Trade and Investment Ministers Meeting (TIMM) at Jaipur, the progress of the FTA negotiations was reviewed by Commerce and Industry Minister Piyush Goyal and UK's Secretary of State for Trade Kemi Badenoch on August 26.

FTA), the commerce ministry said on Sunday.

Droptail commissions, known as the Amethyst model. The vehicle was revealed to the customer during an exclusive gathering held in Gstaad, Switzerland. This unique purple roadster draws its inspiration from the birthstone of the client's son, reflecting the family's cultural roots and individual interests.

BERLIN (Reuters) — Credit Suisse, which is now a subsidiary of UBS, posted a loss of 3.5 billion Swiss francs ($4.0 billion) in the second quarter of 2023, according to a report in the Sonntagszeitung, which cited insiders at the bank.

Europe will be particularly affected. Heat waves of the kind we are currently experiencing are particularly deadly for the elderly, the sick and the poor, the researchers said. The 2003 heat wave, which saw temperatures in Europe reach 47.5 degrees Celsius, was one of the worst natural disasters of recent decades, claiming an estimated 45,000 to 70,000 victims in the space of a few weeks, they said. The researchers from ETH Zurich in Switzerland found that such heat waves could become the new norm in the coming years. Since 2013, they have been systematically collecting data on daily heat-related excess mortality for 748 cities and communities in 47 countries in Europe, Southeast Asia, Latin America, the US and Canada. The researchers used this dataset to calculate the relationship between the average daily temperature and mortality for all 748 locations. From this, they were able to establish each location's ideal temperature, where excess mortality is at its lowest.

Reuters on Friday. As per the report, this call for change joins a growing chorus of demands for transformation from various other investors. Earlier this year, activist shareholder Bluebell Capital Partners had also advocated for a breakup of the company.

Vauld, a Singapore-based crypto exchange that has been in ongoing bankruptcy proceedings since August 2022, has said that it had received permission from the court to restructure its board. The new top management will lead the company’s bailout process. 

Also read: New COVID-19 variant BA.2.86 more infectious, capable of causing infection in vaccinated individuals: US CDC A group of international scientists suggests that while monitoring BA.2.86 is essential, it's unlikely to trigger a devastating wave of severe disease and fatalities, considering the global immunity built up through vaccinations and previous infections. Maria Van Kerkhove, WHO's COVID-19 technical lead, stated that the number of cases is still relatively low. The fact that known cases aren't linked suggests that it is already circulating more widely, especially given reduced global surveillance.

By Jennifer Rigby and Julie Steenhuysen

US Open 2023 has arrived, with anticipation building as the world's top tennis athletes prepare to convene in New York for the culminating Grand Slam of the season. Among the contenders, defending champions Carlos Alcaraz from Spain and Iga Swiatek from Poland are highly favored to secure victories once again. While the spotlight is on these reigning champions, it's important not to overlook the American talents in the mix, including Coco Gauff, Jessica Pegula, Frances Tiafoe, and Taylor Fritz, all of whom are poised to enjoy the spirited support of the home crowd. The last instances of American triumph at the US Open were Sloane Stephens in 2017 for the women's category and Andy Roddick in 2003 for the men's.

Switzerland’s financial markets authority says an in-depth review of more than 30 banks conducted this spring found that “a large number” failed to meet basic requirements for analyzing the risk of money laundering

Indian Bank is likely to launch a second Swiss challenge auction for the distressed Dharani Sugars and Chemicals account after a change in the deal structure for transferring the loan account to the National Asset Reconstruction Company (NARCL). The change in the deal structure was necessitated after the government refused to recognise the proposal by the bad loan aggregator earlier because it had envisioned the creation of two trusts, one of which would exclusively deal with SBI's claims, two people aware of the developments said. The new proposed structure envisages the creation of a single trust which will house the security receipts (SRs) of the account. Unlike previously, SBI's priority charge on some recoveries from the accounts will now be adjusted from the overall recoveries from the SRs whenever they are redeemed, people familiar with the changes said. «SBI will not get a separate trust for the priority charge they hold but from whatever recoveries happen, SBI will get a higher share since the bank has special charge on some anticipated cash flows of the company,» said one of the persons aware of the process. Lead lender Indian Bank and NARCL did not reply to separate emails seeking comment till press time Wednesday. The second Swiss auction comes almost six months after NARCL gave a binding offer of ₹222.5 crore in early March.

Nagarjuna Fertilizers and Chemicals has sought shareholders' approval to sell its urea manufacturing plant and micro irrigation business to a Greenko-linked entity in a slump sale for ₹1,700 crore. The proceeds will be used to settle loans of its new lender, Assets Care and Reconstruction Enterprises (ACRE), an asset reconstruction company. SSG-Ares backed ACRE acquired Nagarjuna Fertilizers' entire ₹1,500 crore debt from banks by paying ₹811 crore, as reported by ET on March 29. Nagarjuna Fertilizers entered into an agreement with ACRE to settle its ₹1,500 crore debt, which it will pay from proceeds of slump sale, according to the disclosures made by the company in its annual report released on August 22. In effect, ACRE paid ₹811 crore to banks in March and is set to recover ₹1,500 crore from Nagarjuna.