Switzerland Financial News

'We object to GAM’s message to shareholders that it is on the verge of collapse.'

(Reuters) — European shares were muted on Friday, as a slump in technology stocks following software maker SAP's downbeat forecast was offset by gains in energy companies, which tracked oil prices higher.

Liontrust, the UK-based asset manager that has tabled a bid for GAM, has said its offer for the Swiss fund house is “full and final” and will not be increased.

By Kate Abnett

US Democratic presidential candidate Robert F. Kennedy Jr. has said he is in favor of a tax exemption on Bitcoin (BTC), while also unveiling a plan to partly back the US dollar with “real, finite assets” like Bitcoin.

A private foundation launched in 2020 to help raise funds for the World Health Organization has reported that nearly 40% of its donations so far came from anonymous donors

Laser Digital, the Swiss digital asset subsidiary of the renowned Japanese financial services giant Nomura, has recently invested in Webn, an incubator backed by Alan Howard. 

ACC and Ambuja cement brands as separate entities and no plan to merge the both, the clarification was given by Ajay Kapur, chief executive officer of both cement companies, said at an annual shareholder meeting. Earlier according to some media reports the Adani Group was looking to merge both Ambuja and ACC cement entity after it acquired them from Switzerland's Holcim in 2022 and is second largest cement producer in the country after the Ultratech Cement.

Adani Group will continue to use its ACC and Ambuja cement brands to sell cement products and has no plans to merge the two entities, Ajay Kapur, chief executive officer of both cement companies, said at an annual shareholder meeting. The group became India's second-largest cement producer in 2022, behind UltraTech Cement, with its $10.5 billion acquisition of both Ambuja Cements and ACC from Switzerland's Holcim. Media reports had said earlier this year that the Adani Group was exploring a merger between the two companies.

GAM reiterated it continues to 'strongly recommend' Liontrust’s offer.

Swiss invoice finance provider TP24 has secured a new $200 million warehouse finance facility from British investment bank Barclays to deploy in Australia, in what TP24’s chief executive says should be a “wake-up call” for the big four.

Democratic presidential candidate Robert F. Kennedy Jr. has promised to progressively back the United States dollar with Bitcoin (BTC) if he is elected president. 

climate change. The current conflagration has already destroyed more than half the forest area that would have been burned by more than 100 smaller fires in a typical year, the same government department said in emailed comments to Reuters.

ARC backed by Varde Partners, Reliance ARC, Rare ARC and Asset Reconstruction Company India (Arcil) — have submitted expressions of interest (EOIs) to acquire the debt of Vidarbha Industries Power, people in the know told ET. These bidders will proceed with due diligence and may submit final bids during the Swiss challenge process to sell the debt. CFM ARC has already made an all-cash offer of ₹1,220 crore and it will serve as the anchor bid.

retail sales rose less than expected in June on a fall in building materials and service station receipts. A separate report showed production at domestic factories unexpectedly fell in June, but rebounded in the second quarter as motor vehicle output increased.  The yield on 10-year treasuries declined three basis points to 3.77%. The US dollar rose to 138.85 Japanese yen from 138.67.

Stage 16 of the Tour de France took place on Tuesday, covering a distance of 22.4 km from Passy to Combloux. It was an individual time trial for the men's elite category. The wind was blowing from the east at a speed of 3 km/h. The route and finish profiles were semi-mountainous. Here are the top finishers: Jonas Vingegaard from Denmark, riding for Jumbo — Visma, is first with a time of 32 minutes and 36 seconds. Tadej Pogacar from Slovenia, representing UAE Team Emirates, is at second, 1 minute and 38 seconds behind the leader. Wout van Aert from Belgium, riding for Jumbo — Visma, is in third position, with a time gap of 2 minutes and 51 seconds. Pello Bilbao from Spain, representing Bahrain Victorious, is fourth, 2 minutes and 55 seconds behind the leader. Simon Yates from Great Britain, riding for Team Jayco — AlUla, is in fifth position, with a time gap of 2 minutes and 58 seconds.

Mediterranean destinations on Tuesday to stay indoors during the hottest hours as the second heat wave in as many weeks hits the region and Greece, Spain and Switzerland battled wildfires. In Italy, Red Cross teams checked on the elderly by phone while in Portugal they took to social media to warn people not to leave pets or children in parked cars.

Investing.com — U.S. futures edged lower Tuesday, with investors digesting a deluge of corporate earnings ahead of the release of retail sales and industrial production data.

Liontrust’s £96m bid for Swiss asset management firm GAM, which was tabled in May, has been under constant attack from a cohort of investors that has urged other shareholders to reject it.

Goldman Sachs is doubling the number of advisers in its local private banking arm after identifying the country’s 400 wealthiest families as one of the “biggest opportunities” in Asia.

Credit Suisse has told London investment bankers that it will cut 80 roles by the end of July as the Swiss bank kicks off what are expected to be deep layoffs.