Switzerland Financial News

The risk-on mood in markets stretched into another day as stocks climbed and the dollar weakened to a 15-month low. 

According to the legal team of the FTX investors, trying to return their funds through court, a failed crypto exchange spent “nearly $400 million” to acquire Digital Assets DA AG (“DAAG”). Later the Swiss company became known as FTX Europe. Now the plaintiffs are eager to be refunded the money that was spent on it by Sam Bankman-Fried and his associates. 

By Amanda Cooper

GAM's largest shareholder has thrown its support behind Liontrust's takeover of the Swiss asset manager.

Italian renewables player Enel is expected to sign terms this afternoon to sell 50 per cent of Enel Green Power Australia to Japan’s INPEX in a deal that values the entire business at €400 million ($655 million) including €140 million debt.

dollar was nudged lower still in Asia on Thursday, as traders took surprisingly slow U.S. inflation as a signal U.S. interest rate rises will be all but finished by month's end.

“This pragmatic approach aimed at resolving issues where negotiators had encountered challenges. The visit proved to be critical in overcoming crucial obstacles and charting a path forward towards an ambitious and mutually beneficial trade deal,” the government said in a statement after Commerce and Industry Minister Piyush Goyal met UK’s Secretary of State for Trade Kemi Badenoch. Goyal was on a visit to the UK from July 10-12. The meeting was marked by a shared understanding and a commitment to advancing mutual interests, according to the statement. The ministers also explored opportunities for enhanced collaboration between the two nations.

New Delhi: Commerce and industry minister Piyush Goyal concluded a meeting with a delegation from the European Free Trade Association (EFTA) led by Helene Budliger Artieda, Swiss state Secretary for economic affairs. The deliberations between Goyal and Artieda revolved around crucial issues and aimed to swiftly conclude the negotiations for the Trade and Economic Partnership Agreement (TEPA).

UBS has named new leadership for it sales and trading business as it continues to integrate key Credit Suisse units after its historic merger, but has also delayed investment banking promotions until the end of July.

The fund uses the new UBS CMCI Sustainability Transition index.

Following the approval from Liontrust shareholders at the firm’s annual general meeting last week (7 July), GAM has continued to urge its investors into accepting the deal.

leadership role at UBS. The reshuffling of positions is a result of the ongoing aftermath of the Swiss authorities' intervention to rescue Credit Suisse through a shotgun merger with UBS, leading to new management taking charge. Jacques de Vaucleroy, a Belgian executive who previously held management positions at French insurer AXA and Dutch bank ING, has been serving as the acting chairman since Ermotti stepped down in April.

By Gertrude Chavez-Dreyfuss

When U.S. investors like Chicago-based Harris Associates started bailing from troubled Credit Suisse earlier this year, one giant global investor doubled its holdings to become the bank’s second-biggest shareholder after the Saudi National Bank.

Andrew Bailey, Governor of the Bank of England (BoE), has reiterated his stance against cryptocurrencies, during his recent speech at the Mansion House in London.

central banks across emerging and advanced economies are expected to have digital currencies in circulation by the end of the decade, the Bank for International Settlements (BIS) found in a survey published on Monday. Central banks around the globe have been studying and working on digital versions of their currencies for retail use to avoid leaving digital payments to the private sector amid an accelerating decline of cash. Some are also looking at wholesale versions for transactions between financial institutions. Most of the new Central Bank Digital Currencies (CBDCs) will emerge in the retail space, where eleven central banks could join peers in the Bahamas, the Eastern Caribbean, Jamaica and Nigeria which already run live digital retail currencies, the BIS found in its survey of 86 central banks conducted late 2022. On the wholesale side, which in future could allow financial institutions to access new functionalities thanks to tokenisation, nine central banks could launch CBDCs, the BIS said.

2023 to become hottest year ever? Global temperature rises by 1.5 degrees Alarm bells had started ringing last week as sweltering heat blanketed much of the planet. On Thursday, the European Union's Copernicus Climate Change Service said on Thursday that June 2023 had smashed all previous records by a substantial margin.

Swiss private markets investor Partners Group has taken a punt on a seasoned investment banker as it seeks to hone its focus in the Australian market.

Andrew Bailey, a Bank of England (BOE) governor, delivered a speech July 10 in which he moved smoothly from the central bank’s efforts to control inflation and maintain public trust in financial institutions to why cryptocurrencies are not money. Instead of cryptocurrencies and stablecoins, he would prefer “enhanced digital money.”

Michael Morley, former chief executive of Coutts and Deustche Bank UK Wealth Management

The Bank of International Settlement (BIS) has said that there could be up to 15 retail Central Bank Digital Currencies (CBDCs) and eight wholesale CBDCs before the end of the decade.