Tag Archives: Switzerland

FILE PHOTO: Swiss bank Credit Suisse logo seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS / Arnd Wiegmann // Photo File / Photo File

ZURICH (Reuters) – Swiss chief financial regulator FINMA questioned Credit Suisse over the risks involved with now-bankrupt financial firm Greensill Capital “months” before the bank was forced to close $ 10 billion in funds such as for Greensill, Swiss newspaper SonntagsZeitung reported Sunday.

Alongside formal discussions at a technical level between the bank and FINMA, chief supervisor Mark Branson privately discussed the risks with Credit Suisse Chairman Urs Rohner and Chief Executive Thomas Gottstein who walked out during a meeting on an undetermined date, the newspaper reported, citing information in his possession. . obtained.

FINMA declined to comment. Credit Suisse also declined to comment.

Switzerland’s second largest bank has staggered from its exposure to the collapse first of Greensill Capital and then Archegos Capital Management within a month.

Credit Suisse’s asset management unit was forced last month to close $ 10 billion in supply chain financial funds invested in bonds issued by Greensill after the British company lost credit insurance coverage shortly before filing for bankruptcy. The bank has suspended the fund manager and replaced the head of its asset management unit.

The massive loss to US investment fund Archegos this month also prompted Credit Suisse to replace its head of investment and compliance and risk banking after saying it would book first-quarter expenses of $ 4.7 billion from its exposure to affected companies.

Reporting by Brenna Hughes Neghaiwi; Edited by Rachel Armstrong and Susan Fenton

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Switzerland

LafargeHolcim proposed a company name slimming to Holcim | Instant News

April 10, 2021 NewsDesk

ZURICH (Reuters) – LafargeHolcim of Switzerland is proposing to simplify its name to Holcim Ltd, the world’s largest cement maker said on Friday, returning to the name of the dominant partner in the 2015 merger that formed the company.

The bond, between Lafarge France and Holcim Switzerland, was originally called a merger of equals, before Holcim shareholders demanded, and were granted, a more profitable share of the joint group ownership.

Since then, Lafarge has also been embroiled in a payment scandal to armed groups in Syria, which triggered the departure of LafargeHolcim Chief Executive Eric Olsen.

The company said it wanted to change its name to “efficiency and impact, while building on the legacy of the group”. The name change will only apply to the company name, while the market branding will not be changed, he added.

Shareholders will vote on the proposed name change at the upcoming AGM, which will be held remotely on May 4.

LafargeHolcim on Friday also proposed replacing Olsen Jan Jenisch as a member of the board of directors in addition to his CEO role, an unusual move for a Swiss company where executives don’t normally sit on the supervisory board.

“Jan has led the company into a new era of growth, financial strength and ESG (environmental, social and governance) performance since joining in September 2017,” said Chairman Beat Hess.

Analyst Bernd Pomrehn at Bank Vontobel said he welcomes further simplification of the company after years of integration and restructuring.

“LafargeHolcim is now entering a period of favorable growth, which represents a much more attractive investment proposition and justifies a higher valuation,” he said.

Reporting by John Revill; Edited by Jan Harvey

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Switzerland

Hermes Tells Switzerland to Stop Providing an Abundant Supply of Luxury Watches | Instant News

April 10, 2021 NewsDesk

Cape Cod luxury watch, manufactured by Hermes International SCA.

Photographer: Michele Limina / Bloomberg

Swiss watchmakers are still issuing too many watches despite production cuts following the Covid-induced decline in sales, according to the chief Hermes Internationalhorology unit.

Brands including Hermes, Rolex and Audemars Piguet suspended production last year amid the pandemic, which is helping to reduce oversupply. However, some manufacturers have failed to address this problem, said Laurent Dordet, chief executive of Hermes’ watch unit, in an interview.

After Switzerland exported more than 1 billion watches over the past four decades, luxury watchmakers are struggling with the paradox that they need to sell more but make their products more exclusive. Some Swiss watchmakers reward sales managers too much for pushing too many products onto the market, according to watch heads Hermes.

“This remains the main disease of the business, at least with some brands,” said Dordet. “It may be less now, but as long as you have commercial people who are incentivized by the key performance indicators, you will have excess stock in the market.”

Many websites selling second-hand watches have sprung up as consumers slashed their collections and interest in vintage items increased. Meanwhile Apple company. it now produces more than twice as many watches than all of Swiss exports, eroding demand for low-end watches.

Swiss watch exports are down 22% in 2020 as tourism comes to a halt and Covid-19 puts out social events where big buyers can show off their latest purchases. Demand is increasingly concentrated on the biggest brands: Rolex, Patek Philippe, Audemars Piguet, Cartier and Omega, according to Dordet.

SWITZERLAND-HEALTH VIRUS-LUXURY — Watch shop closed with empty Rolex case during Geneva partial lockdown.

Photographer: Fabrice Coffrini / AFP / Getty Images

“It is difficult if you are not among the five leaders,” he said. “The watch industry is very polarized. We will have more winners and losers. “

Hermes Watches earned 2% revenue last year, outpacing all of its major competitors in luxury watches, according to Vontobel Bank analyst Rene Weber. Meanwhile sales slumped 40% on Swatch Group AGIts namesake label, which sells for $ 50 and less, analysts estimate.

Last year, RJ Watches, a small independent brand known for works featuring Pac-Man and Spider-Man, filed for bankruptcy.

The healthiest segment is the most expensive. While Hermes prices average around $ 6,000, some price tags exceed $ 800,000.

“For us, there is absolutely no overproduction of watches, no waste at the end of the year,” said Dordet. Hermes limits distribution through third parties and therefore has better control over sales, he added. “The advantage is that it’s more profitable and you have less inventory.”

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Switzerland

Abir Chatterjee-Rukmini Maitra starred in ‘Switzerland’ set for World TV Premiere | Instant News

April 9, 2021 NewsDesk

Bengali Films’Switzerland‘Directed by Souvik Kundu, is set for World Television Premiere this weekend. A light comedy that tells the story of a middle-class family, featuring Abir Chatterjee and Rukmini Maitra in the leading role.

Abir (as Shibu) and Rukmini (as Rumi) plays the role of a middle-class married couple in this film. Shibu and Rumi have two beautiful children and enjoy a happy family life. Their morning begins with a discussion about a dream vacation in Switzerland. Soon, the fun discussions in the morning are only a moment after the couple has to face harsh realities and deal with expenses, monthly EMI and other commitments.

Jodi Abir and Rukmini look good on screen. Abir, who currently hosts the music reality show ‘Sa Re Ga Ma Pa’, is proving his acting courage again. She beautifully portrayed the character Shibu in the film.

Apart from this film, this week has a lot of entertainment in store for the fans. Leading TV channels do not miss an opportunity to increase entertainment intelligence. From introducing slight changes to the current storyline in daily soap operas to entertaining reality show episodes, this weekend is sure to entertain television audiences.

While ‘Krishnakoli’ is set for a new twist ahead, Sreemoyee’s new song is sure to entertain audiences this weekend. Meanwhile, ‘Sa Re Ga Ma Pa’ inched towards the finals. Competition is getting fierce day by day. ‘Dance Dance Junior Season 2’ will entertain the audience with spectacular performances from young dancer stars.

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Switzerland

LafargeHolcim proposed a company name slimming to Holcim | Instant News

April 9, 2021 NewsDesk

Since then, Lafarge has also been embroiled in a payment scandal to armed groups in Syria, which triggered the departure of LafargeHolcim Chief Executive Eric Olsen.

Shareholders will vote on the proposed name change at the upcoming AGM, which will be held remotely on May 4.

“Jan has led the company into a new era of growth, financial strength and ESG (environmental, social and governance) performance since joining in September 2017,” said Chairman Beat Hess.

Analyst Bernd Pomrehn at Bank Vontobel said he welcomes further simplification of the company after years of integration and restructuring.

“LafargeHolcim is now entering a period of favorable growth, which represents a much more attractive investment proposition and justifies a higher valuation,” he said.

Reporting by John Revill; Edited by Jan Harvey

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