Switzerland – The News Desk

Switzerland Charges Trafigura and a Former Top Executive With Bribery

7Dec

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Money

Switzerland Charges Trafigura and a Former Top Executive With Bribery

Updated Dec. 6, 2023 3:29 pm ETSwiss prosecutors charged a former top executive at Trafigura with facilitating payment of millions of dollars’ worth of bribes to land the energy trader preferential treatment in African oil producer Angola.Mike Wainwright helped to funnel part of the payments to an Angolan official, Swiss prosecutors said in an indictment at the Federal Criminal Court on Wednesday. These included more than 4.3 million euros, equivalent to $4.6 million, to a bank account in Geneva between 2009 and 2011, and $604,000 in cash payments in Angola. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

6Dec

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World

Switzerland Charges Trafigura and a Former Top Executive With Bribery

Updated Dec. 6, 2023 1:21 pm ETSwiss prosecutors charged a former top executive at Trafigura with facilitating payment of millions of dollars’ worth of bribes to land the energy trader preferential treatment in African oil producer Angola.Mike Wainwright allegedly helped to funnel the payments to an Angolan official, including some of more than 4.3 million euros, equivalent to $4.6 million, to a bank account in Geneva between 2009 and 2011, the Office of the Attorney General of Switzerland said when it announced the criminal charges on Wednesday. He also approved transactions that led to over $604,000 in cash payments in Angola, prosecutors said in an indictment at the Federal Criminal Court.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb...

4Dec

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World

Swiss Life CEO to Step Down

Swiss Life Holding said Patrick Frost has decided to step down as chief executive at the group’s annual general meeting in May next year, after 10 years at the helm of the insurer.The company said Monday that Matthias Aellig, currently chief financial officer, would succeed Frost as CEO as of May 16, 2024. Marco Gerussi, who served as head of finance transformation since 2018, will replace Aellig as CFO.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Behind Credit Suisse’s Fall: A Chairman’s Lasting Mark on the Culture

25Nov

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Money

Behind Credit Suisse’s Fall: A Chairman’s Lasting Mark on the Culture

Updated Nov. 25, 2023 12:01 am ETWhen Credit Suisse’s board met to approve the bank’s forced sale to UBS in March, paintings of every bank chairman since 1856 lined the boardroom.A lawyer from Zurich, Urs Rohner, was the last to get a portrait. Chairman between 2011 and 2021, he wasn’t there in person that day. But his tenure loomed over the proceedings. He had helped turn one of Switzerland’s most solid institutions into a tinderbox.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

25Nov

By adminNo Comments

World

Behind Credit Suisse’s Fall: A Chairman’s Lasting Mark on the Culture

Updated Nov. 25, 2023 12:01 am ETWhen Credit Suisse’s board met to approve the bank’s forced sale to UBS in March, paintings of every bank chairman since 1856 lined the boardroom.A lawyer from Zurich, Urs Rohner, was the last to get a portrait. Chairman between 2011 and 2021, he wasn’t there in person that day. But his tenure loomed over the proceedings. He had helped turn one of Switzerland’s most solid institutions into a tinderbox.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Museum Sells Restituted Cézanne for $39 Million

10Nov

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World

Museum Sells Restituted Cézanne for $39 Million

Updated Nov. 9, 2023 9:53 pm ETA Paul Cézanne still life sold for $39 million on Thursday as part of a fundraising effort by a beleaguered Swiss museum.The 1890-93 scene, “Fruits and Jar of Ginger,” was sold by Museum Langmatt in the Swiss community of Baden as part of a broader campaign to renovate its 1900-01 art nouveau villa and establish an endowment. Before the auction could happen, the museum reached a restitution settlement with the heirs of a Jewish collector who previously sold the Cézanne under duress.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

How a Banking Capital of the World Botched Its Own Banking Rules

8Nov

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Money

How a Banking Capital of the World Botched Its Own Banking Rules

Updated Nov. 8, 2023 12:54 am ETListen to article(2 minutes)Switzerland wanted its big banks to be fortresses. In practice, the country’s “too big to fail” banking laws made a sand castle of Credit Suisse.The Swiss rules in question have become an object lesson in the difficulties of designing financial regulation. Created to prevent a repeat of the 2008 financial crisis bailouts, Switzerland’s customized version of international capital requirements laid the groundwork for the biggest bank rescue since.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

UBS’s Takeover of Credit Suisse Was a Steal. Now Comes the Bumpy Part.

7Nov

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Money

UBS’s Takeover of Credit Suisse Was a Steal. Now Comes the Bumpy Part.

UBS’s first loss in nearly six years shouldn’t make investors take their eyes off the road.While the Swiss bank said Tuesday that third-quarter net income was a negative $785 million—almost twice as large as the median analyst forecast—its shares rose about 3% in early trading. Investors are wise to look through the fog and see that this was another set of encouraging figures.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

UBS Group Swings to Net Loss as Credit Suisse Costs Weigh

7Nov

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World

UBS Group Swings to Net Loss as Credit Suisse Costs Weigh

Updated Nov. 7, 2023 1:51 am ETUBS Group swung to a wider third-quarter net loss than analysts had expected after costs related the integration of Credit Suisse cut into the bank’s earnings.The Swiss bank said Tuesday that its net loss was $785 million compared with $1.73 billion in net profit in the prior year, despite revenue rising 42% to $11.695 billion.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Swiss Re Swings to Net Profit on Property-And-Casualty Strength

3Nov

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World

Swiss Re Swings to Net Profit on Property-And-Casualty Strength

Swiss Re swung to a net profit for the third quarter after property-and-casualty reinsurance benefited from a lower level of large natural-catastrophe claims.The Zurich-based reinsurer said Friday that it made a net profit of $1 billion for the third quarter. For the third quarter of last year, Swiss Re reported a net loss of $442 million mainly due to claims related to hurricane Ian.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8