Page 8 - Switzerland

Fifa made false claims about 'carbon-neutral' World Cup: Swiss regulator

FIFA made false claims about last year's World Cup in Qatar being carbon neutral, an advertising regulator in Switzerland said Wednesday. FIFA was not able to provide proof that the claims were accurate, the federally recognized Swiss Commission for Fairness said in its judgment into complaints filed from five countries. The commission said it advised FIFA to refrain from making unsubstantiated claims in the future. Particularly the claim that the 2022 FIFA World Cup in Qatar was climate- or carbon-neutral. FIFA said in a statement it would analyze the recommendations and had the right of appeal. The ruling is not legally binding. Qatar spent more than $200 billion on a decade-long construction program of mostly air-conditioned projects to prepare for hosting the soccer tournament in the gas-rich emirate. It relied on using hundreds of thousands of migrant laborers working in widely criticized conditions. Seven of the eight stadiums used including one with a facade of shipping ..

UBS to wrap up Credit Suisse loss agreement of $9.92 bn with govt by June 7

Under the takeover of Credit Suisse, orchestrated by Swiss authorities, Bern agreed to shoulder up to 9 billion francs in losses after UBS agreed to cover the first 5 billion francs in losses

Geneva airport closed to flights as activists protest private jet fair

Authorities say Geneva airport was briefly closed to flights Tuesday after climate activists staged a protest against a private jet fair taking place in the Swiss city this week. Sandy Bouchat, spokeswoman for the Geneva airport, said it was temporarily shut to both outbound and inbound flights for about an hour for security reasons. Seven flights were diverted and others were delayed. Activists from several groups including Greenpeace, Scientist Rebellion, Stay Grounded and Extinction Rebellion disrupted the annual European Business Aviation Convention and Exhibition, with some sitting down in front of private jets parked on the airport tarmac. Others stuck warning labels on planes with messages such as Private jets burn our future. Geneva police said about 80 people were detained. Airport operators said they planned to file criminal complaints, adding that four people, including activists and private security staff, were injured in the protest. The protest comes months after c

Mansukh Mandaviya to represent India at 76th World Health Assembly

Union Health Minister Mansukh Mandaviya will represent India at the ongoing World Health Assembly in Geneva, Switzerland. Kick-started on Sunday, the 76th assembly will conclude on May 30. The key agenda for this assembly include discussions and deliberations on the issues of Universal Health Coverage, public health emergencies, health and well-being, and more effective and efficient WHO emphasising the importance of global collaborations and partnerships for building resilient global health architecture and collectively striving to achieve universal coverage, an official statement said. In resonance with India's commitment to a healthier world, the Union Health Minister will deliver a keynote address at side events for 'Heal in India and Heal by India', as well as 'Together we fight against TB' reiterating its contribution in the field of Medical Value Travel and resolve to eliminate Tuberculosis from India by 2025, the statement said. During the course of his stay till May 24, ..

Credit Suisse's net asset outflows topped $68 billion in first quarter

Ailing Swiss bank Credit Suisse on Monday reported over 61 billion Swiss francs (over USD 68 billion) in net asset outflows in the first quarter, when Switzerland's government arranged for its takeover by rival UBS, and said investors are continuing to withdraw assets this month. The Zurich-based bank cited significant net asset outflows as it posted its first-quarter results that were skewed by the rescue plan, which was ordered by Switzerland's financial markets regulator and included the write-down of some 15 billion francs in debt tied up in a particular type of bond. The takeover by UBS is expected to close in the coming months, and was designed in part to help stabilise the global financial system that had been roiled by the collapse of two U.S. banks. The reputation of 167-year-old Credit Suisse had been pummeled in recent years over stock price declines, a string of scandals and the flight of depositors worried about the bank's future amid global financial turmoil. Credit .

Credit Suisse investors sue Swiss financial regulators after facing losses

A group of Credit Suisse investors have sued Swiss financial regulators after a government-engineered takeover of the struggling bank by rival UBS left them with billions in losses. The investors are contesting an order by the Swiss Financial Market Supervisory Authority, or FINMA, that wiped out about 16 billion Swiss francs (USD 17.3 billion) in higher-risk Credit Suisse bonds as part of an emergency rescue last month, lawyers said Friday. The hastily arranged, USD 3.25 billion deal prevented the downfall of Switzerland's second-largest bank after its stock plunged and customers rushed to pull out their money amid fears about long-running troubles at Credit Suisse and upheaval in the global financial system after the collapse of two U.S. banks. FINMA's decision undermines international confidence in the legal certainty and reliability of the Swiss financial center," said Thomas Werlen, managing partner in Switzerland for law firm Quinn Emanuel Urquhart & Sullivan. The firm filed

FTSE Russell keeps India on watch list post latest govt bond index review

India and Switzerland have been on watch since 2021 for possible inclusion in the FTSE Emerging Markets Government Bond Index (EMGBI) and World Government Bond Index (WGBI) respectively

UBS's takeover of Credit Suisse halted crisis, says Swiss central bank

The Swiss central bank hiked its key interest rate on Thursday and insisted that a government-orchestrated takeover of troubled Credit Suisse by rival bank UBS ended the financial turmoil. In a statement, the Swiss National Bank said it is providing large amounts of support for the deal to merge Switzerland's biggest banks and that the late Sunday announcement by the federal government, financial regulators and the central bank put a halt to the crisis. An insolvency of Credit Suisse would have had severe consequences for national and international financial stability and for the Swiss economy, said Thomas Jordan, chairman of the Swiss central bank's governing board. Taking this risk would have been irresponsible. The hastily arranged, USD 3.25 billion deal aimed to stem the upheaval in the global financial system after the collapse of two US banks and jitters about long-running troubles at Credit Suisse led shares of Switzerland's second-largest bank to tank and customers to pull o

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Swiss govt temporarily suspends bonus payouts to Credit Suisse staffers

Switzerland's government said Tuesday that it's ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. 2 Swiss bank to be taken over by rival UBS. The Swiss Department of Finance says federal law allows the government to set remuneration-related measures in cases involving Switzerland's biggest banks. Late last week and into the weekend, authorities in Switzerland, backed by the central bank and financial regulators, scrambled to cobble together a $3.25 billion sale of Credit Suisse to UBS. An outflow of deposits and years of trouble raised fears that it could fail and trigger an international financial crisis after the collapse of two U.S. banks. The Swiss government says it doesn't plan to block bonus payments from last year that have been granted but are set to be immediately paid because it doesn't want to penalise Credit Suisse employees who did not cause the crisis. But authorities in the capital, Bern, said they will prohi

Credit Suisse collapse reveals ugly truths about Switzerland for investors

In the race to secure UBS Group AG's purchase, the govt invoked the need for stability and emergency legislation to override two key aspects of open markets: competition law and shareholder rights

UBS agrees to buy Credit Suisse for more than $2 billion: Report

UBS had earlier tabled an offer of about $1 billion, or 0.25 francs a share for Credit Suisse, which the firm had pushed back on, people with knowledge of the matter said earlier on Sunday

Credit Suisse crisis nears finale as UBS discussions on takeover heat up

At the prodding of regulators, UBS has put aside its initial opposition to a deal and is exploring possible structures that could be executed quickly to halt a deep crisis of confidence

Brazil, Switzerland request Security Council meeting on quake-hit Syria

"We have to know very clearly what the situation is and what the correct responses are going to be. And for that, USG Griffiths' visit and information will be key"

CCI invokes doctrine of necessity to bypass the quorum to clear six deals

The next meeting of the CCI is scheduled for Tuesday. The watchdog may take a call on some of the remaining 14 deals which are awaiting nod

WEF Davos 2023: Global leaders roll up sleeves to tackle a tough 2023

The mood at Davos is to roll up the sleeves and work on an actionable plan to revive growth and stability

India can tap Switzerland's innovation with FTA, says Ralf Heckner

The objective of the Swiss government when it comes to the Swiss financial centre is twofold - sustainability and that all countries should adhere to the same international standards

WHO stands by action of issuing alert against Maiden Pharma cough syrup

Asserts that testing done in labs in Ghana and Switzerland confirmed excess levels of contaminated syrups that are "dangerous and should not be in any medicine, ever"

Ronaldo-less Portugal beats Switzerland at FIFA WC, reaches quarterfinals

With Cristiano Ronaldo on the bench, the superstar striker's replacement scored a hat trick to lead Portugal over Switzerland 6-1 and into the World Cup quarterfinals on Tuesday. Goncalo Ramos, a 21-year-old forward who only made his Portugal debut last month, made his first start for his country and demonstrated the kind of clinical finishing Ronaldo was once known for. Ramos scored the opening goal in the 17th minute and added others in the 51st and 67th by which time chants of RONALDO! RONALDO! were swirling around the 89,000-seat Lusail Stadium. The 37-year-old Ronaldo entered as a substitute in the 72nd minute to loud cheers, though Portugal had the game wrapped up by then with defenders Pepe and Raphael Guerreiro also scoring. Rafael Leao added a another goal in stoppage time. Manuel Akanji scored for Switzerland. Portugal advanced to the quarterfinals for the third time, after 1966 and 2006, and will play Morocco on Saturday. Portugal coach Fernando Santos now has to deci

FIFA WC: Ronaldo's omission against Switzerland a 'game strategy'

Portugal manager Fernando Santos said that omitting star striker Cristiano Ronaldo from the starting team was a "game strategy"