Prime Minister Narendra Modi on Sunday congratulated the negotiators and signatories on the signing of the Trade and Economic Participation Agreement (TEPA) between India and the European Free Trade Association (EFTA), saying that despite structural diversities in many aspects, "our economies possess complementarities that promise to be a win-win situation for all nations".
Thomas Jordan, the head of Switzerland's central bank, will be stepping down in September after serving for 12 years. The Bank Council and the Governing Board expressed their regret over Jordan's decision and thanked him for his dedicated service in maintaining a stable monetary policy. No specific reason was given for his departure.
Cash remains the most widely accepted payment method for customer-facing businesses, such as shops and restaurants, ahead of payment via apps like Google Pay. Around 92% of companies which operate face-to-face businesses in Switzerland accept cash, while just 59% accept payment via apps, the study found. Read on to know more:
Swiss banking giant UBS said Tuesday it would hand shareholders up to $1 billion in share buybacks as it posted a smaller-than-expected quarterly loss stemming from the costs of absorbing fallen rival Credit Suisse. - Big savings - UBS boasted that it had already raked in $4 billion in cost savings last year across the combined banks, adding that it now expects savings to swell to $13 billion by 2026, up from the $10 billion forecast previously.
China's top five lenders - Industrial and Commercial Bank of China, Agricultural Bank of China Ltd, Bank of China, China Construction Bank and Bank of Communications - are designated as global systemically important banks by the Chinese regulators and the Switzerland-based Financial Stability Board (FSB). Read on to know more:
"The broader industry is emerging from the 'crypto winter' and investors and market participants are increasingly seeking to partner with trusted and well-managed financial institutions," said Gerald Goh, Sygnum co-founder and Singapore CEO in the statement. Founded in 2017, Sygnum holds a banking licence in Switzerland and has capital market services and major payment institution licences in Singapore, according to its website.
Ukraine received $1.34 billion under the World Bank's public expenditures for administrative capacity endurance in Ukraine, the Ukrainian finance ministry said on Monday. The ministry said in a statement the financing consisted of a $1.086 billion loan from the World Bank, $190 million grant from Norway, $50 million grant from the United States and $20 million grant from Switzerland. The ministry said the funds would be used to partially compensate for non-security and defence-related expenditures of the Ukrainian state budget.
Ukraine received $1.34 billion under the World Bank's public expenditures for administrative capacity endurance in Ukraine, the Ukrainian finance ministry said on Monday. The ministry said in a statement the financing consisted of a $1.086 billion loan from the World Bank, $190 million grant from Norway, $50 million grant from the United States and $20 million grant from Switzerland. The ministry said the funds would be used to partially compensate for non-security and defence-related expenditures of the Ukrainian state budget.
A group of Swiss lawmakers is proposing that Switzerland's regulator, FINMA, be granted additional powers, such as the ability to fine banks, following the failure of Credit Suisse. The lawmakers also want banks to disclose key risk takers and publish stress tests. This proposal aims to bring Switzerland's regulatory practices in line with international standards. The collapse of Credit Suisse has highlighted the need for reform in the country's financial sector.
The details that have been shared include identification, account and financial information, including name, address, country of residence and tax identification number as well as information concerning the reporting financial institution, account balance and capital income
Ahead of the G20 Summit here, Switzerland-based Financial Stability Board (FSB) on Tuesday warned that higher interest rates alongside a slowing growth outlook, could impair the capacity of borrowers to service historically high levels of debt. The FSB has published two letters from its Chair, Klaas Knot, to G20 Leaders ahead of their Summit in New Delhi on September 9-10.
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