Switzerland

The Swiss Attorney General's Office handed a former wealth management at Pictet Bank an eight-month prison term with a suspended sentence, and fined the bank for money laundering during a Petrobras investigation. Pictet has been ordered to pay $2,5 million for failing to take reasonable and necessary steps to prevent transfers made from a Brazilian official's account to conceal their criminal origin. The Swiss government announced this in a press release. Since years, Swiss prosecutors are working to identify assets in a massive international corruption case involving the Brazilian state-run Petrobras and bringing forward prosecutions. Pictet issued a statement saying,...

Italiana Petroli is in negotiations with three parties interested in purchasing the oil refinery and is expected to make a decision around the end this month on the possible 3 billion euro deal ($3.5 billion). Two sources familiar with the matter confirmed that. Sources previously stated that Gunvor, the global commodity trader, State Oil Company of Azerbaijan, (SOCAR), and the Abu Dhabi-based Bin Butti Group had all made binding offers to purchase 100% of the privately held group. Two sources said that industrial groups from the Middle East had contacted the Italian company in order to express their interest, should...

Clariant was one of four companies that received a claim for damages of approximately 1 billion euros ($1.14billion) from Austrian Energy Company OMV, the company said on Tuesday. The claim is related to alleged violations of competition law on the market of ethylene purchases. The Swiss chemicals company clariant said: "Clariant rejects this allegation firmly and will vigorously defend its case in any proceedings." OMV confirmed that it filed a lawsuit against Clariant, but stated it couldn't comment on the ongoing legal proceedings. Clariant didn't name any of the other companies. OMV also did not name them. Clariant stated that...

The head of metals research at Mercuria said that the trading house expects a 700,000-metric-ton copper concentrate deficit and a 300,000-metric ton deficit for refined metal this year, which could drive prices up to new records. Nicholas Snowdon, the high-profile bull of Mercuria in Geneva, expects copper prices to reach record levels sooner rather than later. Snowdon said at the LME Asia Week Conference in Hong Kong that the copper market is in a vulnerable state. It's not a matter of if but when this market will move into a scarcity state. This could happen as early as the second...

European shares recovered from an early drop to close higher Thursday. Industrial stocks got the biggest boost while corporate earnings were in the spotlight. The STOXX 600 index for the continent was up by 0.6%. The majority of major regional indexes rose, with Germany up 0.7%. Russian President Vladimir Putin snubbed challenge To meet face-toface with Ukrainian president Volodymyr Zelenskiy in Turkey is to deal a serious blow to the prospects of a breakthrough for peace. Hensoldt, Rheinmetall and Leonardo all saw gains of 4% or more. The European aerospace and defence index rose 2.3%. Chris Beauchamp is the chief...

The main British indexes rose along with global markets on Monday after the United States agreed to temporarily lower tariffs. This eased investor concerns over the trade war between two of the world's largest economies. By 1021 GMT the blue-chip FTSE 100 index was up 0.35% while the domestically focused Midcap Index advanced 1%. After talks in Geneva, both countries announced that the U.S. would reduce its extra tariffs on Chinese imports from 145% to 30% and Chinese duties will drop to 10%. The new measures will be in effect for 90 days. The Geneva meetings marked the first face...

British stocks rose Wednesday, as investors considered mixed corporate results. The main indexes are poised to end a volatile, but largely positive, month. They have almost recovered from the losses caused by U.S. Trade policies. The blue-chip FTSE 100 index was up 0.1% as of 1009 GMT and is on course for its 13th consecutive session with a positive result. The midcap index, which is primarily focused on domestic companies, advanced by 0.7% to reach its sixth consecutive session of gains. Despite recovering from the steep tariffs announced in early this month, FTSE 100 is still poised to report a...

Trafigura’s top executive for Mongolia has been suspended pending an investigation into a fraud scheme worth billions of dollars at the Swiss trading firm. The executive, however, lent more than $500 million from Trafigura to a company owned by his aunt. Lex Oil is Trafigura’s main counterparty in Mongolia. According to three sources and a document, it belonged to Erdenetuul who is the aunt of Trafigura’s suspended local boss Jononbayar Erdenesuren. Trafigura announced last October it had suffered a loss of $1.1 billion after an internal investigation found that employees within its Mongolian petroleum product supply business engaged "serious misconduct"....

The UK's FTSE 100 ended flat on Wednesday as investors remained cautious ahead of the U.S. Federal Reserve interest rate decision that would be made later in the day. Energy stocks also helped to keep declines at bay. The blue-chip FTSE 100 index was barely changed while the domestically focused FTSE 250 Index edged up 0.1%. The energy sector led the gains in all sectors, boosted by rising oil prices and hopes for a rise in U.S. demand and a limited ceasefire between Ukraine & Russia. . The Fed's decision to change its policy will be the highlight of a...

The United Nations Environment Programme announced on Monday that a new round will be held in Geneva from 5-14 August to negotiate a global treaty on plastics. This follows the failure of countries to reach an agreement on parameters for a final deal in December last year in Busan, South Korea. The final meeting of the U.N. Intergovernmental Negotiating Committee, INC-5 in Busan, was supposed to be the last one. However the countries remained divided on the scope of a global treaty. They could only agree to defer key decisions until the next session which will be called INC 5.2....

Here are the key factors that could affect Swiss stocks Thursday: CLARIANT AG TotalEnergie has been accused of violating the 2020 Competition Law. The company says it denies these allegations. MEYER BURGER TECHNOLOGY AGR The bondholders have approved the changes to the convertible bonds that mature in 2027 or 2029, to inject new capital into business. FEINTOOL HOLDINGS AG The company did not provide any guidance for the year 2025. It cited continued low visibility in Europe. KUDELSKI - The company plans to eliminate 160 jobs as part of its restructuring in 2025. BUSINESS STATEMENTS SULZER AG: The company reported...

On Thursday, a top Swiss court found that a former Gunvor employee had corrupted officials in the Republic of Congo for oil contracts. This is the first time that a corruption case in Switzerland's commodities trading industry, worth $80 billion, has been brought to court. This follows the conviction of Trafigura, a rival trading firm, and a former executive in a corruption case involving Angolan Oil Deals last month. The Swiss Federal Criminal Court released a statement on Thursday that the ruling concerned bribes worth over $35 million, intended at least in part for Congolese officials, over an 18-month period...

Holcim completed the spin-off its North American business. Shares in the separate company - Amrize- will begin trading in Zurich on Monday and New York the following day. The Swiss cement manufacturer Holcim said that it would spin off the company to focus on the different dynamics of the North American and global markets. Holcim's future focus will be on Europe, Latin America and North Africa, while Amrize operates in the United States of America and Canada. Holcim CEO Miljan Gutovic said: "This is a momentous occasion for Holcim, as we embark on a new journey as independent companies." Holcim...

The final stages of a U.S.-court-organized auction for shares in Citgo Petroleum, the Venezuelan-owned parent company, have been reached. Bidders are submitting better offers and creditors hope to recover some of the proceeds. The auction is a result of a case Crystallex, a Canadian miner, filed in Delaware eight years ago against Venezuela. Citgo Holding's parent company, PDV Holding was found liable by the court for Venezuela's expropriations and debts. This allowed over a dozen creditors to seek compensation for nearly $19 billion. The auction, despite delays, has moved forward, particularly since last year. This is because there have been...

Investors stayed away from major bets on Friday ahead of the crucial U.S. employment data. Trade tensions also added to the uncertainty. As of 0809 GMT the pan-European STOXX 600 remained at 551.95 and was on course for a second weekly gain if momentum continues. The day will begin with a monthly reading of U.S. Non-Farm Payrolls. This will help investors gauge how President Donald Trump’s trade policies have affected the labor market, and how the Federal Reserve may navigate the uncertain trade environment. Commerzbank analysts stated that "a print above the consensus could reinforce Fed's cautious position and serve...

Holcim, a Swiss supplier of building materials, will not be slowed down by tariff uncertainty. A Manhattan court ruled Wednesday that U.S. president Donald Trump exceeded his authority when he imposed duties across the board on imports coming from trading partners. Markets reacted with jubilation, but there is also uncertainty as to how this will affect companies. Holcim's shareholders approved the spin-off of its North American cement business, Amrize. This will allow Holcim to focus on the increased construction spending in America and reap the benefits. "We sell locally to local customers and produce locally." "The impact of tariffs on...

Gold prices fell more than 2% Friday, and are heading towards their worst six-month period in recent memory. An overall stronger dollar and an interim U.S. China trade agreement have weakened investor demand for this safe-haven. As of 1136 GMT, spot gold was down by 1.9% at $3,178.06 per ounce. Bullion is down more than 4% this week, and it's on track to have its worst performance weekly since November 2024. U.S. Gold Futures dropped 1.4% to $3.180.90. Nitesh Sha, commodities strategist for WisdomTree, said: "We have had a week of positive signals regarding trade negotiations, and we've seen the...

Gold prices fell on Friday, and were set to experience their biggest weekly drop in six months as a stronger US dollar and diminishing trade war fears dampened its appeal. As of 0222 GMT, spot gold was down 0.5% at $3,223.06 per ounce. Bullion is down about 3% this week, and it's on track to have its worst performance weekly since November 2024. U.S. Gold Futures fell 0.1% to $3.224.90. Gold priced in greenbacks is now more expensive to overseas buyers due to the dollar's 0.3% gain for the past week. Ilya Spirak, global macro head at Tastylive, said that...

Ferrexpo, a Ukrainian miner with a focus on Ukraine, said that the Commercial Court of Poltava accepted a request to open bankruptcy proceedings of Ferrexpo Poltava Mining. Ferrexpo shares dropped 6.6% to 65p after the announcement. The company stated that while the application was accepted, formal bankruptcy proceedings have not yet been initiated against the unit. The court has set a preliminary court hearing on May 27 to consider the bankruptcy petition. Ferrexpo has been involved in legal disputes with Ukraine since 2022 when its controlling shareholder Ukrainian billionaire Kostiantyn Zhevago was arrested for embezzlement charges and his involvement in...

Holcim's shareholders approved Wednesday the separation and spin-off of its North American business, a move designed to take advantage of increased construction spending in the United States. Almost all shareholders supported the decision to separate the company into two companies, Amrize and Holcim, which will focus on North America. Holcim will provide building materials for the remainder of the world. The spin-off should be complete by the end June. The listing will be done via a 100% share spin-off for Holcim's shareholders. The new company stock will trade on the New York Stock Exchange, and also on the Six Swiss...

The gold price fell on Wednesday, as the de-escalation of U.S. China trade tensions dampened safe-haven demand. Meanwhile, markets waited for another set inflation data in order to gauge the Federal Reserve’s policy direction. As of 0231 GMT, spot gold was down 0.4% at $3,234.32. U.S. Gold Futures fell 0.3% to $3237.00. Kyle Rodda, Capital.com financial analyst and expert on the gold market, said that positive developments in US trade policies are reducing the appeal of the metal in the short term. "I believe that if there is continued progress made in the trade negotiations and agreements between the US,...

The latest earnings estimates showed that the outlook for European corporate health is improving. According to data from LSEG, European companies will report an average increase of 1.9% for their first quarter earnings. This is better than the 0.4% analysts had predicted a week earlier. This improvement comes after 59.6% STOXX600 companies have already exceeded analyst expectations in the first quarter. LSEG data shows that at the time of Donald Trump's inauguration, in January, forecasts called for a 3.5% rise in earnings for the first quarter. However, this was reversed following Trump's announcements on tariffs in April, with expectations of...

The gold price rose on Tuesday, as bargain hunters sought to make up for a steep loss the day before. Inflation data from the U.S. that were lower than expected also helped. Gold spot rose by 0.2%, to $3,241.16 per ounce, as of 13:38 GMT (938 ET), after dropping as low as $3207.30 an ounce on Monday. U.S. Gold Futures rose 0.6% to $3,245.50. Bart Melek said that the news of a possible deal between the U.S.A. and China caused a large correction in the gold price on Monday. "However, tariffs on China are still 30% which is quite negative...

The gold price on Tuesday was hovering around a low of more than a week, which had been hit the previous session. A U.S. China agreement to temporarily halt tariffs reciprocally boosted risk appetite and diminished gold's appeal as a safe haven. As of 0309 GMT, spot gold remained unchanged at $3,230.99 per ounce. Bullion prices fell by 2.7% in the previous session. U.S. Gold Futures rose 0.2% to $3.235.20. After two days in Geneva of negotiations, the U.S. announced that it would reduce its tariffs on Chinese imports from 145% down to 30%, and China's duties on U.S. imported...