Switzerland

CEO Flemming Ornskov stated on Thursday that 'Galderma continues to see the Middle East as a 'attractive market. The conflict in the region is unlikely to have any major impact on the Swiss skincare firm because it only represents a small part of their business. Ornskov stated that less than 2% (of Galderma's) business is currently located in the Middle East. However, the company has made efforts to expand in this region, highlighting its recent entry into Saudi Arabia, and expansion in United Arab Emirates. He said that Galderma was pursuing its plans in the region, citing that there were...

Investors paused on Wednesday to re-energize themselves after a global stock market crash that sent the benchmark index plummeting more than a month ago amid fears of a prolonged and widened conflict in the Middle East. By 0810 GMT, the pan-European STOXX 600 index was up 0.6% to?607.62. Since Friday's record high, the index has lost nearly 5%. The travel and luxury stocks that were at the forefront of this sell-off were each up by more than 1%. The index was boosted by the technology and healthcare sectors. Vistry fell 22% after the UK homebuilder announced that Greg Fitzgerald, its...

The safe haven currencies of the Swiss Franc and Japanese Yen strengthened, while 'the euro' fell as trading resumed following a weekend in which?the United States and Israel launched their most ambitious attack on Iran since decades, killing Supreme leader Ayatollah Khamenei. In late New York trading on Friday, the euro fell 0.34% to $1.1776 from around $1.18. The euro also dropped 0.5% against the Swiss Franc, to 0.9039 - its lowest level since 2015. The dollar dropped 0.26% against the yen, and was down 0.3% lastly against the Swiss Franc. The greenback was stronger against the Australian dollar and...

Safe haven currencies like the Swiss franc, Japanese yen and the euro strengthened as currency trading returned after the weekend when the United States and Israel launched their most ambitious attack on Iran since decades, killing the Supreme Leader Ayatollah Ali Khamenei. It dropped by 0.34%, to $1.1776, compared to around $1.18 at the end of New York trading on Friday. The euro fell by 0.5% against the Swiss Franc, to 0.9039. This is its lowest level since 2015. The dollar dropped 0.26%, to 155.65yen. However, the greenback gained against sterling and Australian dollars. U.S., Israeli, and Iranian strikes, as...

Chris Wright, the U.S. Secretary of Energy told reporters on Thursday in Texas that sales under the flagship oil supply agreement between Venezuela and the U.S. will reach $2 billion by the end of this month. The U.S. took over Venezuela's oil sales shortly after U.S. troops captured President Nicolas Maduro early in January. Proceeds went to a U.S. supervised fund in Qatar. Since then, Vitol - and Trafigura - have been marketing and distributing the lion's'share' of the OPEC countries' 'oil' under the pact. Meanwhile, partners of Venezuelan state oil company PDVSA, particularly Chevron, are 'increasing output and shipments....

Ivanhoe Mines is in advanced discussions with Congo's Gecamines state miner and Swiss commodities trader Mercuria about channeling zinc-rich concentrates from its giant Kipushi mining to the United States, under Washington's newly developed strategic stockpiling program Project Vault. The deal is part of a larger agreement between the U.S., and the Democratic Republic of Congo in the area of minerals. Washington is intensifying its battle with China for control of Africa's vast mineral deposits. Project Vault, a $12 billion supply chain security programme launched by the U.S. on Monday and backed by private capital of $1.67 billion and a U.S....

Trafigura, a global energy trading company, has a plan to restore African woodlands. It has selected its first four projects for carbon removal and plans to invest at least $1 billion in each project over. The projects are part of the Miombo Restoration Alliance - a public-private partnership with 11 governments in central and southern Africa. They cover over 675,000 acres and aim to restore forests that will remove more than 50 million tons climate-damaging gasses. The alliance, which will be launched at New York Climate week?2024, aims to restore Miombo Woodlands, an eco-system that supports more than 300 million...

Trafigura, a trading house, has sold its first shipment of Venezuelan crude oil, as part of an agreement between Caracas, Venezuela, and Washington for the supply of 50 million barrels of oil. The Spanish refiner Repsol is expected to receive a shipment of this quantity. Two sources stated that the cargo should be delivered to Repsol by mid-February. Trafigura and Repsol have declined to comment. The agreement would be one of the first to sell Venezuelan oil in Europe since the United States captured Venezuela's leader at the beginning of this month, and struck an agreement with Caracas for the...

Sources in the industry said that Trafigura sold its first cargo of Venezuelan crude oil as part of a 50 million barrel supply agreement between Caracas, Washington and Spain. The shipment was taken by Spanish refiner Repsol. Two sources confirmed that the cargo will be delivered in Spain to Repsol in February. Trafigura did not respond immediately to a comment request. Repsol refused to comment. This deal marks the first time that Venezuelan oil has been sold to Europe since the United States seized?the South American nation's leader earlier this month, and struck agreements with Caracas for the export of...

Saudi Arabia's National Infrastructure Fund and Humain - the artificial intelligence company of the Kingdom - announced on Wednesday that they had reached a financing deal of up to $1.2 billion. The agreement is intended to'support the expansion' of AI and digital technology in the country. According to a press release, the agreement sets out non-binding terms of financing for the development up to 250 Megawatts of AI data centre capacity to support Humain’s customers. It was announced in Davos, Switzerland. As part of an 'overall effort' to diversify economic activity and income sources away from hydrocarbons, the world's largest...

BBVA is the only major bank in the world with a significant 'presence' in Venezuela. Its chairperson said that BBVA was well positioned to 'take advantage of the new business opportunities created by the U.S. intervening in the country which has the largest oil reserves in the world. Venezuela has an interim government since the United States captured Nicolas Maduro in early?this?month. The situation presents potential business opportunities for international banks. However, analysts have warned that there will still be many challenges. Carlos Torres, BBVA's Carlos Torres, told Expansion that if greater stability is achieved in the future, they will...

Palantir's leaders announced that the U.S. tech company had clinched a contract to sell more software in South Korea, boosting its heavy industry work. A person with knowledge of the matter said on Tuesday that Palantir will receive hundreds of millions over a period of several years. Palantir has declined to comment on the terms of the agreement. The companies held a signing at the office Palantir had set up in Davos, Switzerland for the World Economic Forum annual meeting. Palantir has expanded its work with HD Hyundai since 2021, when it began working with one of the largest shipbuilders...

The iron-ore pellet manufacturer?Ferrexpo warned on Monday of "material 'negative consequences" unless they secure alternative?banking agreements after a collapse in a Swiss banking partner MBaer, which sent shares down 4%. Ferrexpo AG's Swiss subsidiary (FAG), had a banking arrangement with MBaer Merchant Bank AG. The bank is slated to be closed by the Swiss financial regulator for alleged money laundering violations and breaches of sanctions against Iran and Russia. Ferrexpro used the bank for 'commercial payments outside Ukraine' and said that MBaer holds about $3 million with FAG. Ferrexpo stated that the collapse of Ferrexpo's Ukraine subsidiaries will not have...

On Wednesday, copper prices recovered from two sessions of losses due to better than expected private factory data from China, the top metals consumer. The aluminium price rose to its highest level in more than a month, on the back of supply concerns resulting from the escalating conflict in the Middle East. This region is a major producer of this metal. The benchmark three-month copper price on the London Metal Exchange rose 1.5%, to $13,150 per metric ton at 1030 GMT. LME copper has fallen 3% in the last two sessions due to fears that the Mideast conflict will hinder...

Aluminum prices rose Tuesday, as traders were 'alert' to the supply risks in the Middle East due to the U.S.-Israeli air war on Iran that spilled over into neighboring countries. Benchmark Aluminium on the London Metal Exchange rose 2.1% to $3,260 per metric tonne in open-outcry official trading, after reaching a month-high of $3,315. Middle East exports aluminium via the Strait of Hormuz, which accounts for 8 percent of global capacity. Iran threatened to attack any ship that tried to cross the Strait on Monday. Aluminium producers have halted premium offers for Japanese buyers in the second quarter. Norsk Hydro...

Aluminum?prices jumped to their highest level?in over a month?on Monday, after U.S.-Israeli strikes in Iran fueled concerns about a prolonged conflict in the Middle East. Iran is a major producer. Benchmark aluminium prices on the London Metal Exchange were up 3.1% to $3,236 per metric ton by 1050 GMT, after reaching $3,254 at its highest level since January 29. Investors closely monitor developments in the Strait o'Hormuz. This important trade route for commodities was disrupted when Iran attacked U.S. bases in the region. Neil Welsh, Britannia Global Markets said: "Base metals have risen this morning on the back of concerns...

Neue Zuercher Zeitung, a Swiss newspaper, reported that the board of directors at Swiss banking giant UBS intends to keep Chief Executive Sergio Ermotti for a longer period than originally planned. Ermotti is set to leave his position by 2027. However, the timeline has not been finalised. The NZZ, citing sources familiar with the matter, reported that the board, led by chairman Colm Kelleher wants Ermotti to stay on beyond this date in order to guide the?UBS pushback against the Swiss Government's plans to tighten regulation. When asked about the NZZ Report, a UBS spokesperson stated that it was "premature"...

Prices of copper hit a 4-week high on Friday and are on course for a 7th consecutive monthly gain. Demand optimism has outweighed worries about stocks piling up in warehouses registered at major exchanges. The benchmark three-month copper price on the 'London Metal Exchange' rose by 1.3% in open-outcry official trading to $13,482 per metric ton after reaching $13,527, its highest level since January 30. After a wave speculative purchases, the metal used for power and construction reached a record high on January 29, reaching $14,527.50. One metals trader stated that base metals were also supported by the?investment need for...

Holcim, the Swiss 'building materials manufacturer', reported lower sales and earnings on Friday due to the appreciation of the Swiss Franc. Analysts had predicted that sales would be 3.81 billion Swiss Francs. However, the cement, aggregates and concrete pre-cast maker reported that its sales fell by 4.8% in the quarter ending December to $3.82 billion Swiss Francs. The recurring operating?profit fell by 0.8%, to 601 millions francs. This was ahead of the?forecasts of 583 million. The fourth quarter saw a reduction of 206 million francs in reported sales due to currency effects. The safe-haven currency franc increased in value against...

The price of copper fell on Thursday, after reaching a two-week high in the previous session. A stronger dollar and rising inventories dampened expectations about a recovery in demand from China, the top consumer of the metal in the world. In official open outcry, the benchmark?three-month?copper price on the London Metal Exchange fell 0.3% to $13,286 a metric ton. The metal had reached $13,350 during the previous session. This was the highest level since February 11. Shanghai Futures Exchange also saw a similar high overnight. The Chinese have returned to the market since the first day of the Lunar New...

The copper price rose to a two-week high on Wednesday, as growth and demand optimism dominated. This was after the U.S. Supreme Court ruled that President Donald Trump could not impose sweeping'reciprocal tariffs. At 1706 GMT, benchmark copper on the London Metal Exchange was?up 1.1% to $13,318 per metric ton after reaching $13,335 in the previous session. This is the highest level since February 11. The U.S. Supreme Court struck down last week tariffs that Trump imposed under a law intended for use during?national emergency'. David Wilson, BNP Paribas commodities analyst, said that the Asian markets benefitted from the Supreme...

The copper price rose on Tuesday to its highest level in more than a month, fueled by a positive mood and a stronger demand from China, the world's largest metal consumer, after markets reopened following a holiday. Benchmark?copper for three months on the London Metal Exchange?had gained 2.4% by 1700 GMT to $13,182 per metric ton after reaching its highest price of $13,196 since February 12. LME copper fell 0.7% on Sunday, but has gained 22.5% over the last three months. However, it is still well below its record high of $14,527.50, set on January 29. Alastair Munro is a...

Glencore agreed to buy nearly 2,000 tons of cobalt from Rami Weisfisch, an industry veteran. The deal is a historic one. Two sources confirmed that the material, which is essential for defense and military gear, will be shipped to the United States to be included in its planned stockpile. The U.S. administration of President Donald Trump is actively seeking out critical materials, including cobalt, to reduce its dependence on China. China is the world's dominant supplier and processor for metals and minerals required by strategic industries. China has used its power to impose quotas, new regulations and ban the export...

Prices of copper fell on Monday as inventories continued to rise. Investors were also unsure about the future of U.S. Tariffs and Chinese Trading ahead of reopening following a holiday. Benchmark three-month Copper on the London Metal Exchange fell 0.9% to $12,843 per metric tonne by 1700 GMT. It had earlier reached a session high of more than $13,050. LME copper is up about 3% in the last four sessions but still far below its record high of $14,57.50 on January 29, which was reached. The fact that there is more inventory outside the U.S. may be a little dampener...