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Switzerland / Big Ride From the home of cycling's governing body in Aigle,this ride takes in the leg-testing Col de la Croix aswell as a series of suitably Swiss treats One hundredand fifty clickseast-north-eastof where you'restanding, 3,630mabove the seaand 2,400 timeslarger than afootball pitch, theRhône Glacier'sreach across Switzerland and France can't beoverstated. Starting at the UCI headquarters in Aigle in the cantonof Vaud, ride south along the bike path edging the Rhône for7.5km, turning left at the bridge over the motorway and joiningthe road at Route de Placettes. This is the UCI's headquarterson the banks of the Rhône River in Aigle,Switzerland, and its reach across the cyclingworld cannot be overstated either. [Extracted from the article]

The US dollar is on track for its first monthly loss since December as easing inflation pressures increase expectations that the Federal Reserve will lower interest rates before the end of the year. The Bloomberg Dollar Spot Index has fallen over 1% in May, with the dollar losing ground against all major currencies. This shift in the dollar's performance comes after Fed Chair Jerome Powell dismissed concerns about raising interest rates and a smaller-than-expected increase in the consumer price index eased inflation fears. Traders have also reduced their bullish bets on the dollar, with speculators holding the lowest tally of long dollar bets since March. The euro has been a major beneficiary of this positioning change, with non-commercial speculators increasing their long euro bets. [Extracted from the article]

UBS AG, a Swiss bank, has been fined 50,000 Swiss francs ($55,000) by Swiss authorities for failing to report suspected cases of money laundering linked to the ex-president of Yemen, Ali Abdullah Saleh. The Swiss Finance Ministry stated that UBS neglected to report the cases despite having a well-founded suspicion that the funds were from corruption. The bank allowed account holders to withdraw funds to prevent them from being frozen. Swiss banks are legally required to report any suspicious financial activity, and prosecutors can press criminal charges against banks that fail to adequately screen clients and their cash for ties to illicit activity. The fine is the highest possible penalty for a legal entity like UBS AG. The proceedings against UBS began in 2021, and it took two years for prosecutors to obtain the relevant files from the bank. This incident adds to the series of financial scandals faced by Swiss banks, including Credit Suisse, which UBS rescued last year. Credit Suisse was convicted of failing to prevent money laundering by a Bulgarian cocaine trafficker, marking the first criminal conviction of a major Swiss lender in the country's history. [Extracted from the article]

Swiss watch exports experienced an unexpected increase in April, driven by a revival in demand for premium and luxury timepieces in the US and Japan. Shipments rose by 4.5% in value to 2.1 billion Swiss francs ($2.3 billion) compared to the previous year. The US market saw an 11.6% jump in exports, while shipments to Japan surged by 13.6%. However, demand from China remained weak, with exports to the country down 7.5%. The report also highlighted that higher interest rates, economic uncertainty, and the strength of the Swiss franc have impacted global demand for Swiss watches. [Extracted from the article]

Julius Baer Group Ltd., a Swiss private bank, is reportedly considering acquiring rival bank EFG International AG. The two banks have had preliminary discussions about a potential combination, which would create a wealth manager with over 500 billion Swiss francs in assets under management. EFG's largest shareholder is the Latsis family, who made their fortune in the Greek shipping industry. While talks have been on and off, there is no certainty that a transaction will occur. Julius Baer is also currently seeking a new CEO and is subject to multiple investigations by Swiss financial regulator Finma. [Extracted from the article]

The US and European Union have criticized a raid conducted by Kosovo police on a Serbian bank, stating that the operation was not coordinated with Western allies and has further escalated tensions in the region. The raid comes after Kosovo's government restricted the use of the Serbian dinar earlier this year, leading to a standoff with Serbia. US and EU negotiators have also expressed concerns about Kosovo's prime minister's heavy-handed approach and its impact on pensioners and welfare recipients. Talks to resolve the deadlock broke down last week, and the raid has been seen as undermining efforts to resolve outstanding issues through dialogue. [Extracted from the article]

Swiss sneaker maker On Holding AG has reported strong first-quarter revenue and increased its sales forecast for the year. The company's quarterly sales reached 508 million Swiss francs, up 29% from the previous year and surpassing market expectations. On's success can be attributed to the growing demand for its running shoes and new line of training apparel. The company plans to expand further through its e-commerce channel, company-owned stores, and its presence in the tennis and training categories. On expects full-year sales of 2.29 billion Swiss francs, slightly higher than analyst estimates. [Extracted from the article]

Swiss sneaker maker On Holding AG has reported strong first-quarter revenue, driven by increased demand for its running shoes and new line of training apparel. The company, which is backed by Roger Federer, exceeded market expectations with quarterly sales of 508 million Swiss francs ($560 million) and has raised its full-year sales forecast to 2.29 billion Swiss francs. On has been expanding rapidly across Europe and North America and is now looking to deepen its presence in tennis and training to compete with larger rivals like Adidas and Nike. The company's lack of discounts has drawn praise from analysts, and its shares have seen a 14% increase this year. [Extracted from the article]

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Currency traders are shifting their focus to Group-of-10 (G-10) currencies and away from emerging markets due to recent central bank actions. The appeal of G-10 currencies lies in the belief that they are poised for significant movements, especially as central banks make unexpected shifts and elections introduce uncertainty. Carry trades, which involve borrowing in low-yielding currencies and investing in higher-yielding ones, are also generating profits, driven by the strength of the US dollar. Overall market volatility remains relatively low, but some are seeing signs of change, with G-7 currency volatility surpassing that of emerging markets for the first time since 2017. [Extracted from the article]

Three watches made by Swiss watchmaker Rexhep Rexhepi were sold for a total of $4.3 million at auction, solidifying his position among top collector brands. One of the watches, the 'Chronomètre Antimagnetique,' sold for $2.3 million at the Only Watch charity auction, while another, the 'Chronomètre Contemporain,' sold for a record $1.2 million at the Phillips Geneva auction. Rexhepi, who immigrated to Switzerland from Kosovo, designs and produces unique movements for each watch model in his small workshop in Geneva. In comparison, F.P. Journe produces between 900 and 1,000 watches per year, while Patek Philippe makes about 70,000 watches. [Extracted from the article]

Currency traders are finding new opportunities for profit as central banks around the world make shifts in monetary policy. Fund managers are focusing on Group-of-10 (G-10) currencies, which are the most industrialized countries, and moving away from emerging markets. The appeal of G-10 currencies lies in the potential for significant movements, especially as central bank actions and election surprises impact the market. Carry trades, which involve borrowing in low-yielding currencies and investing in higher-yielding ones, are also generating profits. Overall market volatility is relatively low, but some experts believe that volatility may increase in the future. [Extracted from the article]

Christie's has postponed a watch auction in Geneva due to technological problems with its website. The "Rare Watches" event, featuring timepieces from the collection of former Formula One driver Michael Schumacher, has been rescheduled for Tuesday. The delay was caused by a technology security issue that affected Christie's systems and prevented online bidders from participating in a charity auction held on Friday. The auction house has not provided details about the security issue or confirmed if it was a cyberattack. Despite these challenges, Christie's remains committed to providing high-quality service to its clients and is looking forward to a successful sales week in Geneva. [Extracted from the article]

The article discusses how traditional safe havens, such as US Treasuries and currencies like the Swiss franc and Japanese yen, are no longer providing protection for investors during times of market turbulence. The relationship between stocks and bonds has flipped, with bond bets often losing money alongside stock positions. Additionally, the interest-rate gap between the US and Japan or Switzerland has eroded the haven characteristics of the yen and franc. As a result, investors are advised to consider alternative strategies, such as allocating a portion of their portfolio to gold and other commodities, to hedge against the disappearance of traditional safe havens. [Extracted from the article]

Georgian billionaire Bidzina Ivanishvili has filed a lawsuit against Credit Suisse for 200 million Swiss francs ($220 million) in Geneva over a rogue trader scandal. This lawsuit is in addition to the $1.34 billion Ivanishvili has already been awarded by courts in Bermuda and Singapore. The money Ivanishvili is seeking is part of Swiss civil claims related to former Credit Suisse banker Patrice Lescaudron's fraud conviction in 2018. Credit Suisse, now owned by UBS Group AG, is appealing the previous court decisions. [Extracted from the article]

According to UBS Group AG and Bank of America, investors should consider buying the Australian dollar against currencies like the euro and Swiss franc. This strategy is based on the belief that the Reserve Bank of Australia's tighter policy and sticky inflation will prevent it from loosening its policy sooner than other Group-of-10 peers. Additionally, an expected rebound in China's economy is seen as another reason to buy the Australian dollar. However, Westpac Banking Corp. suggests that the Australian dollar may be close to unwinding its advance against some currencies. Overall, the Australian dollar's performance is influenced by factors such as inflation, home prices, labor data, and global economic conditions. [Extracted from the article]

A new report from researchers at Cochin University of Science and Technology in Kerala, India examines the identification of safe-haven assets during crisis periods using the Fractal Market Hypothesis (FMH). The study focuses on the COVID-19 crisis and analyzes the fractal behavior of commonly considered safe-haven assets such as Gold, Bitcoin, Swiss franc, and US dollar. The findings suggest that Gold is a safe haven only in the short run, while Bitcoin is a good diversifier. The study also concludes that the Swiss franc is not a good safe haven in both the short and long run, while the US dollar is a safe haven in the long run. [Extracted from the article]

According to CME Group, the world's largest regulated currency marketplace, Monday saw the busiest day for spot trading in the Japanese yen since November 2016. Over $77 billion was traded in the dollar-yen pair on CME's spot EBS platform, with the majority of the activity occurring before 9 a.m. in London. The yen experienced significant volatility on Monday, rebounding from its weakest level against the dollar in 34 years. Bloomberg analysis suggests that the Bank of Japan intervened to support the currency, marking the first intervention since 2022. EBS, acquired by CME in 2018, is a major venue for trading the yen, euro, and Swiss franc against the US dollar. [Extracted from the article]

The Swiss National Bank (SNB) has reported a quarterly profit of 58.8 billion francs ($64 billion) due to the weakness of the Swiss franc. This profit is the largest start to the year on record for the SNB. The majority of the profit, 52.4 billion francs, came from the SNB's assets held in foreign currencies, while its gold holdings saw a valuation gain of 8.9 billion francs. However, Swiss franc positions resulted in a loss of 2.4 billion francs due to interest payments on deposits of commercial banks. The SNB's focus is now on rebuilding its capital rather than delivering dividends. [Extracted from the article]

UBS Group AG CEO Sergio Ermotti's $15.8 million pay for last year has been justified by the bank's chairman, Colm Kelleher, who praised Ermotti's success in integrating Credit Suisse. While Ermotti's compensation is lower than that of Wall Street CEOs, it has raised concerns in Switzerland, with the finance minister stating that it exceeds the expectations of the average citizen. Kelleher defended the pay increase, stating that it reflects Ermotti's outstanding contribution and the need to ensure UBS's long-term competitiveness. Shareholders criticized the bank's pay policies, arguing that they were not in the best interests of shareholders. [Extracted from the article]

A rare Rolex watch with a split-second chronograph sold for a record-breaking €3.3 million ($3.5 million) at an auction in Monaco. The Rolex 4113, produced in 1942, is one of only 12 ever made and nine known to exist. Despite a decline in second-hand prices for luxury watches, collectors are still willing to pay top dollar for rare and unique items. The watch, which has a case diameter of 44 millimeters, is believed to be the only split-second chronograph ever produced by Rolex. It was auctioned alongside the cheese knife that the previous owner used to open the watch case in a 2013 video. [Extracted from the article]

Currency traders are turning to safe havens in response to fears of a widening conflict in the Middle East. The dollar has gained against most major currencies, except for the Swiss franc and the Japanese yen, after reports of Israel launching a retaliatory strike on Iran. Traders are also showing bullish sentiment towards the Swiss franc and increased demand for options that pay out if the yen strengthens against the dollar. The volatility in oil-linked currencies has also increased due to the rising price of crude oil. The Bloomberg Dollar Spot Index is trading close to a one-year high. [Extracted from the article]

An independent examination conducted by Temenos AG has found that allegations made by short seller Hindenburg Research about the company's accounting practices, products, and client relationships were inaccurate and misleading. The review confirmed that Temenos is running a sound business with robust financial controls and strong governance oversight. The findings have no impact on the company's previously published annual financial statements. Temenos is hopeful that it will be able to introduce a new CEO at an upcoming shareholders meeting. The company's shares had plummeted after Hindenburg's allegations but have since remained low. [Extracted from the article]

Asian stocks are expected to decline following Iran's attack on Israel, causing tensions in the Middle East. Traders anticipate a flight to safety, resulting in losses in the stock market and an increase in the value of safe haven currencies like the Japanese yen and Swiss franc. The escalation of the conflict could lead to further volatility in markets, with oil potentially surpassing $100 a barrel. Investors are also monitoring the bond market for potential inflation concerns. [Extracted from the article]

Copyright of TextilWirtschaft Online is the property of dfv Mediengruppe and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Switzerland will host a high-level conference on June 15-16 to consolidate global support for a peace framework advocated by Ukraine to end the war with Russia. The aim of the conference is to create a common understanding on achieving a comprehensive, just, and lasting peace for Ukraine in accordance with international law and the United Nations charter. Over 120 countries will be invited, and while Russia's participation is not envisaged at this stage, the conference should lay out a concrete roadmap for Russia's future involvement in the peace process. The conference will be held in the mountain resort of Buergenstock and is expected to cost up to 10 million Swiss francs. [Extracted from the article]

Barry Callebaut, a Swiss chocolate maker, has reported that its revenue exceeded analyst estimates in the first half of the fiscal year due to increased volumes. Despite a challenging operating environment with rising costs, sales rose 11% to 4.6 billion Swiss francs ($5.1 billion). The company has managed to handle price increases and inflation through its cost-plus pricing model. While cocoa futures have been on the rise due to poor crops in West Africa, Barry Callebaut has maintained its guidance for flat volumes this fiscal year. The company's shares have dropped in the past year, but investor Artisan Partners Asset Management Inc. has expressed confidence in the company by increasing its stake. [Extracted from the article]

The CEO of Rolex, Jean-Frédéric Dufour, has warned against viewing luxury watches as investments, stating that it sends the wrong message and is dangerous. This comes after a surge in interest from speculators during the pandemic, which led to soaring prices for pre-owned watches. However, secondary market prices have since fallen sharply, with the Bloomberg Subdial Watch Index declining 40% in the past two years. Dufour expects 2024 to be a difficult year for the Swiss watch industry as demand slows, particularly impacting smaller watch brands. The industry is also facing challenges from the strong value of the Swiss franc and rising costs of raw materials. [Extracted from the article]