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The Star
4 days ago
- Business
- The Star
Swiss National Bank denies currency manipulation after being put on US watch list
A national flag flutters from the Swiss National Bank (SNB) building in Bern, Switzerland. REUTERS/Denis Balibouse/File Photo ZURICH: The Swiss National Bank does not engage in currency manipulation, the central bank said on Friday, after the United States added Switzerland to a list of countries being monitored for unfair currency and trade practices. "The SNB does not engage in any manipulation of the Swiss franc," the SNB said after the publication of the U.S. Treasury Report on Thursday. "It does not seek to prevent adjustments in the balance of trade or to gain unfair competitive advantages for the Swiss economy," it added. The SNB said it remained in contact with U.S. authorities to explain Switzerland's economic situation and monetary policy, and would continue to use interest rates and forex market interventions to pursue its inflation target. The central bank declined to say whether further talks with the United States were planned, but said it acted in the interests of Switzerland, where it aims to keep annual price increases within a band of 0-2%. "Our monetary policy is geared towards the needs of Switzerland," the SNB said. - Reuters
Straits Times
30-05-2025
- Business
- Straits Times
Under US pressure, Liechtenstein seeks fix for stranded Russian wealth
A flag of Liechtenstein flutters in front of the Vaduz Castle near Vaduz, Liechtenstein, March 3, 2025. REUTERS/Denis Balibouse/File Photo A sign of the Principality of Liechtenstein is seen in front of the Vaduz Castle in Vaduz, Liechtenstein, March 3, 2025. REUTERS/Denis Balibouse/File photo A view of the State Parliament and government buildings in Vaduz, Liechtenstein, March 3, 2025. REUTERS/Denis Balibouse/File Photo VADUZ, Liechtenstein - Liechtenstein is examining tightening control of scores of Russian-linked trusts abandoned by their managers under pressure from Washington, according to several people familiar with the matter. The country, one of the world's smallest and richest, is home to thousands of low-tax trusts, hundreds of which have links to Russians, two of the people with direct knowledge of the matter said, putting it in the crosshairs of Western efforts to sanction Moscow. Since Russia's invasion of Ukraine, the U.S. Treasury has sanctioned several individuals and trusts in Liechtenstein it said were linked to Russian oligarchs, including Vladimir Potanin, and a long-time ally of Russian President Vladimir Putin, Gennady Timchenko. The U.S. Treasury had no immediate comment. Potanin's Interros holding company did not respond to a request for comment, while Timchenko could not be reached. That sanctioning has prompted other directors fearing such punishment to quit hundreds of Russian-linked trusts, according to several people familiar with the matter, exposing a far wider problem with Russian money in the tiny country with a population of about 40,000. The episode, in a sleepy Alpine enclave ruled by a billionaire royal family, also shows how deep and opaque Russia's business ties to Europe remain more than three years after Russia's invasion of Ukraine. It is a setback for the microstate that had long sought to shed its image as a safe haven for foreign wealth. The mass resignations have put scores of trusts in limbo, essentially freezing swathes of Russian wealth. The trusts are the linchpin for fortunes, including yachts or property, that are scattered around the globe. Their suspension puts that property beyond reach, a further potential lever over Russia, amid attempts by U.S. President Donald Trump to strike a peace deal. Reuters has spoken to several people with direct knowledge of these events, who asked not to be identified because of the sensitivity of the matter. They outlined how a push by Washington had led scores of directors to quit trusts with links to Russia and how the government was scrambling to resolve the crisis. Liechtenstein's newly elected government is seeking to fix the issue, according to people familiar with the matter, underscoring the continued pressure from Washington over Russia sanctions, despite U.S. President Donald Trump's earlier suggestions he could ease them. Liechtenstein also sees its handling of sanctions enforcement as something that could influence its government's efforts to lower newly imposed U.S. tariffs on exports, said one person with direct knowledge of the discussions. A Liechtenstein government official said 475 trusts were affected by the defections, although added that not all were linked to Russians or sanctioned individuals. That official said Liechtenstein's justice department was seeking to install new managers to 350 trusts, while 40 were being liquidated and unsuccessful attempts had been made to appoint a liquidator to further 85 trusts. This episode strikes at the trust industry, a critical pillar of Liechtenstein's roughly 770 billion franc ($930 billion) financial centre that underpins the country's economy. Local banks, the government official said, were also affected, without elaborating. Banks are particularly vulnerable because the United States has the power to throttle them by cutting off their access to the dollar, threatening a wider crisis. The episode has confronted the country with its biggest crisis since 2008, when leaked customer data at LGT Bank, owned by the country's princely family, exposed widespread tax evasion. The government is now examining options to centralise the management of the deserted trusts under its watch and tightening supervision of trusts. The Liechtenstein official also said the country's authorities were in contact with their international counterparts and that no trust assets would be released to sanctioned individuals. Liechtenstein, sandwiched between Switzerland and Austria, is dominated by its royal family, whose castle towers over the parliament. It is tied closely to Switzerland, using its franc currency, but also enjoys freedom to do business in the European Union's single market. The country, criticised for hiding the fortunes of the wealthy in the past, had reformed and joined the International Monetary Fund. Once home to roughly 80,000 tax trusts, it now hosts about 20,000, said two people familiar with the matter - equivalent to roughly one trust for two residents. Pressure on Liechtenstein follows a similar push against neighbouring Austria and Switzerland. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
24-05-2025
- Sport
- The Star
Soccer-French Cup win perfect preparation for Champions League, says Luis Enrique
Soccer Football - Coupe de France - Final - Paris St Germain v Stade de Reims - Stade de France, Saint-Denis, France - May 24, 2025 Paris St Germain's coach Luis Enrique celebrates after winning the Coupe de France REUTERS/Denis Balibouse PARIS (Reuters) - Paris St Germain players may have had their minds on a bigger prize, but they easily retained their French Cup on Saturday in a display, which manager Luis Enrique said, was the ideal way to prepare for the Champions League final. A week before they face Inter Milan in a bid to win the club's first and long sought after European Cup, PSG made light work of Stade de Reims in a 3-0 win at the Stade de France. "It was a very good match. We prepared for the final on the 31st in the best way," Luis Enrique told BeIN Sports. "This (Champions League) final is important. We want to make history. We're ready. We are a real team and we want to get trophies." PSG had the job done in a first half where they scored three goals against a Reims side which offered little resistance and Luis Enrique now has the job of readying his side for the biggest game of their season. "The Champions League final will be a special moment for everyone. There is no special preparation," he said. "We will have to deal with a lot of pressure, but we have to prepare for it in the best way. It's not easy to manage everything around the team." Luis Enrique has now clinched the domestic treble in his first two seasons at the club, a period in which PSG has moved away from the star-studded sides of the past, a tactic which may well lead them to their ultimate goal. "We are a young team but with experience, with the desire to know what we want to do on the pitch," Luis Enrique said. "We hope to celebrate the Champions League." Luis Enrique has already won a coveted continental treble as manager of Barcelona, and now wants to do the same with the French club who are aiming to win all before them this season. "We have three of the four titles that we can win, and we're on the last step. I hope we can make PSG history," the manager told reporters. "The team showed a lot of commitment and all that is preparing us for the match we are expecting, which will be decisive and which can allow us to make history." (Reporting by Trevor Stynes, additional reporting by Vincent Daheron in Paris; Editing by Christian Radnedge)
Straits Times
21-05-2025
- Health
- Straits Times
Novo Nordisk Foundation pledges $57 million to WHO amid US funding gap
FILE PHOTO: The logo of the World Health Organization is seen at the WHO headquarters in Geneva, Switzerland, January 28, 2025. REUTERS/Denis Balibouse/File Photo The Novo Nordisk Foundation has pledged up to DKK 380 million ($57.76 million) to the World Health Organization (WHO) to expand its tie-up with the United Nations agency for another four years, the philanthropic body said on Wednesday. WHO said on Tuesday it had secured over $170 million in new commitments from multiple countries and organizations, but did not disclose the amount contributed by the foundation, which owns a controlling stake in drugmaker Novo Nordisk. WHY IT'S IMPORTANT The pledge comes at a time when the WHO faces a major funding shortfall with the planned withdrawal of the United States, its largest donor. The Novo Nordisk Foundation said it is expanding its collaboration to focus on non-communicable diseases, antimicrobial resistance and health system resilience. Novo Holdings, the foundation's investment arm, is one of the world's biggest philanthropic donors. CONTEXT The U.S. is set to exit the agency in 2026 following President Donald Trump's decision, announced on his first day in office. In response, WHO has cut its 2026–2027 budget by 20% to $4.2 billion and will raise mandatory member contributions by 20%, with China becoming the top state donor. KEY QUOTES "WHO plays a unique role in the global health ecosystem, providing normative guidance, monitoring diseases, building country capacity for resilient health systems and supporting learning and evidence," said Mads Krogsgaard Thomsen, CEO of the foundation. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
21-05-2025
- Sport
- Straits Times
Euro 2028 co-hosts must qualify but with safety net
FILE PHOTO: Soccer Football - Euro 2028 & Euro 2032 Hosts Announcement - Nyon, Switzerland - October 10, 2023 The UEFA Euro trophy is pictured during the announcement REUTERS/Denis Balibouse/File Photo Co-hosts England, Ireland, Scotland and Wales will not automatically be in the 2028 European Championship finals and must go through qualifying, though two spots are reserved if they fail. The decision was taken by European governing body UEFA's executive committee on Wednesday in Bilbao ahead of the Europa League Final. Hosts or co-hosts have automatically qualified for the Euros in recent editions, barring the 2020 tournament which had no automatic berth as it was held in 11 host cities across Europe. The four co-hosts will be drawn into separate groups, with 12 group winners and eight best runners-up (20 teams) advancing directly to the final 24-team tournament. "Two spots in the final tournament will be reserved for the two best ranked host nations who are not qualified as group winners or best runners-up after the completion of the qualifying group stage," UEFA said in a statement. The remaining spots will be assigned via playoffs between the remaining runners-up in the qualifying groups and the best ranked 2026-27 UEFA Nations League non-qualified group winners. If both reserved qualifying slots for co-hosts are used, then eight teams will compete in two paths for two spots, with single-leg semi-finals and a final. If only one reserved qualifying slot is used, then 12 teams will compete in three paths, like the system used for Euro 2024. If no reserved qualifying slots are used, which means all four co-hosts qualify, then eight teams will play four home and away playoff ties to qualify. Euro 2028 will be held across nine venues in the United Kingdom and Ireland. England finished runners-up at Euro 2024 while Scotland were knocked out in the group stage. Wales and Ireland did not qualify for last year's tournament hosted by Germany. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
