Latest news with #NeueZuercherZeitung
New Straits Times
21-05-2025
- Business
- New Straits Times
US consumers unsettled by economic slowdown, Nestle CEO says
ZURICH: Consumers in the United States are unsettled by a slowdown in the economy, but Nestle is recovering market share there, the CEO of the Swiss food group was quoted as saying in a newspaper interview published on Wednesday. Nestle CEO Laurent Freixe told the Neue Zuercher Zeitung daily that his company was performing well in the US despite concerns stemming from the Trump administration's imposition of tariffs on its key trading partners last month. "The US market is under pressure," he said. "There's uncertainty, and consumers are feeling the economy slowing. But we've recently performed better than our competitors in the US We're regaining market share. We're on the right track." Freixe also said his company was not putting its water business on sale - but might sell a stake in it. "To unlock the full potential, we need a partner as a co-investor so that we don't have to take the funds for expansion out of our core business," Freixe told the newspaper. "A joint venture would be one possibility."
Yahoo
21-05-2025
- Business
- Yahoo
US consumers unsettled by economic slowdown, Nestle CEO says
ZURICH (Reuters) -Consumers in the United States are unsettled by a slowdown in the economy, but Nestle is recovering market share there, the CEO of the Swiss food group was quoted as saying in a newspaper interview published on Wednesday. Nestle CEO Laurent Freixe told the Neue Zuercher Zeitung daily that his company was performing well in the U.S. despite concerns stemming from the Trump administration's imposition of tariffs on its key trading partners last month. "The U.S. market is under pressure," he said. "There's uncertainty, and consumers are feeling the economy slowing. But we've recently performed better than our competitors in the U.S. We're regaining market share. We're on the right track." Freixe also said his company was not putting its water business on sale - but might sell a stake in it. "To unlock the full potential, we need a partner as a co-investor so that we don't have to take the funds for expansion out of our core business," Freixe told the newspaper. "A joint venture would be one possibility." Sign in to access your portfolio
Zawya
10-04-2025
- Business
- Zawya
Staggered by Trump tariff blow, Switzerland leans closer to Europe
U.S. President Donald Trump's decision to hit Switzerland with steeper tariffs than most of Europe was a major shock to the export-oriented country, pushing it towards the European Union as it scrambled to contain the fallout. While there was relief that Trump temporarily lowered his tariffs on Wednesday, for advocates of stronger ties the episode confirmed their argument: that a more unpredictable world means Switzerland must increase engagement with its EU neighbours. Switzerland took an initial step toward closer economic integration in December when it reached a political deal with Brussels to overhaul their joint trading relationship. That EU deal faces a long approval process, but Swiss President and Finance Minister Karin Keller-Sutter pointed to it in a Wednesday newspaper interview as she took stock of Switzerland's options following the U.S. trade broadside. "We want to stabilize, deepen relations with the EU," she told the Neue Zuercher Zeitung daily. Neutral Switzerland has combined a low-tax business model with direct democracy to create a stable, open economy which is wealthier than nearly all EU member states. That has fed both national pride and resistance to being absorbed by the bloc. After Trump imposed tariffs, Keller-Sutter said she quickly spoke to EU Commission President Ursula von der Leyen and agreed to stay in close touch on how they should proceed. On Friday, Keller-Sutter will become the first Swiss finance minister to participate in a regular meeting of her counterparts from the EU, which Trump last week hit with a 20% tariff, well below the 31% he put on Switzerland. Both now face 10% duties. Keller Sutter's invitation to the informal ECOFIN meeting in Warsaw predates Trump's re-election, but her attendance comes as Switzerland is stepping up cooperation with the EU in strategic areas in response to geopolitical upheaval, including Russia's war in Ukraine and the U.S. shift towards protectionism. Jean-Philippe Kohl, deputy director of industry association Swissmem, said the U.S. policy shock made it even more urgent for Switzerland to approve the new Brussels deal and cement the future foundations of ties with its biggest market, the EU. "Maybe a few more percent of people will grasp that we must at least be good with the EU and can't create additional problems with China if the U.S. falls away," he said. Yet with major economies such as Germany struggling, Switzerland will need to expand its business footprint outside Europe, Kohl said, pointing to India and Southeast Asia. The Swiss foreign ministry did not immediately reply to a request for comment for this article. NEW WORLD ORDER The EU accord faces a tough ratification process in Switzerland, where the bloc is seen by critics as a bureaucratic hindrance and undemocratic affront to Swiss sovereignty. Franziska Roth, a lawmaker for the centre-left Social Democrats (SP), said if the deal clears parliament it will face a struggle in any referendum unless it ensures that Swiss living standards like higher wages are protected. But she pointed to a parliamentary resolution backed last month with strong cross-party support that urged the government to seek a stronger security role in Europe and to explore scope for more Swiss security cooperation with the EU. That showed most parties now believed Switzerland only had a secure future in partnership with the EU, Roth said. The country's biggest party, the right-wing Swiss People's Party (SVP), remains a powerful holdout, vigorously opposing closer EU ties. But it was not pleased by the U.S. tariffs, with longtime SVP leader Christoph Blocher calling them "absurd." Daniel Woker, a former Swiss ambassador, said that with old certainties crumbling, getting closer to Europe was vital. "Trump is destroying the existing order. And he wants a completely different world order, not just on trade," he said. "This can only hurt Switzerland, which has unquestionably benefited greatly from the current world order." (Reporting by Dave Graham; Editing by Toby Chopra)
Reuters
06-03-2025
- Business
- Reuters
Novartis not panicking over potential US pharmaceutical tariffs, chairman says
ZURICH, March 6 (Reuters) - Novartis (NOVN.S), opens new tab is not panicking about higher tariffs on pharmaceutical imports that U.S. President Donald Trump could impose, the drug maker's Chairman Joerg Reinhardt said in an interview published on Thursday. President Trump last month flagged potential import duties of about 25% on pharmaceuticals as part of measures affecting other industries, including semiconductors and automobiles, as he seeks to reshape global trade. Reinhardt told Swiss newspaper Neue Zuercher Zeitung that Novartis was following developments closely. "Rhetoric is one thing, what actually happens is another. Traditionally, pharmaceutical products have always been exempt from tariffs. So this would be something new," Reinhardt said. "We are not panicking. But of course we are following what is coming with interest and are preparing for possible scenarios," he added. Reinhardt, who is stepping down after 12 years as chairman at the company's AGM on Friday, said Novartis assumed the financial impact of the tariffs would be limited. "However, it is too early to make a final assessment," he said. Reinhardt also said he did not expect Novartis's takeover strategy to change significantly under his successor, the former Bristol-Myers Squibb (BMY.N), opens new tab CEO Giovanni Caforio. "A large acquisition is unlikely. On the other hand, there will always be purchases in the single-digit billion range," Reinhardt told the newspaper. "This strategy was set by the Board of Directors for the long term and will remain so. This will not change with Giovanni." Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.
Yahoo
25-02-2025
- Business
- Yahoo
Swiss armed forces chief and top spy to step down
ZURICH (Reuters) - The head of Switzerland's armed forces and the chief of the neutral country's intelligence services have both resigned their jobs, Swiss media reported on Tuesday. Thomas Suessli handed in his resignation as head of the armed forces at the end of January, public broadcaster SRF and newspaper Neue Zuercher Zeitung reported, citing sources, although he would remain in office until the end of 2025. Christian Dussey, who heads the Federal Intelligence Service, has also resigned but will remain in office until the end of March 2026, the publications reported. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Priska Seiler-Graf, the president of the security committee of the lower Swiss house of parliament, confirmed the departures to Swiss news agency SDA. The defence department declined to comment when contacted by Reuters. The departures come at a sensitive time for the Swiss defence establishment, which has come under fire for delays to key projects as it aims to build its defence capacities following the Russian invasion of Ukraine. Earlier this year Suessli said he was concerned about the delays of various projects, including military drones from Israel. The defence department is also waiting for a new civilian head, after Minister Viola Amherd resigned in January, with her successor in the Swiss cabinet still to be decided. In another blow for the defence establishment, the Swiss Federal Audit Office on Monday revealed suspected cases of fraud at state-owned Swiss armaments group Ruag MRO and estimated financial damages "in the high double-digit million range."
