Latest news with #Schlegel
Mint
27-05-2025
- Business
- Mint
SNB Removed Chevron From US Portfolio on Environmental Concerns
The Swiss National Bank sold its entire stake in oil producer Chevron Corp. because it now considers investments in the stock to breach its portfolio guidelines, according to a person familiar with the matter. The central bank hasn't moved away from drilling companies in general, but specifically dropped Chevron because of environmental concerns that don't apply to other rivals, the person said. They declined to be identified discussing confidential matters. 'The SNB has not adjusted its investment policy,' but stands by its existing guidelines, according to an e-mailed statement. It declined to comment on specific investments. The central bank has 703 billion-franc in foreign currency reserves, amassed over the years through currency purchases to contain the strength of the franc. A quarter is held in equities. A portion of that is in the US, requiring disclosure of such holdings according to American securities rules. The SNB's disposal of a stake in Chevron that previously totaled $712 million was revealed in its latest filing this month. The share investments tend to mirror major indexes, and the SNB tries to be market-neutral. The central bank retains shares in other oil producers including Exxon Mobil Corp. and ConocoPhillips. Activists have been pressuring the SNB for years to stop holding stocks in businesses whose products foster climate change. A focal point for protests is the central bank's annual shareholder meeting. At the most recent one last month, protesters gathered in front of the venue with placards of President Martin Schlegel's face and the slogan 'burn, baby, burn.' At that event, Schlegel recited the institution's policy that it may not pursue climate targets with its portfolio because its mandate is solely focused on price stability. The central bank's investment guidelines prohibit purchasing stocks or bonds of companies that 'systematically cause severe environmental damage.' Producers of internationally condemned weapons, coal mining companies and systematically relevant banks are also excluded. This article was generated from an automated news agency feed without modifications to text.
Yahoo
22-05-2025
- Politics
- Yahoo
Proposed bill would bring back ‘much loved' Pennsylvania license plate
PENNSYLVANIA (WTAJ) — A representative has announced plans to introduce legislation that would bring back a previous design of the Conserve Wild Resources license plate. According to John Schlegel (R-Lebanon County), the plate that depicted a saw-whet owl was loved by Pennsylvanians. However, that design was discontinued by the Pennsylvania Department of Transportation. 'My legislation would require PennDOT to allow an individual to use the previously valid Conserve Wild Resources license plate that depicts a saw-whet owl if that plate meets PennDOT regulations and the alphanumeric pattern on the license plate is available,' Schlegel wrote. The current Conserve Wild Resources plate has a small depiction of an Eastern Hellbender, which is Pennsylvania's state amphibian, on it. Schlegel added that the legislation would not eliminate the current design, but rather give residents the option to choose. You can read the full memo and keep up to date with the bill's progress here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Reuters
25-04-2025
- Business
- Reuters
Swiss National Bank chairman rebuffs bitcoin as reserve asset
BERN, April 25 (Reuters) - The head of the Swiss National Bank said on Friday that cryptocurrencies failed to meet the institution's currency reserve standards, rebuffing calls by crypto advocates that it hold bitcoin as a hedge against growing global economic risks. Cryptocurrency campaigners are ramping up pressure on the SNB to buy bitcoin, arguing that the economic turmoil triggered by U.S. President Donald Trump's tariffs made it more important for the central bank to diversify its reserves. They have launched a referendum campaign to change the Swiss constitution and require the SNB to hold bitcoin in its reserves alongside gold. SNB Chairman Martin Schlegel, however, rejected the idea at the central bank's shareholder meeting in Bern. "Cryptocurrency cannot currently fulfil the requirements for our currency reserves," he said. Market liquidity was one concern, he said, as the central bank needed at all times to be able to buy and sell foreign exchange. Cryptocurrencies also typically exhibit "very, very high" fluctuations in value, Schlegel said, which raised doubts about their ability to maintain the value of the SNB's currency reserves. Schlegel's comments came after Luzius Meisser - a founder of the Bitcoin Initiative, which is pushing for the referendum - told the meeting that bitcoin was a "special asset" and a valuable alternative to traditional government debt. "I have to admit it might not be worth much in scenarios that most of you consider normal," he said. "However, bitcoin will be worth a lot in the specific scenario of a multipolar world order with fading trust in government debt."
Yahoo
25-04-2025
- Business
- Yahoo
Swiss National Bank chairman rebuffs bitcoin as reserve asset
BERN (Reuters) -The head of the Swiss National Bank said on Friday that cryptocurrencies failed to meet the institution's currency reserve standards, rebuffing calls by crypto advocates that it hold bitcoin as a hedge against growing global economic risks. Cryptocurrency campaigners are ramping up pressure on the SNB to buy bitcoin, arguing that the economic turmoil triggered by U.S. President Donald Trump's tariffs made it more important for the central bank to diversify its reserves. They have launched a referendum campaign to change the Swiss constitution and require the SNB to hold bitcoin in its reserves alongside gold. SNB Chairman Martin Schlegel, however, rejected the idea at the central bank's shareholder meeting in Bern. "Cryptocurrency cannot currently fulfil the requirements for our currency reserves," he said. Market liquidity was one concern, he said, as the central bank needed at all times to be able to buy and sell foreign exchange. Cryptocurrencies also typically exhibit "very, very high" fluctuations in value, Schlegel said, which raised doubts about their ability to maintain the value of the SNB's currency reserves. Schlegel's comments came after Luzius Meisser - a founder of the Bitcoin Initiative, which is pushing for the referendum - told the meeting that bitcoin was a "special asset" and a valuable alternative to traditional government debt. "I have to admit it might not be worth much in scenarios that most of you consider normal," he said. "However, bitcoin will be worth a lot in the specific scenario of a multipolar world order with fading trust in government debt." Sign in to access your portfolio
Zawya
25-04-2025
- Business
- Zawya
Swiss National Bank chairman rebuffs bitcoin as reserve asset
The head of the Swiss National Bank said on Friday that cryptocurrencies failed to meet the institution's currency reserve standards, rebuffing calls by crypto advocates that it hold bitcoin as a hedge against growing global economic risks. Cryptocurrency campaigners are ramping up pressure on the SNB to buy bitcoin, arguing that the economic turmoil triggered by U.S. President Donald Trump's tariffs made it more important for the central bank to diversify its reserves. They have launched a referendum campaign to change the Swiss constitution and require the SNB to hold bitcoin in its reserves alongside gold. SNB Chairman Martin Schlegel, however, rejected the idea at the central bank's shareholder meeting in Bern. "Cryptocurrency cannot currently fulfil the requirements for our currency reserves," he said. Market liquidity was one concern, he said, as the central bank needed at all times to be able to buy and sell foreign exchange. Cryptocurrencies also typically exhibit "very, very high" fluctuations in value, Schlegel said, which raised doubts about their ability to maintain the value of the SNB's currency reserves. Schlegel's comments came after Luzius Meisser - a founder of the Bitcoin Initiative, which is pushing for the referendum - told the meeting that bitcoin was a "special asset" and a valuable alternative to traditional government debt. "I have to admit it might not be worth much in scenarios that most of you consider normal," he said. "However, bitcoin will be worth a lot in the specific scenario of a multipolar world order with fading trust in government debt." (Reporting by John Revill; Editing by Joe Bavier)
