Latest news with #Swiss
AU Financial Review
25 minutes ago
- Business
- AU Financial Review
The Trump effect and everything else you need to know now about watches
The man currently having an outsized impact on the watch world is not some latter-day Abraham-Louis Breguet or famed horologist, but rather one Donald John Trump. The US president's on-again, off-again threat of tariffs has caused a mighty swing in Swiss watch exports to the world's largest market. Wholesalers and retailers scrambled to beat a possible 31 per cent impost, sending imports up 50 per cent in April (totalling CHF851 million or $1.6 billion) only for the figure to plummet to CHF268 million the following month. The swing is significant given that after more than a decade of Hong Kong and China leading demand, America emerged as the dominant player in 2021. To date this year, it has imported triple the value of the next largest market – Japan – and more than Hong Kong and China combined.
Hindustan Times
39 minutes ago
- Business
- Hindustan Times
Religious conversion racket: ED unearths offshore trail of Panama shell firms for money laundering
Probing the alleged money-laundering activities of Jalaluddin Shah alias Chhangur Baba, 78, accused of being the kingpin of the Balrampur religious conversion racket, the Enforcement Directorate (ED) has discovered an offshore trail involving Panama-based shell companies, senior officials said. Jalaluddin Shah alias Chhangur Baba. (File Photo) 'While scanning the list of properties and investments, the ED has unearthed a complex offshore trail involving Panama-based shell companies suspected to have been used for laundering illicit wealth and concealing real ownership. Documents seized during a search operation revealed that Chhangur Baba's close associate, Naveen Rohra alias Jamaluddin, had registered companies in Panama, including Krishna Group SA and Logos Marine SA. These entities are suspected to have been used for money laundering and tax evasion,' a senior ED official confirmed. He said the ED is further investigating the source of funds used in these transactions and the nature of the companies' operations. The agency is also looking into potential international connections and the involvement of other individuals in the alleged money-laundering scheme, he added. The investigation revealed a general power of attorney issued in favour of Naveen Rohra, granting him operational authority over the companies, he said, adding that the probe also uncovered significant financial transactions between the companies and various entities, including those based in South Africa and the United Arab Emirates (UAE). The official said the ED has found evidence of property purchases made by Naveen Rohra and his associates, including his wife Neetu Rohra, using funds allegedly generated through illicit means. The agency has also traced a connection to Habib Bank in Zurich, Switzerland, raising suspicions about possible Swiss bank involvement in the funding and financial transactions related to the case, he said. Documents seized during the investigation also revealed a UAE entry permit linked to Chhangur Baba, indicating potential international connections, he added. The Uttar Pradesh Anti-Terrorism Squad (ATS) had registered an FIR against Chhangur Baba and his associates on November 16, 2024, accusing them of forced religious conversions and illegally amassing wealth. So far, eight people have been arrested, including Rajesh Kumar Upadhyaya, a clerk in the Balrampur Chief Judicial Magistrate (CJM) court, on July 19 for alleged connivance with the kingpin in the religious conversion racket.
Time of India
an hour ago
- Science
- Time of India
Pi Approximation Day 2025: What is it and why is it celebrated?
Image credits: X Pi Approximation Day, also known as Casual Pi Day, is celebrated annually on July 22nd. The day recognises and appreciates the mathematical consonant of pi (π), which is known in various aspects of maths and science. What is Pi Approximation Day? Image credits: Getty Images Pi is a special unit in mathematics. Presenting the relationship between a circle's circumference and diameter, the ratio of the two is stated as a constant pi. The symbol of π was first introduced in 1706 by William Jones, a British mathematician. However, it became famous and came to be widely used due to Leonhard Euler, a Swiss mathematician who helped popularise it in his work. Why is Pi Approximation Day celebrated? Pi Approximation Day is celebrated on July 22nd every year, as this date is special. When you divide 22 by 7, you get 3.142857, a number that is very close to the actual value of pi, which is about 3.14159. Since 22/7 is a convenient and easy way to remember the value of pi, the day serves as a reminder of its value. This is why it is also called Casual Pi Day, a more relaxed way of celebrating the symbol without delving into the complex digits. Pi Day, is usually celebrated on March 14th, as 3/14 is a more popular meaning of the mathematical consonant. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo What is the significance of Pi (π)? Image credits: Getty Images The symbol of pi has existed for almost 4000 years. In ancient Babylon, people calculated the area of a circle by taking 3 times the square of its radius, making pi's value 3. A Babylonian tablet indicated the value of pi as 3.125, which is a close approximation. As per the Rhind Papyrus, ancient Egyptians calculated the area of a circle by a formula that gave the value of pi as 3.1605. However, the first calculation of pi was completed by Archimedes of Syracuse, who is known as one of the greatest mathematicians of the ancient world. He made use of Pythagoras' Theorem to find the areas of two regular polygons and reached a value approximation between 3 1/7 and 3 10/71. After being introduced by Jones in 1706, mathematicians began using the symbol π for pi. While for some, π has created a lot of difficulties in mathematical calculations, those who love the art of maths love the symbol. In both cases, it remains a vital and memorable symbol in the world of mathematics and the life of every student.
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Business Standard
an hour ago
- Business
- Business Standard
AstraZeneca unveils $50 bn US investment as pharma tariff threat looms
AstraZeneca plans to spend $50 billion to expand manufacturing and research capabilities in the U.S. by 2030, it said on Monday, the latest big investment by a pharmaceutical company reacting to President Donald Trump's tariff policy. The investment will fund a new drug manufacturing facility in Virginia and expand research and development (R&D) and cell therapy manufacturing in Maryland, Massachusetts, California, Indiana and Texas, it said in a statement. It will also upgrade the Anglo-Swedish drugmaker's U.S. clinical trial supply network and support ongoing investment in novel medicines. On Monday, AstraZeneca said the expansion supports its ambition to reach $80 billion in annual revenue by 2030, with half coming from the U.S. The U.S. accounted for more than 40% of AstraZeneca's annual revenue in 2024, and the company had been prioritising the market - the world's largest, worth $635 billion - before Trump's return to office. The move to scale up its U.S. footprint is the latest by a drugmaker as Trump threatens to impose import tariffs on the industry and seeks to boost domestic manufacturing. The sector has historically been spared from trade disputes. Trump has called on pharma companies to make more of the medicines they sell in the U.S. within the country, rather than importing active ingredients or finished medicines. He is also pushing for prices in the U.S. to fall to what other countries pay. CEO Pascal Soriot announced the plans in Washington, saying he believes that drug prices need to rise elsewhere and "equalize" with other countries effectively contributing more to research and development costs. "The United States cannot build or carry the cost of R&D for the entire world," he said. U.S. Commerce Secretary Howard Lutnick's department is leading a probe into pharmaceutical imports that could pave the way for new tariffs. "For decades Americans have been reliant on foreign supply of key pharmaceutical products. President Trump and our nation's new tariff policies are focused on ending this structural weakness," said Lutnick in a statement issued by AstraZeneca. While Trump has repeatedly threatened tariffs on the sector, he signalled earlier this month that companies would be given a year to 18 months to "get their act together" before any levies take effect. The company said that the timing and location of the announcement was linked to the U.S. policy environment, though some of the spending would have occurred regardless so that the infrastructure for future medicines was in place. The pledge is in addition to the $3.5 billion in investments the company announced in November 2024, the statement said. PLEDGES The $50 billion pledge matches the commitment announced by Swiss rival Roche in April and follows new spending plans unveiled this year by Eli Lilly & Co, Johnson & Johnson , Novartis, and Sanofi. Also present at the announcement was Virginia State Governor Glenn Youngkin, a vocal Trump ally who has defended the administration's tariff policies. The new Virginia facility - the company's largest single manufacturing investment - will produce active ingredients for AstraZeneca's experimental weight-loss medicines, including its oral GLP-1 candidate and an oral PCSK9 inhibitor for cholesterol management, it said. The company said the investment could create tens of thousands of new jobs, but declined to give specifics. It employs about 18,000 people in the U.S. and has a global workforce of about 90,000. In January it scrapped plans to invest 450 million pounds ($607.1 million) in its vaccine manufacturing plant in northern England, citing a cut in government support. Earlier this month, The Times reported the company was considering moving its stock market listing from London, where it is the exchange's most valuable company worth 159 billion pounds, to the U.S. The company declined to comment.
Time of India
an hour ago
- Business
- Time of India
WEF spat heats up as founder Klaus Schwab denies misconduct
"I am in a position to refute all the accusations brought up against me," Schwab said in a statement, responding to a report in SonntagsZeitung. The Swiss newspaper said preliminary findings by Swiss law firm Homburger support allegations that Schwab manipulated economic reports published by the forum and submitted unjustifiably high expense claims. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads ZURICH: World Economic Forum founder Klaus Schwab denied allegations of misconduct that were reportedly substantiated by a formal investigation and accused the board of trustees of violating an agreement regarding media discretion on the matter."I am in a position to refute all the accusations brought up against me," Schwab said in a statement, responding to a report in SonntagsZeitung. The Swiss newspaper said preliminary findings by Swiss law firm Homburger support allegations that Schwab manipulated economic reports published by the forum and submitted unjustifiably high expense investigation, commissioned by the WEF's board of trustees, is examining a range of accusations against the 87-year-old, including claims he used the forum's resources for personal abruptly resigned from the WEF in April after the misconduct allegations emerged, sparking a clash with the board. A successor has yet to be figures linked to the role have included BlackRock Vice Chairman and former Swiss National Bank President Philipp Hildebrand , who joined the board of trustees in May, and European Central Bank President Christine Lagarde , who until recently was considered the top candidate by both Schwab and the organization, Bloomberg previously has said she first intends to complete her ECB term, which runs until October WEF board of directors is currently led by former Nestle Chairman Peter Brabeck-Letmathe on an interim his statement Sunday, Schwab said he made himself available for an interview with Homburger on July 15. He was told he would have access to a draft of the report to respond to the allegations. He has yet to see a draft, a spokesperson added in a separate statement."In this respect I feel deceived," Schwab said. "I am willing to defend my interests with all my strength, even in the context of a legal dispute."A WEF spokesperson declined to comment when contacted by Bloomberg, stating that the organization would respond once the investigation concludes, likely at the end of SonntagsZeitung report intensifies an ongoing dispute between Schwab and the board of trustees at WEF and comes just weeks after the two parties issued a joint statement claiming they were working toward "normalizing" their relationship and resolving the to excerpts cited by the newspaper, Homburger's investigation found that Schwab repeatedly intervened to influence country rankings in the WEF's Global Competitiveness Report for political investigation also scrutinized some 900,000 Swiss francs ($1.12 million) in expenses submitted by Schwab and his wife Hilde that allegedly lacked sufficient ties to WEF activities, the newspaper said.
