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Straits Times
3 days ago
- Business
- Straits Times
Switzerland to explore defence procurement pact with EU
FILE PHOTO: Switzerland's national flag flies beside the one of the European Union in Steinhausen, Switzerland February 11, 2020. REUTERS/Arnd Wiegmann/ File Photo BERLIN -Switzerland will enter into exploratory talks with the European Union on a non-binding partnership to take part in arms procurement projects, the government said on Wednesday, as the neutral alpine nation seeks closer EU security ties. Such partnerships are a prerequisite for non-EU countries to become involved with the bloc's cooperation projects, said the government, adding that the move was compatible with neutrality and would help strengthen its defence capabilities. "Switzerland has an interest in greater cooperation with the EU, particularly in relation to armaments," it said, adding that the talks should be launched as soon as possible. A partnership would allow Switzerland to negotiate better conditions for its industry's participation in EU defence procurement projects, it said. "To date, the EU has concluded such partnerships with a number of countries, and further partnerships are in the pipeline," added the government. Companies from countries that have signed such a pact with the EU are eligible to apply for the bloc's 150-billion-euro ($173.99 billion) arms fund, if they meet further conditions. The Swiss government on Wednesday also approved a draft cooperation agreement with Ukraine on the reconstruction of the besieged country that would establish a legal basis for the Swiss private sector to become more closely involved. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
4 days ago
- Business
- The Star
Central bank body BIS delivers stark stablecoin warning
FILE PHOTO: The tower of the headquarters of the Bank for International Settlements (BIS) is seen in Basel, Switzerland March 18, 2021. REUTERS/Arnd Wiegmann/File Photo LONDON (Reuters) -The Bank for International Settlements issued its starkest warning yet on the risks posed by stablecoins and urged countries to move rapidly towards the tokenisation of their currencies. The BIS, often dubbed the central bankers' central bank, outlined its concerns, including stablecoins' potential to undermine monetary sovereignty, transparency issues and the risk of capital flight from emerging economies. It comes less than a week after the U.S. Senate passed a bill to create a regulatory framework for U.S.-dollar-pegged stablecoins, a move which, if rubberstamped by the House, is expected to fuel a further explosion in their popularity. Stablecoins are a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, backed by real-world assets such as U.S. Treasuries or gold. Dollar-pegged coins currently account for 99% of the market, which is estimated to have over $260 billion worth of coins in circulation. "Stablecoins as a form of sound money fall short, and without regulation pose a risk to financial stability and monetary sovereignty," BIS said in a early-released chapter of its annual report due to be published on Sunday. Hyun Song Shin, the BIS' Economic Adviser, explained that stablecoins lack the traditional settlement function provided by a central bank with fiat money. He likened them to private banknotes circulating in the 19th-century Free Banking era in the United States. It means they can often trade at varying exchange rates depending on the issuer, undermining the no-questions-asked principle of central bank-issued money. "Singleness is either you have it or you don't," Shin said, also warning of the risk of "fire sales" of the assets backing stablecoins if they collapse, as TerraUSD (UST) and the cryptocurrency LUNA did in 2022. There is also the concern around who controls stablecoins. Tether currently has more than half of the overall stablecoin market, but quit the EU following the introduction of new rules which require stablecoin operators to be licensed by the bloc. "The whole question of disclosure, this is where some of the stablecoins differ," BIS Deputy General Manager Andrea Maechler said. "You will always have the question about the quality of the asset backing. Is the money really there? Where is it?" BOLD ACTIONS The BIS wants central banks to go down the route of tokenised "unified ledger" incorporating central bank reserves, commercial bank deposits and government bonds. It would mean central bank money remains both the primary means of global payment and that currencies and bonds from around the world could effectively be integrated into the same "programmable platform". Tokenisation is aimed at creating a digitalised central bank system that settles payments and securities trades almost instantaneously and more cheaply by cutting the need for certain time consuming checks, as well opening up new functionality. It can also make the system more transparent, resilient and interoperable and may protect the system from some of the more unpredictable elements of cryptocurrencies. There would be a number of key issues to overcome, including who gets to set the rules governing the platform and that individual countries are likely to want to retain significant control of how and who uses their currencies. "Realising the full potential of the system requires bold action," the outgoing head of the BIS, Agustin Carstens, said. (Reporting by Marc Jones, Additional reporting by Elizabeth Howcroft, Editing by Louise Heavens)
The Star
20-06-2025
- Business
- The Star
Google offers to tweak search results to promote rivals, stave off EU antitrust fine, documents show
FILE PHOTO: A logo is pictured at Google's European Engineering Center in Zurich, Switzerland July 19, 2018. Picture taken July 19, 2018. REUTERS/Arnd Wiegmann/File Photo BRUSSELS (Reuters) -Alphabet's Google has proposed more changes to its search results to better showcase rivals in a bid to stave off a possible hefty EU antitrust fine, according to documents seen by Reuters. Google's latest proposal came three months after the European Commission charged the U.S. tech giant with favouring its own services such as Google Shopping, Google Hotels and Google Flights over rivals in breach of the Digital Markets Act (DMA). The landmark DMA sets out a list of dos and don'ts for Big Tech aimed at reining in their power and giving rivals more room to compete and consumers more choices. Under Google's new proposal a vertical search service (VSS) selected on objective and non-discriminatory criteria would get its own box at the top of the search page with the same format, information and features as Google's, the document said. The box would contain three direct links picked by the VSS, to hotels, airlines, restaurants and transport. Other VSS, which are specialised search engines within Google, would be ranked below but without a box unless users click on them. "We do not agree with the (Commission's) preliminary findings' position but, on a without prejudice basis, we want to find a workable solution to resolve the present proceedings," the documents sent by both Google and the Commission to the rivals said. The rivals will provide feedback at a July 8 meeting called by the Commission. A number of rivals, who did not want to be named ahead of the meeting, told Reuters that the changes still do not go far enough to ensure a level playing field. (Reporting by Foo Yun Chee; Editing by Susan Fenton)
Toronto Sun
17-06-2025
- Climate
- Toronto Sun
Swiss village evacuated over threat of rockslide
Residents of Brienz/Brinzauls were being barred from entering the village Published Jun 17, 2025 • 1 minute read View of the village Brienz and the "Brienzer Rutsch", taken in Brienz-Brinzauls, Switzerland, May 12, 2023. Photo by Arnd Wiegmann / AP GENEVA — Swiss authorities cleared a village in the country's east over a potential rockslide, three weeks after a mudslide submerged a vacated village in the southwest. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Residents of Brienz/Brinzauls, about 40 kilometers (25 miles) southwest of Davos, were being barred from entering the village because a rock mass on a plateau overhead has 'accelerated so rapidly that it threatens to collapse,' a statement from local officials said Monday. Farm work in the area was also being halted, and livestock owners moved their animals out of nearby pastures due to early warning signs on Sunday. Authorities said the region is closely monitored by early-warning systems in the town, which is no stranger to such evacuations: Villagers had been ordered out of Brienz/Brinzauls in November and in June two years ago — before a huge mass of rock tumbled down the mountain, narrowly missing the village. This advertisement has not loaded yet, but your article continues below. The mountain and the rocks on it have been moving since the last Ice Age. While glacier melt has affected the precariousness of the rocks over millennia, local authorities say melting glaciers due to 'man-made' climate change in recent decades hasn't been a factor. The centuries-old village straddles German- and Romansch-speaking parts of the eastern Graubunden region and sits at an altitude of about 1,150 meters (about 3,800 feet). Today, it has under 100 residents. A leading Swiss insurers' association issued Tuesday a preliminary estimate of damages related to the submerging of the southwestern village of Blatten on May 28, putting the figure at some 320 million Swiss francs (about $393 million) — more than 80% of which was attributed to damages to buildings and movable property. The rest — about 60 million francs (about $73.8 million) _ involved damage to businesses and motor vehicles.
Straits Times
13-06-2025
- Business
- Straits Times
Swiss government backs agreement strengthening economic ties to EU
FILE PHOTO: Switzerland's national flag flies beside the one of the European Union in Steinhausen, Switzerland February 11, 2020. REUTERS/Arnd Wiegmann/ File Photo ZURICH - The Swiss cabinet on Friday approved a deal struck in December with the European Union aimed at deepening bilateral economic ties and has now launched a domestic consultation process. Global geopolitical uncertainty made it a "strategic necessity" to maintain stable and predictable relations with the EU, Switzerland's top trading partner, the government said. "By fixing our economic and political relations with the EU we increase our security," Foreign Minister Ignazio Cassis told reporters, adding that Switzerland belonged to Europe not only geographically, but also economically and socially. "An old Arabic proverb says 'he who lives in peace with his neighbours sleeps without fear,'" Cassis said, noting that instability had become the "new normal". Issues such as wage protections, immigration and electricity as well as the type of referendum to be held on the accord have all been settled over the last five months. The consultation process will last until October 31, the cabinet said. After that has been completed, the package of measures will go to parliament in the first quarter of 2026, before a referendum is held, probably in 2028. Studies show the Swiss economy could suffer a cumulative economic hit of more than 520 billion Swiss francs ($640.87 billion) by 2045 without an agreement, the government said. Pursuing closer ties with Brussels is contentious in Switzerland, where nationalist opponents of closer integration say that it risks undermining the country's higher living standards and unique character. Analysts expect the government to face a tough campaign to win a referendum, and critics were quick to hit out. "Switzerland is facing a historically unprecedented treaty that will destroy the proven and successful foundations of sovereignty, direct democracy, separation of powers and federalism," said the campaign group Pro Schweiz. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
