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CNBC
4 days ago
- Business
- CNBC
CNBC's The China Connection newsletter: Whispers of a new world order in Tianjin
The U.S. entering the Israel-Iran conflict over the weekend has dominated media headlines, but the rustlings this week at the "Summer Davos" conference in Tianjin, China, were more about navigating a future less intertwined with Washington. A decade ago, goods, capital, tech and talent flowed between the so-called East and West; now it's about flows between Global South countries, said Ben Simpfendorfer, Hong Kong-based partner at management consultancy Oliver Wyman. "The mood [in Tianjin] reflects a changed world order. The Global South is more connected than ever." Global South loosely refers to less developed economies, especially countries outside the U.S. and European orbits. Think Southeast Asia, Africa, Latin America and the Middle East — all regions China has sought to develop trade and political relations with. "There are 130 neutral countries that are willing to do business across geopolitical fractures and are looking for business, and many of them are run by leaders who are relatively internationalist ... I do look forward to opportunities in the Global South," said Aparna Bharadwaj, managing director at Global Advantage Practice at a WEF panel. China, which has been deepening its relationship with the Global South, had its Premier Li Qiang urging more trade for "reshaping" the world order at the WEF forum on Wednesday. "We could be moving to a world where Asia and the Middle East emerge as a new and compelling economic bloc that are still integrated to a degree with Europe and the United States but that integration fluctuates," Simpfendorfer said. Since 2007, the Swiss-based World Economic Forum has run a summer version of its Davos gathering in China, alternating between the cities of Tianjin and Dalian, both in the northern part of the country. But as local Chinese governments have ramped up their own conferences and the overall economy has slowed, foreign businesses interested in China have not had to rely as much on Summer Davos matchmaking. Disruptions from the pandemic and U.S-China tensions have also taken their toll. This year though, even otherwise quiet groups of attendees turned into slightly aggressive crowds to snag spots for select events including talks on artificial intelligence and the economic outlook. Seats filled up fast for the release of WEF's annual "Top 10 Emerging Technologies" report — now in its third year of collaboration with the Dubai Future Foundation. Previously, the report had been created by the forum with Scientific American. Some prominent leaders took the opportunity to visit China. Singapore's Prime Minister Lawrence Wong, Vietnam's Prime Minister Pham Minh Chinh and Ecuadorian President Daniel Noboa Azín were among the top political leaders attending this year. "The U.S. tariff shock has been a wake-up call for the Global South in general about the need to diversify," Simpfendorfer said, citing recent conversations with businesses in Malaysia and Vietnam. But he pointed out that it won't be easy to shift from targeting one U.S. market to multiple Global South markets. To attract trade partners, countries from Egypt to Vietnam to China are all trying to enhance their economic competitiveness. "It's a wake-up call for Chinese multinationals to build out genuinely international businesses," Simpfendorfer said, adding that the learnings from the past two decades would no longer be a good guide for the next 20 years, given the transformational impact of artificial intelligence. Egyptian Minister of Investment and Trade Hassan El Khatib told CNBC's Chery Kang on the sidelines of the forum on Tuesday that the country aspires to be in the top 20 in business competitiveness by 2030, following a major reform program launched last year to spur private sector development. He emphasized Egypt's labor pool and engineering talent, and noted how the country was courting investors from around the world. As U.S.-China tensions remain far from resolved, more countries may be keen to take the Chinese premier up on his invitation to reshape the Chui, Head of Global Issuer Services at Hong Kong Exchanges and Clearing, talks about recent renewed interest in Hong Kong as a market, as it attracts a wave of foreign investors and IPOs. Eswar Prasad, professor at Cornell University and former head of IMF's China division, talks about why both U.S. and China are feeling the pressure to "lower the temperature" on their trade relationship. Joe Ngai, Chairman of McKinsey China, believes that corporates in China have shown resilience despite external threats including tariff uncertainties and geopolitical tensions in the Middle East. China's fiscal revenue growth stalls in May. The central government's fiscal revenue grew just 0.1% in May from a year earlier, slowing from a 1.9% expansion in April. Non-tax revenue declined 2.2%, its first annual drop since 2014, while tax revenue saw a modest gain of 0.6% from a year earlier. Chinese Premier Li Qiang urged not to turn trade into a political matter. He was speaking at the opening plenary of the World Economic Forum's annual conference in China, often dubbed "Summer Davos." The Chinese leader called on other countries to collaborate on trade and pledged to "make China a mega-sized consumption powerhouse." Beijing tempers criticism of Israel. China initially pledged to support Iran shortly after Israel's attack on June 12. Despite that initial show of support for Iran, Beijing's rhetoric has shifted to become more China and Hong Kong stocks rose early Wednesday amid mixed trading in the region, as investors weighed a ceasefire between Israel and Iran, and fresh commentary from the U.S. Federal Reserve. Mainland China's CSI 300 was up 0.35%, while Hong Kong's Hang Seng Index — which includes major Chinese companies — had gained 0.77% as of 12:20 p.m. local 24 to June 27: The Standing Committee of the National People's Congress, China's top legislative body, meets to discuss a law on unfair competition, and review government spending. June 26: The Asia Infrastructure Investment Bank holds the opening ceremony of its annual meeting after appointing a new president for a five-year term starting January; Xiaomi to reveal the price of its electric YU7 SUV June 27: China industrial profits data for May June 30: China's official manufacturing PMI for June July 1: Anniversary of the ruling Chinese Communist Party's founding in 1921; Caixin Manufacturing PMI for June
Int'l Business Times
4 days ago
- Business
- Int'l Business Times
Hong Kong Soars to World's Third Most Competitive Economy in 2025
Hong Kong has cemented its status as a global economic powerhouse, climbing two spots to rank third in the World Competitiveness Yearbook 2025 (WCY 2025), published by the Swiss-based International Institute for Management Development (IMD) on June 17, 2025. This marks the city's highest ranking since 2019 and its second consecutive year of advancing two places in the global standings, trailing only Singapore and Switzerland among 69 economies assessed. The IMD's evaluation underscores Hong Kong's broad-based strengths across all four competitiveness factors: government efficiency (2nd), business efficiency (2nd), economic performance (6th), and infrastructure (7th). These gains reflect the city's strategic efforts to attract private sector investment and maintain its edge in a challenging global economic landscape. "The World Competitiveness Yearbook shows that Hong Kong's scores in overall terms and in many areas have improved, indicating that the Hong Kong Special Administrative Region (HKSAR) Government's policy directions are on the right course and that various policies have yielded results," said HKSAR Chief Executive John Lee. A Business-Friendly Powerhouse Hong Kong's consistent presence in the global top 10 for over two decades highlights its enduring appeal to businesses. In 2024, the city saw a record 145,053 new local companies registered, bringing the total to 1,460,494. Additionally, 1,079 non-Hong Kong companies were newly registered, pushing the total to an all-time high of 15,126. These figures underscore Hong Kong's attractiveness as a hub for both local and international enterprises. Mr. Lee emphasized the city's world-class business environment, stating, "The ranking affirms Hong Kong's world-class business environment, reflecting business leaders' positive views on its competitiveness and strengths, including the rule of law, independent exercise of judicial power, a simple tax regime with low tax rates, an efficient and transparent market, a robust financial system, and a facilitating environment aligned with international best practices, as well as free flow of capital, information, goods and talent." Economic Resilience Amid Global Uncertainty Despite geopolitical tensions and economic uncertainties, Hong Kong's economy remains robust, with a 3.1% year-on-year GDP growth in Q1 2025 and projected full-year growth of 2% to 3%. The city's stock market, a key indicator of its financial prowess, saw a 24% year-on-year increase in capitalization, reaching over US$5.2 trillion by May 30, 2025. Additionally, the Hong Kong Stock Exchange led major global exchanges in initial public offerings (IPOs), raising nearly HK$79 billion (US$10.12 billion) this year. Strategic Reforms and Global Connectivity Hong Kong's ascent is underpinned by proactive reforms, including a new company re-domiciliation regime launched in May 2025. This legislation simplifies the process for non-Hong Kong incorporated companies to relocate to the city. Notably, insurance giants AXA Hong Kong and Macau and Manulife (International) Limited have announced plans to re-domicile, signaling confidence in Hong Kong's economic ecosystem. The city's Office for Attracting Strategic Enterprises has also been instrumental, drawing over 80 strategic enterprises to establish offices, with projected investments of HK$50 billion and the creation of over 20,000 jobs. These efforts align with Hong Kong's role as a "super-connector" and "super value-adder," as described by Mr. Lee, leveraging the unique advantages of the "one country, two systems" framework to bridge China and global markets. "Under the unique advantages of 'one country, two systems,' Hong Kong enjoys both the China advantage and the global advantage," Mr. Lee said. "We will continue to leverage Hong Kong's role as a 'super-connector' and 'super value-adder', strengthen international exchanges and co-operation, expand and deepen regional trade, explore new markets, with a view to building a vibrant economy." Leading in Key Competitiveness Metrics Hong Kong topped global rankings in "Tax policy" and "Business legislation" and secured second place in "Education," "International investment," and "Finance" in the WCY 2025 sub-factors. These achievements highlight the city's ability to foster an environment conducive to innovation, investment, and growth. As Hong Kong continues to strengthen its position as an international financial, trade, and shipping center, its blend of policy innovation, economic resilience, and global connectivity positions it as a top destination for businesses and talent worldwide. With ongoing reforms and a commitment to excellence, Hong Kong is poised to maintain its competitive edge on the global stage.
West Australian
21-06-2025
- West Australian
World's Best Hotels Guide: Familiar faces and fresh suggestions
The World Tourism Awards 2024 gives a snapshot of the globe's best travel options. Our thoughts on familiar names corroborated and new places, suggestions and brands are thrown up. It isn't a surprise, in luxury and interesting accommodation, to see Raffles Singapore, Aman Resorts and the Small Luxury Hotels of the World group. But most of us won't be familiar with Amazing Evolution, named the world's leading boutique hotel operator for 2024. The 12-year-old company prides itself on offering 'a tailored approach to each project in light of its DNA'. It is no surprise to me that Serengeti Balloon Safaris in Africa was among the winners, along with the world's leading luxury train, the Maharajas Express in northern India. And there is Abercrombie & Kent as the world's best luxury safari company. But it may be a surprise that Parques de Sintra, Monte da Lua, Portugal, is the world's leading conservation company, and that Pikaia Lodge, Ecuador, is the world's leading adventure hotel. The parks, Moorish Castle and monuments of Sintra make the park at Monte de Lua one of the most historical and iconic places in Portugal. Pikaia Lodge, in the Galapagos Islands, was built using more sustainable methods and materials, and offers a high level of service. Arbatax Park Resort, Italy, was named best eco resort; Aristi Mountain Resort and Villas, Greece, as the top eco lodge; and the world's best green hotel award went to Gaia Hotel and Reserve, Costa Rica. Thanda Island, Tanzania, is the best exclusive private island. Just one kilometre long and 350 metres wide, there is just one private villa with five suites and two rustic Tanzanian bandas. It is in Tanzania's Shungimbili Island Marine Reserve, surrounded by a coral reef. Another interesting name is Sixt. It won the luxury car rental category, and Sixt Ride was named the world's leading luxury chauffeur service. World's Leading Adult-Only Boutique Hotel Domes Noruz Mykonos, Greece Luxury adults-only lifestyle resort in the heart of the Island. World's Leading All-Suite Hotel THE VIEW Lugano, Switzerland On a hillside with panoramic views of Lake Lugano. World's Leading Adventure Hotel Pikaia Lodge, Ecuador Sustainable luxury eco lodge in the Galapagos Islands. World's Leading Boutique Beach Hotel The Postcard on the Arabian Sea, Maravanthe Beach, India On a secluded beachfront expect an entrancing atmosphere and its candlelit dinners. World's Leading Boutique Hotel Saxon Hotel, Villas and Spa, South Africa In the ritzy and relatively secure Sandhurst area of Johannesburg, a ritzy luxury hotel with landscape grounds to wander, and 33km from O.R. Tambo International Airport. World's Leading Boutique Hotel Brand Aman Resorts Swiss-based but founded by Indonesian hotelier Adrian Zecha in 1988, Aman has 35 luxurious properties in 20 countries. World's Leading Boutique Hotel Collection Small Luxury Hotels of the World This pulls together more than 600 beautiful and interesting hotels in over 90 countries. Let their experts do the filtering for you. World's Leading Boutique Hotel Operator Amazing Evolution What happens behind the scenes is just as important and Amazing Evolution specialises in top-quality hotel and resort management. World's Leading Boutique Resort Santo Pure Oia Suites & Villas, Greece On a cliff overlooking the Aegean Sea and a few minutes' stroll from the Windmill of Oia, think clean, eclectic design and private pools and hot tubs… with views. World's Leading Boutique Villa Resort Porto Zante Villas & Spa, Greece Luxurious villas with private heated pools and private gardens on the Ionian Sea beachfront on the island of Zakynthos. World's Leading Design Hotel Raffles Doha, Qatar On the Lusail Marina Promenade overlooking the Gulf, this is a lavish all-suite hotel in the crescent-shaped Katara Towers. It opened in 2022. World's Leading Dive Resort Amanpulo, Philippines On a private island in the Sulu Sea, this luxury beachfront resort accessible only by private plane. World's Leading Eco Resort Arbatax Park Resort, Sardinia, Italy This is a big resort on 60 landscaped hectares beside a nature reserve, bordered by the sea. The team says a respect for natural cycles, biodiversity and soil means that nothing is wasted. World's Leading Eco-Lodge Aristi Mountain Resort & Villas, Greece In the village of Aristi, this bespoke resort blends tradition with nature and has views over Vikos Gorge and the Towers of Papigo (and a good outdoor pool). World's Leading Emerging Boutique Hotel Brand Postcard Hotels & Resorts A collection of intimate luxury hotels hidden in holiday destinations across India and the rest of the world. A spokesperson says: 'Our hotels recall an era when holidays were sun-kissed and still, where the days were spent idling and flipping through old magazines against the backdrop of charming, quiet neighbourhoods.' World's Leading Green Hotel Gaia Hotel & Reserve, Costa Rica On a private nature reserve, this luxury hotel has rainforest views and is close to Manuel Antonio National Park (with its three-toed sloths, endangered white-faced capuchin monkeys and hundreds of bird species) and Biesanz Beach. World's Leading Green City Hotel PARKROYAL COLLECTION Pickering, Singapore Between Clarke Quay and Chinatown and near Orchard Road and Gardens by the Bay, this splendid hotel fully embraces that energy-saving features and has stunning 'hotel-in-a-garden' design. Don't miss the pool area. World's Leading Green City Resort Rome Cavalieri, A Waldorf Astoria Hotel, Italy This luxury hotel is on the Rome's highest hilltop, giving panoramic views over the city. Don't miss the art collection. World's Leading Glamping Operator Camp Kerala This company provides accommodation at events like the UK's Glastonbury Festival and Silverstone F1, putting up 'Shikar tents' in a way that they create a sense of community among guests. Each tent has sheepskin rugs, fresh flowers, a king-size bed, duck-down duvets, Egyptian cotton sheets and luxury bathroom products. World's Leading Golf & Villa Resort Dunas Douradas Beach Club, Portugal 132 quality apartments and eight villas on a beachfront location in the Algarve's Golden Triangle. World's Leading Heritage Hotel 2024 Çıragan Palace Kempinski Istanbul, Turkey This is in the heart of Istanbul, in an ornate former Ottoman palace overlooking the Bosphorus Strait. World's Leading Hotel 2024 Jumeirah Al Naseem, Dubai A luxury beachfront hotel in the Madinat Jumeirah Resort overlooking the Persian Gulf. It has a private beach and landscaped grounds. World's Leading Hotel Collection Leading Hotels of the World Established in 1928 by European hoteliers, and based in New York City, it represents more than 400 luxury hotels in over 80 countries. World's Leading Iconic Hotel Raffles Singapore Dating from around 1887, this elegant, colonial-style building is iconic, and the service legendary. World's Leading Luxury All-Inclusive Resort Cullinan Belek, Turkey In Antalya, one of the most popular holiday destinations in the Mediterranean, this is premium resort hotel which has ultra-inclusive prices. There's a premium food and beverage service 24 hours a day, and the resort team prides itself on the place's 'ecological architecture' being in harmony with nature. World's Leading Luxury All-Inclusive Resort Brand Ikos Resorts Complimentary airport transfers. First child stays free. Yes, we are talking both exclusive and inclusive. Ikos Resorts have hotels in Greece and Spain, including Ikos Dassia, Ikos Andalusia, Ikos Aria, Ikos Olivia and Ikos Oceania. World's Leading Luxury Beach Resort Emirates Palace Mandarin Oriental, Abu Dhabi On a 1.3km long private beach, the hotel has its many restaurants and bars, and a marina to stroll around. Expect spacious rooms and marble bathrooms. World's Leading Luxury Beach Resort & Spa The Chedi Muscat, Oman I like being in Muscat, and really like the Chedi. It'd be my choice there. There is a real sense of Arabic hospitality. It really feels like a tranquil retreat. Oh, and it is right on the beach. World's Leading Luxury Boutique Hotel The Reserve, Portugal A Savoy Signature hotel, this really is boutique in Funchal, the capital city of the Madeira archipelago. It is nicely placed for just walking around this interesting and pretty place — an autonomous region of Portugal, on the Atlantic Ocean. World's Leading Luxury Business Hotel InterContinental Grand Stanford Hong Kong Sophistication meets heritage, overlooking Victoria Harbour. World's Leading Luxury City Hotel Conrad Abu Dhabi Etihad Towers, UAE A modern hotel with a 74th floor observation deck and 12 award-winning restaurants and bars. World's Leading Luxury City Resort Rome Cavalieri, A Waldorf Astoria Hotel, Italy Lets start with the fact that it has Rome's only three Michelin star restaurant. That sets the bar. The suites are described as 'aristocratic' and there's a private art collection. The Cavalieri Grand Spa Club really does look like a Roman bath. World's Leading Luxury Family Resort Domes of Elounda, Autograph Collection, Greece This Marriott hotel on the island of Crete looks out at the castle on Spinalonga Isle and the Domes of Elounda. It has suites and villas and is right on the beach. There is scuba diving, snorkelling and windsurfing. World's Leading Luxury Green Resort Sani Resort, Greece We are about 70km from Thessaloniki airport, and this resort actually is comprised of five hotels, a short drive from Roman ruins in Megali Kypsa. Megali Kypsa is a remarkable archaeological site in the picturesque Kassandra region of Halkidiki. It is in 400ha grounds by the Aegean Sea. World's Leading Luxury Hotel Savoy Palace, Portugal In Funchal on Madeira island, there are beautiful rooms, stylish restaurants and bars and a spa with hydrotherapy facilities. It has a very special afternoon tea — a ritual accompanied by the melodies of piano or harp. World's Leading Luxury Hotel & Residences Address Downtown, Dubai I've stayed here and like it mainly for its position — I think Downtown is an interesting area to stay and stroll. Many of the spacious rooms have views of Burj Khalifa and Dubai Fountain. (One word of warning — it's popular for big weddings.) World's Leading Luxury Hotel & Spa The Ritz-Carlton, Amman, Jordan With 193 rooms and 34 suites (all with luxurious amenities, of course), there are nice spaces for relaxing, people-watching and socialising. Many rooms have views over the city, and the hotel offers insight into local culture through cooking classes and off-site excursions. World's Leading Luxury Hotel Apartments Anantara The Palm Dubai Resort, UAE On the eastern crescent of Dubai's Palm Jumeirah, this Thai-themed hotel has villas set around lagoon-style swimming pools. World's Leading Luxury Hotel Brand Four Seasons Hotels and Resorts You simply can't go wrong with Canadian-based Four Seasons. The company opened its first hotel in 1961, and has continually innovated. The team prides itself on personalised, genuine care with an unwavering commitment to excellence. World's Leading Luxury Hotel Penthouse The Royal Mansion @ Atlantis The Royal, Dubai We're talking a 1128 square metre, split-level four-bedroom penthouse with a 476 square metre terrace. You need a very, very deep credit card — we're talking about US$100,000 a night. World's Leading Luxury Hotel Villa Fleming Villa @ GoldenEye, Jamaica Yes, in Jamaica, you can stay at the place where author Ian Fleming created Bond. James Bond. For, as Fleming strolled on his private beach at GoldenEye, in Oracabessa Bay, he dreamed up a sophisticated spy that would become an enduring character in literature and cinema. The villa has a private beach, pool and tropical gardens. World's Leading Luxury Island Resort The St Regis Maldives Vommuli Resort On a private natural island with spacious villas, private pools, sandy beaches and sunset views. World's Leading Luxury Landmark Hotel Armani Hotel Dubai, UAE The vision of fashion icon Giorgio Armani, the hotel occupies 11 floors of Dubai's iconic, pointed skyscraper Burj Khalifa, but has a private entrance. There are signature dining and spa treatments designed by Giorgio himself. World's Leading Luxury Lodge Malewane Lodge at Royal Malewane, South Africa All-inclusive safari lodge is located in Thornybush Private Game Reserve on the western border of Greater Kruger National Park. World's Leading Luxury Private Island Resort North Island, Seychelles This small, granite island is secluded and exclusive. It offers barefoot luxury in 11 private villas. They are built from materials harvested on the island during the its reclamation process. World's Leading Luxury Private Villa Villa iZulu @ Thanda Safari, South Africa There are just five suites, to accommodate only up to 10 adults. Lush lawns are all that stand between the camp and the surrounding expanses of African bush. World's Leading Luxury Resort Four Seasons Resort Dubai at Jumeirah Beach, UAE Beachside resort with views of the Arabian Gulf from its balconies on one side, and Dubai's cityscape on the other. World's Leading Luxury Resort & Villas Jumeirah at Saadiyat Island Resort, Abu Dhabi, UAE Opened in 2018 with 285 rooms and suites. World's Leading Luxury Resort Brand Jumeirah Chief operating officer Thomas Meier knows what he's doing. The icon is Jumeirah Burj Al Arab, but the Jumeirah Icons Collection offers quality through and through. World's Leading Luxury Suites Hotel Tower Club at lebua, Thailand On floors 53 to 59 of the State Tower, the Tower Club's suites are spacious and the views are big. World's Leading Luxury Villa Beach Resort Maradiva Villas Resort & Spa, Mauritius On the palm tree-lined edge of the Indian Ocean, this retreat has customised treatments guided by an Ayurvedic doctor. World's Leading Luxury Villa Resort Sailrock Resort, Turks & Caicos Thirty-five private rooms with top-quality amenities, secluded beaches, infinity pools and prime dining. World's Leading New Boutique Hotel Casa Palacio Don Ramón, Spain In the Old Town district of Seville, Andalucia, the team at this super boutique hotel prides itself on personalisation and exclusivity. It's in an interesting colonial building, but with geothermal energy and energy efficiency, soundproofing and thermal insulation. World's Leading New Hotel Waldorf Astoria Doha West Bay, Qatar In the Diplomatic Area, think elegance and service. There are 283 Art Deco-inspired rooms and suites, and 50 apartments, and it also was recognised as 'Outstanding New Accommodation' by Qatar Tourism 2024. World's Leading Retreat Saccharum, Portugal In Calheta, on Madeira Island, Saccharum is both elegant and contemporary. On the North Atlantic Ocean coast, it is a short stroll to Calheta Beach. World's Leading Airline, Business Class Qatar Airways World's Leading Airline, First Class Emirates World's Leading Airline, Premium Economy Class Qantas Airways World's Leading Airline Lounge, Business Class Qatar Airways Al Mourjan Business Lounge @ Hamad International Airport World's Leading Airline Lounge, First Class Etihad Airways First Class Lounge & Spa @ Zayed International Airport World's Leading Boutique Airport Hotel JEN Maldives Malé by Shangri-La World's Leading Luxury Car Rental Company Sixt World's Leading Luxury Chauffeur Service Sixt Ride World's Leading Balloon Ride Operator Serengeti Balloon Safaris World's Leading Conservation Company Parques de Sintra - Monte da Lua, Portugal World's Leading Cultural Destination Peru World's Leading Dive Destination Philippines World's Leading Exclusive Private Island Thanda Island, Tanzania World's Leading Green Destination Maldives World's Leading Heritage City Destination Lisbon, Portugal World's Leading Heritage Destination Vietnam World's Leading Luxury Island Destination Boracay, Philippines World's Leading Luxury Safari Company Abercrombie & Kent World's Leading Luxury Tour Operator Ciconia Exclusive Journeys World's Leading Luxury Train Maharajas' Express World's Leading Mountain Resort Four Seasons Resort and Residences Jackson Hole, USA World's Leading Nature Retreat The Oberoi Vanyavilas Wildlife Resort, India World's Leading Private Game Reserve &Beyond Phinda Private Game Reserve, South Africa World's Leading Tourism Winery Chateau La Coste, France World's Responsible Tourism Award Dark Sky Alqueva, Portugal
Time of India
20-06-2025
- Business
- Time of India
16 Billion Passwords Leak: Is your data safe with third-party vendors of any company? Cyber attack on Swiss supplier exposes UBS and Pictet employee data while banks claim no client data was affected. Here's what you should do now to be safe online
Two major Swiss banks, UBS and Pictet, have reported a data breach caused by a cyber attack on one of their Swiss-based suppliers. The incident has raised questions about third-party risks and the wider implications for the country's banking sector. Service Provider Breach Affects Employee Info UBS and Pictet confirmed that their internal data was exposed due to a cyber attack on Baar-based company Chain IQ. The leaked data included information related to UBS employees. UBS stated that no client data was affected. Chain IQ provides business services to several firms, including KPMG and Mizuho. Also Read: New Baba Vanga July 5 Disaster Prediction: Here's what may happen on this day Cyber Attack Disrupts Multiple Companies Chain IQ reported that it and 19 other firms were targeted. The stolen data was later found published on the darknet. UBS said it acted immediately to prevent operational disruption. Le Temps reported that the exposed data included a direct line number of UBS CEO Sergio Ermotti. Regulators and Partners Respond Swiss regulator Finma confirmed it was aware of the incident and had started following its internal procedures. KPMG stated that its systems were not impacted but it had added extra protective measures. Pictet said that only limited data related to invoices and suppliers was affected, not client data. Live Events Also Read: Nickelodeon Kids' Choice Awards 2025: How to vote for nominees? Here's date, time, host, venue, nominees and how to watch live on TV and stream online Chain IQ Statement Chain IQ said the breach occurred on June 12. The firm mentioned that it could not share details about ransom demands or communication with the attackers due to ongoing investigations. It stated that it had taken actions to contain the breach. What you should do now to be safe online? In a separate but related issue, 16 billion passwords continue to be exposed online. A previous leak involved nearly 10 billion passwords. Even if you believe you are not affected by this or other leaks, it is still a good idea to reset your passwords. You should use strong and unique passwords for each platform, turn on multi-factor authentication (MFA) where available, keep a close watch on your account activity and reach out to customer support if you notice anything unusual. FAQs Was client data affected by the UBS and Pictet data breach? No. Both UBS and Pictet confirmed that the cyber attack did not compromise any client-related information, only internal employee or supplier data. How can users protect themselves from password leaks? Users should reset their passwords, avoid reusing them, enable multi-factor authentication, and monitor accounts for unusual activities.
Economic Times
20-06-2025
- Business
- Economic Times
16 Billion Passwords Leak: Is your data safe with third-party vendors of any company? Cyber attack on Swiss supplier exposes UBS and Pictet employee data while banks claim no client data was affected. Here's what you should do now to be safe online
Agencies Representative image Two major Swiss banks, UBS and Pictet, have reported a data breach caused by a cyber attack on one of their Swiss-based suppliers. The incident has raised questions about third-party risks and the wider implications for the country's banking and Pictet confirmed that their internal data was exposed due to a cyber attack on Baar-based company Chain IQ. The leaked data included information related to UBS employees. UBS stated that no client data was affected. Chain IQ provides business services to several firms, including KPMG and Mizuho. Also Read: New Baba Vanga July 5 Disaster Prediction: Here's what may happen on this day Chain IQ reported that it and 19 other firms were targeted. The stolen data was later found published on the darknet. UBS said it acted immediately to prevent operational disruption. Le Temps reported that the exposed data included a direct line number of UBS CEO Sergio regulator Finma confirmed it was aware of the incident and had started following its internal procedures. KPMG stated that its systems were not impacted but it had added extra protective measures. Pictet said that only limited data related to invoices and suppliers was affected, not client data. Also Read: Nickelodeon Kids' Choice Awards 2025: How to vote for nominees? Here's date, time, host, venue, nominees and how to watch live on TV and stream online Chain IQ said the breach occurred on June 12. The firm mentioned that it could not share details about ransom demands or communication with the attackers due to ongoing investigations. It stated that it had taken actions to contain the a separate but related issue, 16 billion passwords continue to be exposed online. A previous leak involved nearly 10 billion passwords. Even if you believe you are not affected by this or other leaks, it is still a good idea to reset your should use strong and unique passwords for each platform, turn on multi-factor authentication (MFA) where available, keep a close watch on your account activity and reach out to customer support if you notice anything unusual. Was client data affected by the UBS and Pictet data breach? No. Both UBS and Pictet confirmed that the cyber attack did not compromise any client-related information, only internal employee or supplier data. How can users protect themselves from password leaks? Users should reset their passwords, avoid reusing them, enable multi-factor authentication, and monitor accounts for unusual activities.
