Latest news with #SwissFrancs
Reuters
6 days ago
- Business
- Reuters
Schindler's revenue falls in Q2, but beats market forecasts
July 18 (Reuters) - Swiss lift and escalator maker Schindler (SCHP.S), opens new tab reported a 5.7% drop in its second-quarter sales on Friday, citing negative currency exchange effects. The company posted quarterly revenue of 2.75 billion Swiss francs ($3.43 billion), down from 2.92 billion francs a year earlier, but beat analysts' average forecast of 2.65 billion francs, according to LSEG data. "Notably, our efforts in modernization are paying off, driving solid organic growth at a time of macro-economic uncertainty and severe currency headwinds," CEO Paolo Compagna said in a statement. Schindler has focused on digitalization in recent years, a move that it expects to drive growth through enhanced customer loyalty as services become more efficient. The group's quarterly order intake amounted to 2.93 billion Swiss francs, compared to 2.99 billion francs a year earlier. ($1 = 0.8027 Swiss francs)
BusinessToday
07-07-2025
- Business
- BusinessToday
Former Prime Minister Could See RM169 Million In Cash Forfeited
The Malaysian Anti-Corruption Commission (MACC) has filed an application to forfeit over RM169 million in cash belonging to former prime minister Datuk Seri Ismail Sabri Yaakob. MACC, represented by the Deputy Public Prosecutor as the applicant, filed the application at the Sessions Court naming Ismail's former political secretary Datuk Mohammad Anuar Mohd Yunus and the ex-premier himself as first and second respondents. In the application, the commission is seeking a court order to forfeit cash seized from the first respondent for the Malaysian government, including RM14,772,150, SG$6,132,350, US$1,461,400, three million Swiss Francs, €12,164,150, ¥363,000,000, £50,250, NZ$44,600, AED34,750,000, and AU$352,850. The application was made under Section 41(1) of the Malaysian Anti-Corruption Commission Act 2009 after the commission was satisfied that the money kept by Anuar belonged to Ismail and was linked to an offence under Section 36(2) of the same Act. The commission also applied for other court orders deemed suitable by the court. Related
Daily Mirror
27-06-2025
- Daily Mirror
British tourist goes to Switzerland supermarket and is floored by the prices
A British mum decided to check out a supermarket in Switzerland, after she and her family packed up their life in the UK to travel the world, and showed how different the prices of groceries are We're all familiar with how much the prices have gone up in British supermarkets with weekly food shops getting more and more expensive but we've learnt to accept this and carry on buying the groceries we need. When going on holiday or travelling to a new country, it's common to look at the prices of everyday items and compare them to the UK. A family-of-five left the UK to travel the world and have been documenting their journey on TikTok where they are known as Fitch Family Adventures. The mum, who is not named, shared a video giving a tour of a supermarket in Switzerland and showed that the prices are even more expensive than in Britain. Switzerland is generally considered an expensive country, especially for tourists, with the cost of living, including accommodation, food and transport, being significantly higher than in many other European countries. The Brit mum said: 'We are in Switzerland and we're about to go into the supermarket so I thought I'd show you how much some of the shopping costs here as it is known for being really, really expensive.' She found a pack of Bio Tomaten Marzanino tomatoes for 4.95 Swiss Francs, equal to £4.52. Then she had a look at the ready-made salads and found a caesar salad with caesar dressing for 6.80 Swiss Francs, which is £6.20, and another mixed salad with cucumber and red cabbage for 7.20 Swiss Francs, equal to £6.57. Next, the British tourist spotted a variety of pizzas with toppings like black olives and deli meat for 12 Swiss Francs, which is £10.94. After this she explored the sweet treats offerings and found a pack of four Munz ladybug chocolates for 4.75 Swiss Francs, equal to £4.33. There was also a 186g box of Celebrations for 3.95 Swiss Francs (£3.60), a pack of Kinder Bueno chocolate bars for 2.80 Swiss Francs (£2.55), six packs of Smarties priced at 4.75 Swiss Francs (£4.33) and a Toblerone five pack with each bar weighing 100 grams, on sale for 13.20 Swiss Francs (£12.04). Moving onto the bakery section, the mum saw a pack of crusty bread rolls for 3.10 Swiss Francs (£2.83) which she thought was 'not too bad.' Finally, she checked out the price of a pack of A4 paper, explaining that her children wanted to do some drawing, and found 500 sheets for 11.95 Swiss Francs, equal to £10.90. One TikTok user asked: 'How do people afford to live there?', to which The Fitch family replied: 'We definitely found it difficult to afford things as tourists.' Switzerland is home to the supermarket chains Migros, Co-op, Denner, Aldi and Lidl but there are also higher end supermarkets, such as Manor Food and Globus. International moving and relocation company Packimpex explains on its website that salaries in Switzerland in sectors like finance, healthcare and IT are often higher than the European average, leading to increased costs for essentials, as well as luxuries, It adds: 'The Swiss Franc, one of the world's strongest currencies, further contributes to the high cost of living. This robust currency makes imported goods, which account for a significant portion of the market, more expensive. 'Everyday items such as groceries, clothing, and electronics often cost more than in neighbouring countries due to currency valuation and steep import duties.'
Hospitality Net
29-05-2025
- Business
- Hospitality Net
EHL Launches (Em)Power on: A Landmark Philanthropic Initiative to Shape the Future of Hospitality Education
EHL Hospitality Business School is proud to announce the launch of its five-year philanthropic initiative, (Em)Power on, designed to embed philanthropy at the heart of the institution's mission. Aiming to raise 50 million Swiss Francs by 2030, the initiative will establish a sustainable endowment fund to provide scholarships, advance pioneering research, and drive strategic impact for the future of hospitality. A New Era of Giving: Sustainable Support for Education, Research and Strategic Impact Building upon a long-standing tradition of philanthropy at EHL, (Em)Power on is a transformative initiative that will ensure long-term, stable funding for students and academic advancements. Unlike previous fundraising efforts, which allocated donations on an annual basis, the endowment fund represents a transformational approach, generating perpetual returns that create a lasting legacy for donors and meaningful impact for future generations. Our goal is to provide sustainable, long-term financial resources that will empower students, faculty, and our community to break barriers and push the boundaries of hospitality education. This initiative is about creating lasting change that enables students to pursue their ambitions without financial constraints and fuels innovation that will redefine the industry. David Knuff, PhD, Chief Strategic Partnerships Officer at EHL Through this initiative, one potential outcome of the endowment fund is to provide full scholarships for 10% of students, covering their entire four-year academic journey. These scholarships will be needs-based, ensuring that the most talented individuals, regardless of financial background, can access EHL's world-class education. It would provide research Cinzia Torriani, a final-year student at EHL and a scholarship recipient, reflects on the profound impact of financial support: Without the foundation's support, I wouldn't be here, or my journey would have been much more challenging. Beyond financial aid, the emotional encouragement from the foundation has been invaluable, shaping both my personal and professional growth. Beyond scholarships, the endowment fund will fuel research that challenges the status quo and drives meaningful change in the hospitality industry, and neighboring industries. By uniting visionary minds, EHL will support projects that enhance industry practices, explore emerging trends, and develop cutting-edge solutions that redefine the guest experience. A Legacy of Philanthropy and Community Engagement EHL's culture of philanthropy dates back to 1942 when alumni came together in the aftermath of World War II to ensure the school's survival. Their generosity laid the foundation for a long-standing tradition of giving back—one that continues to flourish today through the (Em)Power on campaign. The campaign aims to honor 5,000 donors, fostering a strong sense of community and ensuring that every contribution makes a lasting difference. The fund is professionally managed by Lombard Odier, a renowned investment house specializing in responsible asset management, to ensure sustainable and ethical investment practices. EHL invites alumni, industry leaders, and supporters to be part of this transformative journey. By participating in (Em)Power on, donors will play a pivotal role in shaping the future of education, fostering equal opportunities, and propelling the hospitality industry forward. For more information on how to contribute, visit or contact [email protected]. Together, we are opening doors, breaking barriers, and empowering talent to create a lasting impact on the world of hospitality, and beyond. Grégoire Pavillon Director of Philanthropy EHL
Telegraph
12-04-2025
- Business
- Telegraph
‘I sent my son a £200k house deposit, but Santander took £5k'
Has a company treated you unfairly? Our Consumer Champion is available to help. For how to contact her click here. Dear Katie, On March 3, I visited my local Santander branch and asked for £200,000 to be sent from my account to my son's GBP account in Zurich, Switzerland. I paid the £25 fee and was told that the funds would land overnight. However, this did not happen. I made multiple attempts to get Santander to sort it out, and then when the funds did finally arrive, they were presented in Swiss Francs, having suffered significant exchange rate and handling fees. On March 6, I complained to Santander that the money had been sent via the wrong route (the one that triggers a currency conversion rather than a straight transfer, which is far cheaper to do). I was told that the complaints team would be in touch within three to five working days, as this had been flagged as urgent. However, no one called. It was only on Friday, March 14 when I phoned repeatedly that I was able to make contact with someone. The lady promised 'prompt action', but another three days have now passed – nothing has been done and no one has been in touch. If my son accepts the funds into his account, he will lose another £4,700.30 due to conversion rates and fees. My son needs this money soon to help him purchase a home in Zurich. The funds are an advance from the Bank of Mum on his inheritance as – while I really do not want to play the 'poor me' point – I deal with advanced, incurable cancer. – PE, via email Dear PE, Your receipt shows the transaction was made in Swiss Francs, which is in line with Santander's usual policy. When you visited the Bristol branch for the second time, two days later, you advised that your son had not received the expected funds, as the receiving bank could not deposit the Swiss Francs into his account. At this point, Santander became aware that you initially intended to send the funds in pounds. In order for the money to be applied to your son's account, it was converted from Swiss Francs to pounds, with the currency conversion rate reducing the amount of pounds he received by £4,702.30. Following my involvement, Santander has now arranged to send this amount back to you, as well as £300 to acknowledge that it could have resolved this issue sooner. It has also reimbursed your original £25 transaction fee. I hope your son is able to now proceed with his house purchase, and I wish you all the very best with your cancer management. A Santander spokesman said: 'At the time, Mrs E made her international transfer it was not clear that she wanted the payment to be made in GBP. Mrs E clarified this two days after the transfer was made, when it became clear that, due to currency conversion rates, her son would receive less than she intended. 'We're sorry we did not act sooner to review this once she raised it with us, and we can confirm that we have now arranged for the shortfall to be sent to her son, as well as offering an additional £300 for the delay in reviewing her complaint, alongside a further £25 to reimburse the transaction fees.'
