The Swiss stock exchange closed lower, with the SMI down 0.26% at 11,384.92 points, marking a 3% loss over the week and reducing year-to-date gains to just 2%. Investor uncertainty stems from the Federal Reserve's cautious approach to interest rate cuts and concerns over a potential U.S. government shutdown. Notable declines were seen in UBS, Partners Group, and various insurance companies, while Idorsia plummeted 50.35% due to delays in drug negotiations.
The cantonal government of Basel-Stadt has appointed Sonja Stirnimann and Felix Uhlmann to the Bank Council of Basler Kantonalbank, replacing Karoline Sutter and Urs Berger. Stirnimann, an economist and CEO of Structuul, is also stepping down from her role at Glarner Kantonalbank, while Uhlmann is a law professor at the University of Zurich. Adrian Bult and Christine Hehli Hidber were re-elected as Chairman and Vice-Chairwoman, respectively, for the upcoming term.
The cantonal government of Basel-Stadt has appointed Sonja Stirnimann and Felix Uhlmann to the Bank Council of Basler Kantonalbank, replacing Karoline Sutter and Urs Berger. Stirnimann, an economist and CEO of Structuul, is also stepping down from her role at Glarner Kantonalbank, while Uhlmann is a law professor at the University of Zurich. Adrian Bult and Christine Hehli Hidber were re-elected as Chairman and Vice-Chairwoman, respectively, for the upcoming term.
Sonja Stirnimann is transitioning from the Board of Directors at Glarner Kantonalbank to Basler Kantonalbank, marking a rare move between cantonal banks. With a diverse career including roles at Swiss Bank Corporation and UBS, she has been CEO of Structuul since 2015. Stirnimann's departure follows notable issues at Blue Horizon, where she and other board members recently resigned.
The Government Council has appointed the Bank Council of Basler Kantonalbank for the term from April 1, 2025, to March 31, 2029. Adrian Bult and Dr. Christine Hehli Hidber were re-elected as Chairman and Vice-Chairwoman, respectively, while Sonja Stirnimann and Dr. Felix Uhlmann join as new members, replacing Karoline Sutter and Urs Berger. The council's composition adheres to gender and residency requirements as stipulated by the BKB Act.
Sonja Stirnimann is transitioning from the Board of Directors at Glarner Kantonalbank to Basler Kantonalbank, marking a rare move between cantonal banks. With a diverse career including roles at Swiss Bank Corporation and UBS, she has been CEO of Structuul since 2015. Stirnimann's departure follows notable issues at Blue Horizon, where she and other board members recently resigned.
The Swiss stock exchange closed down for the third consecutive day, with the SMI Index falling 1.01% to 11,642.39 points, marking its sharpest decline in nearly a month. Investor caution prevailed ahead of key economic data, including US inflation figures and upcoming rate decisions from the Swiss National Bank and the European Central Bank.In the market, Richemont and other economically sensitive stocks like ABB and Geberit faced declines, while Nestlé hit a new yearly low. The financial sector was impacted by discussions surrounding UBS's takeover of Credit Suisse, with several insurance companies also struggling.
The proportion of women on the boards of directors at Switzerland's 30 largest listed companies has stagnated at 35%, while the figure for management boards in the Swiss Leader Index is lower at 25%, despite a 4% increase this year. Adecco leads with 50% female representation, followed by Holcim at 45%, and both Straumann and Partners Group at 43%. The Federal Council's future requirements call for a minimum of 30% women on boards and 20% on executive boards.
Holcim is set to sell its 83.81% stake in Lafarge Africa PLC to Chinese cement manufacturer Huaxin Cement for $1 billion. The transaction, which marks a significant shift in ownership, is expected to be finalized in 2025. Lafarge Africa specializes in cement production and distribution.
Holcim AG has agreed to sell its Nigerian business, holding an 83.8% stake in Lafarge Africa PLC, to China's Huaxin Cement Co. for $1 billion. The transaction is expected to close next year as Holcim focuses on shedding non-core assets and plans to list its North American business in the US. This follows a similar sale of a majority stake in its Zambian operations to Huaxin Cement in 2021.
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