The SMI continues to decline, with Nestlé shares nearing a six-year low and UBS also in the red. Straumann shares fell 2.6% for the second consecutive day due to disappointing sales figures, while Swatch experienced a 3.7% drop following negative analyst commentary. Richemont fared slightly better, down 1.6%.
Uncertainty in assessing adaptation measures and their funding risks deters private investment, despite a growing recognition of the private sector's role in climate resilience. Blended finance mechanisms, like those used by Kenya's Apollo Agriculture, show promise in mobilizing funds, while recent analyses suggest private adaptation investments may be significantly underestimated. Efforts to improve tracking and reporting could encourage more businesses to engage in adaptation initiatives, addressing the urgent need for climate resilience in developing countries.
The global pet healthcare market is projected to grow from $239.29 billion in 2023 to $255.96 billion in 2024, with a CAGR of 7.0%. Key drivers include an increasing pet population, advancements in veterinary care, and a focus on preventive health. By 2028, the market is expected to reach $353.66 billion, driven by trends such as pet humanization and economic prosperity.
The global fat substitutes market is projected to grow at approximately 6% from 2022 to 2028, driven by increasing health consciousness and a shift towards low-fat diets. The carbohydrate-based segment leads the market, with plant sources dominating due to rising demand for plant-based foods. Europe is expected to hold a significant market share, fueled by consumer awareness of health issues and a preference for low-calorie options.
In 2023, CEO salaries in Switzerland rose by an average of 5%, with UBS CEO Sergio Ermotti leading at CHF 14.5 million for just nine months in office. Following him were Novartis CEO Vas Narasimhan at CHF 13.3 million and former Nestlé CEO Mark Schneider at CHF 11.2 million. Despite public discontent over high executive pay, total remuneration for SMI CEOs has increased by a quarter over the past three years.
In 2023, CEO salaries in Switzerland increased by an average of 5%, reaching CHF 8 million ($9.2 million), according to a study by the Ethos Foundation. UBS CEO Sergio Ermotti topped the list with CHF 14.5 million, followed by Novartis and Nestlé executives. Despite rising remuneration, shareholder opposition to such increases is growing, with 17.7% rejecting top managers' pay demands in 2024.
CEO pay among the largest listed Swiss companies increased by an average of 5% last year, reaching CHF 8 million. This rise was largely driven by UBS CEO Sergio Ermotti, who earned CHF 14.5 million during his nine-month tenure, making him the highest-paid CEO in the Swiss Market Index. Notably, the total remuneration for SMI CEOs has surged by approximately 25% over the past three years.
The Swiss stock market closed slightly up, with the SMI at 12,184.00 points, remaining below the 12,200 mark. Investors reacted to interim results from major companies like Holcim and SGS, while Wall Street gained ground due to falling bond yields and improved consumer confidence in the U.S. Business sentiment varied across Europe, with Germany showing slight improvement and Italy experiencing a significant decline.
Nestlé is facing increasing competition as its share prices decline, now trading around 85 francs, while Danone's shares have risen to 64 euros, reflecting a resurgence driven by the "Renew Danone" program. Danone is expanding its market presence, particularly in India, and has stabilized or increased market shares in key categories, while Nestlé struggles to catch up after revising its guidance downwards twice this year. The competitive landscape is shifting, with Unilever also pushing for growth, indicating a challenging road ahead for Nestlé.
Nestlé is facing increasing competition as its share prices decline, now trading around 85 francs, while Danone's shares have risen to 64 euros, reflecting a successful turnaround strategy. Danone's "Renew Danone" program is driving growth, particularly in core categories and new markets like India, where it aims to become a top player. Meanwhile, Nestlé must adapt to regain its competitive edge as rivals like Unilever also seek to accelerate growth.
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