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The ECB's banking supervisory authority revoked Banque Havilland's license in Luxembourg, prompting the search for buyers for its subsidiaries in Monaco and Vaduz/Zurich. Andbank backed out of acquiring the Monaco unit after due diligence, while a consortium of private individuals, including industry heavyweight Martin Gilbert, is set to take over, pending regulatory approval. In Vaduz, EFG International appears to be the frontrunner for an asset deal following the self-liquidation of the Liechtenstein subsidiary.
The ECB revoked Banque Havilland's banking license in Luxembourg, prompting the search for buyers for its subsidiaries. Andbank has withdrawn its interest in the Monaco branch, while a consortium of private individuals, including Martin Gilbert, is set to acquire it, pending regulatory approval. Meanwhile, the Liechtenstein subsidiary faces liquidation, with EFG International emerging as a potential buyer.
The Swiss National Bank (SNB) has lowered its key interest rate to 1%, marking the third consecutive cut of 25 basis points. The SNB's unusually clear guidance indicates that further cuts may be necessary due to significant disinflationary trends and a strong Swiss franc, which has contributed to lower inflation rates. Another reduction is anticipated in December, followed by another in March.
The Swiss franc is expected to remain slightly above the 0.95 mark against the euro in the coming weeks, influenced by recent trends in the dollar-franc and euro-franc exchange rates. The dollar's recent weakness, due to Fed interest rate cuts, has strengthened the franc against the euro, but a potential dollar rebound may lead to the franc losing some ground against the euro.
Idorsia AG faces significant financial challenges despite advancements in drug development, with its share price plummeting over 56% to EUR 1.446 in the past year. The company recently secured US approval for the antihypertensive drug aprocitentan, which could generate essential revenue. However, the financial outlook remains precarious as CEO Jean-Paul Clozel has yet to announce concrete plans for securing fresh capital.
Langen has experienced a positive trend in trade tax revenues, achieving a budget surplus of 1.8 million euros in 2023. However, rising expenditures, particularly in childcare, are leading to a projected deficit of 12.8 million euros for 2025, exacerbated by new legal obligations and a declining population. To address the budget gap, discussions are underway regarding a sustainability statute that would adjust property tax rates based on financial performance.
Mission 2025 urges governments to adopt investment-positive policies to mobilize $1 trillion annually for clean energy, highlighting successful strategies from industrialized nations. Despite record renewable capacity growth, the UN warns of a two-speed transition, with developing countries facing high capital costs and debt crises, risking global climate goals. The IEA emphasizes the need for stable policies and international support to ensure equitable investment in clean energy across all economies.
Idorsia, the Swiss biotech firm, faces significant financial challenges despite recent progress in product development, with its share price plummeting 36.94% to EUR 1.426. However, the company has received US approval for the antihypertensive drug aprocitentan and presented new data on the sleep aid daridorexant, which could enhance sales in the medium term. Investors are keenly observing the upcoming weeks to see if Idorsia can stabilize its finances while capitalizing on its growth potential.
Moncler has received downgrades from UBS, JP Morgan, and AlphaValue due to concerns over slowing Chinese demand, despite solid performance. UBS lowered its target price from 63 to 53 euros, while JP Morgan adjusted its forecast for fiscal 2024-26 down by 5-7 percent. Analysts highlight risks in the upcoming quarters but note potential upside from new collections and seasonal demand.
Sygnum has secured a digital asset services license in Liechtenstein, enabling it to expand its offerings in the European Economic Area. This move aligns with the forthcoming MiCA regulations and follows a strong H1 2024 financial report, showcasing significant growth in trading volumes and client assets. The bank aims to enhance its presence in Asia, particularly in Hong Kong, while continuing partnerships with major banking institutions.

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