Switzerland has been named the new country of honor for the upcoming Marché du Film, the 2024 Cannes Film Market, which will run May 14 to 22, 2024.
The small Alpine nation punches above its weight on the international film scene, in large part due to its positioning as an ideal co-production partner, with a skilled, multi-lingual workforce, top-end post-production facilities and competitive state support and tax incentives.
Cross-over successes, including Alice Rohrwacher’s La chimera, an Italian/Swiss/French co-production featuring The Crown star Josh O’Connor as a white-suited tomb raider; Anna Novion’s drama Marguerite’s Theorem, about a brilliant mathematics student (Raw actor Ella Rumpf) who decides to quit university; or Claude Barras’ Swiss-French stop-motion film hit My Life as a Zucchini (2016) point to the breadth and variety of the Swiss industry.
Switzerland is also strongly supportive of its new talent, including first-time director Carmen Jaquier, whose debut feature, Thunder, a period drama set in a small Swiss village in 1900, is the country’s official contender for the 2024 Oscars in the best international feature category.
“[Naming] Switzerland as our new Country of Honor demonstrates the remarkable evolution and impact of Swiss cinema,” says Guillaume Esmiol, executive director of the Marché du Film. “Their diverse activities planned for 2024 also emphasize their strong commitment to industry growth, and the Marché du Film is honored to be the key moment in Switzerland’s ambitious agenda. They are, most of all, a very innovative country in terms of creativity and technology, which aligns perfectly with the positioning of the Marché, the leading market at the forefront of innovation and industry trends.”
In addition to the Cannes spotlight in May, Switzerland will host next year’s European Film Awards in December 2024, in the city of Lucerne.
National promotion body Swiss Films, together with the Swiss Federal Office of Culture and the Swiss Broadcasting Corporation SRG SSR will organize a Swiss delegation as well as special events at next year’s Marché, which will focus on highlighting emerging Swiss talents and projects in development as well as nurturing further international partnerships. Switzerland’s high-tech sector will also have a chance to shine, with representatives of the country’s digital start-ups and technology companies attending to connect with Swiss and international creatives. The U.N. ranks Switzerland as the top country worldwide in its “global leader in innovation” survey, outpacing the U.S..
“Switzerland stands out for being an attractive hub for co-productions, which are becoming increasingly important in Europe,” says Alain Berset, president of the Swiss Confederation. “Our nation is also home to innovative companies excelling in A.I. and animation, thus playing a key role in positioning the Marché du Film as a premier industry event for innovation and sustainability. This dual strength underscores Switzerland’s important role in shaping the future of the global film industry.”
Swiss representatives will participate in several of the market’s key programs, including those dedicated to fiction and non-fiction feature films, as well as immersive projects and innovation. The Marché will announce more details in early 2024. Switzerland is the third country to receive the country of honor title, following India in 2022 and Spain this year. This initiative aims to spotlight and celebrate the unique industry contributions of a different nation each year in Cannes.
The Marché du Film, the world’s largest film market, attracted 14,000 industry professionals screening more than 4,000 films and projects in development.
The world’s top climate summit has become embroiled in a hypocrisy scandal, days before the start of key talks.
The United Arab Emirates (UAE) schemed to use its position as host country of the imminent COP28 United Nations climate talks to discuss oil and gas deals with more than a dozen countries, leaked documents published by the BBC show.
Briefing notes prepared by the UAE’s COP28 team for meetings with foreign governments during the summit, which starts Thursday in Dubai, include talking points from the Emirati state oil and renewable energy companies, according to documents published Monday by the Centre for Climate Reporting.
Germany, for example, is to be told that the Abu Dhabi National Oil Company (ADNOC) — whose CEO, Sultan Ahmed al-Jaber, is COP28’s president — “stand[s] ready to expand LNG supplies to Germany.”
The briefing notes for China say that ADNOC is “willing to jointly evaluate international LNG opportunities (Mozambique, Canada, and Australia).”
They also propose telling oil-rich giants Saudi Arabia and Venezuela that “there is no conflict between sustainable development of any country’s natural resources and its commitment to climate change.”
With COP28 just days away, the leaked documents have cast a shadow over the start of the crucial forum.
Zakia Khattabi, Belgium’s climate minister, told POLITICO: “If confirmed, these news reports add to the existing concerns regarding the COP28 presidency. The credibility of the U.N. climate negotiations is essential and is at stake here.”
The documents also sparked an outcry from climate NGOs.
In a statement, Greenpeace’s Policy Coordinator Kaisa Kosonen said, “if the allegations are true, this is totally unacceptable and a real scandal.”
“The climate summit leader should be focused on advancing climate solutions impartially, not backroom deals that are fuelling the crisis,” Kosonen said.
“The significant representation of EU and European countries in this list is alarming and a direct contradiction to the EU’s position to achieve a phase out of fossil fuels at this year’s COP,” Chiara Martinelli, director of Climate Action Network Europe, said in a written statement to POLITICO.
“Any deal with the UAE’s oil and gas companies is a slap in the face of the U.N. process on climate change,” Martinelli added.
The documents also include estimates of ADNOC’s commercial interests in the targeted countries, as well as an outline of energy infrastructure projects led by Masdar, the UAE’s state renewable energy company.
ADNOC’s business ties with China, for example, are valued at $15 billion over the past year, while those with the United Kingdom are worth $4 billion and the Netherlands’ stand at $2 billion.
Every year, the country hosting COP appoints a president to lead negotiations between countries. The president meets foreign dignitaries and is expected to “rais[e] ambition to tackle climate change internationally,” according to the U.N.
Home to some of the largest oil reserves in the world, the UAE has attracted criticism for appointing al-Jaber as COP president in spite of his role as chief of the country’s national oil company. Al-Jaber is also chairman of the board of directors of the national renewable energy company.
In a statement, a COP28 spokesperson said: “The documents referred to in the BBC article are inaccurate and were not used by COP28 in meetings. It is extremely disappointing to see the BBC use unverified documents in their reporting.”
This article has been updated to clarify Ahmed al-Jaber’s role at the national renewable energy company and to add comments fro, COP28 and Greenpeace.
Giorgio Pradelli of Swiss private bank EFG International is eyeing the Middle East and China for wealth creation, and says Switzerland remains a major private banking hub.
UBS on Wednesday began selling Additional Tier 1 (AT1) bonds — which were at the heart of controversy during its emergency rescue of Credit Suisse — for the first time since completing the takeover.
The Swiss banking giant is marketing two tranches of U.S. dollar AT1 bonds, a noncall five-year offering around a 10% yield and a noncall 10-year offering around 10.125%, according to LSEG news service IFR. Noncall bonds are bonds that only pay out at maturity.
UBS confirmed to CNBC that it is offering Additional Tier 1 securities, but did not comment on the details of the contracts and said it will provide additional information when the offering is complete.
AT1 bonds are considered a relatively risky form of junior debt and are often owned by institutional investors. They were introduced in the aftermath of the 2008 financial crisis as regulators looked to divert risk away from taxpayers and boost the capital held by financial institutions to protect against future crises.
Fitch on Wednesday assigned the new AT1 notes a BBB rating, four notches below UBS Group’s overall viability rating of A, with two notches for “loss severity given the notes’ deep subordination” and two for “incremental non-performance risk.”
“UBS’s new AT1 notes will contain a permanent write-down mechanism at issue. However, subject to approval by UBS Group AG’s 2024 AGM [annual general meeting], the permanent write-down mechanism will be replaced by an equity conversion mechanism from the date of the AGM, which will bring the terms in line with other European markets,” the ratings agency said.
“The conversion feature would mean that, if approved by the AGM, the notes would be converted into a pre-defined volume of share capital of UBS Group AG if the latter’s common equity Tier 1 (CET1) ratio falls below a 7% trigger, or if a viability event is declared by FINMA [Swiss Financial Market Supervisory Authority].”
Switzerland To Establish First Legal Cannabis Dispensaries In Europe Amid Pilot Project – Cannabis Business Executive – Cannabis and Marijuana industry news
Lonza Group warned that its profitability will take a hit next year from losing revenue from an agreement with Moderna and the risk of a smaller business with Kodiak Sciences.
GENEVA (AP) — A Swiss Academy of Sciences panel is reporting a dramatic acceleration of glacier melt in the Alpine country, which has lost 10% of its ice volume in just two years after high summer heat and low snow volumes in winter.
Switzerland — home to the most glaciers of any country in Europe — has seen 4% of its total glacier volume disappear in 2023, the second-biggest decline in a single year on top of a 6% drop in 2022, the biggest thaw since measurements began, the academy’s commission for cryosphere observation said.
Experts at the GLAMOS glacier monitoring center have been on the lookout for a possible extreme melt this year amid early warning signs about the country’s estimated 1,400 glaciers, a number that is now dwindling.
“The acceleration is dramatic, with as much ice being lost in only two years as was the case between 1960 and 1990,” the academy said. “The two extreme consecutive years have led to glacier tongues collapsing and the disappearance of many smaller glaciers.”
Swiss Federal Institute of Technology glaciologist and head of the Swiss measurement network Glamos, Matthias Huss, checks the thickness of the Rhone Glacier near Goms, Switzerland, in June 2023.
Matthias Huss, head of GLAMOS, which participated in the research, said in an interview that Switzerland has already lost up to 1,000 small glaciers, and that “now we are starting to lose also bigger and more important glaciers.”
“Glaciers are the ambassadors of climate change. They make it very clear what is happening out there because they respond in a very sensitive way to warming temperatures,” he said. “The study underlines once again that there is big urgency to act now if you want to stabilize (the) climate, and if you want to save at least some of the glaciers.”
The team said the “massive ice loss” stemmed from a winter with very low volumes of snow — which falls on top of glaciers and protects them from exposure to direct sunlight — and high summer temperatures.
All of Switzerland — where the Alps cut a swath through most of the southern and central parts of the country — was affected, and glaciers in the southern and eastern regions melted almost as fast as in 2022′s record thaw.
“Melting of several meters was measured in southern Valais (region) and the Engadin valley at a level above 3,200 meters (10,500 feet), an altitude at which glaciers had until recently preserved their equilibrium,” the team said.
The average loss of ice thickness was up to 3 meters (10 feet) in places such as the Gries Glacier in Valais, the Basòdino Glacier in the southern canton, or region, of Ticino, and the Vadret Pers glacier system in eastern Graubuenden.
The situation in some parts of the central Bernese Oberland and the Valais was less dramatic — such as for the Aletsch Glacier in Valais and Plaine Morte Glacier in the canton of Bern, because they enjoyed more winter snowfall. But even in such areas, “a loss of over 2 meters of the average ice thickness is extremely high,” the team said.
Snow depths measured in the first half of February were generally higher than in the winters of 1964, 1990 or 2007, which were also characterized by low snowfalls, the team said. But snow levels sank to a new record low in the second half of the month of February, reaching only about 30% of the long-term average.
Over half of automated monitoring stations above 2,000 meters that have been in place for at least a quarter-century tallied record-low levels of snow at the time.
After that, an extremely warm June caused snow to melt two to four weeks earlier than usual, and mid-summer snowfalls melted very quickly, the team said.
Swiss meteorologists reported in August that the zero-degree Celsius level — the altitude where water freezes — had risen to its highest level ever recorded, at nearly 5,300 meters (17,400 feet), which means that all the Swiss Alpine peaks faced temperatures above freezing.
The global risk of housing bubbles has decreased sharply in 2023. A report released Wednesday by Swiss bank UBS concludes that out of 25 cities surveyed, only two were at risk of a housing bubble this year, down from nine each in the previous two reports. The data shows that even places known for their chronically high prices of housing exited bubble territory and were now merely classified as overpriced, including Tel Aviv, Hong Kong, Frankfurt and Toronto.
UBS identified rising interest rates causing the end of cheap financing in the real estate sector for the change. Inflation-adjusted international home prices experienced the sharpest decrease since the 2008 global financial crisis as a result of these changes. The report states that especially the most unaffordable markets couldn’t take the added pressure from increased interest and slumped.
This chart shows index scores for housing bubble risk in selected cities in 2023 (More than … [+] 1.5=bubble risk).
Statista
Two cities most notorious for unaffordable home prices retained their bubble risk—Zurich and Tokyo. The leader of the list, Zurich, saw a slight decrease in its score, while Tokyo saw a slight increase. The Swiss market in general has not fully adapted to the changed market conditions yet, according to UBS. This also becomes visible in the virtually unchanged score of Geneva, which caused it to rise in rank opposite other cities where bubble risk decreased substantially. For Tokyo, the report cites the market’s defensive qualities which remain attractive to foreign investors.
One way bubble risk can end as a result of interest rates giving prices another push is overwhelmed buyers pivoting back to the rental market, dampening demand and house prices in the process. This is especially likely in markets where renting is somewhat cheaper than buying. Another way a correction can take place is when cities have a lot of buy-to-let activity, which lost profitability in the course of rising interest rates. This can free up capacity in the housing market and also lower prices.
Decline all around
In some cities, the decline of housing bubble risk started earlier than 2023. Hong Kong, long listed among the top cities for housing bubble risk, decline to rank 5 in 2022 and rank 6 this year—exiting bubble territory faster than other cities. This is due to a compounded crisis of downward pressures not restricted to high interest, in this case demand gaps due to isolating Covid-19 restrictions, economic turmoil in Mainland China as well as an aging society.
Miami remained the highest-ranked U.S. city in 2023—at a score of 1.38 rated just 0.13 index points below bubble risk territory. The city also saw only very slight changes from 2022—unlike other cities which are now found much lower down the ranking. Housing prices in Miami have continued an increase that is above the U.S. average. The relative strength of the city’s housing market can be explained by its comparably low income-to-house-price levels and population influx to the U.S. sun belt. New York and San Francisco are now found in the fair-valued category after experiencing Covid-19 and quality-of-life related deflators on top of pressure from interest. Los Angeles is the only housing market in the U.S. other than Miami that UBS views as overvalued, but it has also become more affordable since last year.
VIENNA — No one does victimhood quite like Austria.
Over the past century, the Central European country has presented itself to the outside world as an innocent bystander on an island of gemütlichkeit, doing what it can to get by in a treacherous global environment.
“Austria was always apolitical,” insists Herr Karl, the archetypal Austrian opportunist, brought to life in 1961 by Helmut Qualtinger, the country’s greatest satirist. “We were never political people.”
Recalling Austria’s collaboration with the Nazis, Herr Karl, a portly stockist who speaks in a working-class Viennese dialect, was full of self pity: “We scraped a bit of cash together — we had to make a living…How we struggled to survive!”
Russia’s war on Ukraine offers a bitter reminder that Austria remains a country of Herr Karls, playing all sides, professing devotion to Western ideals, even as they quietly look for ways to continue to profit from the country’s friendly relations with Moscow.
The most glaring example of this hypocrisy is Austria’s continued reliance on Russian natural gas, which accounts for about 55 percent of the country’s overall consumption. Though that’s down from 80 percent at the beginning of 2022, Austria, in contrast to most other EU countries, remains dependent on Russia.
Confront an Austrian government official with this fact and you’ll be met with a lengthy whinge over how the country, one of the world’s richest, is struggling to cope with the economic crosswinds triggered by the war. That will be followed by a litany of examples of how a host of other EU countries is guilty of much more egregious behavior vis a vis Moscow.
The unspoken, if inevitable, conclusion: the real victim here is Austria.
The myth of Austrian victimhood has long been a leitmotif of the country’s bilious tabloids, which serve readers regular helpings of all the ways in which the outside world, especially Brussels and Washington, undermines them.
Outside supervision
Earlier this month, the EU’s representative in Austria, Martin Selmayr, ended up in the sights of the tabloids — and the government — for uttering the inconvenient truth that the millions Vienna pays to Russia for gas every month amounted to “blood money.”
“He’s acting like a colonial army officer,” fumed Andreas Mölzer, a right-wing commentator for the Kronen Zeitung, Austria’s best-selling tabloid, noting with delight that both of Selmayr’s grandfathers were German generals in the war.
A few weeks before his “blood money” remarks, Selmayr told a Vienna newspaper that “the European army is NATO” | Patrick Seeger/EPA
“The Eurocrats have this attitude that they can just tell Austrians what to do,” Mölzer concluded.
Yet if Austria’s history since the collapse of the Habsburg empire in 1918 has shown anything, it’s that the country needs outside supervision. Left to their own devices, Austrians’ worst instincts take hold.
One needn’t look further than 1938 to understand the implications. But there’s no shortage of other examples: voters’ enthusiastic support for former United Nations Secretary-General Kurt Waldheim as president in 1986, despite credible evidence that he had lied about his wartime service as an intelligence officer for the Nazis; the state’s foot-dragging on paying reparations to slave laborers used by Austrian companies during the war; the resistance to return valuable artworks looted from Jews by the Nazis to their rightful owners.
Not that Austrians learn from their mistakes. To this day, Austrians rarely heed the better angels of their nature unless the outside world forces them to, either by shaming them into submission or brute force.
That said, the West is almost as much to blame for Austria’s moral shortcomings as the Austrians themselves.
The Magna Carta for Austria’s cult of victimhood can be found in the so-called Moscow Declarations of 1943, in which the allied powers declared the country “the first free country to fall a victim to Hitlerite aggression.” Though the text also stresses that Austria bears a responsibility — “which she cannot evade” — for collaborating with the Nazis, the Austrians latched onto the “victim” label after the war and didn’t look back.
In the decades that followed, the country relied on its stunning natural beauty and faded imperial charm to transform its international image into that of an alpine Shangri-La, a snow-globe filled with prancing Lipizzaners and jolly folk enjoying Wiener schnitzel and Sachertorte.
Convenient excuse
A key element of that gauzy fantasy was the country’s neutrality, imposed on it in 1955 by the Soviet Union as a condition for ending Austria’s postwar allied occupation. At the time, Austrians viewed neutrality as a necessary evil towards regaining full sovereignty.
During the course of the Cold War, however, neutrality took on an almost religious quality. In the popular imagination, it was neutrality, coupled with Austrians’ deft handling of Soviet leaders, that allowed the country to escape the fate of its Warsaw Pact neighbors (while also doing business with the Eastern Bloc).
Today, Austrian neutrality is little more than a convenient excuse to avoid responsibility.
Austria’s center-right-led government insists that on Ukraine it is only neutral in terms of military action, not on political principle. In other words, it won’t send weapons to Kyiv, but it does support the EU’s sanctions and allows arms shipments destined for Ukraine to pass through Austrian territory.
Andreas Babler took over as leader of the Social Democrats in June AND has a long history of opposing not just NATO, but Austrian participation in any EU defense initiatives | Helmut Fohringer/APA/AFP via Getty Images
In the Austrian population as a whole, decades of fetishizing neutrality has left many convinced that it’s their birthright not to take sides. Most are blissfully unaware of the EU’s mutual defense clause, under which member states agree to come to one another’s aid in the event of “armed aggression.”
That mentality explains why Austria’s political parties — with the notable exception of the liberal Neos — refuse to touch, or even debate, the country’s neutrality and its security implications.
In March, just as Ukrainian President Volodymyr Zelenskyy began an address via video to Austria’s parliament, Freedom Party MPs placed signs stamped with “Neutrality” and “Peace” on their desks before standing up in unison and leaving the chamber.
The far right wasn’t alone in its disapproval of Zelenskyy. More than half of the Social Democratic MPs also boycotted the event to avoid upsetting Russia.
Geographic good fortune
Andreas Babler, who took over as leader of the Social Democrats in June, has a long history of opposing not just NATO, but Austrian participation in any EU defense initiatives.
In 2020, he characterized the EU as “the most aggressive military alliance that has ever existed,” adding that it “was worse than NATO.”
It’s an extraordinary assertion given that NATO is the only thing that kept the Soviet Union from swallowing Austria during the Cold War. The defense alliance, which Austrian leaders briefly entertained joining in the 1990s, remains the linchpin of the country’s security for a simple reason: Austria’s only non-NATO neighbor is Switzerland.
Austria’s neutrality and geographic good fortune have led it to spend next to nothing on defense. Last year, for example, spending fell to just 0.8 percent of GDP from 0.9 percent, putting it near the bottom of the EU league table with the likes of Luxembourg, Ireland and Malta.
A few years ago, the country’s defense minister even proposed doing away with “national defense” altogether so that the army could concentrate on challenges such as natural disaster relief and combatting cyber threats. The idea was ultimately rejected, but that it was proposed at all — by the person who oversees the military no less — illustrates how seriously Austria takes its security needs.
Over the past year, the government has pledged to increase defense spending, yet those plans are still well below what the country would be obligated to pay were it in NATO.
Put simply, Austria is freeloading on its neighbors and the United States and will continue to do so until it’s pressured to change course.
Reality check
That’s why it needs more straight talk from people like Selmayr, not less.
A few weeks before his “blood money” remarks, the diplomat told a Vienna newspaper that “the European army is NATO,” noting that the accession of Sweden and Finland to the alliance would leave only Austria and a few small island states outside the tent.
Austria’s neutrality and geographic good fortune have led it to spend next to nothing on defense | Joe Klamar/AFP via Getty Images
The reality check dashed Austria’s hope that it could avoid paying its share for EU defense by waiting for Brussels to create its own force.
Even so, rhetoric alone is not going to convince Austria to shift course. Nearly 80 percent of Austrians support neutrality because it’s so comfortable. The EU and the U.S. need to make it uncomfortable.
At the moment, most Austrians only see the upsides to neutrality; yet that’s only because the West has refused to impose any costs on the country for freeriding. That needs to change.
Critics of a more aggressive approach towards Vienna argue that it will only harden the population’s resolve to sustain neutrality and bolster the far right. That may be true in the short term, but the history of foreign pressure on Austria, especially from Washington — be it the isolation it faced during the Waldheim affair or the push to compensate slave laborers from the war — shows that the interventions ultimately work.
If forced to choose between remaining in the Western fold or facing isolation, Austrians will always chose the former.
Though almost no Austrian security officials will say so publicly, few have any illusions about the necessity of a sea change. More than one-third acknowledge that the country’s neutrality is no longer credible, according to a study published this month by the Austrian Institute for European and Security Policy. A further third say the country’s participation in the EU’s common foreign and security policy has a “strong influence” on the credibility of its neutrality claim (presumably not in a good way).
And nearly 60 percent say the country needs to improve its interoperability with NATO in order to fight alongside its EU allies in the event of an armed conflict.
The problem is that no one is forcing them.
If Austria’s partners continue to avoid a confrontation, the country is likely to continue its slide towards Orbánism.
The Freedom Party, which wants to suspend EU aid for Ukraine and lift sanctions against Russia, leads the polls by a widening margin with just a year until the next national election. With neighboring Slovakia on a similar trajectory, Russian President Vladimir Putin may soon have a major foothold in the heart of the EU.
So far, the EU and Washington have been silent on the Freedom Party’s worrying rise, counting on Austrians to snap out of it.
Barring foreign pressure, they won’t. Why would they? With its populist prescriptions and beer hall rhetoric, the Freedom Party encourages Austrians to see themselves as what they most want to be: victims.
Or as Herr Karl famously put it: “Nothing that they accused us of was true.”
Globally, more people searched about sleep this year than ever before, according to data released by Google Trends last week. People are turning to the internet to learn about bedtime routines, sleep positions and to understand — “Why am I so tired all the time?” — a question which peaked in June, according to Google.
In fact, restorative sleep eludes so many that it’s given rise to a new type of travel. Hotels and wellness resorts are launching “sleep tourism” programs that go beyond plush bedding and blackout curtains.
From beds that use real-time artificial intelligence to on-call hypnotherapists, here are six spots that go to great lengths to help travelers get great shut-eye.
For those who need to switch off completely, London’s two Zedwell hotels have minimalist rooms that are free of “distractions” — such as televisions, telephones and even windows — according to its website.
Zedwell Hotel, London.
Source: Zedwell Hotels Trocadero (London) Hotel Ltd
The clutter-free aesthetic incorporates natural oak and ambient lighting, and rooms have sound insulation and purified air.
Sleep-deprived guests can book a sleep wellness program that ranges from three to 10 days at Six Senses Laamu. Each stay comes with sleeping tracking, wellness screenings, spa treatments, meditation or breathwork exercises and nutritional advice, according to its website.
Six Senses Laamu, Maldives.
Source: Eleven Six PR
There are also yoga and Ayurvedic treatments, and visitors get access to the Timeshifter app to curb jet lag.
Sleep packages are also available at select Six Senses resorts in Switzerland, Fiji, India, Turkey and Thailand, among other locations.
For restless sleepers in the Big Apple, New York’s Park Hyatt refreshed its three “Sleep Suites” with the latest version of Bryte’s “Balance” smart beds.
Park Hyatt Hotel, New York.
Source: Park Hyatt New York
The mattress plays sounds and uses subtle motion to lull guests to sleep. To wake up, the bed gradually moves over a period of 15 minutes to slowly and silently wake users up again. Within the mattress, a matrix of AI cushions adapts to body movements to relieve pressure in real time, too.
Suites also come with a diffuser and relaxing essential oil blend, along with a collection of “sleep-related books,” according to the hotel.
Partnering with sleep specialist and hypnotherapist Malminder Gill, The Cadogan has a “Sleep Concierge” service that comes with a meditation (recorded by Gill), pillow menu, weighted blanket, bedtime tea blend and scented pillow mist.
The Cadogan, London.
Source: The Cadogen, A Belmond Hotel
For extra help, guests can book a session with Gill for one-on-one in-room sleep assistance, according to the hotel’s website.
From ocean-front rooms on Miami Beach, this resort applies a tech-forward approach to sleep wellness through vibration and sound therapy that will provide an “essential powernap — even for the busiest of minds,” according to the hotel’s website.
Carillon Miami Wellness Resort, Miami.
Source: Carillon Miami Wellness Resort
In addition to having Bryte Balance mattresses, the resort provides hypnosis, saltwater bath therapies that allow guests to immerse in water loaded with 800 pounds of Epsom salt, and a “Somadome” futuristic meditation pod that combines color and sound, according to the website.
With the help of sleep medicine specialist, Dr. Vicente Mera, guests at this luxury hotel and wellness clinic can participate in its “Sleep Medicine” program, which includes a sleep consultation, night-time polygraph, a continuous positive airway pressure (or CPAP as it’s known) study and tests that measures sleep and daytime indicators, such as resting heart rate and heart-rate variability, according to its website.
Sha Wellness Clinic, Alicante, Spain.
Source: Sha Wellness Clinic
A wellness plan is put in place for each guest that includes stress management sessions and hydrotherapy.
UBS expects to shed around 3,000 jobs in Switzerland as it tries to save $10 billion from a sweeping overhaul of the global banking giant created by its emergency rescue of Credit Suisse earlier this year.
The job cuts amount to around 8% of staff employed by the combined bank’s Swiss operations and may spark new controversy in the country, where the deal has already proved unpopular with the public and some politicians.
“The Swiss Bank Employees Association demands that the 37,000 employees of the two institutions in Switzerland are treated fairly and equally in the integration process,” the Swiss banking union said in a statement.
On a call with analysts Thursday, UBS CEO Sergio Ermotti said: “Every lost job is painful for us. Unfortunately, in this situation, cuts were unavoidable.”
Ermotti said the job cuts would be spread “over a couple of years” and that the bank would provide affected employees with financial support, outplacement services and retraining opportunities.
The Swiss bank, which has a combined global workforce of nearly 122,000,gave no further details on the numbers of likely layoffs outside of Switzerland in its second quarter earnings statement — the first report since it acquired its rival.
UBS confirmed plans to retain Credit Suisse’s banking operations in Switzerland, and fully absorb those into the newly-merged group, rather than opting for a spin-off or IPO, even though thatmayhave resulted in fewer redundancies.
“Our analysis clearly shows that a full integration is the best outcome for UBS, our stakeholders and the Swiss economy,” Ermotti said in a statement. He added that this was “one of the biggest and most complex bank mergers in history.”
UBS said that it expected to generate more than $10 billion in savings from the integration by the end of 2026, $1 billionmore and a year earlier than planned when the takeover was announced in March. The bank’s shares gained as much as 7% on the news.
UBS (UBS) agreed on March 19 to buy Credit Suisse for the bargain price of 3 billion Swiss francs ($3.4 billion) in a rescue orchestrated by Swiss authorities to avert a banking sector meltdown.
UBS posted net profit of $29 billion for the second quarter, reflecting a one-off boost from the acquisition of Credit Suisse at a fraction of its value. But it also benefited from continued strong inflows into its global wealth management business, recording $16 billion of net new money — the highest second-quarter figure in over a decade.
Controversy in Switzerland
Credit Suisse went bust after confidence in the ailing lender collapsed and customers yanked their money from the bank. The firm had been plagued by scandals and compliance failures in recent years that wiped out its profit and caused it to lose clients.
But the death blow came after it acknowledged “material weakness” in its bookkeeping and as the demise of US regional lenders Silicon Valley Bank and Signature Bank spread fear about weaker institutions.
Thecombination of the banks has caused controversy in Switzerlandbecause it leaves the country exposed to a single massive financial institution with a market share of about 30% and assets roughly double the size of its annual economic output.
Taxpayers were originally on the hook for potential losses arising from the deal, but UBS said earlier this month it would no longer need a Swiss government guarantee of 9 billion francs ($10.3 billion) for future potential losses arising from Credit Suisse assets.
It also said it no longer required a 100 billion franc ($114.2 billion) government-backed loan and that Credit Suisse had repaid an earlier loan from Switzerland’s central bank of 50 billion francs ($57.1 billion).
“Taxpayers will no longer bear any risks arising from these guarantees,” the Swiss government said at the time.
UBS shares reached their highest point since late 2008 during early trade in Zurich on Thursday, after the Swiss banking giant posted a mammoth profit beat and announced thousands of layoffs as it plans to fully absorb Credit Suisse’s Swiss bank.
Analysts had projected net profit of $12.8 billion for the three months to the end of June, according to a Reuters poll.
UBS said the result primarily reflected $28.93 billion in negative goodwill on the Credit Suisse acquisition. Underlying profit before tax, which excludes negative goodwill, integration-related expenses and acquisition costs, came in at $1.1 billion.
Negative goodwill represents the fair value of assets acquired in a merger over and above the purchase price. UBS paid a discounted 3 billion Swiss francs ($3.4 billion) to acquire Credit Suisse in March.
UBS CEO Sergio Ermotti told CNBC’s “Squawk Box Europe” on Thursday that the bank is making “very good progress” with its integration plans.
“When people look into those numbers, they will clearly understand that this negative goodwill is the equity necessary to sustain $240 billion of risk-weighted assets and the financial resources to go through a deep restructuring that is necessary at Credit Suisse, because our analysis has proven that the business model was not viable any longer,” he told CNBC’s Joumanna Bercetche.
“Credit Suisse has excellent people, clients and product capabilities, but the business model was not sustainable any longer and needs to be restructured.”
UBS shares were up 4.9% around an hour into trading.
Here are some other highlights:
CET1 capital ratio, a measure of bank liquidity, reached 14.4% versus 14.2% in the second quarter of 2022.
Return on tangible equity (excluding negative goodwill, integration-related expenses and acquisition costs) was 4.3%.
CET1 leverage ratio was 4.8% versus 4.4% a year ago.
Credit Suisse’s Swiss bank to be fully absorbed
Credit Suisse’s stalwart domestic banking unit will be fully integrated into UBS, the group also announced on Thursday, with a merging of legal entities expected to close in 2024.
The fate of Credit Suisse’s flagship Swiss bank, a key profit center for the group and the only division still generating positive earnings in 2022, was a focal point of the acquisition, with some analysts speculating that UBS could spin it off and float it in an IPO.
Ermotti said the bank’s analysis had determined that this is “the best outcome for UBS, our stakeholders and the Swiss economy.”
The integration may prove more controversial in Switzerland because of the possibility of heavy job losses in the process. UBS confirmed Thursday that the integration of the Swiss bank will result in 1,000 redundancies, beginning in late 2024, while a further 2,000 layoffs are expected due to the wider restructure of Credit Suisse.
The Credit Suisse acquisition was part of an emergency rescue deal mediated by Swiss authorities over the course of a weekend in March. Earlier this month, UBS announced that it had ended a 9 billion franc ($10.24 billion) loss protection agreement and a 100 billion franc public liquidity backstop that were put in place by the Swiss government when it agreed to take over Credit Suisse in March.
“Clients will continue to receive the premium level of service they expect, benefiting from enhanced offerings, expert capabilities and global reach,” Ermotti said of the integration of Credit Suisse’s Swiss banking division.
“Our stronger capital base will enable us to keep the combined lending exposures unchanged, while maintaining our risk discipline.”
The bank also announced that it is targeting gross cost savings of at least $10 billion by 2026, when it hopes to have completed the integration all of Credit Suisse Group’s businesses.
UBS delayed reporting its second-quarter results — initially scheduled for July 25 — until after completing the Credit Suisse takeover on June 12.
UBS shares closed Wednesday’s trade up nearly 30% since the turn of the year, according to Eikon.
In a separate Thursday filing, the Credit Suisse subsidiary posted a second-quarter net loss of 9.3 billion francs, as it saw net asset outflows of 39.2 billion francs, with assets under management falling 3% amid a mass exodus of clients and staff.
The Thursday report was Credit Suisse’s last as an independent entity, and showed that, despite the rescue, the loss of client confidence that precipitated the bank’s near collapse in March has yet to be reversed.
UBS nevertheless noted that this attrition rate was slowing, and the bank will be keen to retain as many Credit Suisse clients and customers as possible, in order to make the colossal merger work in the long run.
UBS’ Ermotti told CNBC on Thursday that both UBS and Credit Suisse had seen an uptick in deposit inflows in the second quarter and in the current one so far, and that this was evidence that clients are “staying loyal.”
For the second quarter, net inflows into deposits for the combined group were $23 billion, of which $18 billion came from Credit Suisse’s wealth management and Swiss bank divisions.
Though Credit Suisse continued to suffer net asset outflows, UBS said that these slowed over the second quarter and turned positive after the acquisition was completed in June.
“Credit Suisse lost around $200 billion during its difficult times in 2022 and 2023, and we are seeing now some of this coming back, and our goal is to try to get back as much as possible. It’s not easy, but it is our ambition,” Ermotti added.
UBS’ flagship global wealth management business received $16 billion in net new money over the three months to the end of June, its highest second-quarter net inflows for over a decade.
For those looking to leave the U.S., pursuing life as an expatriate is often an appealing option.
That’s especially true for those living in pricey locales, such as New York City or San Francisco, where the cost of living remains persistently high. In fact, New York continues to be the most expensive city in North America, ranking sixth in the world.
Relocating to work abroad, however, can also come with a hefty price tag, according to Mercer’s 2023 Cost of Living Ranking, which ranks 227 cities across five continents, comparing the cost of goods and services in each location.
The most expensive city in the world for expats: Hong Kong, which topped the list for the second consecutive year.
Here are the 10 most expensive cities for expats, outside the U.S.:
Hong Kong
Singapore
Zurich, Switzerland
Geneva, Switzerland
Basel, Switzerland
Bern, Switzerland
Tel Aviv, Israel
Copenhagen, Denmark
Nassau, Bahamas
Shanghai
As for the U.S., the data finds that the cost of living has increased in all American cities analyzed. In the global ranking, New York lands in sixth place, followed by Los Angeles (11th), San Francisco (14th) and Honolulu (15th).
Additionally, Detroit, Houston and Cleveland saw the greatest increases in cost of living among U.S. cities this year.
But keep in mind that cost of living is just one factor to consider when looking to move abroad. While Hong Kong is the most expensive city on the list, that doesn’t necessarily translate to a better quality of life. In fact, it ranks 78th in that category.
On the other hand, some global cities may offer expats a lower cost of living and, perhaps, a higher quality of life. Barcelona, Spain, for example, ranks 75th for highest cost of living, but 47th for best quality of life.
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The travel website FloridaPanhandle.com analyzed costs in 100 popular vacation spots, looking into average prices for accommodations, transportation, food and attractions.
Here are 10 destinations that certainly call for big budgets.
According to the analysis, the most expensive vacation destinations, excluding flight costs, are:
Gustavia, St. Barts
Gstaad, Switzerland
Aspen, Colorado
Park City, Utah
Maui, Hawaii
London, England
Cocoa Island, Maldives
Maun, Botswana
Grand Cayman, Cayman Islands
Monte Carlo, Monaco
The 10 most expensive vacation destinations around the globe.
Source: CNBC
The list was dominated by islands and ritzy ski towns, though the draw of eco-tourism safaris in Botswana and Europe’s financial capital, London, rounded out the ranking.
The Caribbean island of St. Barts is the most expensive vacation destination in the world, largely because of its high accommodation costs, which average $1,770 per night, according to the analysis.
Average hotel rates in Switzerland’s Gstaad (No. 2) are $1,360, according to the research. The town in the Swiss Alps also has the highest average food costs on the list, at $177 per day.
Accommodations at the third priciest spot — Aspen, Colorado — average $1,385 for one person, but a family of four can expect to pay $2,274, according to the analysis.
A street in downtown Aspen, Colorado.
Nik Wheeler | Corbis Historical | Getty Images
To find those prices, FloridaPanhandle.com researched average rates for four- and five-star hotels for stays during Christmas (Dec. 21-27) and the spring (May 19-25), but did not include taxes.
To estimate the price of activities, FloridaPanhandle.com calculated the average cost for each location’s three most-reviewed attractions on TripAdvisor.
The ski town of Park City, Utah, averaged $333 for daily attractions — the highest on the list.
Attractions in Maun, Botswana, Africa’s lone destination on the list, averaged more than $100 per day for activities like a one-day visit to the Okavango Delta.
Despite having higher overall average costs, St. Barts and the Maldives’ attractions were valued at $0. Vacationers may have to pay top dollar for hotels in those locations, but their beaches are free.
Monaco, Monte Carlo.
Ostill | Istock | Getty Images
Monte Carlo had one of the lowest average rates for attractions on the list, a surprising result for a vibrant gambling hot spot.
While “Monte Carlo is known for its casinos, it is also not the most popular thing to do in town,” said a representative from FloridaPanhandle.com.
According to the company, the three most popular attractions in Monte Carlo are the Oceanographic Museum of Monaco, an outdoor area called Casino Square, and the Casino of Monte Carlo, which has an entrance fee of 18 euros ($20).
Gambling losses, however, are not included in Monte Carlo’s average attraction costs.
Indonesian President Joko Widodo makes a speech during the Association of Southeast Asian Nations (ASEAN) Foreign Minister’s Meeting in Jakarta, Indonesia on July 14, 2023.
Murat Gok | Anadolu Agency | Getty Images
A new regional cross-border payment system recently implemented by Southeast Asian nations could deepen financial integration among participants, bringing the ASEAN bloc closer to its goal of economic cohesion.
The program, which allows residents to pay for goods and services in local currencies using a QR code, is now active in Indonesia, Malaysia, Thailand and Singapore. The Philippines is expected to join soon.
That’s according to each country’s respective central bank.
The move comes after the five Southeast Asian countries signed an official agreement late last year. At the recent ASEAN summit in May, leaders also reiterated their commitment to the project, pledging to work on a road map to expand regional payment links to all ten ASEAN members.
The scheme is aimed at supporting and facilitating cross-border trade settlements, investment, remittance and other economic activities with the goal of implementing an inclusive financial ecosystem around Southeast Asia.
Analysts say retail industries will particularly benefit amid an expected rise in consumer spending, which could in turn strengthen tourism.
Regional connectivity is considered crucial to reduce the region’s reliance on external currencies like the U.S. dollar for cross-border transactions, particularly among businesses. The greenback’s strength in recent years has resulted in weaker ASEAN currencies, which hurts those economies since the majority of the bloc’s members are net energy and food importers.
“The system will forgo the U.S. dollar or the Chinese renminbi as intermediary,” said Nico Han, a Southeast Asia analyst at Diplomat Risk Intelligence, the consulting and analysis division of current affairs magazine The Diplomat.
A unified cross-border digital payment system will “foster a sense of regionalism and ASEAN-centrality in managing international affairs,” he added. “This move becomes even more crucial in light of escalating tensions among major global powers.”
How it works
By connecting QR code payment systems, funds can be sent from one digital wallet to another.
These digital wallets effectively act as bank accounts but they can also be linked to accounts with formal financial institutions.
For instance, Malaysian tourists in Singapore can make a payment with Malaysian ringgit funds in their Malaysian digital wallet when making a transaction. Or, a Malaysian worker in Singapore can send Singapore dollar funds in a Singaporean digital wallet to a recipient’s wallet in Malaysia.
Fees and exchange rates will be determined by mutual agreement between the central banks themselves.
For now, a region-wide system like this doesn’t exist in other parts of the world but down the road, the Bank of International Settlements, based in Switzerland, hopes to connect retail payment systems across the world using QR codes and mobile phone numbers.
“The ASEAN central banks’ effort is innovative and novel,” said Satoru Yamadera, advisor at the Asian Development Bank’s Economic Research and Development Impact Department.
“In other regions like Europe, retail payment connection via credit and debit cards is more popular while China is well-known for advanced QR code payment, but they are not connected like the ASEAN QR codes,” he continued.
Economic benefits
QR payments don’t impose fees on cardholders and merchants. They also boast of better conversion rates than those set by private payment processors like Visa or American Express.
Micro enterprises as well as small- and medium-sized businesses, or SMBs will emerge as winners from regional payment connectivity, experts say. According to the Asian Development Bank, such companies account for over 90% of businesses in Southeast Asia.
“SMBs can avoid the expenses associated with maintaining a physical point-of-sale system or paying interchange fees to card companies,” explained Han from Diplomat Risk Intelligence.
Marginalized individuals from low-income backgrounds also stand to benefit. As the payment system works via digital wallets and doesn’t require a traditional bank account, it can be used by the unbanked population.
“The system has the potential to improve financial literacy and wellbeing for the underbanked population,” Han noted.
ASEAN’s new system will also enable merchants and consumers to build a robust payment history, and provide valuable data for credit scoring, said Nicholas Lee, lead Asia tech analyst at Global Counsel, a public policy advisory firm.
“That’s particularly advantageous for unbanked and underbanked segments of the population, who traditionally lack access to such credit assessment data.”
Moreover, “increased non-cash transactions would allow policymakers to capture transaction data and trade flow more effectively, assuming these data are accessible,” said Lee.
“This, in turn, could lead to better economic forecasting and policymaking.”
Currency pressure ahead
While strengthening payment connectivity within the region has the potential to reduce payment friction and accelerate digital transition, it could inadvertently put pressure on certain currencies, particularly the Singapore dollar.
“The potential scenario of the [Singapore dollar] emerging as a de facto reserve currency within the region poses a challenge that ASEAN states will need to confront,” said Lee.
“With the [Singapore dollar’s] strength and stability, both international and regional businesses may opt to hold more of their working capital in [Singapore dollars], relying on the new payment network for efficient currency conversion,” he explained.
If that happens, it could weaken the purchasing power of other currencies in the region and result in higher imported inflation if central banks don’t intervene.
In such a scenario, authorities may feel the need to impose capital restrictions in order to protect their respective currencies, which could undermine the very purpose of establishing a regional payment network.
Regulations pose another challenge.
Central banks will have to address security and fraud issues, plus undertake the task of educating the public to embrace the new payment system, said Han.
“These factors can collectively contribute to a time-consuming process,” he warned.
This kind of coordinated action will require strong political will from regional leaders and it remains to be seen if ASEAN members can come together to successfully implement such an ambitious venture.
The remains of a German mountain climber who went missing 37 years ago while hiking along a glacier near Switzerland’s iconic Matterhorn have been recovered, as melting glaciers lead to the re-emergence of bodies and objects thought to be long lost.
Climbers hiking along the Theodul Glacier in Zermatt on July 12 discovered human remains and several pieces of equipment, police in the Valais canton said in a statement Thursday.
“DNA analysis enabled the identification of a mountain climber who had been missing since 1986,” police said in a statement. “In September 1986, a German climber, who was 38 at the time, had been reported missing after not returning from a hike.”
Police said that searches for the disappeared climber at the time proved unsuccessful.
The climber’s remains underwent a forensic analysis at Valais Hospital, allowing experts to link them to the 1986 disappearance, police added Thursday.
Police did not provide additional information of the German alpinist’s identity nor on the circumstances of his death.
Authorities released a photograph of a lone hiking boot with red laces sticking out of the snow, along with some hiking equipment that had belonged to the missing person.
“The recession of the glaciers increasingly brings to light missing alpinists who were reported missing several decades ago,” police concluded in the statement.
Glaciologist Lindsey Nicholson at the University of Innsbruck, in Austria, told CNN Friday that shrinking glaciers due to climate change have led to the discovery of bodies of climbers who disappeared.
“As the glaciers retreat, any material – including people who have fallen into or onto them and have been buried by subsequent snow – will emerge. All glaciers are melting very fast and receding across the European Alps,” Nicholson said.
Last year, Swiss glaciers recorded their worst melt rate since records began more than a century ago, losing 6% of their remaining volume in 2022, nearly double the previous record of 2003, Reuters reported.
The melt was so extreme in 2022 that bare rock that had remained buried for millennia re-emerged at one site while bodies and even a plane lost elsewhere in the Alps decades ago were recovered.
In 2015, the remains of two Japanese climbers who went missing on the Matterhorn in a 1970 snowstorm were found and their identities confirmed through the DNA testing of their relatives.
“The glaciers are undergoing a long-term trend of melting,” Nicholson said, adding the trend is expected to continue, with “low snow years” contributing to the problem.
“The reduced snow amount is also partly coupled to the change in temperatures, because what happens is some of the precipitation that … would have come in the form of snow, now comes in the form of rain. That does not help the glaciers, it works against them,” she added.
Even if ambitious climate targets are met, up to half of the world’s glaciers could disappear by the end of the century, according to recent research.
“If we continue with the emissions we are transmitting now, we are looking at a largely deglaciated Alps region for generations to come – and that is very sad,” Nicholson warned.
The disappearance of glaciers will have cascading impacts.
Glaciers play a vital role in providing fresh water for nearly 2 billion people and they are also a key contributor to sea level rise.
“Some regions of the world are much more dependent on the glacier mountains than we are here – in some cases they are much more vulnerable than the Alps,” Nicholson added.
Alpine nation’s main intelligence agency says at least a third of Russia’s 220 accredited officials are probably spies.
Switzerland’s main intelligence agency, the Federal Intelligence Service (FIS), says Moscow’s invasion of Ukraine has made the country an espionage hotspot, with at least a third of the 220 officials Russia has accredited in the country suspected of being spies.
While Russian spying elsewhere in Europe and in North America had been weakened by expulsions, Russian agents continued to operate in Bern, the Swiss capital, and at Moscow’s mission to the United Nations in Geneva, the FIS said in its annual report.
“In Europe, Switzerland is one of the states with the highest numbers of Russian intelligence officers operating under diplomatic cover, in part due to its role as a host to international organisations,” it said in the report released on Monday.
The UN has its European headquarters in Geneva and the city also hosts several UN agencies and international organisations. Hundreds of diplomats are posted in the city or regularly gather there for key meetings.
“Of the approximately 220 people accredited as diplomatic or techno-administrative staff in the Russian missions in Geneva and Bern, probably at least a third work for the Russian intelligence services,” FIS chief Christian Dussey told a press conference.
The Swiss secret service, which has 450 staff, said the war in Ukraine was forcing it to extend its monitoring to areas that had previously received little attention, such as Turkey and India, because Russia had been using companies in such countries for procurement.
While China is also believed to have dozens of spies at its diplomatic missions in Switzerland, their number is significantly less than Russia’s, the agency said.
China’s agents rely more on non-diplomatic cover, the FIS said, and are mainly described officially as scientists, journalists or business executives.
“We are doing the maximum, on the ground, to show the lines” not to be crossed, the FIS chief said, adding that espionage operations had a negative impact on Geneva’s international importance and were detrimental to Switzerland’s credibility.
Asked about the report in the Chinese Ministry of Foreign Affairs regular press conference on Tuesday, spokesperson Mao Ning rejected the Swiss findings and said that China was opposed to espionage. She also urged an end to what she described as “groundless smears”.
The FIS also noted that the security picture had been affected by the growing rivalry between the world’s major powers, which had been intensified by Russia’s full-scale invasion of Ukraine.
“Russia has destroyed the rules-based order for peace in Europe,” the FIS said.
“The effectiveness of international forums for maintaining peace and security, such as the UN or the Organization for Security and Cooperation in Europe (OSCE), has continued to decline; there are no signs of a stable new world order.”
A mountain face came crashing down stopping just short of a small village in Switzerland, missing the area “by a hair.” Also, two planes clipped wings on the tarmac at Boston Logan Airport International, narrowly avoiding disaster. All that and all that matters in today’s Eye Opener.
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Swiss cyclist Gino Mäder died Friday, his team said, a day after crashing and falling down a ravine during a descent at the Tour de Suisse, a preparation race ahead of next month’s Tour de France. Mäder, 26, crashed on a fast downhill road approaching the end of the mountainous fifth stage into La Punt.
“Gino lost his battle to recover from the severe injuries he sustained,” the Bahrain-Victorious team said in a statement. “… Despite the best efforts of the phenomenal staff at Chur hospital, Gino couldn’t make it through this, his final and biggest challenge, and at 11:30 a.m. we said goodbye to one of the shining lights of our team.”
Medical staff who reached Mäder found him motionless in water. They performed CPR before he was airlifted to the hospital.
“Our entire team is devastated by this tragic accident, and our thoughts and prayers are with Gino’s family and loved ones during this incredibly difficult time,” Bahrain-Victorious said.
Swiss rider Gino Mäder cycles during the third stage of the Tour of Romandie UCI cycling world tour, to and from Chatel-Saint-Denis, Switzerland, on April 28, 2023.
Gabriel Monnet/AFP via Getty Images
Mäder’s death was announced about 30 minutes before the scheduled start of the sixth stage in the eight-day race. The start was delayed and riders gathered in a silent tribute before the stage was canceled.
Race organizers said the peloton would ride together in tribute to Mäder for the final 30 kilometers (18 miles) of Friday’s scheduled route. The race should resume Saturday.
Team manager Milan Erzen said Bahrain-Victorious will race in his honor.
“We are determined to show the spirit and passion Gino displayed, and he will always remain an integral part of our team,” Erzen said.
The manager praised the rider, saying his “talent, dedication, and enthusiasm were an inspiration to us all.”
“Not only was he an extremely talented cyclist,” Erzen said, “but a great person off the bike.”
“Devastated by the news,” world champion Remco Evenepoel, who is in fourth place in the race standings, wrote on his Twitter account. “My heart and strength is with Gino’s family, friends, teammates.”
Evenepoel earlier criticized Thursday’s stage after finishing the day in 10th place.
“While a summit finish would have been perfectly possible, it wasn’t a good decision to let us finish down this dangerous descent,” Evenepoel wrote. “As riders, we should also think about the risks we take going down a mountain.”
A second rider also crashed at the same spot. Magnus Sheffield of the United States sustained a concussion and bruises and was treated at a local hospital.
In previous incidents, Belgian rider Wouter Weylandt was killed in a crash on a descent at the Giro in May 2011. Another Belgian rider, Antoine Demoitié, died after crashing at the one-day Gent-Wevelgem race in March 2016.
Mäder was one of Switzerland’s best young riders. He won a stage at the 2021 Giro d’Italia and placed fifth overall in the Spanish Vuelta that year. He also was fifth in the Paris-Nice stage race in March.
“We are heartbroken,” Tour de Suisse organizers said in a statement. “Gino, you’ve been an excellent rider but even more a wonderful person. Always smiling and making people happy around you.”
Tina Turner died at age 83 at her home in Küsnacht near Zurich, Switzerland, her representative confirmed on Wednesday. The music legend had lived in Europe for decades and her neighbors in Switzerland paid tribute to the star this week, laying flowers outside of her estate.
“When she was passing by, she was smiling, she could feel that we were looking at her, but was always very discreet,” a neighbor named Christine told Reuters.
“She’s been a part of my life for over 35 years now and she was a good neighbor, she showed up in town, she was very well liked,” a neighbor named Kosta said.
Why did Turner move to Switzerland?
During a 1997 interview with Larry King, Turner said she left America because her “success” and boyfriend, Erwin Bach, were in another country. Turner was born in Nutbush, Tennessee.
She and Bach, a German music executive, first moved to Switzerland in 1995, according to Reuters. She became a Swiss citizen, giving up her American citizenship, shortly after marrying him 2013.
In an interview with Mike Wallace for “60 Minutes” that same year, Turner explained her popularity in Europe. At the time, she was expected to gross $100 million during a three-month European tour and Wallace said he had no clue Turner was such a huge star there.
“No one in America knows that,” Turner replied.
Tina Turner was an even bigger star in Europe than she was in America. “No one in America knows that. I mean, people are always shocked when I explain,” Tina Turner told Mike Wallace in 1996. https://t.co/zIUAs9mfhwpic.twitter.com/w4W7uSAe4M
When Wallace asked how “American” she is, Turner said: “Still very much American. I still don’t speak the foreign tongues over here yet. I still pay American taxes. I have property in America. All of my businesses run from America still,” she said. “But in my heart? I don’t think I will go back home.”
Turner and Bach bought a new 24,000-square-foot home on Lake Zurich for an estimated $77 million in 2021, according to Swiss newspaper Handelszeitung.
Turner told Gayle King about life in Switzerland
During a 2019 interview for “CBS Mornings,” Turner showed Gayle King her home in Zurich. “Is there anything in life, Tina Turner, that you want that you don’t have?” King asked.
“No,” Turner replied. “I have everything. When I sit at the Lake Zurich, in the house that I have, I am so serene. I have no problems.”
“I had a very hard life that I didn’t put blame on anything or anyone,” said Turner, who has publicly spoken about the abuse she suffered during her marriage with Ike Turner.” I got through it, I lived through it with no blame and I’m happy,”
At her home in Zurich, Tina Turner gives Gayle King a dance lesson.
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