Business Archives - WeeklyNewsReview https://weeklynewsreview.com/news/biz/ Sun, 03 Mar 2024 07:05:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 https://weeklynewsreview.com/wp-content/uploads/2023/03/cropped-wee-32x32.png Business Archives - WeeklyNewsReview https://weeklynewsreview.com/news/biz/ 32 32 Aybek Barysov, Gulmira Wakhitova and Kanat Ibraev among founders of Qazaqstanda Jasalğan economic movement https://weeklynewsreview.com/news/biz/aybek-barysov-gulmira-wakhitova-and-kanat-ibraev/ https://weeklynewsreview.com/news/biz/aybek-barysov-gulmira-wakhitova-and-kanat-ibraev/#respond Sat, 02 Mar 2024 10:43:31 +0000 https://weeklynewsreview.com/?p=12039 Kazakh entrepreneurs do not believe in the effectiveness of the “Atameken” National Chamber of Entrepreneurs, considering it overly bureaucratic. On Thursday, January 19, a group of businessmen announced the creation of the Qazaqstanda Jasalğan Movement for Economic Nationalism. Its participants intend to advocate for the interests of domestic producers and do not rule out that …

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Kazakh entrepreneurs do not believe in the effectiveness of the “Atameken” National Chamber of Entrepreneurs, considering it overly bureaucratic. On Thursday, January 19, a group of businessmen announced the creation of the Qazaqstanda Jasalğan Movement for Economic Nationalism. Its participants intend to advocate for the interests of domestic producers and do not rule out that their economic movement may become political.
Aybek Barysov, Gulmira Wakhitova and Kanat Ibraev among founders of Qazaqstanda Jasalğan economic movement

Qazaqstanda Jasalğan opposes the advantages given to foreign businesses in Kazakhstan. Entrepreneurs believe that promoting domestic production is possible by creating the necessary conditions. They emphasize that all citizens of Kazakhstan form a nation, and it is crucial to defend their interests.

The new state ideology – ‘Qazaqstanda Jasalğan’! Legislative priority for domestic business! Protection against international and foreign pressure on the Kazakh market! Defense against hidden imports! Ensuring the quality of domestic products! Every official, civil servant, military personnel, and quasi-public sector worker must support domestic business, both in production and services. This should be enshrined in all job descriptions. Any official who violates or hinders the development of Kazakh business must be held accountable, up to criminal charges. His performance should be evaluated based on his contribution to the development of the national business.the statement says.

Qazaqstanda Jasalğan also advocates for the exemption of domestic small and medium-sized businesses from all taxes, except mandatory contributions related to the wage fund (health insurance, pension contributions). They believe that providing citizens with jobs is sufficient for the well-being of society and the state. However, the movement members want to discontinue government subsidies.

At a press conference in Almaty, the movement participants spoke about ministers who, in their opinion, obstruct the development of domestic production. Entrepreneur Aybek Barysov noted that businesses do not want to enter politics, but there are no longer any levers in the country that help build effective relationships with the authorities for the development of domestic production.

“We are entering politics so that such ministers do not come, so that they do not have the opportunity to come to power and make decisions,” said entrepreneur Aybek Barysov.

The list of movement organizers includes well-known entrepreneurs such as Dauren Agzymov, Aybek Barysov, Nurkhan Zhumabekov, Marat Berkaliyev, Gulmira Wakhitova, Kanat Ibraev, Kairat Bekturgenov, and others. According to members of Qazaqstanda Jasalğan, they have around 100,000 supporters from various industry associations.

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Swatch Group put hopes on the Olympic Games 2024 https://weeklynewsreview.com/news/biz/swatch-group-put-hopes-on-the-olympic-games-2024/ https://weeklynewsreview.com/news/biz/swatch-group-put-hopes-on-the-olympic-games-2024/#respond Tue, 23 Jan 2024 10:33:13 +0000 https://weeklynewsreview.com/?p=12021 Swatch Group, the renowned watch giant, anticipates a boost in watch sales this year, driven in part by Omega’s role as the official timekeeper at the upcoming Paris Olympics. This strategic positioning has proven successful in previous editions of the Games, providing heightened visibility for the brand in various media outlets, ultimately contributing to increased …

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Swatch Group, the renowned watch giant, anticipates a boost in watch sales this year, driven in part by Omega’s role as the official timekeeper at the upcoming Paris Olympics. This strategic positioning has proven successful in previous editions of the Games, providing heightened visibility for the brand in various media outlets, ultimately contributing to increased sales. Swatch Group, encompassing brands such as Swatch, Omega, Tissot, and jewelry brand Harry Winston, foresees a positive impact on sales due to the Olympics’ media coverage.

Despite CEO Nick Hayek’s optimistic predictions a year earlier, the annual figures for the previous year fell short. Hayek had initially anticipated a record turnover in 2023, attributing it to a resurgence in Chinese consumer activity post-coronavirus. However, actual sales reached 7.9 billion Swiss francs, nearly 8.4 billion euros, falling below the 9 billion Swiss franc projection.

Exchange rate fluctuations significantly affected the company’s revenues last year. Looking ahead, Swatch Group acknowledges that the results for the current year will be strongly influenced by exchange rate dynamics, given the company’s significant presence in Switzerland.

Additionally, Swatch Group foresees an uptick in demand for watches in the lower price segment in China this year. The Swiss watch conglomerate is optimistic about achieving further growth in both the Japanese and American markets. The company reports an 8.1 percent increase in net profit last year, reaching 890 million Swiss francs.

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Switzerland and Lichtenstein are comfortable bases for ATOM, Internet Computer, Near, Polkadot, and Solana https://weeklynewsreview.com/news/biz/switzerland-and-lichtenstein-are-a-comfortable-bases-for-atom-internet-computer-near-polkadot-and-solana/ https://weeklynewsreview.com/news/biz/switzerland-and-lichtenstein-are-a-comfortable-bases-for-atom-internet-computer-near-polkadot-and-solana/#respond Thu, 18 Jan 2024 09:09:35 +0000 https://weeklynewsreview.com/?p=12017 Switzerland and Liechtenstein have witnessed a remarkable surge in the value of cryptocurrency projects, as indicated by a recent report from Swiss venture capital company Crypto Valley (CV VC) released on January 16. The year-on-year value has soared by an impressive 107%, reaching a total of $382.93 billion. The report underscores Ethereum, operating under the …

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Switzerland and Liechtenstein have witnessed a remarkable surge in the value of cryptocurrency projects, as indicated by a recent report from Swiss venture capital company Crypto Valley (CV VC) released on January 16. The year-on-year value has soared by an impressive 107%, reaching a total of $382.93 billion.

The report underscores Ethereum, operating under the Ethereum Foundation, as the top-rated project in these two countries, boasting a market capitalization of $273 billion. Following closely are Solana with a valuation of $43.3 billion and Cardano with $20.8 billion. ATOM (Cosmos) project is also very important and successful. This substantial increase in valuation is primarily attributed to the positive momentum in the broader recovery of the cryptocurrency market.

Despite this, the global Web3 venture capital landscape lags behind in the token market. The CV VC survey reveals a 55% and 69% decrease in 2023, with 1,031 deals yielding $9.8 billion compared to 2022. In Switzerland and Liechtenstein, crypto companies raised $2,283.5 million in 2023 through 49 deals, a notable decline from the $964.3 million raised through 93 deals in 2022.

Switzerland and Liechtenstein now contribute approximately 5% of all venture capital financing in Web3. These two countries host or have the headquarters of 1,290 Web3 companies, including well-known names such as Cosmos (ATOM), Internet Computer, Near, Polkadot, and Solana.

Mathias Ruch, CEO of CV VC, underscores the significance of this development, stating,

“Each of the 1,290 entities reflects the innovative legacy of Switzerland, which strengthens both local and global economies. This report goes beyond market fluctuations, focusing on the builders who provide reliable systems and a better way for the world to communicate and execute transactions.”

The role of Switzerland and neighboring countries in adopting blockchain technology remains noteworthy. BBVA Switzerland, the Swiss branch of one of the largest Spanish banks, recently announced on December 8, 2023, that it will use Metaco’s Harmonize platform, owned by Ripple, for its crypto-storage activities among institutional investors. Additionally, on the same day, the Swiss city of Lugano announced that it will accept Bitcoin and Tether for paying municipal taxes.

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10 New EuroDual Locomotives Ordered, ELP Fleet Expansion and Technological Advancements Unveiled https://weeklynewsreview.com/news/biz/10-new-eurodual-locomotives-ordered-elp-fleet-expansion-and-technological-advancements-unveiled/ https://weeklynewsreview.com/news/biz/10-new-eurodual-locomotives-ordered-elp-fleet-expansion-and-technological-advancements-unveiled/#respond Tue, 09 Jan 2024 08:43:50 +0000 https://weeklynewsreview.com/?p=12007 The Swiss-based locomotive leasing company European Loc Pool (ELP) has recently confirmed an order for 10 new EuroDual locomotives. Originally entering into a framework agreement to supply a minimum of one hundred six-axis hybrid locomotives, ELP has surpassed expectations by including 114 Stadler locomotives in their fleet. Remarkably, the first 101 locomotives from the initial …

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The Swiss-based locomotive leasing company European Loc Pool (ELP) has recently confirmed an order for 10 new EuroDual locomotives.

Originally entering into a framework agreement to supply a minimum of one hundred six-axis hybrid locomotives, ELP has surpassed expectations by including 114 Stadler locomotives in their fleet.

Remarkably, the first 101 locomotives from the initial agreement have all been deployed on the basis of full-service long-term leases, serving over 30 customers in six different countries across Europe.

The EuroDual boasts a pulling power of 500 kN, making it more potent than all electric and diesel locomotives in Europe. This allows for a significant increase in payloads of up to 30%. The train’s technology is designed for maximum efficiency, reducing the need for frequent workshop visits, ensuring high availability, and proving to be cost-effective.

The delivery of these new EuroDual locomotives is scheduled for 2025 and 2026, and they have not yet been rented out. This new order brings the total fleet size of ELP to 114 locomotives, comprising 84 EuroDual and 30 Euro9000 locomotives.

The EuroDuals are approved for operation in Germany and Austria. Soon, approvals will be obtained for Slovenia and Croatia, as Stadler plans to include these countries in a country-specific package, tailoring the technology to their needs and the surrounding regions. Eventually, these locomotives could be deployed on the corridor from North German ports to the Adriatic ports. Existing EuroDual locomotives can also be adapted for this purpose upon customer request.

Presently, ELP has 64 EuroDual locomotives, 58 of which are configured for Germany and Austria, and 6 in Scandinavia. Additionally, 20 EuroDuals are yet to be delivered.

On the other hand, the Euro9000 locomotives, the more powerful sibling of the EuroDual, are permitted in the Netherlands, Germany, Austria, Switzerland, Italy, and Belgium. This year, an additional 10 EuroDual and 23 Euro90-700 locomotives will be delivered.

The EuroDual features a Co’Co’ axis format with a capacity of up to 2.8 MW in diesel mode, 9 MW in electric mode, and a pulling force of 500 kN. All vehicles come equipped with ETCS-Baseline 3 at level 2 as a standard feature. Furthermore, all EuroDuals are equipped with remote control capabilities for shunting work.

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This year was record-breaking for tourism of Switzerland https://weeklynewsreview.com/news/biz/this-year-was-record-breaking-for-tourism-of-switzerland/ https://weeklynewsreview.com/news/biz/this-year-was-record-breaking-for-tourism-of-switzerland/#respond Thu, 28 Dec 2023 06:08:11 +0000 https://weeklynewsreview.com/?p=11999 Switzerland has notched up an unprecedented achievement in the realm of tourism this year, marking a historic milestone with a record-breaking surge in hotel stays by tourists, as revealed by the head of the national tourism office to the Schweiz am Wochenende newspaper. Martin Nydegger, the director of Switzerland Tourism, the national marketing agency, announced …

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Switzerland has notched up an unprecedented achievement in the realm of tourism this year, marking a historic milestone with a record-breaking surge in hotel stays by tourists, as revealed by the head of the national tourism office to the Schweiz am Wochenende newspaper.

Martin Nydegger, the director of Switzerland Tourism, the national marketing agency, announced that the Alpine nation has surpassed a remarkable threshold of over 40 million overnight stays in hotels this year, marking the first time in its history. In an optimistic tone, Nydegger highlighted that the recovery of visitor numbers from the lingering impact of the coronavirus pandemic has outpaced initial expectations.

A noteworthy trend pointed out by Nydegger is the substantial increase in the number of American tourists, positioning them as the largest group of foreign visitors to Switzerland, trailing only behind Germans. What’s particularly striking is the narrowing gap between the two, signifying a noteworthy shift in the demographic composition of Swiss tourists.

Addressing a traditional concern, Nydegger also touched upon the role of the traditionally strong Swiss franc. Surprisingly, he indicated that the currency’s historical reputation as an expensive denomination for tourists might be losing its significance. Nydegger attributed this shift to the prevailing strong inflation and rising prices in other countries, suggesting that the cost factor associated with the Swiss franc is becoming less of a deterrent for foreign holidaymakers contemplating a visit to Switzerland.

In essence, Switzerland’s tourism landscape is experiencing a resurgence that defies expectations, with a diverse influx of visitors, particularly from the United States, contributing to an unprecedented surge in hotel stays. This positive turn of events paints a promising picture for the Alpine nation’s tourism industry, showcasing its resilience and adaptability in the face of global challenges.

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Sergey Kondratenko and his magic EU-Russia money laundering with Royal Pay and 1xBet https://weeklynewsreview.com/news/biz/sergey-kondratenko-1xbet/ https://weeklynewsreview.com/news/biz/sergey-kondratenko-1xbet/#respond Sat, 09 Dec 2023 16:25:18 +0000 https://weeklynewsreview.com/?p=11977 The investigation into Sergey Kondratenko, the co-owner of 1xBet, and his association with money laundering through Royal Pay Europe reveals a complex network facilitating the flow of millions of dollars monthly from Russian bookmakers. The focus extends to the historical context of money laundering in Latvia and Lithuania, underscoring the significant role played by European …

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The investigation into Sergey Kondratenko, the co-owner of 1xBet, and his association with money laundering through Royal Pay Europe reveals a complex network facilitating the flow of millions of dollars monthly from Russian bookmakers. The focus extends to the historical context of money laundering in Latvia and Lithuania, underscoring the significant role played by European banks and financial entities in these illicit transactions.

Within this intricate web of financial activities, the European Union’s efforts to tighten regulations on entities like 1xBet come into sharp focus. Ukraine’s imposition of sanctions on Royal Pay Europe further emphasizes the urgency of addressing these issues. Sergey Kondratenko’s role within the broader gambling empire adds another layer to the narrative. His connections to the police department “K” shed light on the intricate relationships between the gambling industry and law enforcement.

As the investigation unfolds, a comprehensive view of the family business involving Sergey Kondratenko and his wife, Galina, emerges. The couple owns multiple companies abroad, functioning as intermediaries for money laundering operations originating from Russia and CIS countries. These entities strategically navigate European banks, ultimately channeling funds to offshore accounts. The article provides insight into their business endeavors, including details on their acqZuisition of Cyprus citizenship in 2018.

Sergey Kondratenko’s activities in registering various companies abroad, including Startling Limited in Cyprus and PP MONEY TRANSFER s.r.o. in the Czech Republic, underscore the sophisticated nature of the money laundering network. Their involvement in financial intermediary companies, such as Royal Pay, further emphasizes the need for enhanced regulatory measures to curb these illegal practices.

Despite occasional visits to Russia, the Kondratenko family predominantly resides abroad, managing their extensive network of companies. The need for more robust regulations and international collaboration to combat money laundering, particularly in the context of the gambling industry, becomes evident. The article paints a comprehensive picture of Sergey Kondratenko’s multifaceted involvement in money laundering, urging authorities to address this issue at both national and international levels.

Unveiling Sergey Kondratenko’s Exploitation of the EU for Personal Gain

Intriguingly, Sergey Kondratenko, the owner of 1xBet, continues to operate within the European Union, raising questions about the efficacy of the existing regulatory framework. President Volodymyr Zelensky’s recent imposition of sanctions on Royal Pay Europe, registered in Latvia by Kondratenko, sheds light on a pervasive issue—the alleged laundering of Russian money linked to 1xBet through a network of European banks and financial institutions.

The investigation delves into the historical role of Latvia and Lithuania as conduits for various criminal transactions involving Russian money from both the Russian Federation and other CIS countries. Kondratenko’s association with the Russian bookmaker 1xBet underscores a continuity of such practices over the past two decades.

A detailed examination by Latvian media last year uncovered the intricate involvement of the financial industry in servicing the shadowy gambling sector connected to Russia. Key figures, including those orchestrating a complex system processing millions monthly from Russian bookmakers, were revealed. This article, the second part of an ongoing investigation, focuses on Sergey Kondratenko and 1xBet.

As the volume of illicit money reached staggering amounts, multiple banks and financial institutions faced severe consequences, including substantial fines and license revocations. Sergey Kondratenko’s role in orchestrating such schemes became evident, impacting Latvian and Lithuanian banks, such as Trasta Komercbanka AS and ABLV Bank AS. The Latvian Financial and Capital Market Commission (FFKTK) detected long-term violations, including the legalization of criminally obtained funds, currency processing infractions, and instances of terrorist financing by Kondratenko.

Notably, Kondratenko’s tactics are not isolated incidents, as Russian money laundering permeates other European countries and globally. Financial entities, armed with licenses to accept payments and linked to major banking systems, become unwitting participants in these nefarious activities. This shadowy process has reportedly contributed to Kondratenko amassing significant wealth, as outlined by the US Treasury’s findings on the substantial flow of shady funds from Russians involved in betting, gambling, pornography, drug trafficking, and other illegal activities to banks in the Baltic States and EU countries.

Sergey Kondratenko’s adept manipulation of financial systems for personal gain raises concerns about the EU’s ability to curb such practices effectively. The ongoing investigation serves as a call for more stringent regulations and international cooperation to combat the exploitation of European financial networks for illicit activities, bringing the actions of individuals like Sergey Kondratenko under greater scrutiny.

Sergei Kondratenko, 1xBet and old friends from Russian Police Department “K”

Already two years ago, journalists of the Russian Forbes published an article about the largest gambling empire called 1xBet which has a turnover of $2 billion. Journalists described the scheme in detail and added that several police officers and IT specialists from Bryansk were directly connected to the project. They also told the audience about the foundation and the history of the gambling empire.

Sergey and Galina Kondratenko
Sergey and Galina Kondratenko

On January 12, Ukrainian President Volodymyr Zelenskyy signed a decree on imposition of sanctions against the Latvian company with Russian roots Royal Pay Europe, which is a partner of the Russian bookmaker 1xBet, UNIAN news agency reports.

This is Sergei Kondratenko’s company that provides services in the field of electronic commerce, as well as electronic payment processing services. Royal Pay Europe was founded in 2016 by Russian citizen Sergey Kondratenko and, according to the media, is a partner of the notorious Russian bookmaker 1xBet and can transfer payments to offshore bookmakers and online casinos. In 2017, Royal Pay Europe received an e-money license in the UK, which gave it the right to accept payments and service card transactions in European and UK jurisdictions.

According to the decision of the National Security and Defense Council of Ukraine (NSDC), sanctions against Royal Pay Europe were introduced for 5 years. They provide for the blocking of its assets in Ukraine, a ban on the transfer of its capital outside the country, suspension of financial and economic obligations, as well as a ban on participation in the privatization and lease of state property and restrictions on the rights of the specified company to dispose of securities. The State Financial Monitoring Service of Ukraine has already blocked over UAH 2 billion in accounts related to Royal Pay Europe.

According to journalists and the information from the Investigative Committee of the Russian Federation, the chief cyber police officer Sergey Karshkov from Bryansk, who worked in the department “K”, together with his friend Roman Semiokhin, started to work in the field of betting and launched the 1xBet brand. Sergey Karshkov was responsible for the marketing of the 1xBet network. Already in 2014, the Russian authorities introduced licensing for online bookmakers, and 1xBet was not really ready to adjust to new rules. The company began illegal activities, while still accepting bets and using the bank cards of their customers. Sergey Karshkov invited one of his colleagues from Bryansk, Sergey (Sergei) Kondratenko, who also worked in the Department “K”, and with whom he worked for several years.

In 2016, Sergey Kondratenko registered the SIA Royal Pay Europe online money transferring company in Riga. The company with the same name was also registered in Russia.

Sergey Kondratenko
Sergey Kondratenko

According to the Russian media, Royal Pay Europe is directly connected with the activities of one of the largest shady online bookmakers 1xBet.

“For example, one of the largest players in the market, 1xBet bookmaking company, has already created its own payment system called Royal Pay for making payments,” writes The Bell with reference to a former employee of the company. Journalists also reported that the company even worked “in such closed countries as Kyrgyzstan and Turkmenistan, where card payments in the field of gambling were not available for a long time.”

It turns out that RoyalPay company which was used as a financial agent in conjunction with the company in Kazan created a foundation for the successful operation of 1xBet and payments processing in Russia.

The direct connection with the bookmaking company can be seen with the naked eye as well. For example, while depositing money to a bookmaker’s account through the Royal Pay payment system, customers receive an additional bonus or so-called cashback in the amount of 5% of the deposit.

Royal Pay Europe was founded in 2016. In 2017 it received a license of an electronic money institution in England, which gave it the right to accept payments and service card transactions in European and British jurisdictions. In addition, the company registered its activities in Latvia. In addition, it offers relevant services in the EU, CIS, and Asian countries.

Family “Business” of Sergey and Galina Kondratenko

It is worth noting that Sergey Kondratenko is also the owner of the company with the same name in Colombia. Already on January 7, 2021, he founded Findexiq Ltd company in the UK.

Over the past few years, Sergey Kondratenko from Russia has registered dozens of companies in various countries (Latvia, Lithuania, Czech Republic, Great Britain, UAE, Republic of Singapore, and so on) under his own name, as well as under his relatives and acquaintances. He owns the following legal entities: Kiparis DMCC (United Arab Emirates), Alium Limited (aliumpay.com), Optimum FinTech s.r.o. (Ilia Zavialov), VestraPay Nigeria Ltd, and Digitalex pte. ltd.

These companies own identical websites. In addition, they do not conduct public activities and their main goal is to act as an intermediary when accepting payments.

Sergey Kondratenko (born on November 05, 1982) introduced his wife Galina (November 1, 1982) to the family business of laundering betting money. They studied together at the Bryansk branch of Moscow University of the Ministry of Internal Affairs of the Russian Federation and graduated together in 2004. After graduating from the university, Sergey and Galina Kondratenko got married, and they have two children.

Over the past few years, Sergey Kondratenko has registered several companies abroad on behalf of his wife Galina: Startling Limited (Cyprus, the company could have been eliminated in 2020), Skylove Ltd, PP MONEY TRANSFER s.r.o. from Czech Republic  (psppaymentplanet.eu), and many others.

Such companies as Royal Pay, as well as all other legal entities with their illusory managers, act as financial intermediary companies for transferring and laundering millions of dollars from Russia and CIS countries through European banks with withdrawal to Cyprus and other offshore accounts.

In 2018, Sergey Kondratenko and his wife bought Cyprus citizenship; however, according to Russian databases, they remain citizens of Russia.

Family visits Russia once in a while, but spends most of their time abroad.

Sergey Kondratenko and Royal Pay Europe Partners

There are high chances that cryptocurrencies are involved in the shady schemes of the mentioned legal entities. Sergey Kondratenko’s partner, Nikolajs Kirillovs from Latvia with Russian roots, who previously had a minority stake in Royal Pay Europe, decided to work with cryptocurrencies and opened the FERVIDO s.r.o. in the Czech Republic, as well as the DigitMoney company.

The journalists conducted an investigation and revealed that Sergey Kondratenko and his legal entities work with such Lithuanian companies as UAB NexPay, UAB Transactive Systems, and others. The management of these companies avoids making any comments on the activities of their clients. Russian Forbes also writes that the owners of 1xBet are closely connected with Russian officials, deputies, and criminals.

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Pictet to pay $122.9 million in fines to the US https://weeklynewsreview.com/news/biz/pictet-to-pay-122-9-million-in-fines-to-the-us/ https://weeklynewsreview.com/news/biz/pictet-to-pay-122-9-million-in-fines-to-the-us/#respond Tue, 05 Dec 2023 08:29:54 +0000 https://weeklynewsreview.com/?p=11971 The Swiss wealth manager Pictet has admitted to assisting U.S. taxpayers in hiding over $5.6 billion, nearly €5.2 billion, from the United States Internal Revenue Service (IRS). The bank has reached an agreement with the U.S. Department of Justice to settle the matter, as reported by Reuters. American taxpayers holding Pictet accounts in Switzerland and …

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The Swiss wealth manager Pictet has admitted to assisting U.S. taxpayers in hiding over $5.6 billion, nearly €5.2 billion, from the United States Internal Revenue Service (IRS). The bank has reached an agreement with the U.S. Department of Justice to settle the matter, as reported by Reuters.

American taxpayers holding Pictet accounts in Switzerland and elsewhere are alleged to have evaded billions in taxes between 2008 and 2014 by concealing their income from the IRS. In a statement on their website, Pictet states that it will pay $122.9 million to the U.S. Department of the Treasury as part of the settlement.

“This case should send a clear message to others attempting to hide their assets and income abroad,” said Jim Lee, head of the criminal investigation division of the IRS.

The Swiss bank expresses its satisfaction that the issue has been resolved and pledges to “continue taking steps to ensure its clients fulfill their tax obligations.”

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A reduced lactose content brought by Nestle to Chinese market https://weeklynewsreview.com/news/biz/a-reduced-lactose-content-brought-by-nestle-to-chinese-market/ https://weeklynewsreview.com/news/biz/a-reduced-lactose-content-brought-by-nestle-to-chinese-market/#respond Thu, 30 Nov 2023 06:58:34 +0000 https://weeklynewsreview.com/?p=11969 Nestlé, the Swiss food giant, is introducing N3 milk to the Chinese market. This milk, derived from cow’s milk, encompasses essential nutrients like protein, vitamins, and minerals. Notably, it boasts a reduced lactose content and over 15% fewer calories, along with the addition of prebiotic fibers. The development of N3 milk employed Nestlé’s patented enzyme-based …

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Nestlé, the Swiss food giant, is introducing N3 milk to the Chinese market. This milk, derived from cow’s milk, encompasses essential nutrients like protein, vitamins, and minerals. Notably, it boasts a reduced lactose content and over 15% fewer calories, along with the addition of prebiotic fibers.

The development of N3 milk employed Nestlé’s patented enzyme-based technology, effectively lowering lactose levels and generating beneficial prebiotic fibers. Clinical studies affirm that these fibers stimulate the growth of various bifidobacteria types, offering significant benefits to the gut microbiome in healthy adults.

In China, Nestlé has launched the N3 milk series, featuring full cream and skim milk products. The lineup extends to include two products enriched with vitamins, minerals, and probiotics, contributing to bone health, muscle strength, and immunity.

What sets Nestlé apart is its pioneering introduction of a milk product containing prebiotic fibers sourced from the inherent lactose in milk. The breakthrough technology, originating from Nestlé’s research centers in Switzerland and Singapore, was further refined by experts in the Beijing research centers to cater specifically to the preferences of the Chinese market.

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Swiss crypto custody platform Metaco has been acquired by Ripple https://weeklynewsreview.com/news/biz/swiss-crypto-custody-platform-metaco-has-been-acquired-by-ripple/ https://weeklynewsreview.com/news/biz/swiss-crypto-custody-platform-metaco-has-been-acquired-by-ripple/#respond Tue, 28 Nov 2023 10:09:28 +0000 https://weeklynewsreview.com/?p=11966 The recent collaboration between Ripple and Metaco has sparked excitement in both the XRP community and the financial sector. This strategic partnership signifies a significant milestone in the adoption of XRPL technology by traditional financial institutions. Let’s delve into the specifics of this deal and explore its implications for the future of banking and blockchain. …

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The recent collaboration between Ripple and Metaco has sparked excitement in both the XRP community and the financial sector. This strategic partnership signifies a significant milestone in the adoption of XRPL technology by traditional financial institutions. Let’s delve into the specifics of this deal and explore its implications for the future of banking and blockchain.

Ripple’s acquisition of the Swiss crypto custody platform Metaco for $250 million has opened up new avenues for Ripple’s expansion initiatives. This venture is geared towards extending Ripple’s remittance network and bolstering its presence in institutional crypto custody. Consequently, there has been a surge in interest from banks and traditional financial institutions in the Ripple platform.

In November, Ripple unveiled a partnership with HSBC, a global banking giant. Furthermore, BBVA Switzerland has migrated its digital asset activities to Metaco’s custody platform. These collaborations have been warmly received by XRP enthusiasts, who interpret them as a validation of blockchain’s value and a clear signal of the imminent adoption of XRPL.

Adrien Treccani, the CEO of Metaco, envisions that the integration of Ripple and Metaco’s solutions will significantly boost the prospects of XRPL adoption as a protocol. He views each stride made by Ripple as a triumph for the XRP Ledger. Treccani highlights that the deal will contribute to the development of a comprehensive infrastructure and service layer, crucial for supporting banks in their blockchain endeavors.

Following the announcement of the acquisition, existing Metaco customers are seeking clarity on how this development will impact them. Treccani reassures that post-acquisition discussions and customer reviews are customary in such agreements. Looking ahead, he anticipates more collaborations with top banks, not only in Europe but also in the United States, APAC, and Africa. The Ripple-Metaco deal is poised to reshape the landscape of financial technology and accelerate the integration of blockchain in traditional banking systems.

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UBS reports first quarterly loss in six years https://weeklynewsreview.com/news/biz/ubs-reports-first-quarterly-loss-in-six-years/ https://weeklynewsreview.com/news/biz/ubs-reports-first-quarterly-loss-in-six-years/#respond Tue, 07 Nov 2023 09:27:03 +0000 https://weeklynewsreview.com/?p=11950 UBS, Switzerland’s largest bank, reported its first quarterly loss in nearly six years in the third quarter of this year, totaling $785 million (approximately 733 million euros). This loss is attributed to the ongoing merger of activities with industry peer Credit Suisse, which UBS acquired earlier this year. The loss includes an integration cost of …

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UBS, Switzerland’s largest bank, reported its first quarterly loss in nearly six years in the third quarter of this year, totaling $785 million (approximately 733 million euros). This loss is attributed to the ongoing merger of activities with industry peer Credit Suisse, which UBS acquired earlier this year.

The loss includes an integration cost of $2 billion, and the pre-tax profit of the bank’s substantial asset management division was lower than expected, amounting to $1 billion.

UBS acquired Credit Suisse in March, a move forced by the Swiss government due to a run on the latter bank as many account holders withdrew their funds. UBS CEO Sergio Ermotti is now working on devising a strategy for the largest merger in the financial sector in decades. As part of the merger, UBS aims to cut costs by $10 billion (9.2 billion euros), which is expected to result in the loss of around 3,000 jobs in Switzerland.

Both banks will continue to operate separately until their formal merger in 2024, after which the Credit Suisse brand will be retained until all of its clients have been transitioned to UBS, expected to occur in 2025. In February, UBS will provide more details about the group’s new strategy.

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