AGP Executive Report

Fuel Security: Switzerland will draw up to 45,000 cubic metres of diesel from reserves after heavy rain in France delayed pipeline deliveries. Officials say the temporary release will keep supplies secure. Digital Finance: FINMA has approved Switzerland’s first retail spot Bitcoin ETF, opening direct bitcoin exposure through a regulated fund to individual investors. Corporate Results: Roche reported third-quarter sales growth of 7% at constant exchange rates, extending momentum in its pharmaceuticals and diagnostics businesses. Jobs: Sunrise plans to cut 358 positions as part of a business reorganisation. Trade: Switzerland’s trade surplus widened in the third quarter as exports grew, adding to signs of strength in the country’s external trade.

Healthcare: Basel biotech Windward Bio has filed for a Nasdaq IPO, while Roche reported third-quarter sales growth of 7% at constant exchange rates and reaffirmed its outlook. Digital Finance: Switzerland approved its first domestic spot Bitcoin ETF for retail investors; Blockstream also opened an institutional consulting office in Lugano. Corporate Moves: Sunrise plans to cut 358 jobs, while Kuehne+Nagel’s third-quarter turnover rose 22%, boosted by technology freight. Swiss Economy: Holcim raised its earnings forecast after a stronger quarter, but housing remains a strain: one in six people in Switzerland spends over a third of their income on it. Nestlé: The group reported a $1.95 billion hit after its Russian business was seized, as its broader turnaround takes shape a year after a new CEO took over.

Pharma: Roche reported nine-month sales growth of 6% at constant exchange rates and maintained its full-year outlook, while Novartis’s multiple-sclerosis drug trial results fell short of analysts’ expectations. Consumer Goods: Nestlé says its turnaround is gaining traction, with stronger US sales, but booked a $1.95 billion hit after Russia seized its business there. Logistics: Kuehne+Nagel raised its 2026 earnings guidance as quarterly net income increased. Jobs: Sunrise plans 358 job cuts in a reorganisation; Just Eat is also cutting hundreds of jobs in Switzerland. Finance: FINMA approved Switzerland’s first spot Bitcoin ETF for retail investors, while UBS took a 4.8% stake in India’s 360 ONE WAM. Competition: The European Commission opened an antitrust investigation into Swiss supplier Omya over alleged exclusivity practices in calcium carbonate sales. Cost of Living: One in six people in Switzerland spends more than a third of their income on housing.

Swiss Franc: The dollar weakened to CHF0.8205 from CHF0.8254, as investors sought safer assets amid market jitters. Holcim: The cement group raised its 2026 earnings forecast after third-quarter operating profit rose 17% to CHF976 million, helped by stronger sales of higher-margin, lower-carbon products. Watchmaking: Zenith is consulting staff over possible cuts of around 200 jobs, with the strong franc, US tariffs and weaker demand adding pressure. Sika: The Swiss group agreed to buy Resonac’s adhesives business in Japan, China and Taiwan to expand in automotive and industrial markets. SportsTech: A new report says more than 400 Swiss companies generate CHF8 billion in sports technology and support about 17,000 full-time jobs. Biotech: BB Biotech reported CHF605 million in nine-month profit, up from CHF106 million a year earlier; HBM Healthcare’s half-year profit rose to CHF176.7 million from CHF95.6 million.

Swiss Robotics: Zurich startup Enact Intelligence raised $30 million to develop AI for robots, with backing from prominent AI researchers and investors. Healthcare: Roche’s nine-month sales rose 6% at constant exchange rates, but the drugmaker dropped several clinical programmes as it refocuses its pipeline. Jobs: Just Eat plans to cut hundreds of jobs in Switzerland, adding to pressure on the local labour market. Trade and Investment: Swiss impact investor responsAbility committed up to $20 million to Indian solar maker Navitas Solar; meanwhile, the newly signed Vietnam–EFTA trade deal promises fresh export opportunities. Finance: Switzerland approved its first retail spot Bitcoin ETF, while US tax-authority requests involving 49 Swiss financial institutions put cross-border account disclosures in focus. Markets: The franc strengthened as investors sought safe havens amid a global sell-off and rising oil prices.

Pharma: Galderma lifted its 2026 sales-growth outlook after net sales rose 25.1% to $4.765 billion in the first nine months, led by therapeutic dermatology. Roche also beat third-quarter sales expectations, reporting 7% growth at constant currencies and reaffirming its full-year targets. Consumer Goods: Nestlé’s third-quarter organic growth reached 4%, with stronger sales volumes helping its turnaround; the group maintained its annual outlook despite losing control of its Russian assets. Markets: FINMA approved Switzerland’s first retail fund investing directly in Bitcoin, opening a new route for local investors to access the cryptocurrency. Swiss Business: The Federal Council says more than 90% of its 60 competitiveness measures are implemented or underway, including steps to ease regulatory burdens on companies. Supply Chains: Swiss coffee traders cite conflict and shipping disruption as growing concerns, prompting roasters to hold larger inventories and seek alternative routes. Industry: Burckhardt Compression secured orders for hydrogen compressor units serving semiconductor plants in Taiwan and South Korea.

Swiss Tech: Proton says Canada’s proposed lawful-access bill could make expansion there impossible, highlighting how privacy rules can shape Swiss firms’ overseas growth. Trade: Switzerland’s Q3 trade surplus widened, exports grew and watch exports rose in September. The newly signed EFTA–Vietnam free-trade deal could open further opportunities for Swiss goods and investment. Crypto Finance: FINMA has approved Switzerland’s first retail Bitcoin ETF, offering investors regulated exposure to the cryptocurrency. UBS: The bank is reportedly weighing options abroad as tougher Swiss capital rules loom, raising questions about the cost of keeping a global lender headquartered in Switzerland. Business & Regulation: The government wants a CO₂ levy on imported cement, a move that could affect importers and construction costs.

Digital Finance: FINMA approved Switzerland’s first retail Bitcoin fund with direct BTC exposure, opening a new route into crypto investing. Trade: Switzerland’s trade surplus widened in Q3, and watch exports rose in September. Corporate: ABB reported record orders, buoyed by booming data-centre demand, while AI concerns weighed on its shares. Pharma: Roche is pausing new investment in Germany as it pursues a cancer-drug partnership with China’s Hansoh worth up to $15 billion. Leadership: Lindt ousted CEO Adalbert Lechner amid falling sales and weaker European results. Banking: UBS is weighing contingency plans abroad as lawmakers debate tougher capital rules. Market Access: Switzerland and other EFTA states signed a free-trade deal with Vietnam after 14 years of negotiations, aiming to expand trade and investment.

Digital Finance: FINMA has approved Switzerland’s first spot Bitcoin ETF for retail investors, giving them direct exposure to the cryptocurrency through a regulated fund. Pharmaceuticals: Roche and China’s Hansoh are expanding their cancer-drug partnership in a deal that could be worth more than $15 billion. Industry: ABB reported record quarterly orders, lifted by data-centre demand, though its shares fell amid investor concerns about AI spending. Trade: Switzerland’s trade surplus widened in the third quarter, while watch exports rose in September. Corporate Leadership: Lindt & Sprüngli ousted CEO Adalbert Lechner after weak European sales and outlook cuts; former CEO Dieter Weisskopf will take over on an interim basis. Banking: UBS is weighing options abroad as Switzerland considers tougher capital requirements, putting pressure on policymakers to balance financial stability with the country’s competitiveness. Expansion: UK fitness chain PureGym agreed to buy Swiss operator NonStop Gym for £235 million. Trade Links: Switzerland and other EFTA states signed a free-trade deal with Vietnam, aimed at boosting commercial ties.

ABB’s AI Boom: Record third-quarter orders jumped 40% to $12 billion, driven by more than doubled data-centre orders. ABB also plans a $495 million joint venture with Mitsubishi Electric to expand in Asia. Roche’s China Bet: Roche agreed a cancer-drug partnership with Hansoh worth up to $15 billion in milestone payments, with $400 million upfront. Lindt Leadership Shake-up: CEO Adalbert Lechner is leaving immediately as the Swiss chocolatier responds to weak European sales. UBS Capital Rules: Swiss lawmakers are weighing tougher capital requirements for the country’s largest bank, raising questions about its competitiveness and future in Switzerland. Vietnam Trade Deal: The newly concluded EFTA agreement could deepen Swiss companies’ access to Vietnam, where pharmaceuticals already account for a significant share of Swiss exports.

Lindt Shake-Up: The Swiss chocolate maker has ousted CEO Adalbert Lechner after weak European sales and two forecast cuts. Former chief Dieter Weisskopf takes over temporarily as Lindt seeks to restore growth. UBS Capital Rules: Switzerland is weighing tougher requirements for UBS, with lawmakers caught between financial stability and keeping the bank headquartered in the country. Roche Moves: Roche has put new investments in Germany on hold and struck a deal with China’s Hansoh worth up to $15 billion for antibody-drug conjugates. Biotech Funding: Swiss cancer company Nouscom raised €120 million to advance its immunotherapy research. Trade: Switzerland and other EFTA states signed a free-trade agreement with Vietnam after 14 years of negotiations, aiming to expand market access and investment. Investor Losses: More than 6,000 Europeans fear losing money after Swiss teak investment firm Life Forestry collapsed; prosecutors are investigating suspected fraud and other offences.

Expansion: Swiss trading group DKSH is entering the Middle East and North Africa with its $390 million acquisition of Dubai-based Newbridge Pharmaceuticals, which operates in 14 markets. Leadership shake-up: Lindt & Sprüngli has ousted CEO Adalbert Lechner after weak European sales and two forecast cuts. Former chief Dieter Weisskopf is interim CEO as the search for a successor begins. Biotech funding: Basel-based Nouscom raised €120 million to advance its cancer immunotherapy towards clinical trials. Banking rules: UBS faces a pivotal debate over tighter capital requirements, with lawmakers weighing financial safeguards against the risk of the bank moving operations abroad. Trade: Switzerland and its EFTA partners signed a free-trade agreement with Vietnam, aiming to improve market access and deepen business ties. Investment caution: Roche has put future investment decisions in Germany on hold, citing healthcare cost-cutting policies and declining trust in the business climate.

Trade: Switzerland and its EFTA partners signed a free-trade agreement with Vietnam on October 18, cutting or removing duties on industrial, agricultural and fish products. The deal aims to widen market access and deepen investment ties. Luxury: Richemont is considering joining a consortium bidding for De Beers, valued at about $1 billion, as the diamond miner faces pressure from cheaper lab-grown gems. Banking: UBS is again weighing options to move its headquarters abroad if Switzerland tightens capital requirements, according to reports. Transport: Switzerland released jet-fuel reserves as Zurich Airport faced a shortage. Separately, SBB recorded 97 cases of heat-related track deformation over the summer, nearly four times last year’s tally, though it said safety was unaffected. Industry: Stadler is testing its narrow-gauge hydrogen trains in Switzerland before delivery for Italian rail networks.

Trade: Switzerland and its EFTA partners have signed a free-trade agreement with Vietnam after 14 years of talks, opening the way to lower tariffs and closer commercial ties. EFTA’s trade with Vietnam averages nearly $2 billion a year. Swiss President Guy Parmelin’s visit also focused on expanding cooperation in investment, science and innovation. Banking and Regulation: UBS is reportedly weighing a move abroad if Switzerland tightens capital rules. Separately, the Swiss finance minister warned that Europe’s rising debt could trigger a euro crisis.

Trade: Swiss President Guy Parmelin’s Vietnam visit put science, technology and innovation at the centre of bilateral cooperation, as Switzerland works to advance an EFTA-Vietnam trade pact expected to open new markets and investment opportunities. Banking: UBS is preparing for tighter Swiss capital rules and weighing contingency plans, including a possible move abroad. Swiss banks are also looking to hire fewer staff. Luxury: Richemont and US jeweller Signet are reportedly interested in joining a buyout group for diamond giant De Beers. Economic Risks: Switzerland’s finance minister has warned that rising European debt could trigger a euro crisis. Living Costs: Fuel prices are rising in Switzerland, while Zurich’s housing squeeze is showing signs of easing.

Trade and Investment: President Guy Parmelin’s first official visit to Vietnam comes as Switzerland, Norway and Vietnam prepare to sign a free-trade deal after 14 years of talks. Bilateral trade exceeded $1 billion in 2025, and the Swiss delegation includes senior economic officials. Banking: UBS is preparing contingency plans as tougher Swiss capital rules advance, with reports that it is weighing a move abroad if the requirements prove too onerous. Energy and Transport: Switzerland has released jet-fuel reserves as Zurich Airport faces a shortage, while fuel prices are rising across the country. Luxury Goods: Richemont and US retailer Signet are in talks to join a consortium bidding for De Beers, the diamond group Anglo American is seeking to sell. Falling Chinese demand and competition from lab-grown stones have weighed on the business. Economic Risk: Switzerland’s finance minister has warned that Europe’s rising debt could trigger a euro crisis.