AGP Executive Report

Trade: Switzerland’s president is in Thailand to discuss trade and investment, while EFTA and Vietnam are set to sign a free-trade deal after 14 years of talks. Consumer Market: Car prices in Switzerland are falling as Chinese brands intensify competition. Pharma: Galderma agreed to buy US skincare brand ZO Skin Health for $1.5 billion; Roche struck a separate obesity-drug licensing deal with China’s Rona Therapeutics worth up to $1.16 billion. Telecoms: A court overturned Swisscom’s CHF18 million fine in a fibre-optic dispute. Markets: Glencore began a secondary listing in Australia, with about $130 million of shares traded on its debut. Insurance: Swiss Re estimates hail caused CHF1.7 billion in damage, adding to pressure from extreme-weather claims.

Trade: Switzerland and its EFTA partners are set to sign a free-trade deal with Vietnam on Sunday, after 14 years of talks. The agreement covers investment, intellectual property and government procurement. President Guy Parmelin is also due in Thailand with a Swiss business delegation to discuss trade and investment. Corporate Results: Givaudan’s nine-month sales rose 5.2% on a like-for-like basis to CHF5.89 billion, with fine fragrances driving growth. Lonza confirmed its 2026 outlook and set a medium-term target of 10%–13% annual organic sales growth. Deals: Galderma agreed to buy US skincare company ZO Skin Health for $1.5 billion, expanding its physician-dispensed skincare business. Regulation: Swisscom won an appeal overturning a $21.6 million fine in a fibre-optic case.

Innovation Lead: Switzerland remains No. 1 in the 2026 Global Innovation Index, holding the top spot since 2011. Roche Deal: The pharma group will pay China’s Rona Therapeutics $100 million upfront for an experimental obesity drug, with total payments potentially exceeding $1 billion. It is Roche’s fifth deal with a Chinese drugmaker since August. Weather Costs: Swiss Re estimates hail caused CHF1.7 billion in damage, adding to rising pressure on insurers and reinsurers. Banking and Housing: Swiss banks are looking to hire fewer staff, while mortgage rates rose in the third quarter.

Pharma: Roche signed a licensing deal with China’s Rona Therapeutics for an experimental obesity drug, worth up to $1.16 billion, including $100 million upfront. Banking Security: UBS warned that scammers are targeting Swiss phone users with genuine activation-code texts, then calling to trick recipients into sharing the codes and enabling fraudulent Twint accounts. Quantum Technology: Infineon and Swiss startup ZuriQ are expanding work on scalable trapped-ion quantum chips, building on a nine-ion demonstration. Corporate Deals: Samsung Biologics says 87.88% of PolyPeptide shares were tendered, clearing the threshold for its planned takeover of the Swiss peptide maker. Energy Storage: CATL and Intilion set a five-year target to develop up to 3 GWh of sodium-ion storage projects across Germany, Austria and Switzerland; the figure is a development goal, not a confirmed delivery commitment. Wealth Management: Swiss bank UBP says hedge-fund-only mandates among its Asia-based discretionary clients have more than tripled since the end of 2024, as investors seek alternatives to bonds.

Property: Swiss home prices rose again in the third quarter: houses gained 3.6% year on year and flats 5.9%. Zurich led house-price growth at 4.8%, as scarce supply outweighed higher mortgage rates. Private Banking: Julius Baer appointed Jean Pierre Dib and Philipp Kleinschnittger co-heads for the Middle East and Africa, linking its regional offices with its Zurich, Geneva and London teams. Logistics: Lufthansa Cargo’s winter schedule covers 88 freighter routes to 40 destinations; SWISS WorldCargo will add Bangalore service to Zurich, while Lufthansa shifts Mumbai freight operations to Navi Mumbai. Energy: Swiss oil trader Oryx Energies was sold for $1 billion to a group led by Senegalese CEO Moussa Diao, despite a rival bid. Economic standing: Switzerland ranked second globally in the Fraser Institute’s 2026 economic-freedom index, behind Hong Kong.

Agri-business: Syngenta is partnering with Japan’s Kyoyu Agri to bring a new herbicide to selected Asian rice markets, targeting weeds resistant to existing treatments. Financial regulation: FINMA will accept QR-code identity documents, including Swiss driving licences, for digital client onboarding from 1 November, while allowing reliable online checks of residence. Energy deals: Swiss energy company Oryx Energies has been sold for $1 billion to Senegalese CEO Moussa Diao, despite a rival bid from tycoon Simon Tiemtoré. Biotech: Idorsia reported new trial analyses showing its hypertension drug lowered blood pressure in patients with obesity and cardiometabolic disease; Swiss firm Alentis also partnered with CSL to develop an experimental treatment for rare kidney and liver diseases. Swiss economy: Raiffeisen has sharply raised its growth forecast, while reports point to consumers continuing to spend despite higher prices.

Industry: Stadler won a contract worth more than CHF300 million to build 10 trains for Saudi Arabia, with production in Switzerland. Healthcare: Roche reported positive Phase III results for experimental eye drug vamikibart, with vision gains sustained over 52 weeks. Corporate Moves: Sika acquired UK polymeric sands maker Azpects Group, while Swiss medical-technology group Schiller opened a plant in Bosnia. Swiss Economy: Consumers are still spending despite rising prices, and Raiffeisen has raised its growth forecast for the country. Risks: A cyberattack on a software supplier affected Bern pension funds, highlighting the exposure of financial institutions to digital disruption.

Pharma: Roche won US approval for Tecentriq with chemotherapy after surgery for a type of stage III colon cancer, adding a new treatment option and a twelfth US indication. Drug Delivery: A Dutch court ordered Merck to stop selling injectable Keytruda in Switzerland and seven other European markets, ruling it infringed a Halozyme patent; Merck disputes the decision. Households: Swiss consumers are still spending despite rising prices, while Raiffeisen has raised its forecast for the country’s economic growth. Business and Technology: A Swiss logistics giant is expanding in China as AI boosts demand, and Swiss SMEs are helping drive an AI-related jobs boom. Pensions: A cyberattack on a software provider exposed Swiss pension funds’ data, sharpening concerns over the sector’s digital security.

Household Spending: Swiss consumers kept spending despite higher prices, with PostFinance’s card-payment indicator up 0.9% year on year in September, though growth has eased since June. Housing Pressure: Swiss cities and tourist hotspots are tightening short-term rental rules as Airbnb listings compete with homes for residents and workers; Lucerne limits some properties to 90 rental nights a year. Logistics and AI: Kuehne+Nagel plans deeper investment in China, citing rising demand for data-centre logistics and the global expansion of Chinese companies. Corporate Deals: Swiss industrial group Sika has acquired British polymeric-sands maker Azpects, while Swiss oil trader Oryx Energies has been sold for $1 billion. Pensions and Tax: Switzerland’s finance minister is defending a proposed VAT rise to help fund higher state pensions, as households face mounting financial pressure.

Public Finance: Switzerland’s finance minister defended a VAT increase to fund higher state pensions, as consumer confidence edged up in September. Markets: Swiss shares fell amid rising oil prices and inflation worries, while concerns grew over possible fuel shortages this autumn. Corporate Moves: Swiss oil trader Oryx Energies was sold for $1 billion; Richemont is cutting jobs at Montblanc, and Sika has bought UK firm Azpects. Trade & Investment: President Guy Parmelin’s India visit produced five agreements spanning trade, mobility and science, with both sides seeking closer investment ties. Finance & Risk: New FINMA customer-onboarding rules and a software-supplier cyberattack affecting Bern pension funds put compliance and operational resilience in focus.

Swiss IPO Watch: Zug-based dental-tech firm vVardis reported first-half revenue more than tripled to $28.6 million in its US IPO filing, though it posted a $27.8 million loss. Corporate Moves: Sika agreed to acquire UK firm Azpects, Nestlé plans to double its Mexico investment to $2 billion, and Richemont is cutting jobs at Montblanc. Finance & Risk: A cyberattack on a software supplier affected Bern pension funds. Swiss consumer confidence edged up in September, while Raiffeisen raised its Swiss growth forecast. Trade Ties: Switzerland and India signed five cooperation agreements and pledged to deepen trade and investment, with a $100 billion investment target under their EFTA trade pact. Markets: Swiss shares fell as rising oil prices revived inflation concerns.

Markets and Growth: Swiss shares fell as rising oil prices revived inflation concerns, while Raiffeisen raised its growth forecast for the Swiss economy. Banking Stability: The Financial Stability Board urged stronger emergency funding plans for failing banks, citing lessons from Credit Suisse’s 2023 rescue. Property: US-based eXp Realty plans to enter Switzerland, its 11th European market, pointing to resilient home prices and lower mortgage rates. Cyber Risk: Switzerland’s federal pension fund reported a data breach after a cyberattack on its software provider. Trade Ties: Switzerland and India signed five agreements spanning trade, mobility, infrastructure and science, alongside a $100 billion investment ambition under their EFTA trade pact. Trade Debate: A Swiss alliance is pushing for a referendum on the Malaysia trade deal, putting the agreement’s domestic support in focus.

Markets: Swiss stocks fell as oil prices and bond yields stoked inflation and interest-rate worries. Growth Outlook: Raiffeisen sharply raised its forecast for Swiss economic growth, offering a brighter view of the domestic economy. Cyber Risk: Switzerland’s federal pension fund reported a data breach after a cyberattack on its software provider. Biotech: Newron shares dropped 5.7% after the US FDA flagged four deaths among patients treated with its experimental schizophrenia drug and raised safety concerns. Trade and Investment: Switzerland and India signed five agreements and pledged to deepen trade and investment ties, including through cooperation on mobility, infrastructure and science. Banking: Zurich-based UBS is exiting fund administration through an expanded deal with Northern Trust, while Swiss liberals lobby against stricter capital requirements for the bank.

Cybersecurity: Swiss federal pension fund Publica is investigating a data leak after an external software provider was hacked; the federal prosecutor has opened an inquiry. Economic Outlook: Raiffeisen raised its 2026 growth forecast for Switzerland to 1.7% from 0.8%, citing a stronger-than-expected economy and pharmaceutical momentum, though energy costs and uncertainty pose risks. UBS Capital Rules: Zurich Liberals are warning that tougher capital requirements could raise costs, curb lending and threaten jobs and tax revenue. Technology and Pharma: Swiss startup ZuriQ and Infineon are expanding work on scalable quantum chips, while Switzerland’s pharma sector is creating new AI-focused career paths. Major Deals: Zurich Insurance has completed its takeover of specialist insurer Beazley; Swiss biotech Alentis also secured a potential $1.6 billion drug-development deal with Australia’s CSL. Trade Ties: President Guy Parmelin’s India visit focused on expanding investment, technology and trade cooperation, with both sides discussing a faster investment treaty.

Capital Markets: Digital Realty closed a CHF510 million Swiss bond offering and priced €1 billion in notes. Property: Swiss home prices continued to rise in the third quarter, though growth has slowed. Consumer Brands: Nestlé’s largest-ever global brand partnership will bring its cocoa and malt drinks brands to NBA audiences in 21 countries, with a goal of getting 2.5 million young people active. India Ties: Talks during President Guy Parmelin’s visit advanced a bilateral investment treaty and wider cooperation in trade, technology and mobility. Innovation: Switzerland topped the 2026 Global Innovation Index for a second year running. Financial Services: Swiss wealth managers are increasingly turning to AI to assess alternative investments. Insurance: Zurich completed its takeover of Beazley, creating a major specialty insurer; Beazley CEO Adrian Cox is stepping down. Jobs: Switzerland’s jobless rate held steady in September.

India–Switzerland Business Push: Swiss President Guy Parmelin’s India visit spotlights trade and investment momentum under TEPA, with talks on fast-tracking a bilateral investment treaty and new pacts spanning mobility, tech, infrastructure and even defence/nuclear cooperation. Swiss Politics & Industry: Switzerland is set to vote on loosening arms-export restrictions on Nov. 29, a referendum that could reshape how Swiss firms supply war materiel and how neutrality is interpreted. Energy Storage Deal: Saft has won 122MWh battery storage contracts in France with Axpo, adding new grid and market-service capacity in Normandy and Centre-Val de Loire for early-2027 delivery. Biotech Funding Reality Check: A report on Europe’s biotech leaders shows deal appetite is rising, but investors still demand stronger data—keeping early-stage financing as the main bottleneck. Travel & Connectivity: Eurostar is adding night-train connections via a new booking tool through Brussels, while SWISS resumes Dubai–Zurich service from Oct. 27 as flight schedules normalize. AI & Compliance Tech: Cardano’s CIP-0113 goes live on mainnet, letting regulated token issuers embed KYC/sanctions and transfer controls directly into token rules. Public Health Support: Roche Diagnostics is supplying molecular testing instruments to boost Ebola testing capacity in the DRC, including training and deployment to Bunia.