UBS CEO Sergio Ermotti Dismisses Relocation Rumours, Reaffirms Swiss HQ.

UBS Chief Executive Officer Sergio Ermotti has reaffirmed the bank’s long-term commitment to Switzerland, dismissing ongoing speculation about a possible relocation of its headquarters.

Speaking amid renewed debate over Swiss banking regulations, Ermotti stressed that UBS remains firmly anchored in Switzerland, despite tensions with the federal government over proposed changes to capital requirements.

The dispute centres on a plan by the Federal Council to require UBS’s foreign subsidiaries to be fully backed by equity capital. The measure is intended to strengthen financial stability and reduce systemic risk in the banking sector.

UBS has opposed the proposal, arguing that stricter capital rules could weaken its global competitiveness and limit its operational flexibility in international markets.

The disagreement has repeatedly triggered speculation that UBS might consider shifting parts of its operations abroad. However, Ermotti has consistently rejected such rumours, emphasizing that Switzerland remains the bank’s strategic and operational base.

The Swiss government maintains that stronger capital buffers are necessary given UBS’s size and global exposure, particularly following its takeover of Credit Suisse, which significantly expanded its balance sheet.

Despite regulatory tensions, UBS leadership continues to highlight the importance of Switzerland as a stable financial hub and key location for global banking operations.

The latest remarks from Ermotti aim to reassure markets and policymakers that UBS intends to maintain its headquarters in Switzerland while continuing discussions with regulators on future capital rules.

Roche Criticizes US and China Protectionism, Calls Tariff Policy “Blackmail”.

Roche Chair Severin Schwan has strongly criticized rising protectionist trade policies in the United States and China, describing US tariff strategies as a form of “blackmail” during remarks at the Swiss Economic Forum in Interlaken.

Schwan warned that the world’s two largest pharmaceutical markets are increasingly using their economic dominance to force companies to shift value creation within their borders. He said this trend is significantly disrupting the global structure of the pharmaceutical industry.

According to Schwan, both the United States and China are pursuing policies that prioritize domestic production and investment, creating pressure on international pharmaceutical firms to adapt their supply chains and operational strategies.

The comments come after Roche, alongside other major pharmaceutical companies including Novartis, reached an agreement with the US government in late 2025. The deal includes price reductions for certain medicines produced by Roche subsidiary Genentech, in exchange for a temporary exemption from US pharmaceutical tariffs.

Roche has also committed to large-scale investment in the United States, reportedly totaling around $50 billion, as part of efforts to maintain market access and regulatory stability.

However, Schwan argued that such arrangements are not genuine partnerships but rather one-sided pressures imposed by powerful markets. He stated that companies are effectively forced into compliance under the “law of the strongest.”

In response to ongoing uncertainty, Roche has increased short-term exports to the United States while accelerating long-term plans to restructure its global supply chains. The company aims to reduce its dependence on politically sensitive markets, although Schwan acknowledged that such shifts could have negative consequences for other countries, including Switzerland.

The remarks highlight growing tensions between global pharmaceutical firms and major economic powers as trade policy becomes increasingly intertwined with industrial strategy.

Swiss Striker Breel Embolo Cleared to Travel After Visa Delay Ahead of World Cup

Swiss striker Breel Embolo has been cleared to travel to the United States after receiving his visa on Thursday, ending a two-day delay that had prevented him from joining the national team ahead of the World Cup.

The Swiss Football Association (SFA) confirmed that Embolo’s visa was approved in the evening and that the player is expected to arrive in San Diego on Friday, where Switzerland is currently preparing for the tournament.

The striker had initially been stopped from boarding the team’s flight from Zurich to Los Angeles earlier in the week after his travel authorization (ESTA) was temporarily blocked by US authorities. Officials reportedly carried out additional checks related to a past legal case involving Embolo, which required clarification before entry approval.

To resolve the issue, the 29-year-old forward submitted an emergency visa application at the US Embassy in Bern. According to the SFA, the request was treated as a priority and processed quickly, allowing him to rejoin the squad without further delay.

Embolo’s visa issue was linked to a previous legal case from 2018 in Basel, which resulted in a conviction that was later upheld on appeal and finalized earlier this year. Authorities reportedly sought confirmation that the incident did not involve violence before granting travel clearance.

The Switzerland squad, based in San Diego, is scheduled to play a warm-up match against Australia on Saturday before beginning its World Cup campaign against Qatar on June 13 in Santa Clara, California. Group B also includes Canada and Bosnia and Herzegovina.

With Embolo now cleared, Switzerland expects to have a full-strength squad available for its final preparations ahead of the tournament.