Daily brief
Switzerland will wind down the private bank MBaer, which the US Treasury had accused of money laundering. The Swiss Financial Market Supervisory Authority ordered the bank's closure, citing serious breaches of money laundering regulations. This follows a US move to seek the bank's severance from the global financial system.
The reinsurer Swiss Re reported a record annual profit but issued a cautious outlook for the current year, citing economic uncertainty and high catastrophe losses.
Croatia says it is ready to secure oil supplies for Hungary and Slovakia via the Adriatic pipeline, following disruptions to Russian deliveries.
Nestlé has begun layoffs in South Africa as part of a global restructuring program aimed at streamlining operations.
Germany, Switzerland, and Austria are pressing the United States to pursue stable trade relations and avoid further tariff escalations.