Switzerland

Proper Group AG, the Swiss company formerly known as Utopia Music AG, has been hit with bankruptcy proceedings by a court in Switzerland, Complete Music Update reported. The “provisional announcement of bankruptcy” was filed on Tuesday after Proper Group failed to attend a court hearing relating to a debt of CHF 23,000.

Switzerland’s central bank on Thursday cut its key interest rate for the third straight meeting as it pivots away from worries about high inflation toward concerns about the impact of a strong currency on exporters, The Wall Street Journal reported. The Swiss National Bank lowered its key rate to 1% from 1.25%, having cut borrowing costs by the same amount in June. Three months earlier, it became the first central bank from a rich, developed economy to ease policy since the start of the global inflation surge in 2021. The central bank said it might lower borrowing costs again.

UBS on Tuesday agreed to sell Credit Suisse's U.S. mortgage servicing business, UBS Chief Financial Officer Todd Tuckner said on Wednesday, without naming the buyer, Reuters reported. Tuckner, who was speaking on a call with analysts following publication of the bank's latest results, said the transaction was expected to close in the first quarter of next year. UBS executives declined to name the buyer on a media call later, though CEO Sergio Ermotti said it was a consortium. "That's the only thing we can say, and it's up to them to communicate," he added.