Hybrid Battery Hydrogen Systems Proposed by Startup

A Swiss startup, Plan B Net Zero (founded 2023), has created a concept for BESS (battery energy storage systems) and stored hydrogen as a hybrid solution for grid balancing ("complementary building blocks"). 

This approach was outlined in the DACH Hydrogen symposium in Wiener Neustadt.

PBNZ said BESS could respond "within milliseconds" to imbalances, whereas hydrogen could inject energy (through fuel cells and turbines) over longer durations. 

Tjark Connor, battery systems expert at the startup, commented: "Our goal is an energy system that stabilises itself, digital, decentralized and decarbonized".

Swiss Capital Requirements Weigh Heavy on UBS

The Swiss government has proposed heavier capital requirements on UBS, as revealed by UBS Group CFO and Stern-school MBA grad Todd Tuckner (Todd joined UBS in 2004 and is thus a 21 year veteran, prior to which he was an international tax partner at KPMG). 

These capital requirements would up the bar on core capital (removing currently allowed items such as software and deferred tax assets from counting as capital). Software was counted as an intangible asset with some regulatory value, especially if it supported core banking operations. However, concerns that is less loss-absorbing and more volatile in valuation than current treatment requires have prompted its exclusion from core capital (CET1- Common Equity Tier 1 capital, basically the highest form of capital, acting as a high quality shock absorber in the event of losses).

UBS will need to decide what to do - either push back, and hope for the best, or relocate its HQ to be outside of Swiss regulation, or plan both in parallel.

The proposed rules are to avoid an incident such as the collapse of Credit Suisse in 2023 from happening again. UBS has criticised the proposal as being non-proportionate.

USA imposes Tariffs on Gold Imports; Futures Rise

The US has slapped tariffs on gold imports targeting 1 kilogram and 100 ounce gold bars (100 ounces = 2.8 kg). A 39% rate applies to imports from Switzerland (a major refining hub). The 400 ounce gold bars (11+ kilograms) from London are less popular in the US so need to be broken down into smaller bars.

US gold futures (August 2025 expiry) on COMEX have been on a tear, trading over $3400 per troy ounce (weight tolerance 5% higher or lower). The futures also breached $3400 in late April and early May. $3400 futures price translates to a notional of 100x the price i.e. $340,000 for 100 troy ounces.

For the avoidance of doubt, the tariffs as they currently stand apply to the unit specification of the COMEX contract.

Trafigura ex-COO on trial for corruption

The case, being heard by the Swiss Federal Criminal Court, exposes how Trafigura used third parties to channel bribes including the alleged bribery of an Angolan official between 2009 and 2011. The former executive on trial is Mike Wainwright. This is the first case where executive leadership of a major commodities trading house has been on trial despite being in the sights of prosecutors for years.

$6m worth of tokens stolen relating to Solana Blockchain

The Zug-based Solana Foundation which advocates a blockchain built for speed, is blaming the developers of the Slope wallet. 

London takes on Geneva as Schroders Buys Majority Stake in Impact Investing Manager Blue Orchard

Schroders (based in London) has bought a majority stake in impact investing specialist Blue Orchard ("where financial returns meet social and environmental impact"), based in Geneva, which manages $3.5bn in assets, in credit, PE and sustainable infrastructure, for an undisclosed sum. Robeco SAM is another player in the once-niche impact investing space.

Blue Orchard was founded by two bankers who are no longer with the firm, Jean-Philippe de Schrevel and Melchior de Muralt, a Swiss private banker. Chairman Peter Fanconi and CEO Patrick Scheurle will stay with Blue Orchard post Schroder-acquisition.

Unraveling of Swiss Banking Secrecy Laws

The Federal Tax Administration (FTA) has for the first time shared data on 2 million accounts under the framework of the new AEOI (Automatic Exchange of Information), relevant to EU states as well as a further nine states and territories (states e.g. Australia, Canada, South Korea, territories e.g. Isle of Man, Guernsey, Jersey).

SNB on Intervention Spree as EURCHF heads to 1.0

The SNB has needed to intervene in currency markets to halt appreciation of the Swiss franc (CHF in ISO-speak, or "Schweizerfranken" / "Franken"). Amongst other things, it makes Swiss exports less competitive ("menacing for the export sector" might be one way to express it), detracts tourism (or at least deters tourists from spending) and reduces the value of the SNB's reserves in Swiss francs.

The cause for the recent appreciation has been capital flight into "safe haven" CHF, owing to the US downgrade. The Greek crisis also spurred the acceleration of the CHF.

SNB in 1978 purchased 10.6bn CHF (6.6% of GDP) of foreign currency to weaken the franc, following which the CHF relaxed - a resounding success. At the time, the bank had an explicit exchange rate target against the Deutschmark.