A pedestrian walks by the entrance to Lombard Odier in Geneva, Switzerland.
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Lombard Odier — one of Switzerland’s oldest private banks — was indicted by Swiss prosecutors for “aggravated money laundering.”
In a release on Friday, the Office of the Attorney General of Switzerland (OAG) said it filed an indictment against Lombard Odier and a former employee of the bank at Switzerland’s Federal Criminal Court on Tuesday.
The accused allegedly helped conceal the proceeds of a criminal organization set up by Gulnara Karimova — the daughter of Islam Karimov, the authoritarian president of Uzbekistan who died of a stroke in 2016 — according to the OAG. Karimova was indicted by the attorney general in 2023 under accusations of laundering money that was a result of criminal activities in Switzerland between 2005 and 2012.
“Investigations have led the OAG to believe that part of the money laundered in Switzerland may have been transferred in bank accounts at … Lombard Odier in Geneva. The bank and one of its former relationship managers are alleged to have played a decisive role in concealing the proceeds of the criminal activities of ‘The Office,'” the OAG said in its statement.
They have been under investigation since 2016, the prosecutors added.
Lombard Odier, whose origins date back as far as 1796, denies the allegations.
“We have taken note of the decision of the Office of the Attorney General of Switzerland to bring charges against the Bank for insufficient controls,” the bank said in a statement on Friday.
“This step follows the opening of a formal investigation against the bank initiated and made public in 2016. For the bank, the allegations are unfounded and without merit. The bank plans to defend itself vigorously.”
The bank added that the case was initiated by a “proactive reporting of suspicions to the Swiss authorities” by Lombard Odier itself.
CNBC has reached out to Gregoire Mangeat, who has represented Karimova throughout her legal battles with Swiss authorities. Karimova is currently serving a jail sentence in Uzbekistan.
EMBARGOED TO 1AM SG MON JAN 6 / 9AM PST SUN JAN 5 2025
Beijing-based robot vacuum maker Roborock revealed a new model in January 2025 with an artificial intelligence-powered folding arm for removing obstacles.
CNBC | Evelyn Cheng
BEIJING — Chinese robot vacuum cleaner company Roborock revealed a new model on Monday that comes with a folding arm for removing socks and other obstacles — a feature powered by artificial intelligence.
It’s the latest step toward what Roborock President Quan Gang expects will be the inevitable: that robot vacuum cleaners become as essential as washing machines.
That’s something that could happen in as soon as three years, especially with the emergence of AI, Quan told CNBC in a late November interview. “If the era of AI flourishing has really arrived, I’m confident that robot vacuum cleaners will be the first category to apply AI,” he said in Mandarin, translated by CNBC.
Using AI that the company developed, the Roborock Saros Z70 can detect and remove obstructions such as socks, small towels, tissues and sandals weighing less than 300 grams (10.58 ounces), according to the company.
The Saros Z70 is set for release in major global markets in the first half of the year, but Roborock has yet to announce pricing. The product reveal comes ahead of the Consumer Electronics Show that kicks off Tuesday in Las Vegas.
Ever since Massachusetts-based iRobot launched its Roomba floor vacuuming robot in 2002, the circular machines have evolved to include mopping and the ability to automatically return to the charging base. Many companies, including several based in China, now sell robot vacuum cleaners.
Beijing-based Roborock started selling to the U.S. in 2018, Quan said, noting that sales in the country didn’t start to take off until 2023. Roborock also sells its robot vacuums in countries such as Germany, China and South Korea, and makes sure to adhere to local data privacy rules, Quan said.
But robot vacuum penetration rates remain low — just over 10% in developed countries and single digits in developing countries, Quan said. He said that’s both a challenge and a potential for growth, which he expects can get a boost from the integration of artificial intelligence.
The Verge and Wired late last year both named different Roborock models the best robot vacuum available. But the machines aren’t cheap.
“Roborock’s S8 MaxV Ultra ($1,799.99) is an exceptional vacuum cleaner,” The Verge said, noting it is “the best model in the relatively new category of ‘hands-free’ robot vacs, bots that do virtually everything for you: empty their bins, refill their mop tanks, and clean and dry their mop pads.”
“Roborock invented this category with the S7 MaxV Ultra and has been steadily improving it,” The Verge said.
Wired selected Roborock’s Qrevo S, which sells for $800 on Amazon. The review highlighted the Qrevo’s lidar-based navigation and AI feature which enable the machine to distinguish between carpets and tiles for vacuuming or mopping, respectively.
Competition is fierce. CNET said two other companies’ robot vacuums tied for best of 2025, the $900 Ecovacs Deebot T30S Combo — which also has a self-emptying dustbin — and the $359 iRobot Roomba Combo J7 Plus.
Supporting an AI research lab
Shares of Shanghai-listed Roborock closed 2.6% higher Friday after reports emerged of the Saros Z70 and its robotic arm. The stock climbed 10.3% in 2024.
Operating revenue rose by 23.2% for the first three quarters of 2024 to 7 billion yuan ($960 million), with profit of 1.47 billion yuan. Roborock does not break out revenue by region.
Quan said that soon after Roborock’s founding in July 2014, the company sensed the importance of artificial intelligence and set up a dedicated lab in Shanghai and a research institute in Shenzhen. Each location houses around 30 researchers, who only need to focus on technology, in contrast to the product development team that must meet deadlines and consider profit, Quan said.
The next challenge is to expand the number of researchers to around 300 people, Quan said, noting it’s been hard to find qualified talent.
The company spent 9.1% of its operating revenue in the first three quarters of 2024 on research and development, according to CNBC calculations of public figures. That’s up from slightly more than 7% in each of the past three years, the data showed.
Roborock on Monday also announced updates to its washing machines, which can dry clothes in the same unit.
Analysts are pointing to Hong Kong-traded Air China as the leading turnaround candidate among struggling Chinese airlines. China has been far slower than the U.S. to recover from the shock of the 2020-2023 pandemic as the world’s second-largest economy faces its own unique challenges. But among several analysts, ranging from DBS to Citigroup, Beijing-based Air China is the top pick for playing a sustained pickup in Chinese travel at home and abroad. Air China, part of United Airline ‘s Star Alliance group, “is the only Chinese network carrier serving all six continents across the globe, with a particularly strong presence in the profitable China-to-Europe and China-to-North America routes,” DBS analysts Jason Sum and Paul Yong said in a report Thursday. DBS maintained its buy rating, with a price target of 5.60 Hong Kong dollars (72 cents), implying upside of 13% from Air China’s close Friday. 753-HK 5Y line Air China 60% below peak While 2024 saw Hong Kong’s Hang Seng Index rally nearly 18%, Air China saw a more muted, low single-digit increase that left it trading more than 60% below its 2018 all-time high. That gives Air China a “significantly more attractive” valuation, close to its five-year pre-pandemic average, the DBS analysts said. “A stronger-than-expected generation of cash flows will enable the group to deleverage swiftly and repair its battered balance sheet.” The upcoming Lunar New Year, which runs from late January to early February, could provide a boost. Chinese booking site Trip.com noted that interest in international travel over the holiday is way up . Ticket demand for travel from mainland China to parts of Europe is up by about 50% from a year ago, while inbound demand has tripled, with travelers coming both from nearby Japan and the distant U.S., Trip.com said in a forecast Tuesday. Expanded visa-free travel Chinese authorities in recent months have expanded visa-free policies for travelers from several countries, including parts of Europe and, notably, Japan. Citi analysts in early December reiterated their buy rating on Air China, calling it their top travel stock pick among Chinese airlines. They expect the government’s economic policy will support consumption in the coming year. JPMorgan analysts in late November expressed similar optimism, citing Air China’s greater exposure to international travel than rivals, and its roughly 30% stake in Hong Kong-based Cathay Pacific . The analysts upgraded Air China to overweight from neutral — reversing a downgrade made in early October, according to FactSet. The JPM analysts also raised their price target to HKD5.90 based on expectations for significant improvement in earnings over the next two years. The JPM analysts also expect airlines to benefit from lower fuel costs if President-elect Donald Trump carries through on pledges to further reduce energy prices . U.S. airline stocks have outperformed the S & P 500 since early October, the JPMorgan analysts said. Back in early November, Goldman Sachs analysts had already named Air China a “main beneficiary” of increased business travel and resumption in long-haul flights. Goldman expects domestic air passengers grew by 11% in 2024, exceeding 2019 levels, and will expand by another 6% in 2025. The analysts see international traffic recovering to slightly more than 2019 levels in the year ahead. Still, Air China has a long way to go to catch up to its partner United, which closed at a new record in early December and soared 135% in 2024, its largest ever annual gain. Chicago-based United, which operates more international routes than any U.S. airline, has benefited from lower jet fuel costs and a continued recovery in post-pandemic travel demand. — CNBC’s Michael Bloom and Sean Conlon contributed to this report
Check out the companies making headlines in midday trading. Rivian Automotive – Shares popped 19% after the electric vehicle maker’s vehicle production and deliveries for 2024 met the company’s previously announced guidance. This comes after the company had lowered its production target for the full year in October. U.S. Steel – Shares fell 6% following President Joe Biden’s decision to block Japan’s Nippon Steel from acquiring U.S. Steel . Biden said the proposed $14.9 billion takeover would create a risk for the nation’s supply chains. Block – The fintech stock added 5.1% following an upgrade to outperform from market perform at Raymond James. Analyst John Davis believes the stock’s valuation still looks attractive despite a recent run higher, and has renewed conviction in Block’s 2025 acceleration story. Chewy – Shares popped 4% after Wolfe Research upgraded the pet retailer to outperform from peer perform and named it a top internet stock idea. Wolfe listed expectations for earnings upside, an improved macro backdrop and product-related catalysts as reasons for optimism. Alcohol stocks – Shares of alcoholic beverage companies fell after U.S. Surgeon General Dr. Vivek Murthy issued a new advisory warning on the link between alcohol consumption and at least seven types of cancer. Shares of Diageo dropped more than 3%, while Anheuser-Busch Inbev and Molson Coors declined 2.2% and 3.1%, respectively. Meanwhile, Constellation Brands shares fell 1%. Constellation Energy — Shares jumped 4.1%, extending their gains from Thursday when the company announced it received more than $1 billion in contracts to supply the U.S. government with nuclear power over the next decade. Carvana – Shares dropped 5% after short-seller Hindenburg alleged Carvana’s recent turnaround is a “mirage” based on unstable loans and accounting manipulation . The online used-car seller stock surged 284% in 2024. It’s down more than 5% so far this year. Ford , General Motors – Shares of Ford and General Motors increased after both automakers posted their best annual U.S. sales since 2019 . Ford gained 2%, while General Motors rose 0.4%. Vistra – The stock jumped 7.7%, extending the gains seen in the previous session. On Thursday, the stock rose more than 8%, making it the best performer in the S & P 500 in the first trading day of the new year. The gains follow a massive year for the stock, as it soared about 258% in 2024. That made it the second-biggest gainer in the broad market index last year. JetBlue Airways – Shares slid 1% following the Department of Transportation fining the airline $2 million for “chronically delayed flights.” The DOT said that JetBlue operated four routes that were delayed at least 145 times between June 2022 and November 2023. — CNBC’s Alex Harring, Sarah Min, Lisa Kailai Han, Pia Singh and Michelle Fox contributed reporting.