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Swiss wealth manager Lombard Odier indicted for money laundering

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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.

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Chinese robot vacuum cleaner Roborock reveals AI-powered robotic arm

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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.

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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.

— CNBC’s Sonia Heng contributed to this report.

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Air China tapped as prime candidate to rebound among struggling mainland carriers

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