The Swiss drugmaker splashed out $47 billion to buy out its biotech partner to secure access to Genentech's impressive new drugs. But Roche's U.S. operations are to operate under the Genentech name and research, development and commercial operations are all being based at the U.S. group's South San Francisco headquarters.

Now Roche doesn't even consider itself Big Pharma. It says it will leave the industry group Pharmaceuticals Research and Manufacturers of America (PhRMA) but will retain Genentech's membership of the Biotechnology Industry Organization (BIO).

"As part of the world's largest biotechnology company, Genentech and Roche believe that BIO's purpose is closely aligned with the direction of the new company and, therefore, can represent the company's interests in Washington, among policymakers, legislators and the general public," Roche said in a statement.

PHOTO CREDIT: People are reflected in a window (R) as they walk past the headquarters of Swiss pharmaceutical company Roche in Basel February 4, 2009. REUTERS/Christian Hartmann

The industry, which operates according to Islamic law and hence has an in-built conservative investment strategy, is seen as relatively insulated from the financial crisis. But some executives at the Reuters Islamic Banking and Finance Summit are not so sure.

Islamic finance should still be able to combat the crisis better than conventional banks but big problems loom if liquidity remains tight. In fact Sohail Zubairi, head of consultancy Dar Al Sharia, reckons they're facing up to a crisis scenario that could include forced consolidation and layoffs.

"There is a real threat to the business of Islamic banking," Zubairi told Reuters reporters at the summit in Dubai. "If the liquidity does not return, we will not be able to continue doing our business."

Yousif Khalaf, head of Ajman Bank, thinks the situation is so bad that growth and profitability are off the menu for this year.

"What is more important is survival and, to some extent, continuity," he said. "People want to make sure they survive."

PHOTO CREDIT: A labourer walks inside Sheikh Zayed mosque in Abu Dhabi April 7, 2009. The mosque, one of the world's largest, is named after Sheikh Zayed bin Sultan al-Nahayan the founder and first president of the UAE who is also buried there. REUTERS/Ahmed Jadallah

UBS and Credit Suisse both have strong wealth management businesses -- and the new year seems to have brought new hope.

UBS, which has written down more toxic assets than any other European bank, says it has had an "encouraging" start to 2009, with inflows into both its wealth and asset management businesses in January. Credit Suisse says it had a "strong start to 2009" and was profitable across all its units so far this year.

This could be music to the ears of the Swiss, whose country may be faring better than others in the downturn (so far, at least) but is particularly reliant on its financial sector.

But we have heard this before, and not everyone is convinced.

Kepler Capital Markets' Dirk Becker reckons a "horrific banking year" included an acceleration in the destruction of UBS's core wealth management business in the fourth quarter. At Credit Suisse, "the results are weak, but not as devastating as UBS," Becker says.

Even the banks don't seem sure. UBS says it's still cautious and financial market conditions remain fragile.

Credit Suisse CEO Brady Dougan admitted the bank made mistakes, adding: "This is not a light at the end of the tunnel message."

    Daniel Vasella, chief executive of Swiss pharmaceuticals
company Novartis, reckons his sector is a pretty good place
to work when compared to "mercenary" banking.

    "We are not in a banking industry, where they fire a
thousand investment bankers and then a year after they hire
a thousand investment bankers," Vasella told Reuters.

    "And these people (investment bankers) are like, not
soldiers, but mercenaries. And they go and buy troops and
it's just money, and you feel that's the only currency they
know."

    If Novartis had to cut back as the downturn bites,
Vasella said he would prefer creative solutions like reduced
working time rather than making blue-collar workers -- who
might struggle to find a new position -- redundant.

    "We are not in the same industry (as banking), it's very different,"
he said.

The new owners, Abu Dhabi United Group for Development and Investment, immediately impressed supporters by trying to snub United, which showed intent even if the last-minute bid Dimitar Berbatov did not succeed. Beating Roman Abramovich and Chelsea to Robinho, though, really showed financial muscle.

Great news? Well it would be for most clubs. But those who have suffered through City's if-you-don't-laugh-you'd-cry history will not be counting chickens yet.

The last few days have typified the often farcical nature of the club -- from seemingly flat broke and relying on short-term loans from directors, with an owner accused of human rights abuses in Thailand, to the richest club in England in just a few hours. 

This is a club that spent most of last season in the top four, only to lose the last match 8-1 to mediocre Middlesbrough; that spent the last few minutes of the 1995-1996 season wasting time to play out a draw when actually they needed a win to avoid relegation; and that, on its return to European competition in 2003, managed to go out to Groclin Dyskobolia despite playing Nicolas Anelka and Robbie Fowler up front.

Supporters haven't yet forgotten those, or last year's Thaksin- and Sven-inspired false dawn. A rosy glow from City's nouveau riche status, the marquee signings and third place in the nascent Premier League table hangs over Eastlands.

But will this one last?

The anti-minaret movement is getting support in some small Swiss towns where Islamic centres want to build minarets. Minarets already stand in some big cities like Zurich and Geneva and they would not be effected by the proposed constitutional amendment that simply says "The construction of minarets is forbidden."

The government sent the Justice Department report to parliament with a simple cover letter urging the deputies to reject it. Here is the text (in German) and a summary (in English). Among the objections it laid out in lawyerly detail were that the proposal:

• "is clearly against a series of internationally guaranteed human rights, such as Articles 9 (freedom of religion and thought) and 14 (ban on discrimination) of the European Convention on Human Rights as well as against Articles 2 (ban on discrimination) and 18 (freedom of religion and thought) and possibly also Article 27 (protection of minorities) of the United Nations Covenant on Civil and Political Rights...
• "stands in contradiction to numerous fundamental values anchored in the constitution of our state, such as the principle of equality before the law, freedom of belief and conscience, the guarantee for private property, the principle of proportionality and the injunction to respect international law...
• "would be a completely disproportionate intrusion not only into central basic rights but also the competence of local authorities...
• "would be inappropriate for reaching the goals stated by the initiators. Violent anti-constitutional activities by extremist fundamentalist circles in the name of Islam cannot in any way be combated or hindered in this way, because their planning, organisation and execution are not linked to specific buildings. A ban such as the initiative seeks would actually endanger religious peace, because it would have to be seen by the Muslim population as a discriminatory act. The constitution and Switzerland's whole legal system apply to Muslims living here as much as they do for other residents of our country...
• "would not only be met by consternation among the international community, but would also damage Switzerland's standing around the world. This might, in turn, have a negative impact on the security of Swiss facilities and the interests of the Swiss economy."

The Justice Department said the referendum petitions were valid, which means the vote will go ahead, and the issue is up to the people to decide. The government is clearly concerned that Switzerland could become a target of Muslim ire, echoing the Prophet Mohammad cartoon row in which Danish embassies were attacked and rioting rocked parts of the Middle East, Africa and Asia.

The government has been embarrassed by other right-wing anti-immigrant initiatives featuring strident posters with white sheep kicking a black sheep off a Swiss flag, and brown and yellow hands reaching out to grab a pile of Swiss passports. Neither of those votes succeeded, but it was a tight margin on both occasions.

One thing, however, is on the government's side -- time. Due to various rules and regulations, getting the issue to a vote could take years.