Caroline's Feed
May 30, 2013

Swiss firm ABB says no more need for electric bus power lines

ZURICH, May 30 (Reuters) – Swiss firm ABB has
developed technology that can charge a full-sized electric bus
during ordinary stops, removing the need for overhead lines in
major cities it believes will turn away from traditional engines
in the battle with pollution.

Claes Rytoft, acting chief technology officer at ABB, said
the new system takes only 15 seconds to charge a bus carrying
135 people with enough power to reach the next stop and fully
charges the battery in just 3-4 minutes at the end of the line.

May 24, 2013

Swiss tax diplomat to quit as US, Europe talks heat up

ZURICH, May 24 (Reuters) – Switzerland’s top tax diplomat
will step down at the end of August, the finance ministry said
on Friday, as talks with foreign governments eager to crack down
on funds hidden in Swiss bank accounts enter a critical phase.

Michael Ambuehl, state secretary for international financial
matters since 2010, will take up a job in September at Zurich’s
Technical University (ETH) as professor of negotiation and
conflict management, the ministry said.

May 22, 2013

Swiss billionaires buy Merck Serono HQ for biotech campus

ZURICH (Reuters) – Swiss billionaire Ernesto Bertarelli has bought back the Geneva headquarters of his former biotech firm Serono, hoping to establish a biotech research campus.

After selling the family business to German drugmaker Merck KGaA for $13.3 billion in 2006, the Harvard Business School graduate went on to win the America’s Cup sailing prize for the second time.

May 17, 2013

Swiss propose corporate tax reforms after EU pressure

BERNE, May 16 (Reuters) – Switzerland outlined plans on
Friday to reform the way it taxes companies as it seeks to
counter criticism from Brussels while trying to remain
attractive to the many multinationals based in the country.

The Swiss have lured thousands of foreign companies
including online retailer eBay and trading giant
Glencore by taxing foreign profits at a lower rate than
domestic earnings, a practice known as “ring fencing”.

May 16, 2013

Novartis’ Vasella exit opens door to Roche stake sale

ZURICH, May 16 (Reuters) – A changing of the guard at
Switzerland’s two biggest drugmakers is fuelling talk that
Novartis may finally sell its multi-billion-dollar
stake in cross-town rival Roche, potentially unlocking
value for both sets of shareholders.

The departure of Daniel Vasella after 17 years as chairman
of Novartis and the forthcoming retirement of his adversary,
Roche chairman Franz Humer, may prompt both sides to negotiate a
sale that could boost earnings per share for each – and appease
shareholders during a period of slower growth.

May 15, 2013

Roche banks on new drug data to defend cancer business

ZURICH, May 15 (Reuters) – Swiss drugmaker Roche
hopes data published this week will show it has a viable
follow-on product to help fend off cheaper competition for its
best-selling cancer drug, which loses patent protection in
Europe later this year.

Roche is set to present full results early on Thursday of a
late-stage study for its GA101 drug in chronic lymphocytic
leukaemia (CLL), ahead of the American Society of Clinical
Oncology annual meeting in Chicago from May 31 to June 4.

May 13, 2013

ABB executive quits days after CEO says will step down

ZURICH, May 13 (Reuters) – Swiss engineering group ABB Ltd
has announced a second senior executive departure in
less than a week, saying its chief technology officer (CTO) was
quitting just three days after revealing its chief executive was
to leave.

The world’s biggest supplier of industrial motors and power
grids said Prith Banerjee, who joined ABB in 2012, would leave
for family reasons in the next few weeks after less than a year
in the post.

May 7, 2013

Adecco sees European labor market bottoming out

ZURICH (Reuters) – Adecco (ADEN.VX: Quote, Profile, Research, Stock Buzz), the world’s largest staffing company, said there were signs austerity-ravaged markets in southern Europe were starting to stabilize as big drops in wages make workers there more competitive.

The euro zone’s debt crisis has paralyzed job markets, sending unemployment in the single-currency bloc to a new record of 12.1 percent in March, meaning more than 19 million euro zone citizens are out of work.

Apr 24, 2013

ABB to step up cost cuts after profit miss

ZURICH (Reuters) – Swiss industrial group ABB (ABBN.VX: Quote, Profile, Research, Stock Buzz) will step up cost-cutting measures to boost profitability in what it expects to be a tough second half of the year after first-quarter profit fell short of expectations.

The company was hit by slowing growth in the United States and hesitant spending by European clients, but Chief Executive Joe Hogan boosted margins with $260 million of savings through sourcing and productivity improvements.

Apr 24, 2013

Novartis names new finance chief to boost productivity

ZURICH, April 24 (Reuters) – Novartis named Harry
Kirsch as its new CFO, betting that his experience of improving
performance at the Swiss drugmaker’s pharmaceuticals division
will help it navigate a wave of patent expiries.

The surprise announcement is the second leadership change in
as many quarters after Chairman Daniel Vasella stepped down in
February after 17 years leading the group.