ZURICH, July 8 (Reuters) – Floods in central Europe last
month may cost insurance companies $3.5-4.5 billion, only half
of one previous estimate but more than was paid out for the last
major washout in 2002, the world’s second biggest reinsurer said
The forecast from Swiss Re compares to an earlier
warning from a damage modelling agency that losses could top $8
billion. That, and its estimate of a $300 million hit for its
own results, saw shares in Swiss Re and some other sector firms
ZURICH, June 3 (Reuters) – When Swede Goesta Larsson died in
2006, the titanium screw-in teeth put in his mouth more than 40
years earlier were still in good working order.
Now, Nobel Biocare Holding AG – the firm that grew
from that first implant system – is trying to regain its initial
success after seeing its profits and image hit in recent years.
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.
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.
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.
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”.
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.
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.
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
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.
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.