ZURICH/LONDON (Reuters) – Swiss and British regulators stepped up their scrutiny of alleged manipulation of foreign exchange markets on Monday, as watchdogs take a closer look at whether banks have a tight enough grip on the behavior of their traders.
Switzerland’s competition commission WEKO said it opened an investigation into several Swiss, British and U.S. banks over potential collusion to manipulate currency rates.
ZURICH (Reuters) – Novartis has ended a late-stage clinical trial of a chronic heart failure drug early, following strong interim results, giving the Swiss drugmaker a boost after recent setbacks to another heart failure medicine.
The Basel-based firm said on Monday an independent committee had unanimously recommended it close its PARADIGM-HF study ahead of time after results showed patients receiving its LCZ696 drug lived longer without being hospitalized for heart failure than those who were given enalapril, the standard care.
ZURICH/BERN (Reuters) – Switzerland said on Wednesday it would not be “abused” by those wanting to circumvent Western sanctions against Russia but stopped short of adopting its own measures.
Transparency campaigners say it is taking a cautious stance to help protect its role as a global commodities hub that earns revenue from trade with Russia, although the government said it had no intention of allowing the sanctions to be bypassed.
ZURICH (Reuters) – Swiss bank Julius Baer (BAER.VX: Quote, Profile, Research, Stock Buzz) has raised its bet on Latin America’s largest wealth management market, buying a majority stake in Brazil’s GPS for an estimated 100 million Swiss francs ($113 million), as part of a drive to expand abroad.
The deal underscores Zurich-based Baer’s commitment to gaining greater access to markets in Asia and South America as a crackdown on tax evasion hits private banking, which provides tailored services to wealthy individuals, in Switzerland.
BASEL, Switzerland (Reuters) – Recent manufacturing problems in India suggest some makers of generic drugs will struggle to compete in the face of a rising quality bar, pointing to a likely a shake-out in the low-cost sector, according to Novartis (NOVN.VX: Quote, Profile, Research).
Chief Executive Joe Jimenez said the Swiss group’s Sandoz unit – a world leader in making cheap off-patent medicines – was well placed to thrive in an era of tougher standards. Others, however, would not be able to upgrade and stay competitive.
BASEL, Switzerland, March 20 (Reuters) – Recent
manufacturing problems in India suggest some makers of generic
drugs will struggle to compete in the face of a rising quality
bar, pointing to a likely a shake-out in the low-cost sector,
according to Novartis.
Chief Executive Joe Jimenez said the Swiss group’s Sandoz
unit – a world leader in making cheap off-patent medicines – was
well placed to thrive in an era of tougher standards. Others,
however, would not be able to upgrade and stay competitive.
BASEL, Switzerland (Reuters) – Novartis Chief Executive Joe Jimenez is taking a hard look at the drugmaker’s smaller businesses as he reshapes the company for what he expects to be a “brutal” new era in healthcare spending.
At least one of the three sub-scale units – animal health, vaccines and over-the-counter medicines – is not expected to make the cut, he told Reuters in the clearest indication yet of how the review is progressing.
LONDON/ZURICH, March 13 (Reuters) – Biotech fever is
spreading to Europe from the United States with a successful
stock market debut for a cat allergy company in Britain seen as
a bellwether that could help unlock listings in other countries
including Switzerland and France.
Top candidates for a share sale include Swiss firms AC
Immune and Molecular Partners, which are both weighing up a
possible initial public offering (IPO), according to people
familiar with the companies.
ZURICH, March 12 (Reuters) – Privately-held Swiss biotech
company Novimmune, has appointed former Actelion
CFO Andrew Oakley as its new finance chief, increasing
expectations that the company will go public.
Oakley, a UK and Australian citizen who was chief financial
officer of Actelion for a decade, stepped down from the company
last August. He will take up his new role with immediate effect,
ZURICH, March 12 (Reuters) – A nascent economic recovery in
Europe helped Adecco, the world’s largest staffing
agency by sales, beat fourth-quarter profit forecasts and
increase revenue for the first time in seven quarters.
Staffing companies benefit from moderate economic growth as
firms tend to hire temporary workers at the start of a recovery
when they are reluctant to commit to full-time hiring.