Catherine's Feed
Jul 21, 2011

Strong franc hits Swiss export growth in June

ZURICH, July 21 (Reuters) – The strong Swiss franc took its
toll on exports in June and prompted firms to slash prices
to defend foreign market share, indicating the Swiss National
Bank is unlikely to raise rates any time soon.

Exports to the European Union, the Alpine state’s biggest
trading partner, dropped by a real 14.6 percent, trade data
released on Thursday showed.

Jul 5, 2011

Novartis gets good news on cancer drug Afinitor

ZURICH, July 5 (Reuters) – Novartis AG NOVN.VX> said a
late-stage study showed its drug hope Afinitor slowed tumour
growth in advanced breast cancer, helping its chances of
becoming a new blockbuster treatment.

The Swiss drugmaker said its study of Afinitor in
combination with Pfizer Inc’s exemestane in
post-menopausal women with advanced breast cancer had been
halted early after positive interim results.

Jun 29, 2011

Analysis – Swiss National Bank set to fiddle while Greece burns

ZURICH (Reuters) – After enduring sharp criticism for its interventions last year, the Swiss National Bank must now stomach the franc’s strong rise against the euro in the wake of the region’s debt crisis and is left with few tricks up its sleeve as the economy loses momentum.

Swiss policymakers have been struggling to deal with a strong franc, which has risen more than 25 percent against the euro since the collapse of Lehman Brothers in 2008 and hit a record of 1.1808 on June 27, due to its status as a shelter from banking troubles and worries about debts in the euro zone.

Jun 16, 2011

CS, UBS must improve capitalisation given risks-SNB

ZURICH/BERNE, June 16 (Reuters) – Switzerland’s biggest
banks Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz) and UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) urgently need to
increase their core capital due to high levels of risk and
impending regulations, the Swiss central bank said on Thursday.

“The big banks should build up an adequate base of
loss-absorbing capital as swiftly as possible,” the Swiss
National Bank (SNB) said on Thursday.

Jun 14, 2011

Swiss upper house debates big bank capital rules

BERNE (Reuters) – The Swiss upper house of parliament was expected to vote late on Tuesday on a draft law forcing UBS and Credit Suisse to hold more capital than global rules demand, and several parliamentarians spoke out in favor of the measure.

The government has proposed tough big bank capital standards after the state had to bail out UBS during the financial crisis.

Jun 14, 2011

Swiss exporters scent success despite strong franc

ZURICH, June 14 (Reuters) – “Blessed are the cheesemakers,”
runs a line from the 1979 Monty Python film, “The Life of
Brian”. According to Matthias Kunz, whose company exports Swiss
cheese to places from Germany to Brazil, you can find blessings
even in a soaring currency.

The Swiss franc has surged to record highs since 2007, but
Switzerland’s foreign cheese sales have climbed around 8 percent
for the past two years. Kunz’s employer Emmi, the country’s
biggest dairy exporter, expects revenues to grow again this
year. Overall cheese export volumes have been stable since
Lehman Brothers went down.

Jun 10, 2011

Swiss in talks with U.S. over untaxed funds

ZURICH, June 10 (Reuters) – Swiss and U.S. authorities have
held informal exploratory talks that touched on regularising
untaxed money held by wealthy Americans in secret Alpine
accounts, a spokesman for a finance ministry office said.

U.S. officials have said they are investigating other banks
after UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) (UBS.N: Quote, Profile, Research, Stock Buzz) paid $780 million in 2009 to settle
tax evasion charges.

Jun 10, 2011

Adecco “no comment” on Hays bid talk

LONDON/ZURICH (Reuters) – Swiss group Adecco (ADEN.VX: Quote, Profile, Research, Stock Buzz), the world’s biggest staffing company, declined to comment on speculation it may bid for British recruitment firm Hays (HAYS.L: Quote, Profile, Research, Stock Buzz) but stressed its interest in smaller bolt-on deals.

An article in Britain’s Daily Mail newspaper on Friday reported market rumors that Adecco could be lining up a 2.2 billion pound ($3.6 billion) or 160 pence-a-share cash bid for Hays.

Jun 10, 2011

Adecco ‘no comment’ on Hays bid talk, eyes bolt-ons

LONDON/ZURICH, June 10 (Reuters) – Swiss group Adecco
(ADEN.VX: Quote, Profile, Research, Stock Buzz), the world’s biggest staffing company, declined to
comment on speculation it may bid for British recruitment firm
Hays (HAYS.L: Quote, Profile, Research, Stock Buzz) but stressed its interest in smaller bolt-on
deals.

An article in Britain’s Daily Mail newspaper on Friday
reported market rumours that Adecco could be lining up a 2.2
billion pound ($3.6 billion) or 160 pence-a-share cash bid for
Hays.

May 5, 2011

Japan disaster hits Swiss Re, Zurich Q1 profit

ZURICH, May 5 (Reuters) – The cost of Japan’s massive
earthquake and other natural disasters hit first-quarter profit
at insurers Zurich Financial (ZURN.VX: Quote, Profile, Research, Stock Buzz) and Swiss Re, which said
2011 would herald among the highest-ever catastrophe claims.

The disaster in Japan, where a huge earthquake and tsunami
hit in March, is one of the costliest in the history of global
insurers, having caused insured losses of $12 billion to $25
billion, according to risk modeling firm Eqecat. [ID:nN16136891]