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Aug 19, 2015

Raiffeisen revamp on schedule as second quarter tops forecasts

VIENNA, Aug 19 (Reuters) – Austria’s Raiffeisen Bank
International reported second-quarter profit that
easily beat market expectations and said on Wednesday it would
complete a radical restructuring on schedule, despite delays in
planned asset sales.

Its profit rise, when the market had expected a decline of a
quarter, and its statement that it had boosted its core capital
ratio to 10.7 percent, helped push shares in emerging Europe’s
second-biggest lender up nearly 10 percent to a two-week high.

Aug 11, 2015

Adecco quarter two raises concerns about margin target

ZURICH (Reuters) – Adecco (ADEN.VX: Quote, Profile, Research), the world’s biggest staffing group, said it was relying on a pick up in revenue growth in the second half of the year to hit its 2015 margin target, sparking concern among some investors who sent its shares down more than 3 percent.

The Swiss group said on Tuesday its second-quarter net profit rose 22 percent to 177 million euros ($194 million), missing analysts’ mean forecast of 182 million.

Aug 11, 2015

Adecco second-quarter raises concerns about margin target

ZURICH (Reuters) – Adecco (ADEN.VX: Quote, Profile, Research, Stock Buzz), the world’s biggest staffing group, said it was relying on a pick up in revenue growth in the second half of the year to hit its 2015 margin target, sparking concern among some investors who sent its shares down more than 3 percent.

The Swiss group said on Tuesday its second-quarter net profit rose 22 percent to 177 million euros ($194 million), missing analysts’ mean forecast of 182 million.

Aug 11, 2015

Adecco Q2 raises concerns about margin target

ZURICH, Aug 11 (Reuters) – Adecco, the world’s
biggest staffing group, said it was relying on a pick up in
revenue growth in the second half of the year to hit its 2015
margin target, sparking concern among some investors who sent
its shares down more than 3 percent.

The Swiss group said on Tuesday its second-quarter net
profit rose 22 percent to 177 million euros ($194 million),
missing analysts’ mean forecast of 182 million.

Aug 7, 2015

Swiss forex reserves hit record in July as franc dips

ZURICH, Aug 7 (Reuters) – The Swiss National Bank’s foreign
exchange reserves rose for the first time in four months in
July, hitting their highest under current records as the franc
dipped against the euro amid likely currency purchases by the
central bank.

At the end of June the SNB gave rare confirmation that it
had intervened in the market to weaken the franc, the strength
of which has hamstrung Switzerland’s export-reliant economy.

Jul 29, 2015

Zurich Insurance says any RSA bid likely to be all in cash

ZURICH, July 29 (Reuters) – Zurich Insurance Group
said that any offer it might make for British rival RSA
would likely be in cash, a day after it said it was weighing a
bid.

The bid by the cash-rich Swiss firm for RSA Insurance Group
could top $8 billion, a further example of consolidation in the
sector at a time of tighter regulations and toughening market
conditions.

Jul 10, 2015

FIFA official Webb agrees to extradition on U.S. charges

NEW YORK/ZURICH (Reuters) – Jeffrey Webb, one of seven current and former officials of soccer’s world governing body FIFA arrested in Switzerland in May, has agreed to be extradited to the United States to face corruption charges, a source familiar with the matter said on Friday.

The Swiss Federal Office of Justice (FOJ) had said earlier on Friday that one of those detained had agreed not to fight extradition but it did not identify the official.

Jul 10, 2015

Ex-FIFA official Webb agrees to extradition on U.S. charges: source

NEW YORK/ZURICH (Reuters) – Jeffrey Webb, one of seven current and former officials of soccer’s world governing body FIFA arrested in Switzerland in May, has agreed to be extradited to the United States to face corruption charges, a source familiar with the matter said on Friday.

The Swiss Federal Office of Justice (FOJ) had said earlier on Friday that one of those detained had agreed not to fight extradition but it did not identify the official.

Jul 7, 2015

Furniture magnate Schelling steers Austrian finance overhaul

VIENNA, July 7 (Reuters) – Finance Minister Hans Joerg
Schelling has an unusual fondness for tackling thorny issues
head on, an attribute displayed with a proposed solution to the
festering problem of Vienna’s obligations to neighbouring
Bavaria over bad bank Heta.

Schelling, 61, has made it his mission to reshape Austria’s
finances and halt its slide into economic mediocrity,
shepherding his cabinet colleagues to put aside debate and
finally act since taking the role less than a year ago.

Jun 29, 2015

Novartis buys pain drug firm Spinifex for $200 million upfront

BASEL, Switzerland (Reuters) – Swiss drugmaker Novartis AG (NOVN.VX: Quote, Profile, Research, Stock Buzz) boosted its presence in pain management on Monday by agreeing to buy U.S.-Australian biotech firm Spinifex Pharmaceuticals, the companies said in separate statements on Monday.

Spinifex said Novartis was paying $200 million upfront and Spinifex shareholders could get further payments based on clinical development and regulatory milestones. The transaction is expected to close in the second half of this year, pending regulatory approval.

    • About Michael

      "Mike has worked for Reuters for two decades and reported from more than a dozen countries on business and general news. His beats have included covering the European automotive industry, business news from Switzerland, German defense and security policy, and Hungary's transition to a market democracy after the collapse of communism in eastern Europe"
      Joined Reuters:
      1987
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