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Switzerland

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  • LONDON/ MOSCOW, Feb 25- Gas giant Gazprom's oil arm is shifting its trading operations from Austria back to Russia, it said on Wednesday, with industry sources saying the firm wanted to protect huge revenues from potential seizure as Moscow's relations with the West worsen. A decision by Gazprom Neft to relocate trading from Vienna to St Petersburg, Russia's...

  • European stock rally pauses after mixed corporate results Wednesday, 25 Feb 2015 | 6:50 AM ET

    By Blaise Robinson and Francesco Canepa. PARIS 1/ 4 LONDON, Feb 25- European shares edged lower on Wednesday as mixed corporate results halted the rally that had propelled both Britain's FTSE 100 and Germany's DAX to record highs. Investors expected a boost from the European Central Bank's asset-buying program, known as quantitative easing, which isdue to start...

  • European shares pause rally after mixed corporate results Wednesday, 25 Feb 2015 | 4:20 AM ET

    PARIS, Feb 25- European shares were steady on Wednesday morning, pausing a recent sharp rally that propelled both Britain's FTSE 100 and Germany's DAX to record highs as investors combed through mixed corporate results. Europe's second-biggest insurer AXA rose 4.6 percent after posting a 12 percent increase in 2014 net profit and voicing confidence in its...

  • Greek former finance minister on trial over Lagarde List Wednesday, 25 Feb 2015 | 2:34 AM ET

    ATHENS, Greece— Former Greek finance minister George Papaconstantinou was appearing in court Wednesday at the start of a criminal trial against him on allegations he removed relatives' names from a list of Greeks holding Swiss bank accounts in HSBC. The Lagarde List of about 2,000 people was named after Christine Lagarde, who was France's finance minister at...

  • ZURICH, Feb 24- Switzerland's competition commission WEKO is looking into possible manipulation of price fixing in the precious metals market, its spokesman said on Tuesday. The Wall Street Journal reported the U.S. Department of Justice and the Commodity Futures Trading Commission are investigating at least 10 major banks, including Credit Suisse and UBS,...

  • BERNE, Feb 24- Switzerland's financial markets regulator FINMA is unlikely to look into possible wrongdoing at HSBC's Swiss private bank in the light of leaked information that was published this month, FINMA's head of enforcement said on Tuesday. But FINMA, which already faulted HSBC in 2010-2011 for its poor internal controls and violations of money...

  • MUMBAI, Feb 24- Indian tax officials searched the Mumbai headquarters of HSBC Holdings PLC last week as part of a probe related to allegations that the bank's Swiss business helped clients dodge taxes, a person with knowledge of the matter said on Tuesday. The search came as HSBC prepared to release its annual report on Monday, in which the bank said it had received...

  • BERLIN— Four Swiss journalists have won a case before the European Court of Human Rights over their use of hidden cameras. Zurich's regional court in 2007 ordered the journalists, from Swiss public television SRF, to pay fines for violating the privacy of one insurance broker. The Strasbourg, France- based European Court of Human Rights said Tuesday that the...

  • Merck grants free license for pediatric HIV drug Tuesday, 24 Feb 2015 | 3:02 AM ET

    TRENTON, N.J.— Drugmaker Merck& Co. has granted a free license allowing one of its HIV medicines to be made and sold inexpensively for use in young children in poor countries hard hit by the AIDS virus. The group, backed by the United Nations, works with brand-name drugmakers to find ways to make their HIV medicines still covered by patents available in developing...

  • FDA approves Novartis drug for bone marrow cancer Monday, 23 Feb 2015 | 3:58 PM ET

    WASHINGTON— Federal health officials have approved a new drug from Swiss drugmaker Novartis to treat a form of bone marrow cancer. The Food and Drug Administration said Monday it approved Farydak for patients with multiple myeloma, which causes the buildup of plasma cells in the bone marrow. However, after the meeting Novartis submitted additional...

  • *HSBC remains in spotlight over Swiss tax allegations. *HSBC 2014 pre-tax profit seen down 7 pct at $21 bln. Yet allegations that HSBC's Swiss private bank helped clients dodge taxes will cast a shadow over its anniversary plans in the first week of March and over its annual results this Monday.

  • GENEVA, Feb 19- Big developing countries such as China and India are routinely breaking international trade rules on agriculture and the U.S. government should take action to stop them, representatives of U.S. corn and rice growers said on Thursday. "It's time for action," Robert Cummings, chief operating officer of USA Rice Federation, told Reuters in Geneva, home...

  • ZURICH, Feb 19- Swiss lawmakers plan to question the country's financial watchdog about HSBC's Swiss bank to determine whether parliament needs to take a more active role in investigation of a trove of details on alleged tax evasion by some of the bank's wealthy clients. The Alpine nation's banking sector is back in the spotlight after media reports said that...

  • DIARY-Emerging Markets Economic Events to March 4 Wednesday, 18 Feb 2015 | 7:02 PM ET

    ROME- OECD Secretary General Angel Gurria will present the Economic Survey of Italy at a news conference with Economy Minister and Finance Minister Pier Carlo Padoan. SINGAPORE- Singapore Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam will deliver the 2015 Budget statement in the Parliament- 0500 GMT. JERUSALEM- Bank of Israel announces...

  • *Geneva prosecutor opens inquiry into HSBC tax allegations. GENEVA, Feb 18- Geneva's public prosecutor searched HSBC's lakeside Swiss office on Wednesday after opening a criminal inquiry into allegations of aggravated money laundering, the second probe to hit the bank this week. HSBC's Swiss unit has been in the spotlight since 2008 when a former IT employee...

  • PARIS, Feb 17- French investigating magistrates have issued arrest warrants for three former Swiss managers at UBS in connection with their investigation into whether the bank helped tax dodgers, a judicial source told Reuters on Tuesday. It was unclear if the managers worked in France or elsewhere for the Zurich- based bank. France has been investigating UBS...

  • PARIS, Feb 17- French investigating magistrates have issued arrest warrants for three former Swiss managers at UBS in connection with their investigation into whether the bank helped tax dodgers, a judicial source told Reuters on Tuesday. It was unclear if the managers worked in France or elsewhere within the Zurich- based bank. France has been investigating...

  • *UBS, Credit Suisse expand off-shoring centers in Poland. WARSAW/ KRAKOW, Feb 15- Swiss financial titans UBS and Credit Suisse are expanding their operations in provincial Poland in a cost-saving drive made more urgent by the surge in the value of the Swiss franc. Even before the Swiss central bank abandoned its cap on the currency in January, the cost of taking on...

  • GENEVA, Feb 13- Almost 200 countries agreed a draft text for a deal to fight climate change on Friday, but put off hard choices about narrowing down a vast range of options for limiting a damaging rise in temperatures. "Although it has become longer, countries are now fully aware of each other's positions," said Christiana Figueres, the head of the U.N.

  • The original Pullman 600, launched by Mercedes-Benz at the Frankfurt auto show in 1963, was over 6 metres long and had a top speed of 200 kilometres per hour. It gained notoriety in some circles as a "dictator ship" because it proved so popular with autocrats including Uganda's Idi Amin, Romania's Nicolae Ceaucescu, and Yugoslavia's Josip Broz Tito.