Goldman Sachs has sold its embattled metal-storage unit to a Swiss company, a source familiar with the situation told CNBC.» Read More
The central banks of Britain and Switzerland added extra funds to ease pressure on high interbank lending rates on Thursday, while the European Central Bank said it was ready to step in with extra cash.
Shares in Anglo-Swiss miner Xstrata tumbled on Wednesday after the collapse of talks with Brazil's Vale to buy the company and forge a massive mining group.
All the excitement in the United States this week may have distracted investors from the global investment scene. Five-star fund co-manager Wendy Trevisani suggests that would be a mistake, and she has some prominent international names to prove it.
Marcel Ospel, the embattled chairman of UBS, took a 90 percent pay cut in 2007 after the Swiss bank chalked up a $18 billion in writedowns and warned that it still held billions more in at-risk investments.
Swiss bank UBS poured cold water on speculation it planned to sell major business units to raise cash but failed to stem a loss of confidence as investors drove its shares down 13 percent on fears of financial contagion.
Swiss bank UBS, another bank suffering from the credit crunch, recently shopped its PaineWebber brokerage unit in an effort to drum up cash but failed to find the right buyer, CNBC has learned.
Watchmaker Swatch Group gave an upbeat outlook for 2008 on Friday, helped by the Olympic Games, despite headwinds from currency swings and soaring raw material prices.
Nestle, the world's largest food company, raised its growth outlook in a surprise statement on Thursday, saying it expected underlying sales to rise about 7.4 percent in 2008 after a strong start to the year.
Economic losses from natural and man-made catastrophes in 2007 were more than $70 billion, with insurers hit by claims amounting to $28 billion, according to research released on Tuesday by Swiss Re, the world's largest reinsurer.
Swiss wealth manager EFG International said on Friday a U.S. municipal bond fund it was distributing had to be liquidated, sending its shares sharply lower.
Swiss bank UBS came under renewed pressure on Thursday due to speculation it had sold a huge portfolio of risky mortgages at a deep discount and that the scale of its subprime losses was rapidly mounting.
Recruitment firm Adecco's fourth-quarter net profit fell 29 percent but the decline was less than analysts' expectations, and the Swiss-based staffing company said it sees good growth rates in Europe.
Miner Xstrata posted a 13 percent rise in annual net profit on Monday on strong output, but gave little detail about ongoing talks regarding a possible takeover by Brazil's Vale.
Swiss Re, the world's biggest reinsurer, made better than expected 2007 net profit, as it escaped further subprime writedowns in the fourth quarter, and gave a confident earnings outlook.
A dispute over marketing rights held by mining group Xstrata's biggest shareholder is threatening a possible takeover by Brazil's Vale worth around $90 billion, a source close to the situation said on Thursday.
Analysts raised forecasts for Roche Holding on Monday after U.S. regulators approved its Avastin drug for treating advanced breast cancer, adding a potentially significant new revenue source.
Nestle, the world's largest food company, brushed off fears of commodity price inflation and global slowdown to post an above forecast 15.8 percent rise in 2007 net profits sending its shares higher.
Brazilian miner Vale has raised its bid for rival Xstrata by 17 percent to more than $89 billion, and a formal offer is expected in the coming days, a source with direct knowledge of the merger talks said Thursday.
Credit Suisse has written $2.85 billion off the value of its asset-backed investments and found mismarking and pricing errors on its books, it revealed on Tuesday, sending its shares plummeting by 6.6 percent.
Swiss engineering group ABB gave an upbeat outlook for 2008 on Thursday and said it would benefit from development of new power infrastructure in Asia, the Middle East and Africa, boosting its shares.