Switzerland
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Switzerland is set to bow to years of pressure from the EU by overhauling the system of tax privileges that has helped entice thousands of multinational firms to the country.
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UBS, one of Europe's hardest-hit banks in the crisis, said on Tuesday accounting effects would weigh on fourth quarter results but it had seen some encouraging signs in client flows in October.
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Swiss Re, the world's second-biggest reinsurer, reported a surprise third-quarter net loss of 304 million Swiss francs ($263.2 million), hurt by investment losses.
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Of all the places to put money to work in Europe, the pharmaceutical sector is the most promising, a technical analyst told CNBC Thursday.
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Mention the words Swiss bank account and it can bring to mind corrupt politicians hiding vast sums of money, drug lords laundering ill gotten gains or filthy rich American citizens trying to avoid paying taxes.
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Swatch Group posted a 9 percent fall in first-half net profit on Friday as the weak dollar and a loss on investments weighed, but gave a confident outlook due to demand in emerging markets.
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European financial groups ING and Zurich Financial Services reported quarterly profits that met or exceeded expectations on Wednesday, helped by strong insurance businesses and limited investment writedowns.
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UBS will separate its investment bank from its prized wealth management arm, paving the way to sell the business that made it Europe's biggest casualty of the credit crunch.
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Acquisitive miner Xstrata unveiled a $10 billion takeover bid for the world's third-biggest platinum producer Lonmin, aiming to diversify its business from industrial metals such as copper.
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A lawsuit against UBS alleging that the Swiss bank engaged in fraud related to holdings of a fund in loss-making company Endwave was dismissed by a New York Supreme Court judge, court documents showed.
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ABB reaffirmed it is considering acquisitions and has the means to fund a takeover despite strained debt markets, Michel Demare, ABB's interim chief executive told CNBC Friday.
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New York Attorney General Andrew Cuomo filed a civil lawsuit on Thursday against UBS, accusing the Swiss bank of steering customers into auction-rate securities that this year became impossible to cash out of amid the credit crunch.
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Credit Suisse beat expectations with second-quarter earnings of 1.2 billion Swiss francs ($1.16 billion) as it managed more funds for the world's wealthy and said it was coping well with a global credit crunch.
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Swiss agrochemicals company Syngenta posted a better-than-expected 25 percent rise in first-half net profit and raised its guidance for 2008 and 2009, citing buoyant agricultural markets and good prospects for the southern hemisphere planting season.
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Swiss engineering group ABB met forecasts with a 34 percent jump in second-quarter net profit and raised its 2008 guidance for its automation activities on Thursday.
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Swiss bank UBS will discontinue offshore banking and securities services to U.S. residents through its branches, a UBS executive said Thursday at a congressional hearing on offshore tax havens.
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Second-quarter net profit at Novartis rose 17 percent to $2.27 billion, helped by the weak U.S. dollar and cost cutting efforts, beating forecasts and boosting its shares.
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Swiss Re said it had $9.6 billion exposure to the debt of U.S. mortgage financers Freddie Mac and Fannie Mae, renewing fears over its vulnerability to the credit crunch and sending its shares down.
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Swiss authorities could require UBS and Credit Suisse to set aside an additional 70 billion Swiss francs ($68.29 billion) in capital, a newspaper reported on Sunday, citing lawmakers.
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A federal judge in Miami authorized the Internal Revenue Service to request information from UBS about U.S. taxpayers who may be using Swiss bank accounts to evade federal income taxes, the U.S. Justice Department said Tuesday.
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UBS failed to address nagging concerns about further possible writedowns on Tuesday, dishing out instead a restructuring of top management and sending shares to a fresh 10-year low.