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Europe Top News and Analysis Switzerland

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  • Referendum-happy Swiss see funny side of Greek vote Tuesday, 30 Jun 2015 | 11:38 AM ET

    ZURICH, June 30- Amid the confusion surrounding Greece's plan to put its bailout to a referendum on Sunday, the Swiss are finding something in the last-minute vote to laugh about. Switzerland, which is not a member of the European Union, holds referenda several times a year at national, regional and local level as part of a system of direct democracy.

  • The report by the World Economic Forum, the Swiss-based corporate think-tank which runs the Davos summit of world leaders each January, says major disruptions are in store for many once highly profitable financial services businesses. Exemplifying the trend, UK regulators last week granted a banking license to Atom, a "branch-free, paper-free" institution...

  • ZURICH, June 30- A drug being developed by Roche to treat multiple sclerosis met its main targets in two final-stage clinical trials, boosting the Swiss company's hopes of expanding beyond its core cancer business. Rebif, made by Germany's Merck KGaA, is already battling stiff competition from a new generation of oral drugs against the debilitating disease.

  • DIARY- Top Economic Events to July 10 Monday, 29 Jun 2015 | 8:01 PM ET

    LONDON- Reserve Bank of Australia Governor Glenn Stevens speaks at an event hosted by Official Monetary and Financial Institutions Forum- 0840 GMT. LONDON- Bank of England's Paul Fisher speaks at the Financial Times Future of Insurance event- 0840 GMT. VIENNA- European Central Bank Governing Council member Ewald Nowotny to give a keynote speech at "Raiffeisen...

  • BERN/ LONDON, June 29- Greece's deepening debt crisis prompted bankers to pause, not panic, on Monday, and though markets dropped sharply they held above previous crisis lows. Euro zone stocks remained well ahead of where they were at the start of the year before the European Central Bank started printing money, and while government borrowing costs shot up in...

  • OTTAWA, June 29- Bank of Canada Governor Stephen Poloz defended on Sunday the central bank's surprise interest rate cut early this year, saying last year's big drop in oil prices made the cut necessary to keep policy in a "neutral zone" where risks are balanced. Speaking on a panel at the Bank for International Settlements' annual general meeting in Basel,...

  • WASHINGTON, June 29- The U.S. Justice Department said on Friday it reached a resolution with the Swiss regional bank Ersparniskasse Schaffhausen AG on possible tax-related criminal offenses. According to terms of the agreement, EKS will cooperate in any related criminal or civil proceedings, show implementation of controls to stop misconduct and pay...

  • BASEL, Switzerland, June 29- Swiss drugmaker Novartis AG 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...

  • *Italy last major market where outflows are expected. ZURICH, June 26- Switzerland's private banks are close to ridding themselves of undeclared European accounts, a salutary process but one which has undermined efforts to grow their businesses. Following the financial crisis, cash-strapped governments chased accounts hidden at banks in Zurich, Geneva and...

  • LISBON, June 25- The Bank of Portugal urged central banks in Portuguese-speaking Africa to raise supervision standards to the European banking union's tougher requirements to avoid capital cost hikes for European banks in Africa. Bank of Portugal Governor Carlos Costa, who is also a member of the European Central Bank governing council, said on Thursday that...

  • ZURICH, June 25- Union Bancaire Privee plans to cut between 60 and 110 jobs initially after buying the international business of wealth manager Coutts from Britain's Royal Bank of Scotland, a source familiar with the matter told Reuters on Thursday. The Geneva- based private bank run by Guy de Picciotto, the son of the founder, hopes the deal will bolster business...

  • ZURICH, June 25- Union Bancaire Privee plans to cut between 110 and 160 jobs initially after buying the international business of wealth manager Coutts from Britain's Royal Bank of Scotland, a source familiar with the matter told Reuters on Thursday. The Geneva- based private bank run by Guy de Picciotto, the son of the founder, hopes the deal will bolster business...

  • NEW YORK, June 23- A Manhattan federal judge on Tuesday questioned why a former UBS AG trader's bid to dismiss a criminal case accusing him of scheming to manipulate the Libor rate should even be considered when the U.S. government calls him a fugitive. District Judge Paul Crotty to overturn a federal magistrate's decision in March that rejected an earlier bid to...

  • *Faces slowdown in China, drop in oil& gas industry spend. ZURICH, June 23- ABB faces "hard weather sailing" in key businesses due to a second-quarter slowdown in several of its major markets, the Swiss power and automation group's chief executive warned in an interview with Reuters on Tuesday. Zurich- based ABB said a significant slowdown in China, a sharp drop in...

  • Iron ore surged 40 percent from a decade-low in just over two months as dwindling stocks at China's ports suggested tighter supply in a market that had been hit hard by plentiful ore. But China's appetite for steel has been shrinking as its economy slows and is now taking a further hit as construction eases over the summer, forcing mills to cut production.

  • SHANGHAI/ SINGAPORE, June 18- Some Chinese steelmakers are selling their output abroad at a loss, according to traders and a producer, as a group of global industry bodies urged governments to take action over rising shipments from China. China exports around 10 percent of its annual steel output from hundreds of steelmakers and it was unclear the quantity of...

  • Why we kept rates on hold: SNB Thursday, 18 Jun 2015 | 6:10 AM ET
     Why we kept rates on hold: SNB

    Thomas Jordan, chairman of the Swiss National Bank (SNB), discusses today's rate decision, telling CNBC that the country's inflation and economic outlook remains unchanged.

  • ZURICH, June 18- Novartis AG said on Thursday it expects to increase its profit margin this year as it restructures its drug portfolio and cuts costs, as well as generate cash for a higher dividend and smaller, strategic acquisitions. Novartis, the world's biggest supplier of prescription drugs by sales, is briefing investors about prospects at its research...

  • The curse of being a safe haven currency Wednesday, 17 Jun 2015 | 10:39 AM ET
    A Swiss franc and euro banknotes

    It's tough being a low-yielding safe haven currency. In good times, nobody wants you. In bad times, you're highly sought after.

  • This city is the most expensive for expats Wednesday, 17 Jun 2015 | 2:35 AM ET

    Think London, Sydney or New York are expensive? Then the results of Mercer's annual Cost of Living survey will surprise you!