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Europe Top News and Analysis Switzerland

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  • ZURICH, July 14- Swiss bank Syz& Co said it would buy Royal Bank of Canada's Swiss private bank, including 10 billion Swiss francs under management, the latest move by a foreign bank to exit Switzerland. Geneva- based Syz, which is privately held, didn't disclose a purchase price for the RBC unit, which is mainly active in Latin America, Africa and the Middle East.

  • LONDON, July 14- It's a showpiece drug that has the potential to end a disease that kills half a million African children a year. Backed by billionaire philanthropist Bill Gates and developed by GlaxoSmithKline, the vaccine-- called RTS, S or Mosquirix-- is being assessed by regulators and global health authorities. But it's a very complicated vaccine, so the...

  • *Barclays 4th big European bank to change CEO this year. LONDON, July 9- Barclays has joined three other European banks in ousting its chief executive, a top-level clear out that has raised expectations of big changes at the banks and triggered an $8 billion jump in their market value. The new leadership at Standard Chartered, Credit Suisse and Deutsche Bank could...

  • The plan, which still needs Greek parliamentary approval and a final accord with Switzerland, is to levy a flat 21 percent tax on such assets to make them legitimate, raising millions that the government in Athens desperately needs, the Sunday paper said, citing unidentified sources. The amount should become clear by 2018, when Switzerland is supposed to begin...

  • ZURICH, July 1- The Swiss government said on Wednesday Thomas Bauer, an expert in banking law and combating money laundering, would become the new chairman of the financial regulator FINMA from January 2016. FINMA drew some criticism this year over its handling of allegations surrounding HSBC Holdings Plc's Swiss business. The government also named on...

  • ZURICH/ BRUSSELS, July 1- Credit Suisse's new chief executive told staff in a memo on Wednesday the Swiss bank needed a strong balance sheet to help it through rough times and the discipline to decide where it wanted to invest. Tidjane Thiam, 52, started work as CEO of Credit Suisse on Wednesday and investors are optimistic he can bring about a major change of...

  • FRANKFURT, June 30- The world's top banks and insurers are seeing their business models challenged by "fintech" start-ups, which are reshaping what consumers and businesses expect from financial services, industry insiders and experts say. A report out Tuesday from the World Economic Forum, the Swiss-based corporate think-tank which runs the Davos summit of...

  • 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...