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Europe Top News and Analysis Switzerland

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  • 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...

  • 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!

  • *Commerzbank sees Brent in range $60 to $65. LONDON, June 15- Oil prices fell on Monday as the Greek debt crisis helped boost the dollar, making fuel more expensive to holders of other currencies, and as United Nations talks offered a chance for peace in Yemen where crude exporter Saudi Arabia is involved in a civil war. Production has been increasing in top OPEC...

  • *Commerzbank sees Brent in range $60 to $65. LONDON, June 15- Oil prices steadied on Monday as a storm that could impact the Gulf of Mexico raised concerns over U.S. production but talks in Geneva offered a chance for peace in Yemen where top crude exporter Saudi Arabia has been involved in a civil war. Brent has fallen from a high above $66 last week and appears to be...

  • SINGAPORE, June 15- Oil prices stabilized after early falls on Monday as a storm that could impact Gulf of Mexico operations supported U.S. crude and Saudi-led air strikes on Yemen's capital pushed up international Brent contracts. In the Middle East, warplanes from a Saudi-led coalition bombarded Yemen's capital Sanaa overnight, a Reuters witness said, as the...

  • The priciest place to take a vacation is... Sunday, 14 Jun 2015 | 2:00 PM ET
    Geneva.

    At the foot of Switzerland's Alps and along Lake Geneva lies one of the most luxurious—and pricey—cities in the world.

  • Hopes high for Thiam turnaround at Credit Suisse Sunday, 14 Jun 2015 | 9:31 AM ET

    ZURICH/ LONDON, June 14- Tidjane Thiam starts work as CEO of Credit Suisse next month with investors optimistic he can bring about a major change of strategy at the bank, even if he has to raise cash to do it. An expectation that the 52- year-old will successfully switch Credit Suisse's focus to lucrative Asian wealth management and shrink its cash-intensive...

  • *Plans to expand in U.S., set up in Dubai. The bank managed 10.7 billion Swiss francs at the end of 2014, and although that fell by 9 percent in 30 minutes on Jan. 15, when the Swiss National Bank unleashed a huge rise in the value of the currency, it has since recovered and grown again. "We are working on a 2016-2020 plan which involves getting our assets under management...

  • *Energy firms accelerate activity ahead of Paris summit. Discrete talks in the eyrie of Davos in January led to a spontaneous, light bulb moment on a stage in Oslo in February. Faced with growing pressure from shareholders, vocal divestment campaigns by the media and advocacy groups, there looms the critical moment of the United Nations climate summit in Paris in...

  • Deutsche Bank's new CEO Cryan seeks to steady nerves Thursday, 11 Jun 2015 | 1:54 PM ET

    FRANKFURT, June 11- Deutsche Bank's top managers have met with the bank's new chief executive John Cryan this week as he works hard to keep them on board, at least for now, following Sunday's shock announcement that he would replace Anshu Jain in July. Deutsche Bank's chairman Paul Achleitner and departing co-CEO Jain have also offered executives assurances...

  • Kazakhstan to join WTO after 20 years of talks Thursday, 11 Jun 2015 | 7:04 AM ET

    GENEVA, June 11- Kazakhstan has completed the negotiations needed to join the World Trade Organization, the Geneva- based trade body said in a statement, and is on track to become the 162nd WTO member by the end of the year. Kazakhstan is part of the Eurasian Economic Union, a regional trade grouping that includes Russia, Armenia, Kyrgyzstan and Belarus and has common...

  • *Togo carves out role as West African transit hub. LOME, June 11- The scale of Togo's ambition is clear as you fly into the capital, Lome. President Faure Gnassingbe, scion of a dynasty that has ruled Togo for nearly half a century, is modeling his country on Singapore or Dubai.

  • CARACAS, June 9- Venezuela on Tuesday demanded that neighboring Guyana halt oil exploration being carried out by Exxon Mobil Corp in disputed offshore territory in an escalation of a long-running border dispute between the two South American nations. Exxon last month said it found oil off Guyana's coast, spurring complaints from Caracas that Guyana is...