Europe Top News and Analysis Switzerland


  • UBS Chairman's Pay Slashed 90% in 2007 Tuesday, 18 Mar 2008 | 10:41 AM ET

    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.

  • UBS Leads Banks Lower Amid Credit Market Fears Monday, 17 Mar 2008 | 11:27 AM ET

    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.

  • UBS Shopped PaineWebber Unit In Bid to Raise Cash Friday, 14 Mar 2008 | 4:55 PM ET

    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.

  • Swatch CEO Upbeat on 2008, Despite Gold, Currencies Friday, 14 Mar 2008 | 5:16 AM ET

    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 Raises Outlook after Strong 2008 Start Thursday, 13 Mar 2008 | 2:18 PM ET

    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.

  • Catastrophes Cost $70 Billion in '07: Swiss Re Tuesday, 11 Mar 2008 | 9:18 AM ET

    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.

  • EFG Liquidates Municipal Bond Fund, Shares Plummet Friday, 7 Mar 2008 | 12:08 PM ET

    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.

  • UBS Shares Sink on Writedown Fears Thursday, 6 Mar 2008 | 1:06 PM ET

    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.

  • Adecco's Profit Drops Less than Expected Tuesday, 4 Mar 2008 | 7:02 AM ET

    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.

  • Xstrata Profit Jumps 13%, Vale Talks Go On Monday, 3 Mar 2008 | 12:47 PM ET

    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 2007 Profit Drops Less than Expected Friday, 29 Feb 2008 | 12:31 PM ET
    ** FILE ** The headquarters of Swiss Reinsurance Company Swiss Re at the Mythenquai in Zurich, Nov. 18, 2005. Swiss Re, the worlds second largest reinsurer plans to cut up to 1700 jobs following the acquisition of General Electric Co's GE Insurance Solutions unit in November 2005, CEO designate Jacques Aigrain said Wednesday, Jan. 18, 2006, in an interview with the Financial Times. Swiss Re has a total staff of 9000 in Zurich, Switzerland, while GE Insurance Solution employs a total workforce of

    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.

  • Vale Talks to Take over Xstrata Hit Impasse Thursday, 28 Feb 2008 | 5:14 AM ET

    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.

  • Roche Outlook, Stock Buoyed by Avastin Approval Monday, 25 Feb 2008 | 12:48 PM ET

    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 Price Increases Drive Up 2007 Profit Thursday, 21 Feb 2008 | 12:37 PM ET

    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.

  • Brazil Miner Vale Raises Bid for Xstrata: Source Thursday, 21 Feb 2008 | 9:47 AM ET

    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 Writes Down Further $2.85 Billion Tuesday, 19 Feb 2008 | 12:44 PM ET

    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.

  • ABB Upbeat on 2008 Emerging Market Growth Thursday, 14 Feb 2008 | 1:08 PM ET

    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.

  • Zurich 2007 Net Profit Rises 22% to $5.6 Billion Thursday, 14 Feb 2008 | 1:04 PM ET

    Net profit at Zurich Financial rose by a fifth in 2007, outstripping expectations, on the back of cost cuts and the Swiss insurer said on Thursday it would continue to scoop up rivals.

  • UBS, Hit by Mortgage Risk, Sees Hard Year Ahead Thursday, 14 Feb 2008 | 12:42 PM ET

    Swiss bank UBS has revealed $26.6 billion in exposure to risky U.S. mortgages distinct from subprime loans, increasing its vulnerability to the global credit crisis and sending its shares sharply lower.

  • Credit Suisse Trims Subprime Writedowns Tuesday, 12 Feb 2008 | 1:06 PM ET

    Credit Suisse trimmed total writedowns from the subprime crisis Tuesday and its CEO Brady Dougan told CNBC he saw many growth opportunities for the bank.