Europe Top News and Analysis Switzerland

  • Swiss engineering group Sulzer posted a 24 percent rise in full-year order intake on Tuesday, boosted by demand in the oil and gas sector, but said the growth rate was likely to slow in 2008.

  • UBS, struck with billions of dollars of writedowns on subprime exposures, is trying to persuade investment bankers to stay with the company by allowing them to sell some of their share-based bonuses after just one year, the Financial Times reported.

  • Shares in Swiss-based computer peripherals maker Logitech International gained up to 12 percent on Thursday amid speculation Microsoft would launch a takeover bid, traders said.

  • Shares in Swiss bank Credit Suisse  fell by around 3 percent on Monday after a Swiss newspaper reported the bank faced writedowns in its commercial mortgage and leveraged-finance business.

  • Reinsurer Swiss Re said it is committed to the Financial Services unit that was the source of last month's large subprime writedown and said it was likely to speed up its share buyback program.

  • Novartis plans a restructuring that will result in job cuts and the removal of several layers of management, according to an interview with CEO Daniel Vasella in the Wall Street Journal Europe.

  • UBS revealed a $10 billion writedown and an emergency injection of funds from Singapore and the Middle East, making it the biggest victim of the U.S. subprime crisis to date among major European banks.

  • Sometimes weekend newspaper pickups go nowhere and sometimes you hit pay dirt. This morning, putting together "Squawk Box Europe", the team debated the merits of a story carried by the Swiss weekly the Sonntagszeitung. It said UBS management held an unscheduled board meeting at the weekend and could announce more sizeable writedowns.

  • Jamba said it is partnering with Nestle USA to sell bottled smoothies and juice drinks at U.S. grocery stores, sending the company's shares up 28 percent.

  • Insurer Swiss Life raised its targets on Tuesday, aiming to boost earnings per share by at least 12 percent annually, and said the credit crisis will not hit its results, lifting its shares.

  • Swiss Life advanced a sweeping restructuring on Monday, unveiling plans to buy German investment adviser AWD in an agreed deal valuing AWD at 1.16 billion euros ($1.71 billion).

  • Shares in Swiss-based bank UBS tumbled temporarily on Tuesday on renewed fears the group may have to make more hefty writedowns for exposure to assets hit by the subprime crisis.

  • Roche on Tuesday said a late-stage study of its cancer drug Avastin in combination with gemcitabine chemotherapy and Tarceva for pancreatic cancer did not meet the primary endpoint for survival.

  • Net profit at Swiss Re dropped by less than expected in the third quarter, as the world's largest reinsurer benefited from low claims and said damage from a global credit crisis was limited.

  • Novartis

    Novartis has found safety problems in higher doses of its key Galvus diabetes drug and will revise prescribing recommendations before launching in Europe.

  • Nestle expects full-year sales to be well above 100 billion Swiss francs ($86.58 billion) this year, the head of the world's largest food group was quoted as saying over the weekend.

  • Credit Suisse reported a 31 percent fall in group net profits to 1.302 billion Swiss francs ($1.12 billion),  with profit at its investment banking unit all but wiped out by mortgage-linked writedowns.

  • UBS

    UBS reported a bigger-than-expected third-quarter pretax loss of 726 million Swiss francs ($624.8 million) on Tuesday, but said it expected to turn in a group profit in the last quarter.

  • Nestle said on Thursday a sale of its stake in French cosmetics group L'Oreal was one option to be considered after a lock-up agreement with the controlling family expires in 2009.

  • Swiss drugmaker Novartis's third-quarter net profit missed forecasts, dropping by 12 percent to $1.57 billion, weighed down by the launch of rival generic versions of its drugs and a one-off charge.