Europe Top News and Analysis Switzerland

  • Swiss bank UBS, the world's largest wealth manager, beat forecasts with record second-quarter profits but warned that market turmoil was likely to hit its investment banking business in the second half of the year.

  • Swatch Group reported a much improved first-half net profit, driven by continued strong consumer spending and positive currency effects.

  • sCredit Suisse building sign

    Credit Suisse unveiled a surprise 48% jump in second-quarter net profit, saying it was confident it could deliver good results despite credit-market turmoil, boosting its shares.

  • International engineering group ABB said on Thursday it may have violated the U.S. Foreign Corrupt Practices Act bribery law after discovering suspect payments made by some employees abroad and had notified the U.S. authorities.

  • Nestle, the world's largest food company, held merger talks with U.S. snacks and drinks conglomerate PepsiCo earlier this year, but the project ran aground due to a number of complications, the Wall Street Journal Europe reported on Thursday.

  • Novartis cut its full-year results outlook as generic competition pressured sales of a key blood-pressure drug, and said U.S. regulators had delayed the approval process for an important cancer treatment.

  • Nestle, the world's largest food company, will raise prices, cull unprofitable products and speed up production rationalization to prepare for a lasting rise in commodity and energy prices.

  • UBS is preparing a new growth initiative in the United States that may include acquisitions as it seeks to bolster its investment banking and wealth management business, the Swiss group's chairman said on Sunday.

  • Food prices around the world are set for a "significant and long-lasting" period of inflation because of a variety of factors, including demand from China and India, Nestle's chairman Peter Brabeck said in an interview with the Financial Times today.

  • The state of Massachusetts accused UBS of providing hedge fund traders with favors intended to win brokerage business for the investment bank, according to a report.

  • Shares of Ventana Medical Systems soared on Tuesday, on news that Roche Holding made a $3 billion tender offer for the company.

  • Shares of Julius Baer Holding fell Friday after UBS said late Thursday that it would sell its 20.7% stake in the Swiss private bank.

  • Larry Smith, chief investment officer at Third Wave Global Investors, told CNBC’s “Street Signs” that interest rates in Switzerland are significantly lower than in the United Kingdom, creating an opportunity for investors.

  • Swiss private bank EFG International said on Wednesday it would buy Toronto-based Bull Wealth Management, further pursuing its strategy of growing rapidly through acquisitions.

  • Adecco said it has signed an agreement to fully acquire Germany's Tuja Group for a total consideration of around 800 million euros ($1.07 billion) , with the acquisition seen earnings enhancing as of 2007. Adecco said the transaction, which is still subject to regulatory approval, significantly strengthens its position in the German temporary staffing market, one of the fastest growing of its kind in the industry worldwide.

  • The Swiss National Bank raised interest rates by 25 basis points for the seventh quarter running on Thursday, and said more increases were likely if the economy remained strong.

  • A Swiss judge acquitted all 19 former executives of failed airline Swissair of criminal wrongdoing on Thursday, ending Switzerland's biggest-ever economic crime trial.

  • The Swiss unemployment rate fell to 2.7% in May from 2.9% in April, Switzerland's State Secretariat for Economic Affairs (Seco) said.

  • Swiss Re is set to buy nearly 4 billion pounds ($7.90 billion) worth of U.K. life insurance liabilities from Swiss insurer Zurich Financial, the Wall Street Journal said on Friday. Both Zurich Financial and Swiss Re declined to comment on the story, which said terms of the deal were not known.

  • Switzerland's first quarter gross domestic product grew a real (or inflation-adjusted) 0.8% from the fourth quarter of last year and increased a 2.4% year-on-year, the Swiss state secretariat for economic affairs (SECO) said.