Swatch Group posted a 9 percent fall in first-half net profit on Friday as the weak dollar and a loss on investments weighed, but gave a confident outlook due to demand in emerging markets.
European financial groups ING and Zurich Financial Services reported quarterly profits that met or exceeded expectations on Wednesday, helped by strong insurance businesses and limited investment writedowns.
UBS will separate its investment bank from its prized wealth management arm, paving the way to sell the business that made it Europe's biggest casualty of the credit crunch.
Acquisitive miner Xstrata unveiled a $10 billion takeover bid for the world's third-biggest platinum producer Lonmin, aiming to diversify its business from industrial metals such as copper.
A lawsuit against UBS alleging that the Swiss bank engaged in fraud related to holdings of a fund in loss-making company Endwave was dismissed by a New York Supreme Court judge, court documents showed.
ABB reaffirmed it is considering acquisitions and has the means to fund a takeover despite strained debt markets, Michel Demare, ABB's interim chief executive told CNBC Friday.
New York Attorney General Andrew Cuomo filed a civil lawsuit on Thursday against UBS, accusing the Swiss bank of steering customers into auction-rate securities that this year became impossible to cash out of amid the credit crunch.
Credit Suisse beat expectations with second-quarter earnings of 1.2 billion Swiss francs ($1.16 billion) as it managed more funds for the world's wealthy and said it was coping well with a global credit crunch.
Swiss agrochemicals company Syngenta posted a better-than-expected 25 percent rise in first-half net profit and raised its guidance for 2008 and 2009, citing buoyant agricultural markets and good prospects for the southern hemisphere planting season.
Swiss engineering group ABB met forecasts with a 34 percent jump in second-quarter net profit and raised its 2008 guidance for its automation activities on Thursday.
Swiss bank UBS will discontinue offshore banking and securities services to U.S. residents through its branches, a UBS executive said Thursday at a congressional hearing on offshore tax havens.
Second-quarter net profit at Novartis rose 17 percent to $2.27 billion, helped by the weak U.S. dollar and cost cutting efforts, beating forecasts and boosting its shares.
Swiss Re said it had $9.6 billion exposure to the debt of U.S. mortgage financers Freddie Mac and Fannie Mae, renewing fears over its vulnerability to the credit crunch and sending its shares down.
Swiss authorities could require UBS and Credit Suisse to set aside an additional 70 billion Swiss francs ($68.29 billion) in capital, a newspaper reported on Sunday, citing lawmakers.
A federal judge in Miami authorized the Internal Revenue Service to request information from UBS about U.S. taxpayers who may be using Swiss bank accounts to evade federal income taxes, the U.S. Justice Department said Tuesday.
UBS failed to address nagging concerns about further possible writedowns on Tuesday, dishing out instead a restructuring of top management and sending shares to a fresh 10-year low.
The U.S. Justice Department said it asked a federal court in Miami for an order authorizing the Internal Revenue Service to request information from Zurich-based UBS about U.S. taxpayers who may be using Swiss bank accounts to evade federal income taxes.
Investors took fright on Monday that UBS could face further losses and sent it stocks tumbling to a 10-year low after news the Swiss bank might sell off the heart of its U.S. wealth management business.
Beleaguered Swiss bank UBS is considering the sale of Paine Webber, the heart of its U.S. wealth management business, according to sources with direct knowledge of the matter.
A new kind of contract, which would be renewed each year, will allow companies to buy a full shipment of Tamiflu at the prevailing wholesale price.