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Europe Top News and Analysis Switzerland

  • A senior UBS employee was briefly detained by U.S. authorities in April as part of an investigation into the bank's cross-border business, the Swiss bank said on Wednesday.

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    Swiss bank UBS will cut almost 7 percent of its workforce and said it has a preliminary deal with  BlackRock to sell a $15 billion portfolio of subprime mortgages.

  • When Warren Buffet treated his 31,000 plus audience to his annual Berkshire Hathaway gathering in Nebraska recently he was asked about the banks. When would he be happy to buy back into U.S. investment banks?

  • First-quarter net profit at Swiss Re dropped by half, a bigger fall than expected, and the world's biggest reinsurer announced fresh credit writedowns of 819 million Swiss francs ($776.3 million).

  • First-quarter premium income from continuing operations at Swiss Life dropped 3 percent to 6.6 billion Swiss francs ($6.26 billion), but the life insurer saw no reason to revise its targets.

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    UBS shares rose over 5 percent on Friday on hopes the ailing Swiss bank will unveil job cuts next week to reverse breakneck expansion into investment banking which made it Europe's worst subprime victim.

  • Europe's two biggest casualties from the subprime crisis tomorrow face shareholders who will want answers on how, between them, the two banking giants lost well over $50 billion.

  • Drug maker Novartis reported a better-than-expected rise in first-quarter profit, thanks to strong vaccine sales, while quarterly sales at Nestle also beat expectations.

  • Poor risk control and a narrow focus on revenue growth at UBS's investment bank helped cause huge credit losses, UBS said on Monday, as it prepares to meet restive shareholders this week.

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    Deutsche Bank is looking to sell as much as $20 billion in leverage debt, while Credit Suisse could write down another $5 billion, according to published reports over the weekend.

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    Novartis has agreed to buy Nestle AG's percent stake in U.S. company Alcon in a deal worth up to $39 billion to boost its eye care business, the Swiss drugmaker said on Monday.

  • Shares of Swiss bank UBS rose 3.7 percent Friday as activist investor Luqman Arnold called for a restructuring of the company that would include a sale of its asset-management business.

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    Pressure on beleaguered Swiss bank UBS to break up intensified as activist investor and former chief executive Luqman Arnold demanded to meet UBS' board and shake up its governance and structure.

  • Swiss agrochemicals group Syngenta raised its earnings outlook on Thursday, cashing in on roaring demand for farm goods and saying first-quarter sales had leapt 20 percent.

  • Asia will contribute about 20 percent of Swiss Re's global revenues within three to five years, up from 11 percent now, a senior executive at the world's largest reinsurer said on Wednesday.

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    UBS doubled its writedowns from the subprime crisis on Tuesday, dumped its chairman and sought more emergency capital in a second attempt to reverse its fortunes.

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    Worries mounted in the market that UBS would unveil more losses this week after the Swiss bank said at the weekend it had begun lowering the value of some structured securities held by clients.

  • Life insurer Swiss Life's 2007 net profit beat expectations and it promised shareholders a fat pay-out after a major overhaul of its business, sending its shares soaring.

  • The central banks of Britain and Switzerland added extra funds to ease pressure on high interbank lending rates on Thursday, while the European Central Bank said it was ready to step in with extra cash.

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    Shares in Anglo-Swiss miner Xstrata tumbled on Wednesday after the collapse of talks with Brazil's Vale to buy the company and forge a massive mining group.