Archive – Banking & Fintech

Roche cancer drug gets grim prognosis

This content was published on Dec 16, 2010 As the world’s best-selling cancer medicine, Avastin has been approved for treating a variety of cancers. However, it failed to extend lives in four trials involving breast cancer patients. “Given the number of serious and life-threatening side effects, the FDA does not believe there is a favourable risk-to-benefit ratio,” Dr Richard Pazdur, the US Food…

United States sues firms for oil spill damages

This content was published on Dec 16, 2010 It is seen as a first step by the US authorities to gain billions of dollars in compensation for the disaster, in which 11 people died. “The department’s focus on investigating this disaster and preventing future [spills] is not over,” Attorney General Eric Holder said during a news conference in Washington. “Both our civil and…

Credit Suisse workers under suspicion in Germany

This content was published on Dec 16, 2010 Along with a former bank employee, the four workers are suspected of aiding clients with tax evasion, the Düsseldorf public prosecutor told the Reuters news agency on Thursday. As part of the investigation, raids were carried out in the Lake Constance region this week. Anonymous documents sent in July helped tip off the prosecutor. It…

Central bank keeps interest rate on hold

This content was published on Dec 16, 2010 It is leaving the target range for the three-month Libor (London Interbank Offered Rate) at 0.00 – 0.75 per cent, and intends to keep this within the lower part of the target range at 0.25 per cent. The central bank commented on Thursday that while the growth dynamic in emerging markets was vigorous, the recovery…

Novartis takeover of Alcon complete

This content was published on Dec 15, 2010 Novartis has been trying to clinch 100 per cent ownership in Alcon since the start of the year. However, the Swiss company’s original all-paper offer of 2.8 Novartis shares for each Alcon share met stiff resistance from Alcon’s Independent Director Committee (IDC), which repeatedly dismissed it as “grossly inadequate”. The merger will now include up…

“Child labour exists on cocoa farms”

This content was published on Dec 14, 2010 Jürgen Steinemann, CEO of Zurich-based Barry Callebaut, also stresses the importance of direct involvement in projects such as its Quality Partner Program, which aims to improve the quality of not only cocoa beans but also the lives of cocoa farmers. He explains how such schemes are win-win situations and are the best way to ensure…

Swiss economy faces slowdown

This content was published on Dec 14, 2010 However, the government’s expert group said that given the relative resilience of the domestic market so far, the expected slowdown should remain limited. In a statement on Tuesday, Seco forecast a slowdown of Gross Domestic Product (GDP) growth from 2.7 per cent in 2010 to 1.5 per cent in 2011. It said this was likely…

Swiss economy finds competitive advantage

This content was published on Dec 12, 2010 But the growing strength of Asian economies coupled with structural weaknesses in Europe have helped Switzerland gain a position of relative competitive strength over neighbours. Swiss exporters still face problems associated with the strengthening franc and a weakening of their most important market – the European Union. But a steady diversification of exports away from…

Court blocks Transocean payout

This content was published on Dec 10, 2010 Transocean, which is based in Zug, is considering filing an appeal to the Federal Court by January 24. The firm wanted to register the first of four partial par value reductions in the amount of SFr0.86 per issued share – as agreed to by shareholders in May after a proposal made by the board in…

UBS tax case brings more leads

This content was published on Dec 9, 2010 United States tax chief Douglas Shulman made the announcement on Thursday as part of his remarks to a tax conference in Washington, DC. “This information has already proved invaluable in supplementing and corroborating prior leads, as well as developing new leads involving numerous banks,” Shulman said . He also said the agency was considering another…

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Archive – Banking & Fintech

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Archive – Banking & Fintech

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Roche cancer drug gets grim prognosis

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United States sues firms for oil spill damages

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Credit Suisse workers under suspicion in Germany

More

Central bank keeps interest rate on hold

More

Novartis takeover of Alcon complete

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“Child labour exists on cocoa farms”

More

Swiss economy faces slowdown

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Swiss economy finds competitive advantage

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Court blocks Transocean payout

More

UBS tax case brings more leads

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