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Novartis U-turn is a “win-win solution”

This content was published on Jan 20, 2012 Described at the time by the pharmaceutical giant as a pre-emptive move, the announcement of 1,080 Swiss job cuts, alongside news of multi-billion profit figures, caused consternation in Switzerland. “We’re facing an increasingly difficult environment which is likely to get even tougher over the next five years,” Novartis CEO Joe Jimenez said in October, commenting…

Credit Suisse bets on US property market

This content was published on Jan 20, 2012 The New York Fed did not disclose the amount paid for the assets, part of a special portfolio created in the 2008 rescue of the American insurance and financial services company. The assets were sold through an auction, it said in a statement. Traders reckon that CS paid around $3.5 billion and will most likely…

Timeout called on leap seconds

This content was published on Jan 20, 2012 Around 700 delegates from some 100 countries at an International Telecommunications Union meeting decided to delay any decision on whether to call time on leap seconds. These seconds were introduced in 1972 to help real time – measured by the earth’s rotation on its axis and around the sun – catch up with atomic time.…

Hildebrand stays in major financial think tank

This content was published on Jan 19, 2012 G30 executive director Stuart Mackintosh confirmed press reports to this effect on Thursday. The Washington-based G30 is a private, international non-profit organisation which brings together “very senior representatives of the private and public sectors and academia”. On its website the group describes its aims as being “to deepen understanding of international economic and financial issues,…

Avalanche airbags

This content was published on Jan 19, 2012 Avalanche airbags are selling well: more and more skiers go off-piste, and the inflatable airbags can save their lives in an avalanche. The Swiss sports and outdoor gear company Mammut has recently produced its own model. But the German inventor of this type of airbag is threatening to sue the Swiss for stealing his idea.…

Moody’s keeps top rating for Switzerland

This content was published on Jan 19, 2012 Switzerland’s creditworthiness contained very little risk, the agency said on Thursday. It added that the assessment reflected the open, highly developed and broad-based economy, which benefited from Swiss tax policies, low inflation and a strong position as a creditor. Moody’s said the government and legislation were very robust and the system was transparent and stable.…

WEF seeks to rewire global leadership

This content was published on Jan 18, 2012 The 2012 meeting will be held against the backdrop of the European sovereign debt crisis, continued social unrest in various places in the world and the danger of emerging economies expanding so fast that they overheat. WEF founder and chairman Klaus Schwab told the media on Wednesday that established systems of governance and business are…

Pharma industry braces for some cliff diving

This content was published on Jan 18, 2012 Anticipating this so-called “patent cliff”, big pharma has already begun to slim down to maintain its comfortable margins. According to a report by the Geneva private bank Pictet, until 2013 growth in the global pharmaceutical sector will struggle to exceed four per cent. The main reason is the patent cliff: the impending expiry of a…

UBS fined over securities pricing

This content was published on Jan 17, 2012 The US Securities and Exchange Commission charged UBS’s Global Asset Management arm on Tuesday with failing to properly price securities in three mutual funds that it managed, resulting in a misstatement to investors of the net asset values of those funds. The SEC determined that during a two-week period the UBS investment arm did not…

Novartis reverses plant closure plans

This content was published on Jan 17, 2012 In a press conference on Tuesday the Basel-based group said there would no job cuts at the Nyon plant, which makes non-prescription medicines. Around 320 jobs had been expected to go with the plant closure. Instead the group plans to invest in modernising the plant in the coming years, Novartis Switzerland president Pascal Brenneisen said.…

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Novartis U-turn is a “win-win solution”

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Credit Suisse bets on US property market

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Timeout called on leap seconds

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Hildebrand stays in major financial think tank

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Avalanche airbags

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Moody’s keeps top rating for Switzerland

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WEF seeks to rewire global leadership

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Pharma industry braces for some cliff diving

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UBS fined over securities pricing

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Novartis reverses plant closure plans

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