Tag Archives: Business & Economy

Brought to you by Investec Switzerland. Roche Holding AG said its most advanced experimental drug to harness the immune system in the fight against cancer may win U.S. regulatory approval this year, becoming the first such treatment to help the roughly 430,000 people diagnosed annually with bladder cancer. © Daniel Schreurs | Dreamstime.com The medicine, called atezolizumab, may generate around $3 billion in sales by 2020, according to Bloomberg Intelligence. It will face competition from...

Brought to you by Investec Switzerland. The Swiss National Bank could reduce the amount of leeway it grants banks on its negative deposit rate in a bid to prevent an already “significantly overvalued” franc from strengthening, President Thomas Jordan said. © Peterpolak | Dreamstime.com Still, reducing the threshold — currently 20 times an institution’s minimum reserves — isn’t an imminent step, Jordan said in an interview with Bloomberg Television in Washington on Saturday, where he...

Investec Switzerland. The SMI is set to finish this week more than 2% higher, showing modest outperformance against global equity markets as cyclical companies from banks to luxury goods surged on improving investor sentiment.  European shares experienced their longest winning streak since early March this week buoyed by a strong performance from the banking sector and signs that China’s economy is finally stabilizing. © Rad100 | Dreamstime.com Global banking stocks...

Investec Switzerland. Nestle SA, the world’s biggest food company, reported first-quarter sales that beat analysts’ estimates, as Nescafe and Nespresso were boosted by marketing to ward off competitors in coffee. Sales rose 3.9 percent on an organic basis, the Vevey, Switzerland-based maker of KitKat bars and Perrier water said in a statement Thursday. Analysts had expected 3.6 percent, according to the median estimate in a Bloomberg survey. Nestle expects “further...

Investec Switzerland. Sika AG minority shareholders won an important round in their 16-month battle to ward off a sale to a French competitor after re-electing half a dozen directors to the board who support their cause. At Sika’s annual meeting in Baar, Switzerland on Tuesday, Chairman Paul Haelg restricted voting rights of the founding Burkard family, allowing six directors including himself to be re-elected to the nine-member board for another year. © Presse750 |...

Investec Switzerland. The SMI is set to finish the week (+1.15%), significantly higher, having outperformed global equity markets (-1.13%), thanks to the strong performance of healthcare giants Novartis and Roche. Global equities fluctuated during the week receiving a boost towards the end of the week as investor sentiment improved, supported by stronger crude oil prices and comments from the US Federal Reserve. On Thursday, oil extended gains following the biggest...

Tribune de Genève. The following is a translated summary of an article published by the Geneva newspaper, Tribune de Genève, relating to the Panama Papers. They swear an oath to uphold the law. Yet it appears some Swiss lawyers haven’t. As the Panama Papers reveal, some of them have administered offshore companies for clients placed on sanction lists by the Swiss Federal Council. While others have worked for foreign political leaders, or those close to them, who are suspected of corruption....

Investec Switzerland. Canada’s largest pension fund agreed to pay $2.5 billion for a minority stake in Glencore Plc’s agriculture unit as the commodity trader and miner works to reduce its debt burden. © Hopsalka | Dreamstime.com Canada Pension Plan Investment Board will acquire a 40 percent stake in the division which handles wheat, corn, barley, biofuels, cotton and sugar, according to a statement on Wednesday. The deal values the entire business at $6.25 billion, below...

Investec Switzerland. Barry Callebaut AG, the low-profile maker of a quarter of the world’s chocolate, reported first-half earnings that beat estimates as it weeds out less profitable cocoa contracts. Chocolate production at Barry Callebaut AG – Source: Barry Callebaut AG Earnings before interest and taxes dropped 8.4 percent to 201 million Swiss francs ($210 million) in the six months through February, weighed down by the currency’s strength, the Zurich-based company said...

Investec Switzerland. Swiss National Bank President Thomas Jordan doesn’t expect cash stockpiling even with negative interest rates and a new series of smaller banknotes. Source: Swiss National Bank “The size has no impact on the cash hoarding,” he said in a Bloomberg Television on Wednesday in Bern after the central bank unveiled a new banknotes that are smaller than those presently in use. “But we don’t really observe a big hoarding in Switzerland. We have a little bit...