Brought to you by Investec Switzerland. Today, Transocean Ltd. (NYSE: RIG) (SIX: RIGN) said it would delist its shares from the Swiss Stock Exchange (SIX). The company expects the SIX listing authorities to approve its application before the end of the year with delisting following in the first quarter of 2016. The company will remain incorporated in Switzerland […]
Swiss banks continue to shed workers
Brought to you by Investec Switzerland. EFG International AG, the Swiss private bank controlled by billionaire Spiro Latsis and his family, plans to eliminate 200 jobs to help cut costs by 30 million Swiss francs ($29 million) through 2016 to stem a drop in profit. Operating income and the revenue margin remain below expectations, with […]
Average Swiss household wealth continues to rise
On Friday the Swiss National Bank (SNB) put out new figures showing a rise in average Swiss net worth. The numbers show that total Swiss household wealth grew 4.4% to CHF 3.3 trillion in 2014. This figure includes real estate and financial assets – including pensions, less mortgages and other loans. At the end of 2014, […]
Swiss market rallied despite Paris terror attack
20 November 2015 – Weekly Swiss and global market roundup. Brought to you by Investec Switzerland. The SMI rallied this week to outperform global stocks with Swiss companies benefitting from a weaker Swiss franc. Stock markets across the world are also set to end the week higher despite last week’s terror attack in Paris. Equities […]
Basel firm to pay staff in Euros
24 Heures. The Basel-based clothing retailer Tally Weijl announced that it will pay new employees working at its Swiss headquarters in Euros instead of Swiss francs, sweeping aside plans to move the office across the border to Lörrach in Germany. This way the clothing company can better manage the risks associated with exchange rate movements. With […]
Biggest slump in Swiss watch shipments in 6 years
Brought to you by Investec Switzerland. Swiss watch exports had their biggest decline in six years in October, led by a 39 percent slump in shipments to Hong Kong, the industry’s largest market. Shipments declined 12 percent to 2 billion Swiss francs ($2 billion), the Swiss customs office said in a statement Thursday. Adjusted for […]
Roche cancer drug too expensive for UK’s National Health Service (NHS)
Brought to you by Investec Switzerland. The UK’s National Institute for Health and Care Excellence (NICE), says Roche’s breast cancer drug Kadcyla is still too expensive. Although retained for use through the Cancer Drugs Fund, Roche’s breast cancer treatment, Kadcyla (trastuzumab emtansine), will not be recommended for routine NHS use because its price remains too high. NICE’s draft […]
ChemChina looking for money to buy Basel-based chemicals giant Syngenta
Brought to you by Investec Switzerland. China National Chemical Corporation (ChemChina) approached sovereign wealth funds including China Investment Corporation (CIC) to help pay for a potential acquisition of Syngenta AG, which would be the biggest Chinese acquisition ever if it goes ahead, people with knowledge of the matter said. ChemChina, as the state-owned company is […]
European Central Bank hurting Swiss companies
13 November 2015 – Weekly Swiss and global market roundup. Brought to you by Investec Switzerland. The SMI under performed global stocks this week and is expected to finish in negative territory on Friday. Fears that further quantitative easing by the European Central Bank (ECB) will weaken the Euro and undercut the competitiveness of Swiss […]
Swiss Rail to cut 900 jobs
With the help of consultants McKinsey and Company, Swiss Rail has put together plans to shave 550 million off its annual costs by 2020 and 1.75 billion by 2030. As part of the cost cutting, 900 jobs are expected to disappear. In 2014 the company managed to increase operating profits by 1.6% to CHF 314 […]
