ZURICH

US tax reforms send UBS profits plunging

ZURICH - Emiratesvoice

Swiss banking giant UBS reported Monday that its profits plummeted 63 percent last year due to US tax reforms that hit fourth-quarter earnings. It said annual net profit dropped to 1.16 billion Swiss francs (900 million euros, $1.01 billion) for the year. During the last three months of 2017 the bank suffered a net loss of 2.2 billion Swiss francsRead more

Swiss exchange probes Clariant over Huntsman merger

ZURICH - Emiratesvoice

Specialty chemicals maker Clariant’s (CLN.S) proposed merger with U.S.-based Huntsman (HUN.N) may catapult the combined company into Switzerland’s blue-chip Swiss Market Index, lifting its appeal for funds focusing on the largest Swiss companies.The $20 billion tie-up plan must first survive a challenge from activist U.S.-based funds Corvex and 40 North, whose vehicle White Tale has taken a roughly 10 percentRead more

JPMorgan broke anti-money laundering

Zurich - Emiratesvoice

JP Morgan Chase's Swiss unit committed serious breaches of anti-money laundering regulations in its dealings with Malaysian sovereign wealth fund 1MDB, the Swiss financial markets watchdog found Thursday, but no fines or other sanctions were imposed. The regulator, FINMA, said the subsidiary of the US bank "seriously breached anti-money laundering regulations by failing to screen adequately transactions and business relationshipsRead more

JPMorgan 'seriously breached anti-money laundering regulations

Zurich - Emiratesvoice

JP Morgan's Swiss unit "seriously breached anti-money laundering regulations" in its dealings with Malaysian sovereign wealth fund 1MDB, the Swiss financial markets watchdog found Thursday. The US bank's subsidiary "failed to adequately identify the increased money laundering risks in some of the business relationships related to this case", the FINMA body said, referring to a money-laundering scandal that has shakenRead more

Russian bobsledder banned over doping

Zurich - Emirates Voice

Russian bobsledder Alexey Voevoda has been given a life ban from the Olympics for anti-doping violations at the Sochi Games where he won two gold medals, the International Olympic Committee IOC) said on Monday. The decision comes two weeks after the IOC banned Russia from next year’s Pyeongchang Winter Olympics for what it called “unprecedented systematic manipulation” of the anti-dopingRead more

FDA gives green light to Roche cancer test

Zurich - AFP

The US Food and Drug Administration has given the green light to Roche for its FoundationOne CDx personalised diagnostic cancer test, the Swiss group said Monday. Roche said the FDA had approved the test helping doctors understand the genetic profile of patients' tumors to enable better-targeted therapies and clinical tests. "The approval of FoundationOne CDx represents a major advance inRead more

New S Class tested in Zurich: ‘An oasis of well-being’

Zurich - Emirates Voice

Mercedes-Benz lined up 14 of its experts to explain to world media, in a Zurich launch of the face-lifted S Class, aspects of innovation in a car with 6,500 new components. Features of the new S Class include a new V8 engine, an Intelligent Drive system, a world-first wellness program tailored for the energizing comfort of drivers and a craftedRead more

Russia's controversial sports tsar

Moscow - AFP

Russian Deputy Prime Minister Vitaly Mutko has dodged controversies large and small and emerged unscathed from a string of corruption and doping scandals in Russian sport. Damning reports of state-sponsored doping and allegations of graft over Russia's hosting of the 2018 World Cup and the 2014 Sochi Winter Games have done little to undermine his reign as the country's sportsRead more

5killed, including guman, in Swiss family drama

GENEVA - Ara today

A Swiss man killed three in-laws and a neighbour in a town near Zurich before turning his gun on himself, police said Sunday, sending shock waves through the normally tranquil nation. Local police swiftly ruled out a terrorist attack, characterising the incident as a “tragic relational drama”. The drama was played out on Saturday evening in the town of Wuerenlingen,Read more

ABB warns on uncertain outlook as profit misses estimates

Zurich - Arab Today

ABB warned that global economic uncertainty is clouding the outlook of the Swiss maker of power grids as fourth-quarter profit came in below estimates. "Macroeconomic and geopolitical developments are signaling a mixed picture,” the Zurich-based company said in a statement on Wednesday, adding that 2017 will be a "transitional” year. "Oil prices and foreign exchange translation effects are expected toRead more