mobilezone has produced positive results for the first half of 2010. The company increased its operating profit (EBIT) by 12.5 percent to CHF 13.0 million. Consolidated profit rose by 15.2 percent to CHF 10.9 million, corresponding to a return on sales of 8.2 percent. Net sales amounted to CHF 133.4 million. Link: Click Here

Zehnder Group, with international operations in the indoor climate sector (radiators and ventilation), reported consolidated net income of EUR 16.4 million (first half of 2009: EUR 10.0 million). Sales were up 5 % on the prior year. Various strategic and operational measures led to an improved operating margin. Currency adjusted sales were up 4 %. Management now anticipates slightly higher sales in the second half of the year. However, sustainable recovery of the construction sector is not expected before 2011 at the earliest. Link: Click Here

Winterthur Technology Group (WTG): Order intake for consumer goods (tools) recorded an average increase of 70 % in the first half of 2010. The grinding machine tools business achieved a growth rate of 105 %. WTG realised sales of EUR 85 million in the first half of FY 2010, corre-sponding to an improvement of 30.6 %. EBITDA margin came in at 17.0 %, close to the numbers achieved in the boom years of 2007 and 2008. Net profit in H1 FY 2010 amounted to 7.0 % of sales or EUR 6.0 million. Link: Click Here

Emmi has acquired the US cheese specialist Cypress Grove Chèvre based in Arcata, California, thereby strengthening its market position in the US cheese industry. Cypress Grove is a renowned producer and the best-known brand in the US for fresh and ripened premium goat's cheese specialties. Link: Click Here

Alpiq delivered satisfactory results for the first half of 2010. While EBITDA increased by 1.8 per cent to CHF 735 million, EBIT fell by 4.6 per cent to CHF 482 million. Consolidated revenue was slightly lower than a year ago at CHF 7.041 billion (down 0.8 per cent). Link: Click Here



Economy
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Expectations somewhat more upbeat in August. According to the Financial Market Test Switzerland carried out by Credit Suisse and the Centre for European Economic Research (ZEW), economic expectations brightened up again somewhat in August. The relevant Credit Suisse ZEW Indicator recorded a gain of 6.9 points, reaching the 9.1 mark. Link: Click Here

Basel Committee on Banking Supervision and Financial Stability Board interim report: Stronger capital regulations imply modest impact on output. The FSB-BCBS assessment of the macroeconomic transition costs, prepared in close collaboration with the International Monetary Fund, concludes that the transition to stronger capital and liquidity standards is likely to have a modest impact on aggregate output. Link: Click Here

Basel III economic benefits to be considered alongside costs. The new 'Basel III' rules for banks' capital and liquidity should tighten lending and reduce investment during a transition period, but to a much lower degree than forecast by banks, Basel and the Financial Stability (FSB) said. Chairman Wellink said "economic benefits of the proposed reforms are substantial and need to be considered alongside the analysis of the costs." The FSB published a report assessing the macroeconomic impact of the proposed rules. Link: Click Here

UK: Public finances better again, retail sales strong. Public Sector Net Borrowing (PSNB) was £3.2bn in April, below market expectations of £4.8bn. On a rolling 12m basis, PSNB peaked at the turn of the year, and has now edged down by around £6bn since then. That reduction is somewhat ahead of the government's expectations of a £6bn fall in PSNB over the financial year as a whole (i.e. by March 2011). Link: Click Here

UK retail sales rise in July in spite of weak food sales, we would not put too much weight on today's outturn. The ONS estimates that 'core' retail sales volumes (excluding auto fuels) rose by 0.9% m/m in July, a stronger outturn than the consensus had expected (consensus: 0.2%, BarCap: -0.4%). Total retail sales, which include the volatile auto fuel component, were estimated to have risen by 1.1% m/m in July (consensus: 0.3%, BarCap: -0.5%). Link: Click Here