Credit Suisse Group and the Public Prosecutor's Office in Düsseldorf (Germany) have reached an agreement regarding the proceedings against Credit Suisse employees. The entire proceedings are to be resolved. Credit Suisse will make a payment of EUR 150 million (to be taken in 3Q11). The relevant applications will be submitted to the Düsseldorf District Court today by the Düsseldorf Public Prosecutor's Office. Link: Click Here

Basilea:  Detailed results from the successful first phase I study with Basilea's novel antibiotic BAL30072 were presented at the 51st Interscience Conference on Antimicrobial Agents and Chemotherapy (ICAAC) in Chicago, USA. Additional preclinical data underline the strong bactericidal activity and broad coverage of BAL30072 against clinically-relevant multidrug-resistant Gram-negative bacteria. Link: Click Here

Kaba posts profitable growth. Kaba Group’s sales decreased from CHF 1,130.0 million in the previous year to CHF 945.2 million in 2010/2011. This is mainly because of the disposal of the Door Automation segment. Using like-for-like figures, i.e. excluding the CHF 177.9 million of sales generated by Door Automation, which was sold during the period under review, Kaba posted sales of CHF 952.1 million in the previous year. Currency influences reduced sales by 9.1% or CHF 86.6 million in 2010/2011. Kaba’s organic sales growth came to 5.9%. Link: Click Here

New Kuoni group structure to further drive growth as a global diversified travel company. Following its acquisition of online travel services provider GTA in May 2011 and as the final part of a three-year investment and cost-reduction programme, the Kuoni Group has an updated corporate structure from 1 October 2011. This sees various business units grouped organisationally according to their business models, activities, geographical spread, growth prospects, customer portfolios and management requirements. Link: Click Here

Roche (SIX: RO, ROG; OTCQX: RHHBY) today announced that encouraging data on its investigational and approved medicines will be presented at the 2011 European Multidisciplinary Cancer Congress in Stockholm being held 23-27 September 2011. Link: Click Here

UBS provides more detailed information on unauthorized trading. On September 15, 2011 UBS announced that it had discovered unauthorized trading in its Investment Bank. This trading was conducted by a trader in its Global Synthetic Equity business in London. The trader in question has been charged by UK authorities with fraud by abuse of position. Link: Click Here



Economy
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Global growth and sovereign debt concerns drive markets. Developments in financial markets during the review period largely reflect substantial downward reassessments of trajectories for economic growth. The prices of risky assets fell sharply in July and August as negative macroeconomic data cast a dark cloud over the strength of recovery in several major economies. Market participants' concerns about growth were amplified by perceptions that monetary and fiscal policies had only limited scope to stimulate the global economy. Link: Click Here

Hedging euro gravity. Concerted measures by global central banks to facilitate USD funding in Europe are likely to prove only a temporary relief to the euro. The value of positive headlines coming from global leaders expressing their support of the European Union should gradually lose bite because market worries have not been properly addressed; therefore, we expect the market to see this as a chance to sell the EUR, in spite of the already short market positioning. Link: Click Here

Medtech Industry Remains Under Pressure. In what has come as a surprise to many in the light of previous crises, the overall healthcare industry has been significantly impacted by the recent economic downturn. The medtech sector has not been spared, with cuts in both private and government spending hurting companies' financial performance. Further, the sector has not yet seen large benefits from the global economy, which is in a recovery phase from the 2009 trough. Link: Click Here