Adval Tech Group: change in Group Executive Management. On December 1, 2011, the Board of Directors of the Adval Tech Group appointed Dr. Stephan Mayer as the new CEO of the Adval Tech Group. Dr. Mayer will head the Adval Tech Group during a transition phase until the issue of long-term succession in Group Executive Management has been settled. Link: Click Here

Energy services provider acquires Datwyler’s energy centre in Schattdorf. Oeko Energie AG Gotthard is acquiring the energy centre at Datwyler’s Sealing Technologies Division’s Schattdorf facility in Switzerland with effect from 31 December 2011. The acquisition includes the two employees, technical plant and equipment, the building and the non-operational land on which it stands (approx. 6,000 m2). The parties have agreed not to disclose the price. Link: Click Here

Valora Holding AG finalised a new CHF 300 million syndicated loan facility with a group of 13 Swiss and foreign banks on favourable terms. The new transaction, led by UBS AG, replaces the Group’s previous CHF 200 million facility. The contract covers a period of five years. Link: Click Here 

Novartis will showcase more than one hundred and sixty presentations on data from its robust oncology portfolio at two key medical congresses this month, demonstrating significant advances for patients with cancers and hematological diseases. Link: Click Here

Nationale Suisse assigned "A-" Rating (Excellent) by A.M. Best. The rating agency A.M. Best has assigned Nationale Suisse a financial strength rating of "A-" (Excellent) with a stable outlook. This seal of quality allows the international Swiss insurance group to continue to drive forward its strategic core business in specialty lines. Link: Click Here

Aryzta AG's Annual General Meeting Approves All Board Motions. Shareholders approved the Annual Report and Accounts for the financial year 2011 and, in an advisory vote in line with the Swiss Code of Best Practice for Corporate Governance, approved the 2011 Compensation Report. Link: Click Here


Economy
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European manufacturing PMIs fade further. Further declines in manufacturing PMIs were widespread across many European countries in November. The aggregate Eurozone manufacturing PMI was unrevised from the flash estimate, declining from 47.1 to 46.4 - the weakest since mid-2009. Within the detail, all of the activity balances (output, new orders, export orders and employment) fell over the month. Link: Click Here

Swiss Re’s economists say the environment for the insurance industry remains very challenging but expect a more positive outlook, particularly after 2012. This is the main finding of Swiss Re’s latest publication “Global insurance review 2011 and outlook for 2012 and 2013”, presented at the Swiss Re Economic Forum in London. Link: Click Here

UK iFPC recommends banks strengthen capital buffers further amid heightened euro area concerns. The interim Financial Policy Committee issued the biannual Financial Stability Report today. The Report made three policy recommendations. First, it recommended that banks act to increase further levels of capital, including through limiting distributions via dividends or bonuses or raising external capital if earnings are insufficient. Link: Click Here

Global manufacturing confidence deteriorates anew in November. Our calculation of global manufacturing confidence, utilising PMI data supplied by Markit and the US ISM report, shows an aggregate renewed decrease in November, where the normalised composite index dropped to -0.70 from around -0.5 the previous two months, and from around -0.4 in July-August. Link: Click Here

UK manufacturing activity continues its downward trend. The manufacturing PMI continued to indicate falling activity in November. The headline index fell slightly to 47.6 (consensus/BarCap: 47.0) from an upwardly revised 47.8 previously. The output sub-index fell by 0.9 points to 47.2, the lowest reading since April 2009. Link: Click Here