Schaffner Group recorded consolidated net sales of CHF 183.7 million, a decrease of 2.8% from the prior year (FY 2009/10: CHF 188.9 million). However, sales grew by 9% in local currencies. Operating profit (EBIT) was CHF 12.8 million (prior year: CHF 15.0 million). Amid the underutilization of the manufacturing plants (caused particularly by the weak demand from China’s railway industry), the non-recurring costs related to moving into the new facility in Shanghai and the acquisition-related expenses in the USA, the EBIT margin eased to 7.0% (prior year: 7.9%). Link: Click Here

BCV: Standard and Poor's raises its long-term credit rating on BCV from AA- to AA. Rating agency Standard & Poor's announced yesterday evening that it has raised BCV's long-term credit rating from AA- (positive) to AA (stable). Standard & Poor's also confirmed BCV's short-term rating of A-1+. Link: Click Here

BKW: Public exchange offer successfully completed. Introduction of a holding structure for the BKW Group. With the aim of introducing a holding structure, BKW Inc. submitted a public exchange offer on 3 October 2011 for a 1:1 exchange of all BKW FMB Energy Ltd. registered shares in free float. Link: Click Here

Bucher Industries: Emhart Glass and Vetropack to commercialise technology for tempering glass containers. Emhart Glass, a division of Bucher Industries, has invested heavily in developing a new technology for manufacturing tempered packaging glass. The process is going to be commercialised under industrial production conditions in collaboration with Vetropack. This tempering process represents a milestone for stronger and lighterweight glass containers. Link: Click Here

Conzzeta AG: Change in the Group Executive Board: New Head of the Glass Processing Systems business. André Brütsch is to take over as Head of the Glass Processing Systems business unit from Richard Jakob, who will in future concentrate on special projects as well as the sales and service companies. Link: Click Here

SGS is pleased to announce the acquisition of Leeder Consulting, Melbourne, Australia. Leeder Consulting, part of the ASX-listed Greencap Group, is a leading provider of innovative environmental analytical services. It specializes in Air, Soil, Water testing as well as in Oil impact studies. With its food analysis services, Leeder Consulting can assist importers, exporters, producers and regulators. Link: Click Here

Swiss Re estimates its claims costs from severe flooding in Thailand at USD 600 million, after intense rainfall caused hundreds of deaths and flooded approximately 1500 industrial facilities. The estimate is net of retrocession and before tax. Water levels remain high in some areas, making it difficult to assess losses accurately. Link: Click Here

GAM: Transfer of four million treasury shares into the current buy-back programme. Under its current buy-back programme with the purpose of capital reduction as at 2 December 2011, GAM Holding AG has repurchased a total of 8,585,000 own shares (4.37% of outstanding shares) at an average price of CHF 13.62. Link: Click Here




Economy
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S&P placed its long-term sovereign ratings on 15 members of the European Economic and Monetary Union (EMU or eurozone) on CreditWatch with negative implications. Link: Click Here

S&P: systemic stress in the eurozone has risen in recent weeks and reached such a level that a review of all eurozone sovereign ratings is warranted. S&P believe that this systemic stress emanates from five interrelated factors. We also believe that these factors influence the creditworthiness, in varying degrees, of all the members of the eurozone. Link: Click Here

Merkel and Sarkozy agree on common position for EU Summit. Chancellor Merkel and President Sarkozy agreed and announced key elements of their common position for the EU Summit meeting later this week. As we expected last week in German Chancellor Merkel continues her push for the embedding of strict and enforceable fiscal rules in EU Treaty changes) and repeated earlier  today in Euro area summits preview: how the pieces could fall into place, Merkel revised the German government's position on private sector involvement (PSI) in the European Stability Mechanism's (ESM) future design. Link: Click Here

Raymond James: Upside seasonal bias - pullbacks should be contained. December has been the best performing month of the year over the past 100 years with positive returns 73% of the time. And while last week's 7.39% romp (basis the SPX) will likely not be duplicated quickly, the path of least resistance remains "up" according to our work. Link: Click Here