EFG International is closing the office of EFG Bank in Lugano. EFG Bank, EFG International's Swiss private banking business, opened an office in Lugano in 2010. In the face of challenging conditions, it has not made the progress anticipated. As part of a detailed review of its business, EFG International is in the process of streamlining its operations, and has concluded that it would take too long, given the prevailing environment, for the Lugano office to become profitable. Link: Click Here

Looser Holding revenues declined by 5.3 percent. 1.6 percent rise in net revenues after acquisition-related and currency adjustments. In the financial year 2011, Looser Holding generated net revenues of 455.3 million Swiss francs (prior year: 480.7 million Swiss francs) and thus experienced a 1.6 percent growth against the prior year after acquisition-related and currency adjustments. Link: Click Here

Novartis receives approval for Lucentis and launches Galvus in China, two innovative therapies that support public health goals. Novartis announced today that it received regulatory approval in China from the State Food and Drug Administration (SFDA) for Lucentis (ranibizumab) to treat wet (neovascular) age-related macular degeneration (AMD), and is launching Galvus (vildagliptin), an oral treatment for patients with type 2 diabetes approved in China as an add-on to metformin, the standard of care. Link: Click Here



Economy
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SME Export Indicator for Q1 2012: Stabilization at a Low Level. Export sentiment among Swiss SMEs shows virtually no change over the past quarter. Positive factors such as the SNB's cap on the Swiss franc/euro exchange rate and support measures for indebted eurozone countries, on the one hand, and the high degree of uncertainty about the world economic situation, on the other, are canceling each another out. The indices of the SME export indicator from Credit Suisse and Osec have consequently stabilized at a low level. Link: Click Here

Compared to last year consumer confidence has slipped. The Credit Suisse Research Institute today published its second annual Emerging Consumer Survey – a detailed study profiling consumer sentiment within the BRIC nations (Brazil, Russia, India and China), Turkey, Saudi Arabia, Egypt and Indonesia. Together, these consumers represent 3.5 billion people across the globe. Link: Click Here

S&P: How Rating Actions On Eurozone Sovereigns Could Affect Other Issuers In The Region. Standard & Poor's Ratings Services said today that the rating actions that it took on 16 European Economic and Monetary Union (EMU or eurozone) sovereigns on Jan. 13, 2012, could lead to rating actions on other issuers in Europe over the next four weeks. Link: Click Here