SWISS DAYBOOK: Wegelin Court Hearing, Nobel Biocare

(Correcting date of hearing in second paragraph)

Wegelin & Co. officials failed to appear at a Manhattan court hearing over criminal charges of helping Americans evade taxes, and prosecutors called the 270- year-old Swiss bank a “fugitive.”

Wegelin and three of its client managers had been indicted as part of a U.S. crackdown on offshore tax evasion. Prosecutors said after the Feb. 10 hearing in federal court that the client managers also failed to appear and were considered fugitives.

EQUITIES:

*Nobel Biocare Holding AG (NOBN) had “no surprises” in its January business, Finanz & Wirtschaft reported, citing Chief Executive Officer Richard Laube in an interview, adding January is “generally a difficult month” *Nobel Biocare was cut to “add” from “buy” at Commerzbank *Fidelity Worldwide Investment said that while it supports Glencore International Plc ‘s 23.8 billion-pound ($37.5 billion) takeover bid for Xstrata Plc “in principle,” the terms of the deal “need to be revisited” *Synthes was cut to “sell” from “hold” at Berenberg Bank *Swiss banks are under great pressure’’ to conform to tax laws, Neue Zuercher Zeitung reported, citing Swiss Bankers Association Chairman Patrick Odier *Swiss banks may pay more than UBS in tax dispute, Der Sonntag reported *Swiss Life plans additional cost cuts, SonntagsZeitung reported *A quick and sustainable solution to the U.S. tax conflict is crucial for Zurich Financial Services, CEO Martin Senn told NZZ am Sonntag *Clariant’s A1 rating was confirmed by Moody’s *Tecan appointed James Martyr CEO *Novartis was asked by the FDA to provide for data on its Menveo meningitis vaccine

ECONOMY/POLITICS:

*Swiss Producer & Import Prices at 9:15 a.m.

MARKETS: *The benchmark SMI dropped 0.6 percent to 6,130.66 *The SPI also slipped 0.6 percent *The Stoxx Europe 600 Index fell 0.9 percent to 261.24 *The MSCI Asia-Pacific Index had risen 0.6 percent by 7:09 a.m. Swiss time *Euro-franc traded at 1.2099 at 7:09 a.m. Zurich time

To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.