UBS AG interim Chief Executive Officer Sergio Ermotti and Chairman Kaspar Villiger had a confidential meeting with undisclosed investors in Zurich last week to discuss their plans for the lender, SonntagsZeitung reported without saying from where it obtained the information.
EQUITIES: *Novartis will boost research and development spending and aims to cut marketing costs, Euro am Sonntag reported, citing an interview with CEO Joseph Jimenez *Holcim board member Thomas Schmidheiny plans to increase his stake to 20 percent, SonntagsZeitung reported *Barry Callebaut completes sale of its European consumer unit *Rieter may see lower operating margins this year, Chairman Erwin Stoller told Finanz & Wirtschaft newspaper *Swiss Re proposed Robert Henrikson as a board member *Basilea said it appointed Roland Scott as chief operating officer *Schulthess Group named Christian Zuercher as new chief financial officer *Implenia AG said Markus Dennler will become new chairman, while Anton Affentranger was appointed CEO *Mikron said Bruno Cathomen will become new CEO
IN THE PRESS: *Peter Siegenthaler, the head of the government-appointed banking panel, sees risks related to investment banking, SonntagsZeitung reported *Swiss Finance Minister Eveline Widmer-Schlumpf said the SNB’s franc ceiling is at the right level, Reuters reported *Swiss labor unions, business groups to ask SNB at a meeting in October to raise the franc ceiling, SonntagsZeitung said
ECONOMY/GOVERNMENT: *Swiss government publishes August retail sales at 9:15 a.m. *Credit Suisse releases September manufacturing indicator at 9:30 a.m. *Financial Stability Board to hold briefing around 6 p.m. in Zurich
MARKETS: *The SMI fell 1.4 percent to 5,531.74 *The SPI dropped 1.5 percent to 5,006.46 *The Stoxx Europe 600 Index slipped 1.2 percent to 226.18 *The MSCI Asia-Pacific Index dropped 3.2 percent at 7:26 a.m. Zurich time *Euro-franc traded at 1.2142 at 7:26 a.m. Zurich time