Switzerland will seek to use existing treaties to resolve a dispute over tax evasion by Americans with Swiss bank accounts and avert the risk of criminal prosecutions.
“We are aiming for an all-encompassing solution that will apply to all the banks,” Finance Minister Eveline Widmer-Schlumpf said in an interview in the Swiss capital Bern, commenting on negotiations with the U.S. “We don’t want to be confronted with the same issues time and again.”
*Zurich Financial appointed Javier Lorenzo as general manager of its Madrid-based joint venture with Banco Santander *Holcim said Schweizerische Cement-Industrie, controlled by Thomas Schmidheiny, raised its stake in the Swiss cement-maker to more than 20 percent *Roche won the backing of the U.K. National Institute for Health and Clinical Excellence for the RoActemra rheumatoid-arthritis drug after agreeing a discount to the state-run medical system *Novartis appointed Mark Never as head of its German unit starting Nov. 1, DPA reported *IKB Deutsche Industriebank is suing Credit Suisse Group in New York over $16 million worth of mortgage-backed securities *Cicor Technologies said it won an order from Hamilton Sundstrand Corp. worth 8 million euros over three years *Cline Mining Corp. said Xstrata agreed to buy the coal deposit at its Lossan property for C$40 million *UBS’s Russia CEO Steven Meehan left to join Moelis & Co. as managing director in health care investment banking
*The jobless rate held at 3 percent when adjusted for seasonal swings from August, the lowest since January 2009
*The SMI climbed 2.5 percent to 5,640.07 *The SPI rose 2.4 percent to 5094.71 *The Stoxx Europe 600 Index increased 2.7 percent to 230.27 *The MSCI Asia-Pacific Index rose 2.2 percent by 7:39 a.m. Zurich time *Euro-franc traded at 1.2362 at 7:39 a.m. Zurich time