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.
*Nobel Biocare Holding AG 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
*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