SWISS DAYBOOK: Kuehne + Nagel Profit, Roche Profit Margin Report
Kuehne & Nagel International Holding AG reported second-quarter net income of 158 million Swiss francs compared with 150 million francs a year earlier, trailing analyst estimates of 163 million francs.
Kuehne + Nagel also said it agreed to buy Grupo Eichenberg, a Brazilian logistics company with 700 employees. The company commented today in an e-mailed statement.
EQUITIES: * Roche AG’s restructuring program has been improving profitability earlier than expected, SonntagsZeitung said, without saying how it got the information. The “core” operating margin of the pharmaceutical business rose to 39.1 percent in the first half, the newspaper said *Swatch Group keeps 7-billion Swiss franc sales target for 2011 even as the strong currency hurts revenue, Finanz & Wirtschaft reported, citing Chief Executive Officer Nick Hayek *Georg Fischer said net profit more than doubled to 92 million francs in the first half *Holcim said profitability may suffer ‘some pressure’ from raw materials cost increases, Finanz und Wirtschaft reported *EFG International said its exposure to Greek banks is 0.3 percent and its exposure to Greek government bonds is 0.2 percent *Ascom Holding AG is seeking buyers for its communication security assets, SonntagsZeitung said, without saying how it got the information *Logitech International said it disputed the merit of a patent infringement lawsuit filed by Universal Electronics, Inc. regarding remote control technology *Lonza begins $47.20 a share bid Arch Chemicals
ECONOMY: *U.S. government sent Switzerland a letter saying it’s not interested in pursuing talks to resolve the conflict over tax evasion, SonntagsZeitung said, citing a person close to the situation it didn’t name *Swiss banks are in disagreement over a possible accord between Switzerland and Germany to resolve a dispute over tax evasion, NZZ am Sonntag said
MARKETS: *The SMI fell 0.7 percent to 5,938.06 *The SPI dropped 0.8 percent to 5,450.53 *The Stoxx Europe 600 Index declined 0.3 percent to 266.91 *The MSCI Asia-Pacific Index retreated 0.2 percent to 135.40 at 7:23 a.m. Zurich time *Euro-franc traded at 1.1443 at 7:24 a.m. Zurich time
To contact the editor responsible for this story: David Risser at email@example.com